GRUMAB-MX

GRUMAB-MX

GRUMAB-MX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q1	May 7, 2025	Tactile Fund	-	0.7%	4681.T, 9722.T, CORR.LS, CWK.L, FCG, GRUMAB.MX, LIF.TO, MCEM, NWC.TO, SAN.MI, SKIS-B.ST, SRC.L, VPK.AS	Agriculture, global, infrastructure, Long Term, Luxury, Physical Assets, small cap	The manager believes agricultural productivity will continue increasing globally, with most value accruing to owners of productive land and processing assets. Between 1948 and 2017, American farm output nearly tripled despite using less land and labor. Higher-yielding acreage will command higher rents while processing facilities benefit from greater throughput.	FUM IM ADN CN CNRD	View
2025 Q4	Feb 19, 2026	Tactile Fund	4.5%	20.5%	AER, CWK.L, FCG.NZ, GOOGL, GRUMAB.MX, HII, JUNGN.SW, LAMR, MATX, MCEM, META	Agriculture, AI, global, inflation, infrastructure, Luxury, Physical Assets, value	Holdings like Ricegrowers Ltd and Fonterra Shareholders Fund powered higher as rice and milk prices remained healthy and demand grew. Fonterra struck an agreement to sell its consumer-facing businesses to dairy powerhouse Lactalis. As the world's middle class grows, consumers will demand both more and better-quality foods and ingredients. Swiss Alpine Railways investors took notice of strong earnings from Jungfraubahn AG and BVZ Holding AG, each of which owns a collection of impossible to duplicate transportation and tourism infrastructure in the Alps. American shipbuilders benefit from higher spending on vessels and naval systems for national security reasons. There is a growing realization that artificial intelligence can reproduce the functions of a meaningful portion of the software offered by today's dominant software companies at a small fraction of the cost. Software franchises may eventually turn out to be just another commodity. AI capabilities will only improve. Tactile Fund owns shares in multiple European companies with extensive real estate holdings in exclusive locations. These are owned for their trophy assets that will grow in value with time, though this could mean waiting for their share prices to move.	GRUMAB MM BWEL GMEXICOB MM HII FSF NZ	View
2023 Q3	Dec 10, 2023	Longleaf Partners International Fund	11.2%	10.4%	0288.HK, 1238.HK, 1999.HK, 4502.T, AC.PA, APPS.MC, BABA, CFR.L, DHER.DE, DPG.L, EXO.MI, FFH.TO, GLB.L, GRUMAB.MX, KER.PA, LAZ, LXS.DE, PFD.L, PRO4.L	Buybacks, China, Europe, international, Luxury, value	Luxury holdings faced challenging quarter due to weak Chinese economy and consumer concerns in US/Europe. Companies like Richemont and Kering trading at trough valuations despite strong structural themes of emerging middle class in China and shift towards branded products remaining intact.	DHER.DE KER.PA CFR.SW GLB.L DPG.L	View
2025 Q3	Oct 15, 2025	Longleaf Partners Small-Cap Fund	2.0%	6.4%	BECLE.MX, CLW, CNX, GHC, GRUMAB.MX, H, KODK, MAT, OSCR, PCH, PK, RYN, TRIP, WEST, WTM	Alcohol, Buybacks, energy, FCF, insurance, small cap, Timberland, value	Fund focuses on investments grounded in real assets and brands producing growing free cash flow, trading at 10-12x FCF today with potential to reach mid-teens FCF multiples. Portfolio P/V ratio in high-60s% indicates significant discount to intrinsic value.	TRIP US MAT US WFG US CNX US	View
2024 Q2	Jul 23, 2024	Longleaf Partners International Fund	11.2%	10.4%	AC.PA, BABA, CFR.SW, CUERVO.MX, DHER.DE, ERF.PA, EXO.MI, GLB.L, GRUMAB.MX, HDB, JFC.PS, KER.PA, MLCO, PFD.L, PRX.AS, TCOM	Concentration, Elections, fundamentals, international, Quality, value	The fund maintains a concentrated portfolio of 24 holdings with a price-to-value ratio in the mid-60s%, offering meaningful upside potential. The valuation gap between the broader market and their portfolio is at a uniquely high level, reinforcing confidence in their value-oriented approach.	DHER ERF CUERVO PRX HDB TIGO	View
2023 Q2	Jul 19, 2023	Longleaf Partners International Fund	11.2%	10.4%	0288.HK, 1999.HK, 4612.T, AC.PA, APPS.MC, BABA, CFR.TO, EXO.MI, FFH.TO, GLB.L, GRUMAB.MX, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MLCO, PFD.L, PRX.AS, TIGO	Asia, Buybacks, China, concentrated, Europe, international, value	Fund focuses on concentrated portfolio of 18-22 best ideas trading at discount to intrinsic value with compelling price-to-value ratio in mid-60s%. Management teams actively using buybacks, spin-offs and divestitures to crystallize value when persistent gaps exist between price and intrinsic value.	4613.T 1999.HK LXS.DE AC.PA APPS.MC	View
2023 Q1	Apr 20, 2023	Longleaf Partners International Fund	11.2%	10.4%	0001.HK, 0288.HK, AC.PA, APPS.MC, BABA, CUERVO.MX, DOM.L, ERF.PA, EXOR.MI, FFH.TO, GLB, GRUMAB.MX, HDB, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MC.PA, MLCO, PFD.L, PRX.AS, TIGO	Asia, China, concentrated, Europe, international, Luxury, Travel, value	China is arguably the only economy of size that is easing on a regulatory, fiscal and monetary perspective, while the rest of the world is tightening. The region offers compelling upside from both an economic and valuation perspective as Asia emerges from three years of lockdown with consumer sentiment rebounding strongly.	KER.PA CFR.SW AC.PA TIGO	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Longleaf Partners Small-Cap Fund	Gruma	Consumer Staples	Packaged Foods & Meats	Bull	BMV	consumer staples, Corn Flour, EBITDA growth, Food Products, market leader, Tortillas, US Business	View Pitch

BSD Shareholders of GRUMAB-MX

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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