HLCL-L

HLCL-L

HLCL-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 25, 2025	Third Avenue International Real Estate Value Fund	15.3%	-	12.HK, 16.HK, 19.HK, 1928.HK, 8293.HK, ABG.AX, BYG.L, CTP.AS, G13.SI, GLV.L, HLCL.L, INA.AX, LLC.AX, MRL.MC, NSR.AX, SHUR.L, STV.TO, TAG.DE	Asia, Australia, deep value, Hong Kong, real estate, REITs, value	Fund focuses on deep value real estate investments trading at significant discounts to net asset value, particularly in Hong Kong, Australia, and Europe. Manager sees substantial upside potential as companies progress through resource conversion processes and cyclical earnings improve.	LLC.AX LLC AU	View
2025 Q2	Jul 15, 2025	Mayar Capital	6.5%	9.6%	005930.KS, 7974.T, AHT.L, BH, BNR.DE, CAP.PA, CRDA.L, HLCL.L, JNJ, JSG.L, KVUE, MA, NESN.SW, NKE, NVO, SOLV, UL, UPS, V, VTY.L	antifragility, global, long-term, Quality, Resilience, value	The manager emphasizes building antifragile portfolios that improve with stress rather than merely surviving it. The fund focuses on businesses with sound economics, conservative balance sheets, and reasonable valuations that can endure disorder and adapt to change. Portfolio companies average 86 years in age, demonstrating proven resilience through multiple wars, recessions, and crises.	NESN SW	View
2024 Q3	Oct 14, 2024	Mayar Capital	7.7%	9.6%	005930.KS, 7974.T, ALO.PA, BFAM, CFR.SW, EA, GOOGL, HLCL.L, HWDN.L, JNJ, KER.PA, KVUE, MMM, PYPL, SAP, SOLV, UL, UPS, V, VWS.CO	Esg, global, Manufacturing, Patience, Recovery, value	Visa's business model as a payment network intermediary creates powerful network effects and generates impressive shareholder returns. The ongoing shift towards cashless payments has driven payment volume growth from $4.4 trillion in 2008 to $15.4 trillion in 2023. The company maintains high returns on invested capital averaging 65% over two decades while reducing share count by a third since IPO.		View
2023 Q3	Oct 13, 2023	Mayar Capital	7.7%	9.6%	005930.KS, BFAM, BN.PA, BNTG.DE, CAP.PA, DBX, EA, GOOGL, HLCL.L, KVUE, SAP.DE, UL, UPS, V	global, Quality, rates, risk management, technology, value	Manager emphasizes value investing approach, focusing on great businesses at reasonable prices with margin of safety. Discusses how value investing has been painful during recent tech bubble but believes patience will be rewarded as higher interest rates favor quality businesses over mediocre ones.	KVUE CAP.PA	View
2024 Q2	Jul 29, 2024	Mayar Capital	7.7%	9.6%	005930.KS, 7974.T, ALO.PA, BFAM, BLND.L, BNR.DE, CAP.PA, CFR.SW, EA, GOOGL, HLCL.L, JNJ, KER.PA, KVUE, MMM, NESN.SW, PYPL, UL, UPS, VTY.L, VWS.CO, WIX.L	Compounding, Defensive, global, long-term, Quality, value	The fund follows a disciplined value investing strategy, focusing on buying great businesses at reasonable prices with a margin of safety. The manager emphasizes patience and long-term compounding over quick gains, maintaining a tortoise-like approach to investing.	VWS.CO	View
2023 Q1	Apr 22, 2023	Mayar Capital	7.7%	9.6%	005930.KS, 9627.T, AAPL, AMZN, BFAM, BNR.DE, CFR.PA, DBX, EA, GOOGL, HLCL.L, JNJ, LH, MA, PYPL, SAP.DE, UL, UPS, V, VWS.CO	consumer, global, long-term, Pharmaceuticals, Quality, technology, value	Manager emphasizes investing in great businesses with durable economic moats, favorable customer economics, consistent financial results, high returns on capital, and strong cash flow generation. Uses examples of Amazon, Google, and Apple to illustrate companies that have profoundly shaped our reality through superior customer service, information democratization, and product design excellence.	9627.T	View
2025 Q1	Mar 31, 2025	Mayar Capital	2.9%	2.9%	005930.KS, 7974.T, AHT.L, ALO.PA, BH, BLND.L, BNR.DE, CAP.PA, CFR.PA, EA, FOUR.L, GOOGL, HLCL.L, JNJ, JSG.L, KERY.PA, KVUE, LH, MA, NESN.SW, NKE, NVO, OR.PA, PYPL, SAP, SOLV, SOM.L, UL, UPS, V, VTY.L, VWS.CO	AI, Europe, global, Pharmaceuticals, Quality, risk management, technology, value	Capgemini reported 5% of Q4 bookings were generative AI-related, up from 2% earlier in the year. Management sees AI as transformative technology with potential to revolutionize every industry globally. The company is well-positioned to serve as industry's key technology partner in realizing AI benefits for businesses worldwide.	NKE NVO CAP.PA	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Third Avenue International Real Estate Value Fund	Helical plc	Real Estate	Real Estate Investment Trusts (REITs)	Bull	London Stock Exchange	development, discount, London, M&A, Office, REIT, Resource Conversion, Sustainable, UK, Value	View Pitch

BSD Shareholders of HLCL-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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