GLEN-L

GLEN-L

GLEN-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Thornburg Equity Income Builder Fund	6.6%	27.2%	005930.KS, AVGO, AZN, BIRG.I, BNP.PA, C, CME, CSCO, DTE.DE, ELE.MC, ENEL.MI, EOAN.DE, GLEN.L, HD, INGA.AS, MRK, NN.AS, PFE, ROG.SW, T, TSCO.L, TSM, TTE, Z74.SI	dividends, financials, global, healthcare, income, Telecom, Utilities, value	The fund maintains exposure to dividend-paying firms with resilient businesses and strong capital structures. The weighted average equity portfolio dividend yield of 4.3% significantly exceeds the 1.8% dividend yield of the MSCI Index. Most holdings have made reasonable progress growing their bases of paying customers and distributable cash flows to support multi-year dividend growth.		View
2025 Q2	Aug 25, 2025	Kopernik Global All-Cap Fund	18.3%	35.3%	000240.KS, 003550.KS, 003690.KS, 015760.KS, 030200.KS, 032640.KS, 069960.KS, 1082.KL, 1508.HK, 1662.T, 375500.KS, AMS.L, ARIS.TO, BAS.DE, BIDU, BORR, DRR.AX, EB5.SI, EQX.TO, GLEN.L, Gold, IE, IMP.L, IVN.TO, JUP.L, KAP.L, LUN.TO, MEG.TO, MHPC.L, NAK, NEM, NG.TO, NXE.TO, ORBIA.MX, PBR, PDN.AX, SA.TO, SDF.DE, SQM, SSW.L, U.TO, YCA.L	commodities, diversification, global, materials, Mining, South Korea, value	PGM producers had a strong quarter with platinum prices rising over 35%. Impala and Valterra are the largest PGM producers globally, together accounting for 47% of global production. The fund took advantage of volatility by trimming and adding to positions opportunistically.		View
2025 Q2	Aug 11, 2025	Fairtree Global Equity Fund	10.9%	-	000660.KS, 005930.KS, AMAT, AVGO, BP, FI, GFI, GLEN.L, GOOGL, JD, KASPI.L, LOW, MSFT, NVDA, PDD, PGR, ROST, SYY, UNH, VRT	AI, emerging markets, Europe, Global Equity, semiconductors, tariffs, technology, Trade Policy	The fund maintains significant exposure to AI-related semiconductor demand, particularly through Taiwan positions. AI-driven semiconductor demand continues to drive strong performance in technology holdings, with companies like Nvidia and Broadcom contributing meaningfully to returns.		View
2025 Q2	Aug 10, 2025	FPA Crescent Fund	8.4%	8.1%	7974.T, ADI, AMRZ, AMZN, C, CMCSA, GLEN.L, GOOGL, HEIO.AS, HOLN.SW, ICLR, IFF, META, NXPI, SAF.PA, TEL	Defensive, global, risk management, SMID Cap, value, volatility	Valuations remain above average, partly justified by lower-than-average interest rates. US companies continue to trade more expensively relative to their historical average and when compared to those based outside the US. Large-capitalization stocks, particularly those that are growthier, have captured the minds and wallets of investors and now trade at unusually high valuations.		View
2024 Q2	Jul 8, 2024	ROCKLINC Partners Fund	3.8%	12.2%	AAPL, ADSK, ALS.TO, AMZN, APG, BEPC, BIP, BN, CCO.TO, CHD, DHR, FNV, GLEN.L, MEG.TO, OR.TO, ROP, SSL.TO, SU.TO, TSU.TO, WPM	Canada, energy, gold, inflation, infrastructure, oil, Precious Metals, value	Manager believes gold will continue rising due to global central banks being net buyers since 2014, declining US dollar reserve status with 44+ nations executing trade settlements in non-US dollars, and BRICS economies now larger than G-7. Physical gold increasingly being repatriated from Western exchanges to Eastern markets.	MEG.TO	View
2025 Q2	Jul 22, 2025	Harris Associates International Equity Strategy	12.8%	21.7%	035420.KS, AMS.PA, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW	AI, Copper, Europe, international, Luxury, Mining, technology, value	Manager emphasizes value investing approach and notes the unraveling of the U.S. growth/momentum paradigm that dominated for over a decade. European equities fundamentals have improved, driving more investor interest as valuation spreads compress.	6273 JP ASML MC FP BABA BAYN GR CON GR 105560 KS	View
2026 Q1	May 6, 2026	FPA Source Capital	-0.3%	-0.3%	ADI, AON, BDX, CHTR, CMCSA, FBHS, GLEN.L, GOOGL, KMI, KMX, TEL	Balanced, healthcare, international, private credit, SMID Cap, value			View
2026 Q1	May 13, 2026	Kopernik Global All-Cap Fund	6.9%	6.9%	0001.HK, 030200 KS, 1605.T, 1662.T, CNC, CVE.TO, DRW3.DE, GLEN.L, IVN.TO, KAP, NAK, NTR, PBR, PDN.AX, RGLD, RRC, RYN, SDF.DE, SDR.L, VALE	commodities, energy, global, materials, Timber, value			View
2026 Q1	Apr 28, 2026	FPA Crescent Fund	-1.6%	-1.6%	AON, AZE.BR, BDX, GLEN.L, GOOGL, TEL	healthcare, international, Portfolio Management, SMID Cap, technology, value			View
2025 Q1	Apr 24, 2025	Diamond Hill International	4.0%	4.0%	2875.T, 6501.T, 8058.T, ABEV, BABA, BAER.SW, BAP, BEI-UN.TO, BTI, BYG.L, GLEN.L, GSK, IMB.L, MRO.L, NWC.TO, QURE, SAF.PA, SPOT, TSM	aerospace, AI, Asia, Europe, infrastructure, international, real estate, value	Chinese AI innovation, particularly DeepSeek, demonstrated capability to rival US technologies at significantly lower costs, underscoring intensifying global AI competition. Alibaba benefited from market optimism around its AI initiatives and expanded capital investment to bolster AI capabilities.	6501.T BEI.UN.TO BYG.L MRO.L NWC.TO 2875.T IMB.L BTI QURE GLEN.L TSM SAF.PA SPOT BABA	View
2026 Q1	Apr 22, 2026	Royal London Global Equity Diversified Fund	-4.9%	-4.9%	005930 KS, AMD, BWA, CCO, CRM, CSU.TO, GLEN.L, GOOGL, HUBG, JPM, LMT, MSFT, NOW, RELX.L, RPRX, SHEL.L, STLD, TSM, VRT	defense, Diversified, energy, Geopolitical, global, infrastructure, technology			View
2026 Q1	Apr 18, 2026	Thornburg International Equity Fund	3.1%	3.1%	005930 KS, 0700.HK, 3690 HK, 6098.T, AZN, B3SA3.SA, BNP.PA, BZ, CP, ELE.MC, GLEN.L, INGA.AS, MUFG, NN.AS, ORA.PA, SONY, TTE	energy, Geopolitical, inflation, international, Resilience, value			View
2026 Q1	Apr 18, 2026	Steyn Capital FR QI Hedge Fund	1.5%	1.5%	0700.HK, AEL.JO, GLEN.L, NPN.JO, PAN.JO, PRX.AS	emerging markets, Geopolitical, gold, Long/Short, Mining, oil, South Africa, value		PRX.AS NPN.JO PAN.JO GLEN.L AEL.JO	View
2026 Q1	Apr 18, 2026	Steyn Capital FR Retail Hedge Fund	0.5%	0.5%	0700.HK, AEG.JO, GLEN.L, NPN.JO, PAN.JO, PRX.AS	energy, Geopolitical, gold, Long/Short, Mining, South Africa, value		NPN.JO PRX.AS PAN.JO GLEN.L AEG.JO	View
2026 Q1	Apr 17, 2026	Titan Wealth	-	-	ACN, ADBE, AEM, AMD, BKR, CCJ, GLEN.L, LLY, MELI, META, MOS, MSFT, ORCL, PAAS, PLTR, RELX.L, RWE.DE, UL, XOM	AI, energy, geopolitics, infrastructure, Iran, Multi-Manager, Regional		RWE.DE	View
2026 Q1	Mar 31, 2026	Harris Associates International Equity Strategy	-6.7%	-6.7%	005930 KS, 8113.T, ADS.DE, CNHI, CPG.L, CPNG, DSY.PA, GLEN.L, HLN.L, LSEG.L, MC.PA, SAP.DE	AI, Asia, Europe, international, Mining, semiconductors, software, value			View
2025 Q1	Mar 31, 2025	Harris Associates International Equity Strategy	7.7%	7.7%	2502.T, 8802.T, BABA, BNP.PA, FLTR.L, GLEN.L, KER.PA, MC.PA, RTO.L, TKA.DE, WPP.L	Asia, Cloud, defense, Europe, Gambling, international, Luxury, real estate, value	The manager argues that a large valuation imbalance remains present between value and growth equities, which will fuel better long-term performance for value stocks. They believe the weight of money has been heavily skewed to U.S. growth names for too long.	MC.PA 8802.T RTO.L FLTR.L 2502.T TKA.DE BABA BNP.PA	View
2025 Q1	Mar 31, 2025	FPA Crescent Fund	-0.2%	-0.2%	ADI, AON, C, CMCSA, FERG, GLEN.L, GOOG, GOOGL, HEIO.AS, HOLN.SW, ICLR, IFF, JEF, KMI, META, TEL	energy, global, Natural Gas, Valuations, value	The fund spoke to generally high stock valuations, particularly in the US, and took advantage of higher prices by reducing and selling some positions. With fewer appealing opportunities to redeploy capital, the fund's net exposure decreased significantly.		View
2025 Q1	Mar 31, 2025	Castlebay Investments	-	-	AAL.L, AZO, GLEN.L, HSBA.L, STAN.L	Banking, cyclicals, Quality, rates, tariffs, Uk, value	Trump's reintroduction of sweeping tariffs aims to reduce America's reliance on imports and revive domestic manufacturing, particularly in high-tech AI-driven sectors. The tariff proceeds are estimated at $300-$600bn annually to finance tax cuts and social reform. However, markets are nervous with global equity sell-offs and unexpected rises in U.S. treasury yields as foreign holders like China and Japan may be offloading U.S. debt.	AZO HSBA.L	View
2023 Q1	Mar 31, 2023	Platinum International Fund	5.4%	5.4%	000338.SZ, 005930.KS, 051910.KS, 2318.HK, 6479.T, 700.HK, 9961.HK, AIR.PA, ALLFG.L, ASML, BAYN.DE, BEZ.L, BKNG, BMW.DE, GLEN.L, ICE, IFX.DE, MCHP, MU, SLB, STJ.L, TRU, UPM1V.HE, WIZ.L	Banking Crisis, China, contrarian, global, interest rates, value	Travel-related investments were key contributors to performance as the travel sector continued its post-COVID boom. Wizz Air gained 56% and Booking Holdings rose 32% over the quarter.		View
2024 Q4	Feb 4, 2025	Third Point Partners	9.1%	-	AMZN, APO, BN, DHR, EIX, ENR.DE, FERG, GLEN.L, ICE, LPLA, LYV, META, NVDA, PCG, TSLA	credit, energy, Entertainment, Event-Driven, infrastructure, Multi-Strategy, Utilities	Siemens Energy positioned to benefit from secular growth in grid equipment and gas turbines driven by renewable energy integration and electrification. The company has built a €123 billion backlog representing 3.6x annual revenue, providing visibility into outsized organic revenue and earnings growth.	PCG ENR.DE LYV BN	View
2025 Q4	Feb 10, 2026	Kopernik Global All-Cap Fund	8.0%	64.8%	015760.KS, 3690.HK, BHP, CMCSA, CNC, CVE.TO, GLEN.L, Gold, MOH, NAK, NG, PDN.AX, RGLD, RRC, SDF.DE, SEA.TO, SQM, TPK.L, TWE.AX, VALE	diversification, global, materials, Mining, Precious Metals, undervaluation, value	Gold prices rose 65% in 2025, with precious metals miners performing strongly. The fund trimmed gold positions significantly from 15% to 9% of the portfolio due to strong performance, rolling gains into platinum and industrial metals where more upside is seen. Platinum group metals producers were among the largest contributors for the second consecutive quarter. South African companies Valterra and Impala had strong returns of 20.7% and 26.4% respectively, with substantial upside potential remaining relative to risk-adjusted intrinsic value estimates. After over a decade of underperformance, value stocks had a strong fourth quarter with Russell 1000 Value up 3.3% versus 1.2% for growth. The manager believes the market is beginning to recognize value, emphasizing buying good companies for less than they are worth. Conglomerates performed well with Cresud up 48.7% and LG Corp up 9.1%. The manager notes conglomerates are complex and difficult to analyze, frequently ignored by the market, providing significant opportunities for fundamental bottom-up analysis.	IMP SJ VAL SJ	View
2024 Q4	Dec 31, 2024	Oakmark International Fund	-8.5%	-4.6%	105560.KS, AC.PA, AIR.PA, BAYN.DE, FME.DE, GLEN.L, KER.PA	aerospace, Banking, Europe, international, Luxury, Restructuring, value	Luxury goods businesses continue to be negatively impacted by weak demand in China with poor top-line trends. However, Kering is making progress improving the product offering within its core Gucci brand. Looking out two to three years, margins have potential to be meaningfully higher than current levels.	105560.KS BAYN.DE AIR.PA	View
2024 Q4	Dec 31, 2024	Diamond Hill International	-7.5%	4.0%	005930.KS, 0700.HK, 7999.T, BOLSAA.MX, EXO.MI, GLEN.L, KRN.DE, PRX.AS, QURE, RACE, SPOT, STLA, TSM, UHR.SW	China, Europe, Gene Therapy, India, international, Japan, semiconductors, value	uniQure's Huntington's disease treatment program advanced with FDA accelerating the approval pathway for its gene therapy treatment. The company demonstrates leadership in innovative therapies and ability to navigate gene therapy development complexities. Future royalty streams and broader drug pipeline position it as an attractive long-term opportunity.	KRN.DE 7454.T PRX.AS EXO.MI GLEN.L 005930.KS TSM SPOT QURE	View
2024 Q4	Dec 31, 2024	FPA Crescent Fund	1.1%	14.0%	003550.KS, AAPL, AMZN, C, CINF, CMCSA, COST, GLEN.L, GOOGL, HEIO.AS, HOLN.SW, IRM, JDEP.AS, JEF, META, MSFT, NVDA, SHW, TSLA, WSO	contrarian, Exposure, global, momentum, risk, valuation, value	Momentum stocks have led the market, particularly in 2024. According to Morgan Stanley, momentum ruled more than any other factor, with high momentum stocks outperforming low momentum by +28% year-on-year as of Dec 11th, a two standard-deviation event. The current momentum run is one of the top momentum runs since 1995.	003550.KS CMCSA GLEN.L HEIO.AS	View
2025 Q3	Nov 27, 2025	FPA Source Capital	4.6%	13.5%	C, CMCSA, GLEN.L, GOOGL, IFF, JDEPY, KMX, PRX, RI.PA, TE	Balanced, credit, equities, global, value	Source has 25.6% committed to private credit including called and uncalled capital as of quarter-end. The fund continues to look for opportunities to increase that exposure.	KMX IFF	View
2025 Q3	Nov 19, 2025	Steyn Capital FR Retail Hedge Fund	9.2%	12.1%	700.HK, AGL.JO, ANG.JO, COH.JO, GLEN.L, MSP.JO, PPH.JO, PRX.AS, RNI.JO, SUN.JO, ZED.JO	emerging markets, gold, Long/Short, Precious Metals, South Africa, value	Precious metals continued their blistering rally in the quarter and have driven much of the local index return for the year to date. After rallying 182% for the year, Precious Metals miners now comprise almost 25% of the JSE ALSI index. The manager has a positive view on both Gold and Platinum, with exposure to selected miners sized appropriately at approximately 12% of NAV in total.		View
2025 Q3	Nov 17, 2025	Kopernik Global All-Cap Fund	12.5%	52.2%	003550.KS, 015760.KS, 030200.KS, 032640.KS, 1.HK, BIDU, CEN, GLEN.L, Gold, IMPUY, ITH, IVN.TO, NEM, NG, SA, SBSW, SLB, SQM, VALE, WRN	commodities, diversification, global, gold, materials, Mining, Platinum, value	Gold producers had another strong quarter with significant appreciation across holdings. The fund trimmed gold positions substantially from roughly 20% to around 8% of the portfolio as prices rose. Non-producing gold companies also performed well as the market began recognizing the optionality value of gold reserves.		View
2025 Q3	Oct 31, 2025	FPA Crescent Fund	5.5%	14.1%	7974.T, ADI, AMZN, C, CMCSA, FERG.L, GLEN.L, GOOGL, HOLN.SW, IFF, KMX, META, PRX.AS, RI.PA, SAF.PA, TEL, WFC	consumer, financials, global, technology, value	Alphabet continues to enhance its existing search offering with new AI features that have been well-received and are continually evolving. Recent concerns include competitive threats in search, stemming from competing AI models, as well as antitrust scrutiny in the US and Europe.		View
2024 Q3	Oct 31, 2024	VGI Partners	0.0%	0.0%	000660.KS, AMZN, BABA, GLEN.L, LSEG.L, META, TECK, TSM	Cloud, financials, global, Long/Short, materials, semiconductors, technology	SK Hynix and TSMC continue to benefit from large and growing spend on cloud computing and hardware by hyperscalers. Third quarter earnings confirmed spending on semiconductors continues unabated and is set for further growth in 2025. Both companies are viewed as undervalued versus their earnings growth potential.		View
2025 Q3	Oct 28, 2025	Harris Associates International Equity Strategy	4.1%	26.7%	035420.KS, AMS.PA, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW	Europe, fundamentals, growth, international, Quality, technology, valuation, value	Manager emphasizes investing in high-quality companies trading at attractive valuations below intrinsic value. Multiple positions initiated due to stocks trading at decade-low multiples despite solid fundamentals.	GLEN LN BABA GLEN LN BABA	View
2025 Q3	Oct 10, 2025	Oakmark International Fund	3.9%	26.3%	035420.KS, AMS.L, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW	Cyclical, Distribution, Europe, healthcare, international, Luxury, technology, value	Kering was the top contributor during the quarter, rising in anticipation of new CEO Luca De Meo's tenure and Demna Gvasalia's debut collection at Gucci. Revenue trends are improving despite still being negative, and new leadership is expected to build on recent investments to strengthen luxury houses and return the group to growth.	SHL GR ITRK LN FEMSAUBD MM DSY FP BNZL LN	View
2025 Q4	Jan 23, 2026	FCL Capital	0.0%	4.1%	0700.HK, 1211.HK, 6367.T, AAPL, FCX, GLEN.L, HBM.TO, HDB, KGH.WA, KWEB, MSFT, NVDA, SCCO, TSLA	AI, Brazil, Copper, crypto, emerging markets, Energy Transition, technology, value	FCL has built a position in copper miners as an indirect play on AI, energy transition, and urbanization. The fund views copper as undervalued relative to its role in data centers, electric vehicles, and renewable energy infrastructure, while copper mining stocks trade at traditional commodity multiples despite exposure to revolutionary trends. The letter discusses AI's massive energy requirements for data centers, estimating 500-700 thousand tonnes of copper demand by 2028-2030. FCL sees AI as driving fundamental changes in commodity demand while noting that direct AI investments trade at expensive valuations compared to indirect plays through commodities. Renewable energy systems are highly copper-intensive, requiring much more copper per unit of capacity than fossil fuel generation. Wind turbines need 8 tonnes of copper per MW offshore and 2.5-3 tonnes onshore, while solar requires 2-5 tonnes per MW, driving substantial copper demand growth. FCL revisits their 2017 crypto thesis, highlighting tokenization of real-world assets and prediction markets as the next evolution. They see tokenization enabling 24/7 global trading of traditionally illiquid assets, while prediction markets like Polymarket demonstrate superior forecasting ability compared to traditional polling. Brazilian investors have developed a false belief in risk-free returns through CDI investments due to high interest rates. FCL argues this creates a paradox where avoiding risk actually increases long-term purchasing power risk, as CDI has delivered near-zero returns in USD terms over the past decade. The fund emphasizes valuation disparities between expensive US tech stocks and cheaper alternatives in emerging markets and commodities. They highlight that copper miners trade at traditional multiples despite exposure to AI and energy transition themes, presenting attractive risk-adjusted opportunities.		View
2025 Q4	Jan 21, 2026	Smead International Value Fund	8.2%	39.1%	BARC.L, BAWG.VI, BKT.MC, CVE.TO, GLEN.L, OXY, PNDORA.CO, ROG.SW, SCR.TO, TGA.JO, TVE.TO, UCG.MI, WFG.TO	banks, energy, Europe, oil, value	The fund employs a concentrated value approach focused on maximizing long-term returns. The managers contrast momentum investing (driven by stories and mythos) with value investing (analytical approach examining capital structure, returns on capital, and future growth). They believe value investing represents a more logical and analytical framework that will ultimately prevail. The managers challenge the mythos that American energy producers will drill regardless of price, noting that capex per rig has moved to higher levels coinciding with attractive entry points. They highlight that OPEC production increases have been muted relative to announcements, with Saudi Arabia being the only member capable of bringing back meaningful production at 2.1 million barrels per day. The fund sees Europe transitioning from mythos (over-regulated, poor decision-making) to logos (analytical capital allocation). European banks now believe they must earn their cost of capital and provide investor rewards through declining cost-to-income ratios, stock buybacks, and consolidation. Germany's removal of its debt brake for rearmament signals a future driven by returns and investment.		View
2025 Q4	Jan 18, 2026	Titan Wealth	-	-	ADBE, AEM, AMD, AU, BKR, CAT, COIN, DIS, GLEN.L, GOOGL, IBKR, LLY, LMT, MELI, MOS, MU, NFLX, ORCL, PHG, RELX, SE	AI, commodities, defense, emerging markets, Geopolitical, global, infrastructure, technology	AI is described as not just a sector theme but a foundation for broad economic transformation that will reshape how businesses operate, products are developed, and services are delivered. The technological momentum is reflected in market behavior with strong equity gains driven by optimism about ongoing earnings growth and innovation-driven expansion. Semiconductor companies benefited from AI spending throughout 2025, with specific mentions of AMD benefiting from OpenAI's compute and chip commitments, and Micron Technology providing exposure to high-bandwidth memory as a bottleneck in chip development. Defense positioning includes exposure to missiles, air defense and space through companies like Lockheed Martin, supported by large order backlogs providing strong long-term visibility amid heightened geopolitical tensions. Gold exposure through miners like AngloGold Ashanti and Agnico Eagle Mines contributed meaningfully to returns as stronger precious metal prices translated into higher cash generation for miners, with positioning for sustained tensions around currency debasement. Energy transition themes are reflected through infrastructure investments and companies positioned for the global push toward renewable energy, including exposure to energy services and LNG infrastructure where long-term dynamics look positive. Cryptocurrency exposure through Coinbase reflects positioning for financial deregulation and disintermediation, with stablecoins expected to become a preferred transfer mechanism following regulatory developments like the GENIUS Act passage.		View
2025 Q4	Jan 16, 2026	Massif Capital	9.6%	50.0%	1211.HK, BHP, ENVX, EQNR, EQX.TO, GLEN.L, GLO.TO, GMIN.V, Gold, HBR.L, KGHM, LITM, LRV.AX, LUN.TO, LYB, MGN.V, MMA.V, RIO, VALE, VAR.OL	commodities, Copper, energy, geopolitics, gold, inflation, Mining, real assets	Portfolio exposure narrowed from 16% to 10% in single position (Equinox Gold). Manager believes gold serves as monetary hedge amid central bank independence concerns and persistent inverse relationship with dollar. Central bank accumulation from emerging markets expected to continue. Largest theme at 29% allocation across core positions. Structurally tight physical market with mine supply disruptions exceeding 6% of global output. Treatment charges collapsed to negative levels signaling constrained concentrate availability. Policy-driven stockpiling creates upside convexity. 16% portfolio allocation expecting price volatility as base case. Market characterized by visible surplus yet episodic geopolitical premiums. Focus on companies with proven economics at mid-cycle prices and flexible capital programs rather than directional oil price bets. Manager challenges assumptions about demand destruction and rapid substitution in energy. Views transition as energy addition rather than replacement, raising near-term energy intensity. Supply governed by decline rates rather than responsiveness. Policy creating regional cost asymmetries and oligopolies in heavy industry. Geopolitics now shapes supply chains, governs capital access, and determines project feasibility. Political alignment increasingly influences risk premia and monetization. Persistent inflation driven by labor constraints, energy dynamics, and geopolitical fragmentation challenges embedded assumptions from post-2009 regime. Higher real-rate environment appears durable rather than transitory, altering risk-return arithmetic.	GLO CN LAR LUN CN MMA CN EQNR NO HBR LN VAR NO GMIN CN EQX CN	View
2023 Q2	Jul 31, 2023	Third Point Offshore Fund	1.1%	-3.0%	9988.HK, AMZN, BBWI, CRM, CSTM, DD, DHC, DHR, FIS, FYBR, GLEN.L, HTZ, IFF, MSFT, NVDA, PCG, PNC	activism, credit, Equity, Long/Short, Structured			View
2023 Q2	Jul 31, 2023	Third Point Partners	3.9%	14.0%	AMZN, BABA, BBWI, CRM, DD, DHR, FIS, GLEN.L, HTZ, IFF, MSFT, NVDA, PCG	activism, credit, Hedge Fund, Long/Short, Structured Credit			View
2024 Q2	Jul 19, 2024	Third Avenue International Real Estate Value Fund	11.7%	0.0%	1821.HK, 8923.T, BYG.L, CTP.AS, GLEN.L, GRI.L, HLI.L, INA.AX, MAND.HK, SHNG.HK, SVI.TO, VEST.MX	Asia, Data centers, international, Logistics, real estate, REITs, value	Fund focuses on international listed real estate across 40 countries and 14 asset types, with concentrated exposure to industrial/logistics, residential, and self-storage properties. Current positioning benefits from structural long-term growth drivers in these asset classes.	MDORF 1821.HK	View
2023 Q2	Jun 30, 2023	Oakmark Global Fund	7.5%	0.0%	AIG, AMZN, ARNC, BABA, BAC, BUD, CNHI, COP, CRBG, CWK, DHR, GLEN.L, GOOGL, IQV, MBG.DE, NOV, ORCL, RYAAY, THC	energy, global, insurance, Life Sciences, technology, value	The fund initiated positions in Danaher and IQVIA Holdings, both leaders in life sciences. Danaher maintains a portfolio focused on bioprocessing, life science tools, genomics and diagnostics with secular growth opportunities. IQVIA is positioned at the heart of trends toward advanced therapeutics and personalized medicine as the most levered CRO to decentralized clinical trials.	IQV DHR CRBG	View
2023 Q1	May 17, 2023	Third Point Offshore Fund	1.1%	-3.0%	AIG, AMD, BABA, BBWI, CL, CRM, CS, DHR, DIS, FIS, GLEN.L, GOOGL, LVMH.PA, MSFT, PCG, SHEL	activism, credit, Hedge Fund, Multi-Strategy, Structured Credit			View
2023 Q1	Apr 17, 2023	ROCKLINC Partners Fund	3.8%	12.2%	AAPL, ADSK, ALS.TO, AMZN, CNQ.TO, FNV.TO, GLEN.L, ICE, LIN, MEG.TO, OR.TO, PGR, ROP, SU.TO, WPM.TO	Banking Crisis, Critical Minerals, Energy Transition, gold, inflation, oil, royalties	High demand for copper, lithium, cobalt and nickel driven by electric vehicle production and renewable energy infrastructure. Copper demand expected to nearly double to 50M metric tons by 2035. Supply shortages likely as new mines take years to develop.	ALS.TO	View
2025 Q1	Apr 14, 2025	Smead International Value Fund	5.7%	5.7%	BARC.L, BRBY.L, CVE.TO, FRO, GLEN.L, MEG.TO, PNDORA.CO, SCR.TO, UCG.MI	banks, Canada, commodities, energy, international, value	The fund holds significant positions in Canadian oil and gas producers in the tar sands. Energy has been a major detractor through mid-2023 to March 2025. The manager believes these businesses have much less risky capital structures than perceived, with companies like Meg Energy having less than 50% of cash flow in net debt.		View
2023 Q1	Mar 31, 2023	Oakmark Global Fund	7.5%	0.0%	AIG, BAC, BAYRY, CAP.PA, COF, COP, GLEN.L, GOOGL, ICE, MA, NOV, NVST, TEL	Banking, financials, global, Opportunistic, value	Banking sector turmoil created opportunities as Silicon Valley Bank and Signature Bank failed due to duration risk and uninsured deposits. The fund added two new financials with strong balance sheets at attractive prices after sector-wide selloff.	NVST DICE COP COF CAP FP AIG	View
2023 Q1	Mar 31, 2023	Third Point Partners	3.9%	14.0%	AIG, AMD, BABA, BBWI, CL, CRM, DHR, DIS, FIS, GLEN.L, GOOGL, MC.PA, MSFT, PCG, SHEL	activism, credit, Equity, Hedge Fund, Multi-Strategy			View
2024 Q4	Jan 14, 2025	Smead International Value Fund	-6.2%	4.7%	7270.T, BARC.L, BG.VI, BRBY.L, CVE.TO, FRO, G.MI, GLEN.L, IFP.TO, MEG.TO, PNDORA.CO, ROG.SW, SCR.TO, UCG.MI, VOW3.DE, WFG.TO, WHC.AX	Autos, banks, Buybacks, energy, Europe, Japan, value	The letter extensively discusses share buybacks as a key investment strategy, comparing them to Pac-Man gobbling up shares. UniCredit reduced shares outstanding by 19.4% through buybacks, and Japanese companies including Subaru are implementing their first-ever buyback programs.	7270.T UCG.MI	View
2023 Q4	Jan 2, 2024	Diamond Hill International	5.7%	12.4%	005930.KS, 4503.T, 8058.T, ASHM.L, ASSA-B.ST, BABA, CVE.TO, DNP.WA, ERII, FCX, FM.TO, GLEN.L, SPOT, UBI.PA, UCB.BR	Asia, emerging markets, Europe, international, Japan, Non-US, value	The fund initiated a position in Glencore, which is well-positioned for uncertainty surrounding the energy transition as one of the world's largest copper producers and a large coal producer. The company can take healthy cash flows from its coal business and invest them in copper and other future-facing metals, while coal cash flows provide an attractive hedge if the energy transition takes longer than expected.	UCB.BR 8058.T GLEN.L DNP.WA ACGL\|CHH\|FDS\|GWRE\|IBKR\|IDXX\|MTN\|SPOT\|TSLA	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Diamond Hill International	Glencore	Materials	Metals & Mining	Bull	London Stock Exchange	balance sheet improvement, capital allocation, Coal Mining, Commodity Trading, Copper Producer, Diversified Mining, energy transition, share repurchases, Switzerland	View Pitch
Apr 23, 2026	Fund Letters	Steyn Capital FR Retail Hedge Fund	Glencore	Other Industrial Metals & Mining	Diversified Metals & Mining	Bull	New York Stock Exchange	coal, Commodities Trading, Diversified Metals, energy, geopolitical, Mining, Trading Business, Volatility	View Pitch
Apr 23, 2026	Fund Letters	Steyn Capital FR QI Hedge Fund	Glencore	Other Industrial Metals & Mining	Diversified Metals & Mining	Bull	New York Stock Exchange	coal, Commodity Trading, Diversified Mining, energy, geopolitical, materials, Supply Shock, Volatility	View Pitch
Apr 13, 2026	Fund Letters	Diamond Hill International	Glencore plc	Materials	Diversified Metals & Mining	Bull	London Stock Exchange	capital allocation, China, coal, Commodities, Copper, Diversified, Mining, Trading	View Pitch
Apr 13, 2026	Fund Letters	Diamond Hill International	Glencore plc	Materials	Diversified Metals & Mining	Bull	London Stock Exchange	capital allocation, coal, Commodities, Copper, Cyclical, Mining, Supply-Demand, UK, Value	View Pitch
Apr 13, 2026	Fund Letters	FPA Crescent Fund	Glencore PLC	Materials	Diversified Metals & Mining	Bull	London Stock Exchange	China, coal, Cobalt, Commodities, Copper, Cyclical, energy transition, Free Cash Flow, Mining, Nickel, share repurchases, Value, Variable Dividend	View Pitch

BSD Shareholders of GLEN-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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