GRG-L

GRG-L

GRG-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 2, 2025	Colebrooke Partners	-	-14.5%	BMY.L, GRG.L, MACF.L, MIDW.L, NAH.L, THG.L	Distribution, liquidity, Quality, small caps, Uk, value, volatility	The fund has invested in two UK distributors, Macfarlane Group and Midwich, focusing on businesses with high customer switching costs, disciplined internal incentives, and recurring revenue bases. These distributors strengthen their market positions during periods of weaker demand and offer attractive risk-adjusted returns through high free cash flow yields.	THG.L NAH.L MACF.L THG LN NAH LN MACF LN	View
2025 Q2	Jun 30, 2025	FMI All Cap Equity	-	-	BDX, GRG.L, OMF	AI, Bubble, Defensive, Quality, Speculation, Valuations	FMI expresses skepticism about the massive AI capital expenditure cycle, comparing it to the fiber optic overbuild of 2000. While acknowledging AI's long-term potential, they question whether the colossal spending will generate attractive returns, noting that AI monetization remains limited despite nearly $400 billion in annual capex from five mega cap tech companies.	GRG.L BDX OMF MAS NSIT	View
2025 Q2	Jun 30, 2025	FMI International Equity	-	-	BDX, GRG.L, OMF	AI, international, Quality, small cap, Speculation, Valuations, value	While AI has tremendous long-term potential and could be revolutionary, FMI is skeptical about the colossal capital expenditure being deployed. They compare it to the fiber optic overbuild in 2000, where massive overbuilding led to overcapacity. Five mega cap tech companies are on pace to spend nearly $400 billion in capex, yet AI monetization remains limited with AI-native revenues believed to be less than $20 billion total.	GRG.L BDX OMF MAS NSIT	View
2025 Q2	Jun 30, 2025	FMI Large Cap Equity	-	-	BDX, GRG.L, OMF	AI, Bubble, international, Quality, small cap, Valuations, value	While AI has tremendous long-term potential and could be revolutionary, FMI is skeptical about the colossal capital expenditure being deployed. Five mega cap tech companies are on pace to spend nearly $400 billion in capex, with McKinsey forecasting $7 trillion more by 2030. However, AI monetization remains limited with less than $20 billion in AI-native revenues, creating a disconnect between investment and returns.	GRG.L BDX OMF NSIT	View
2025 Q2	Jun 30, 2025	FMI Small Cap Equity	-	-	BDX, GRG.L, OMF	AI, Bubble, Quality, small cap, Speculation, technology, Valuations	While AI has tremendous long-term potential and could be revolutionary, FMI is skeptical about the colossal capital expenditure being deployed. They compare it to the fiber optic overbuild in 2000, where massive overbuilding led to overcapacity. Five mega cap tech companies are on pace to spend nearly $400 billion in capex, yet AI monetization remains limited with AI-native revenues believed to be less than $20 billion total.	GRG.L BDX OMF MAS NSIT	View
2025 Q2	Jun 30, 2025	Castlebay Investments	-	-	AJB.L, CRDA.L, GRG.L, ITRK.L, MSFT, NXT.L, REL.L	Financial Repression, inflation, Quality, switching costs, United Kingdom, value	The fund focuses on quality companies with pricing power that can protect investors in a financial repression age. These businesses exhibit strong switching costs, high returns on equity, stable profit margins, and require less debt to generate superior returns.	AJB.L GRG.L	View
2026 Q1	Apr 21, 2026	Vela International Fund	-0.9%	-0.9%	ABEV, ABF.L, AGI, ALLFG.L, ARCO, BAKKA.OL, DUE.DE, GLOB, GRG.L, HIK.L, IPAR, ITP.PA, JET2.L, NOMD, OGC.TO, SBRE.L, SU, TTE, UMG.AS, UNTR.JK, WIE.VI	energy, Geopolitical, gold, international, Luxury, Travel, value			View
2025 Q3	Oct 20, 2025	Baillie Gifford -International All Cap	1.0%	13.6%	000333.SZ, 005930.KS, 0388.HK, 0700.HK, 1299.HK, 300750.SZ, 4519.T, 4612.T, 4911.T, 6098.T, 6273.T, 669.HK, 6861.T, 7733.T, 7741.T, 7980.T, 8035.T, 8113.T, ABI.BR, ADYEN.AS, AHT.L, AI.PA, ASML, ASSA-B.ST, ATCO-A.ST, AUTO.L, B3SA3.SA, BHP, BIM.PA, BNZL.L, CABK.MC, CFR.SW, DSV.CO, EPIROCK-A.ST, EXO.MI, EXPN.L, FEMSAUBD.MX, GAW.L, GRG.L, HDB, IMCD.AS, INVEB.ST, ITRK.L, JMT.LS, LONN.SW, MC.PA, MELI, NEM.DE, PRX.AS, RADL3.SA, RCO.PA, RMV.L, ROG.SW, RYA.L, SCT.L, SEB-A.ST, SIK.SW, SOI.PA, SPOT, SPX.L, TRN.L, TSM, TTE, UBS, UL, UOB.SI, WALMEX.MX, WEIR.L, WISE.L	AI, Asia, Europe, growth, healthcare, international, semiconductors, technology	Artificial Intelligence remained a dominant theme during the quarter, with several perceived beneficiaries rallying. Rising demand for AI-related chips is pressuring customers to push into more advanced nodes and adopt EUV technology. The rapid adoption of AI applications and high-performance computing is driving unprecedented orders for leading-edge technologies.		View
2025 Q3	Oct 14, 2025	FMI All Cap Equity	-	-	BDX, GRG.L, OMF	AI, Bubbles, Defensive, Quality, Speculation, Valuations	FMI expresses skepticism about the massive AI capital expenditure cycle, comparing it to the fiber optic overbuild of 2000. While acknowledging AI's long-term potential, they question whether the colossal spending will generate attractive returns, noting that AI monetization remains limited despite nearly $400 billion in annual capex from five mega cap tech companies.	OMF US	View
2025 Q3	Oct 14, 2025	FMI International Equity	-	-	BDX, GRG.L, OMF	AI, Concentration, Defensive, Quality, Speculation, Valuations	FMI expresses skepticism about the massive AI capital expenditure cycle, comparing it to the fiber optic overbuild of 2000. While acknowledging AI's long-term potential, they question whether the colossal spending will generate attractive returns, noting that AI monetization remains limited despite nearly $400 billion in annual capex from five mega cap tech companies.	GRG LN	View
2025 Q3	Oct 14, 2025	FMI Large Cap Equity	-	-	BDX, GRG.L, OMF	AI, Defensive, international, Quality, small cap, Speculation, Valuations	FMI expresses skepticism about the massive AI capital expenditure cycle, comparing it to the fiber optic overbuild of 2000. While acknowledging AI's long-term potential, they question whether the colossal spending will generate attractive returns, noting that AI monetization remains limited despite nearly $400 billion in projected capex from five mega cap tech companies.	BDX US	View
2025 Q3	Oct 14, 2025	FMI Small Cap Equity	-	-	BDX, GRG.L, OMF	AI, Bubble, Defensive, Quality, Speculation, Valuations	FMI expresses skepticism about the massive AI capital expenditure cycle, comparing it to the fiber optic overbuild of 2000. While acknowledging AI's long-term potential, they question whether the colossal spending will generate attractive returns, noting that AI monetization remains limited despite nearly $400 billion in annual capex from five mega cap tech companies.		View
2025 Q4	Jan 9, 2026	Castlebay Investments	-	-	ADM.L, AJB.L, AZO, BATS.L, CPG.L, DGE.L, GRG.L, NXT.L	brands, Cornered Resource, Quality, regulation, United Kingdom, value	The fund focuses on high-quality companies with superior returns on equity (35% vs market 14%), higher operating profit margins (24% vs market 16%), and strong cash conversion (97%). These quality metrics remain intact despite recent underperformance, with the fund trading at attractive valuations with a 5.5% free cashflow yield versus 4.6% for the market. The fund has become increasingly attractive from a valuation perspective, with a 5.5% free cashflow yield compared to 4.6% for the market. Despite operational outperformance, share price performance has diverged materially from underlying fundamentals, creating compelling value opportunities as quality companies trade at discounted valuations. BAT represents a cornered resource through the intersection of brands, regulation and distribution. Regulatory barriers, licensing regimes and advertising restrictions create extraordinary barriers for new entrants, while incumbents retain rights to distribute, price and innovate within defined boundaries, transforming brand equity into a scarce economic asset. Diageo exemplifies brands crystallizing into cornered resources through production realities competitors cannot accelerate, including long-dated aging inventories and protected geographic distribution areas. Recent demand has softened following Covid-led surge, particularly in South America, requiring cost discipline under new leadership.		View
2024 Q3	Sep 30, 2024	FMI International Equity	-7.4%	2.7%	BARN.SW, BKNG, BME.L, FERG.L, GRG.L, PHIA.AS, ROG.SW, RXL.PA, SIE.DE, SONY, SW.PA, UL	Automation, consumer, Europe, healthcare, large cap, value	Siemens Digital Industries represents the strongest and most integrated automation portfolio globally. Management targets 5-7% annual organic revenue growth and high-single digit annual EPS growth through a cycle. The automation business has strong positions in growing markets with high barriers to entry.	BARN.SW SIE.DE	View
2023 Q3	Sep 30, 2023	Rondure Overseas Fund	-5.8%	-4.8%	0388.HK, 0700.HK, 2330.TW, 2331.HK, 9142.T, ALTEN.PA, BBRI.JK, FPT.VN, GMXT.MX, GRG.L, HDFCBANK.NS, KOF.MX, PUM.DE, PXT.TO, REC.MI, TCS.NS, YUMC	China, Currency, emerging markets, international, rates, small caps, value	The fund is overweight small-cap stocks which have been a challenging place to invest since inception, especially now as declining liquidity is more acute for smaller companies. Small caps have underperformed significantly this year relative to large caps, creating a drag on performance but potentially better opportunities for active investors.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Castlebay Investments	Greggs PLC	Consumer Discretionary	Restaurants	Bull	London Stock Exchange	Bakery, Brand, delivery, Digital, expansion, growth, innovation, retail, UK, valuation	View Pitch
Apr 13, 2026	Fund Letters	FMI International Equity	Greggs PLC	Consumer Discretionary	Restaurants	Bull	LSE	brand loyalty, Cash Flow Inflection, Food-on-the-go, market share, Restaurants, store expansion, Supply Chain Investment, UK retail, Value, vertically integrated	View Pitch
Apr 13, 2026	Fund Letters	FMI Small Cap Equity	Greggs PLC	Consumer Discretionary	Restaurants	Bull	LSE	brand loyalty, Cash Flow Inflection, Consumer Discretionary, Food Retail, Restaurants, store expansion, Supply Chain Investment, UK, Value, vertically integrated	View Pitch
Apr 13, 2026	Fund Letters	FMI Large Cap Equity	Greggs PLC	Consumer Discretionary	Restaurants	Bull	LSE	brand loyalty, Consumer Discretionary, Food-on-the-go, Restaurants, store expansion, Supply Chain Investment, UK market, vertically integrated	View Pitch
Apr 13, 2026	Fund Letters	FMI All Cap Equity	Greggs PLC	Consumer Discretionary	Restaurants	Bull	LSE	brand loyalty, Food service, Restaurants, store expansion, Supply Chain Investment, UK, Value, vertical integration	View Pitch
Aug 7, 2025	Substack	The Finance Corner	Greggs plc	Consumer Discretionary	Restaurants	Bull	London Stock Exchange	—	View Pitch

BSD Shareholders of GRG-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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