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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Jun 12, 2025 | WisdomTree | - | - | AIR.PA, FCT.MI, HAG.DE, HO.PA, IVSO.ST, KIT.OL, KOG.OL, LDO.MI, RHM.DE, RNK.DE, RR.L, SAAB-B.ST, SAF.PA | defense, Europe, growth, Industrial, Military, NATO, Procurement | Europe's defense budgets are rising sharply with 2024 outlays jumping 17% to €326bn. NATO scenarios imply Europe could spend €800-950bn annually by 2030, more than double 2024 levels. Brussels mandates 65% of new procurement be sourced inside Europe, creating a generation-long demand curve for military contractors. | View | |
| 2025 Q1 | Apr 9, 2025 | Mawer International Equity Fund | 9.9% | 9.9% | AAPL, AJG, ALA.TO, AON, ASM, BA.L, BN.TO, BNS.TO, DB1.DE, GIB.A.TO, HO.PA, ICE, IFC.TO, LDO.MI, MMC, NVDA, RHM.DE, RY.TO, TD.TO, TSLA, TSM, X.TO | AI, defense, Europe, Geopolitical, gold, tariffs, Trade Policy | Defense-related holdings delivered stellar returns with Rheinmetall more than doubling during the quarter, while Thales, BAE, and Leonardo also experienced strong performance. A rapidly evolving geopolitical landscape and rising defense spending in Europe have significantly increased demand expectations. All four companies benefit from the critical importance of their products and decades of consolidation and underinvestment in areas where they hold key competitive advantages. | View | |
| 2024 Q1 | Apr 22, 2024 | Rodrigo Benedetti | 0.0% | 0.0% | AM.PA, APP, CHG.L, CLS, HO.PA, KNF, MRVI, ONT.L, OXB.L, PFE, PSTG, SMR.AX, TEP.PA, TMDX | Biotech, defense, Europe, growth, small caps, value | European defense companies trade at reasonable multiples with potential tailwinds from awakening EU defense budgets. Dassault Aviation produces the Rafale fighter, the only Fifth Generation aircraft not made by Lockheed Martin or Russians, with growing order book and no competing aircraft expected soon. | AM.PA |
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| 2024 Q4 | Dec 31, 2024 | Ariel International Fund | -5.1% | 5.4% | 000660.KS, 005930.KS, 6460.T, BARC.L, BEZ.L, BMPS.MI, DLG.L, EMAAR.DU, FMS.DE, HO.PA, JD, ML.PA, MUV2.DE, ORA.PA, REE.MC, SAF.PA, SNY, VEA | AI, Asia, Banking, Europe, international, semiconductors, value | Markets worldwide were led by artificial intelligence themed stocks, with U.S. mega-cap technology companies dominating performance. The narrow ascent of AI themed stocks have driven market returns in recent years, though opportunities should broaden to companies utilizing AI to create real-world efficiencies. | 6460.T 000660.KS REE.MC ORA.PA BEZ.L BARC.L 3769 JP|4194 CN|4733 JP|APG|CROX|FIX|FLUT|GLEN LN|JD/ LN|MTX GR|PSI CN|TKO|WISE LN|ZETA NPSNY ML.PA EMAAR.DU BMPS.MI FME.DE |
View |
| 2025 Q1 | Mar 31, 2025 | Distillate Capital International | 8.4% | 8.4% | 000660.KS, 1898.HK, 4063.T, ABEV, BABA, GFI, HEI.DE, HMY, HO.PA, JD, JD.L, NOVN.SW, P911.DE, ROG.SW, TFII, TSM | AI, international, Quality, tariffs, uncertainty, valuation | Announced tariffs of around 23% represent the largest trade shock in a century, potentially creating enormous inflationary pressures and economic uncertainty. The scale of potential tariff impact on GDP is unprecedented, with complex follow-on effects including potential retaliation, supply chain disruption, and business investment uncertainty. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||