GFRD-L

GFRD-L

GFRD-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	Rockwood Strategic	0.9%	22.5%	AGFX.L, CAPD.L, CAU.L, CPI.L, FLO.L, FSJ.L, FTC.L, FUND.L, GFRD.L, NWBD.L, PRES.L, RMG.L, RST.L, SAA.L, STV.L, TON.L, TRI.L, VANL.L	Engagement, Recovery, small caps, turnaround, United Kingdom, value	Fund targets severely discounted UK small cap valuations with significant margin of safety. Portfolio companies trading at depressed multiples with material recovery potential through operational improvements and management changes.		View
2025 Q2	Sep 10, 2025	Kernow Asset Management	-	-	CARD.L, FRAS.L, GFRD.L, MTRO.L, SAGA.L, SMDS.L, STB.L	Banking, contrarian, regulation, retail, Short Selling, UK Equities	Manager is long Metro Bank following regulatory signals that may allow exit from MREL band, potentially unlocking £500m in capital. Also long Secure Trust Bank after favorable UK car finance court ruling, though provisions may rise from £6m to £20m. Simultaneously short another bank where similar provision escalation would be terminal.	STB.L WHSM.L MTRO.L STB LN MTRO LN SMWH LN	View
2024 Q2	Aug 31, 2024	Kernow Asset Management	-	16.2%	CMCX.L, FRAS.L, GFRD.L, HSX.L, JET2.L, MTRO.L, RMV.L	contrarian, Long/Short, tax policy, United Kingdom, value, volatility	Global markets experienced extreme volatility in August with the VIX spiking from 12 to 65, its highest level since COVID-19. Japan dropped 12% in a single session, yet markets recovered within a week. The manager views this volatility as opportunity, increasing their CMC Markets position during the panic.	RMV.L JET2.L CMCX.L	View
2024 Q2	Jul 31, 2024	Fawkes Capital Management	1.0%	-	AGX, BDT.TO, CRDO, GFRD.L, HPS.TO, IBST.L, KIE.L, MJG.L, QCOM, VRT	AI, Construction, energy, infrastructure, Politics, tariffs, Trade Policy	Fund has taken profits on AI infrastructure investments due to soaring investor expectations, though still believes in AI as future platform technology. Currently prefers investing in construction and equipment companies building AI infrastructure, as their profitability is tied to increased sector capex.		View
2025 Q2	Jun 30, 2025	Rockwood Strategic	-	9.5%	CAU.L, CPI.L, CSC.L, FCH.L, FLO.L, FSJ.L, GFRD.L, KOO.L, MAM.L, PEN.L, RKW.L, RM.L, RST.L, SAA.L, STVG.L, TON.L, TRI.L, VLE.L, VQS.L	defense, financials, Recovery, small caps, technology, turnaround, United Kingdom, value	The fund employs a value investor mindset focused on free cash flow and margin of safety principles. They target companies trading at significant discounts to underlying value, seeking businesses with identifiable assets and mean reversion potential. The strategy emphasizes buying securities at prices sufficiently below underlying value to allow for human error and extreme volatility.	JFS.L FLO.L VQS.L FSJ LN FLO LN	View
2024 Q2	Jun 30, 2024	Rockwood Strategic	21.6%	21.5%	CAU.L, CPI.L, FCH.L, FLO.L, FSJ.L, FTC.L, GFRD.L, NWOR.L, PRES.L, RKW.L, RM.L, RST.L, SAA.L, STVG.L, TON.L, TRI.L, VANL.L	Engagement, Recovery, small caps, turnaround, Uk, value	Fund employs a value investor mindset focused on free cash flow and margin of safety principles. Portfolio targets companies trading at significant discounts to underlying value with material scope for profit recovery and re-rating.	CPI.L JF.L TRI.L RM.L FUND.L	View
2025 Q1	May 1, 2025	Rockwood Strategic	-3.8%	-3.8%	CAU.L, CPI.L, ELLE.L, FCH.L, FLO.L, FSJ.L, FTC.L, GFRD.L, KOO.L, MERC.L, NWF.L, RKW.L, RMG.L, RST.L, SAA.L, STV.L, TON.L, TRI.L, VQS.L	concentrated, Engagement, Recovery, small caps, turnaround, United Kingdom, value	Fund employs a value investor mindset focused on free cash flow and targeting companies trading at significant discounts to intrinsic value. Portfolio companies are selected based on depressed valuations with mean reversion potential and margin of safety principles.		View
2024 Q1	Apr 30, 2024	Kernow Asset Management	8.0%	22.7%	FRAS.L, GFRD.L, HSX.L, IP, ITV.L, MNDI.L, MTRO.L, SAGA.L, SMDS.L	Buybacks, contrarian, Long/Short, Mid Caps, UK Equities, value, water	Multiple UK companies are engaging in substantial share buybacks, including ITV returning £235m (10% of market cap) and Hiscox announcing a new US$150m buyback program. This demonstrates intelligent capital allocation amid compelling company valuations.	MTRO.L MNDI.L HSX.L ITV.L	View
2023 Q1	Mar 31, 2023	Rockwood Strategic	-	-	CAU.L, FLO.L, FNB.L, GFRD.L, PRL.L, PUB.L, RM.L, SAA.L, TRI.L	Engagement, Recovery, small caps, turnaround, Uk, value	The manager follows a value investor mindset, seeking proven businesses with identifiable assets and mean reversion potential. The strategy focuses on purchasing shares for less than intrinsic worth, identifying companies trading at historically low valuations due to inefficient pricing of poorly researched or understood companies.		View
2025 Q3	Oct 7, 2025	Kernow Asset Management	5.2%	12.1%	BRBY.L, CARD.L, DRX.L, FRAS.L, GFRD.L, KIST.L, MTRO.L, PETS.L, SAGA.L, W7L.L, WISE.L, WIZZ.L	contrarian, Copper, energy, Long/Short, Luxury, Travel, UK Equities, value	Drax has executed a herculean shift from fossil fuels to become the UK's largest renewable energy provider, supplying around 5% of the nation's power. The company faces burning questions about new favorable contracts for its assets, as current arrangements involving shipping Canadian forests to burn in Yorkshire upset environmentalists, fossil fuel loyalists, and trees alike. Despite policy uncertainty, Drax has demonstrated its ability to adapt.	DRX LN WISE LN SAGA LN	View
2024 Q3	Oct 30, 2024	Kernow Asset Management	-	16.0%	CARD.L, CMCX.L, FRAS.L, GFRD.L, HOL.L, HSX.L, HTG.L, MTRO.L, SAGA.L, VID.L, WISE.L	contrarian, infrastructure, Long/Short, small caps, Uk, value	Manager identifies significant value opportunities in UK equities, particularly noting Metro Bank and other holdings trading at attractive valuations. Emphasizes asymmetric return characteristics where investment thesis differs from consensus.		View
2024 Q4	Jan 8, 2025	Kernow Asset Management	8.0%	23.0%	CARD.L, CMCX.L, GFRD.L, HSX.L, MS, MTRO.L, PNN.L, SAGA.L, STAN.L, WISE.L	contrarian, Fintech, Long/Short, UK Equities, value, water	Wise continues to exceed expectations by adding wholesale clients like Morgan Stanley and Standard Chartered to its traditionally retail-focused FX business. This expansion is three years ahead of expectations and represents a significant competitive advantage through low-cost infrastructure that peers cannot match on price.	WISE.L	View
2024 Q4	Jan 30, 2025	Rockwood Strategic	2.3%	25.7%	CAU.L, CPI.L, FCH.L, FLO.L, FSJ.L, FTC.L, GFRD.L, KOO.L, MERC.L, NWBD.L, PRES.L, RKW.L, RMG.L, RST.L, SAA.L, STV.L, TON.L, TRI.L, VANL.L, VQS.L	Concentration, Recovery, small caps, turnaround, United Kingdom, value	Fund targets severely discounted UK small cap valuations with simple average EV/EBITDA of 5.9x and EV/Sales 0.9x. Manager emphasizes buying quality businesses at depressed prices with margin of safety approach. Starting valuations matter significantly for long-term returns.		View
2023 Q3	Sep 30, 2023	Kernow Asset Management	8.0%	22.7%	CEY.L, FRAS.L, GFRD.L, HSX.L, MNDI.L, MTRO.L, VID.L	contrarian, Elections, Long/Short, takeovers, Uk, value	UK-listed companies continued to attract takeover interest with eight businesses receiving bids in November, including Hotel Chocolat which received an offer 170% above the previous day's closing price from Mars. This takeover activity demonstrates the value available in UK equities and provides opportunities for the portfolio.	VID.L	View
2025 Q1	Apr 18, 2025	Kernow Asset Management	-5.9%	-5.9%	BKG.L, BRBY.L, CARD.L, GFRD.L, HSX.L, HTG.L, MTRO.L, WISE.L	Buybacks, Capital Allocation, contrarian, Long/Short, United Kingdom, value	Manager focuses on businesses with asymmetric return characteristics trading below intrinsic value. Berkeley Group highlighted as undervalued with strong cash position and forward visibility. Hunting exited as value trap despite 100% returns due to poor capital allocation by management.	BKG.L GFRD.L BRBY.L HTG.L	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Kernow Asset Management	Galliford Try Holdings PLC	Industrials	Construction & Engineering	Bull	London Stock Exchange	Consensus Beat, construction, fundamentals, Revenue Growth, Top Holding, UK Infrastructure	View Pitch

BSD Shareholders of GFRD-L

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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