HWDN-L

HWDN-L

HWDN-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jun 30, 2024	Farrer 36 Asset Management	-	-	EDR.MC, EVO.ST, GOOGL, HWDN.L, NASDAQ:IAC, PAGS, SE	Buybacks, concentrated, global, long-term, Transformation, underperformance, value	Sea Limited dominates Southeast Asian e-commerce and has grown revenues 140% since initial investment. The company has achieved profitability in Southeast Asia while building its financial services arm. Despite competition from TikTok Shop, Sea has cemented its market position.		View
2023 Q2	Jun 30, 2023	Farrer 36 Asset Management	-	-	ATOS, GOOGL, HDB, HWDN.L, IAC, SBKFF	Bottom-up, global, growth, Quality, value	The manager emphasizes buying great businesses at great prices, highlighting Howden Joinery trading at less than 10X trailing EBIT multiple despite strong fundamentals. The portfolio focuses on companies with strong economics trading at attractive valuations compared to growth rates.	HWDN.L	View
2026 Q1	Apr 12, 2026	FMI All Cap Equity	-	-	BKNG, CARR, FBHS, FERG, FLR.MC, HAYW, HURN, HWDN.L, IMCD.AS, LPX, MAS	AI, Cyclical, defense, energy, Geopolitical, Housing, Quality, value		IMCD.AS BKNG HURN	View
2026 Q1	Apr 12, 2026	FMI International Equity	-	-	BKNG, CARR, FBHS, FERG, FLU.MC, HAYW, HURN, HWDN.L, LPX, MAS	AI, Consulting, defense, energy, Geopolitical, Housing, Quality, value		IMCD.AS BKNG HURN	View
2026 Q1	Apr 12, 2026	FMI Large Cap Equity	-	-	BKNG, CARR, FBHS, FERG, FLR.MC, HAYW, HURN, HWDN.L, IMCD.AS, LPX, MAS	AI, Building Materials, defense, energy, Geopolitical, Quality, Travel, value		IMCD.AS BKNG HURN	View
2026 Q1	Apr 12, 2026	FMI Small Cap Equity	-	-	BKNG, CARR, FBHS, FERG, FLR.PA, HAYW, HURN, HWDN.L, IMCD.AS, LPX, MAS	AI, contrarian, defense, energy, Geopolitical, Housing, Quality, value			View
2025 Q1	Mar 31, 2025	Farrer 36 Asset Management	-	-	APO, BFIT.AS, EDRE.MC, EVO.ST, FNV.TO, GOOGL, HWDN.L, SE	Concentration, gaming, gold, private credit, tariffs, technology, Travel	Sea Limited continues to grow each of its three business lines at double-digit rates, with Shopee and Sea Money growing market share in the region despite macro weakness in Indonesia. The company has no exposure to potential tariffs as it does not export to America.	FNV.TO	View
2024 Q1	Mar 31, 2024	Farrer 36 Asset Management	-	-	APO, BFIT.AS, BX, DBRG, EVO.ST, GOOGL, HWDN.L, MSFT, NVDA, TSM	AI, Asset Management, Predictable, private credit, Recovery, value	Apollo Global Management represents a differentiated approach to private credit through its retirement services business model. The company benefits from steady capital inflows through annuity premiums, providing more predictable AUM growth compared to traditional fundraising cycles. Apollo's origination platform across 16 businesses manages $130 billion in credit verticals, positioning it well in the expanding private credit market as banks face tighter regulatory requirements.		View
2025 Q3	Oct 7, 2025	Ennismore European Smaller Companies Fund	-	10.1%	ACAD.ST, AFX.DE, CPR.MI, EVS.BR, FQT.VI, GSC.DE, HWDN.L, JUST.L, MPG.MI, STO.DE, SYS1.L, TRI.PA	consumer discretionary, Europe, Long/Short, Market share, small caps, value	Howden Joinery has increased its UK kitchen market share from one-fifth to one-third since 2011, with management expecting continued share gains. The company consistently takes market share from weak competitors, especially during downturns, through its cost advantage and superior business model.	HWDN LN	View
2023 Q3	Oct 21, 2023	FMI All Cap Equity	-1.8%	11.2%	005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, HWDN.L, IPG, LGIH, MU, OMC, SLB, SNN, SYY, VVV, ZION	China, Concentration, defensives, Europe, small caps, value	FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading near historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with U.S. Small Caps and European valuations at significant discounts.	CCEP SYY VVV	View
2023 Q3	Oct 21, 2023	FMI Large Cap Equity	-4.0%	10.5%	005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, HWDN.L, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION	Concentration, defensives, Quality, small caps, value	FMI emphasizes value investing opportunities as global value stocks trade near historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with their portfolios trading at significant discounts to core benchmarks while investing in above-average businesses with strong balance sheets.	CCEP SYY VVV	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	Sep 30, 2023	Diamond Hill International	5.7%	12.4%	7751.T, CFR.SW, CNQ, CPG.L, DNP.WA, FFH.TO, FMFL.NS, FUC.DE, HDFCBANK.NS, HWDN.L, IMO, KCR.HE, SAP.DE, SN.L, WALMEX.MX	Banking, China, energy, Europe, inflation, international, rates, value	Energy names including Canadian Natural Resources, Imperial Oil and Japan Petroleum Exploration Company benefited from rising oil prices in Q3 as WTI crude rose from roughly $71/barrel to $90/barrel. The manager maintains conviction in energy holdings despite anticipated ongoing volatility tied to oil price movements.		View
2023 Q1	Mar 31, 2023	FMI Large Cap Equity	-4.0%	10.5%	BJ, BKNG, BME.L, CSL, DG, FBIN, GOOGL, HWDN.L, INSG, PLXS, PRI, RXL.PA, SCHW, SKX, SLB, SONY, SW.PA, ULVR.L, UNH, ZION	Banking, Housing, international, Quality, technology, value	The banking crisis highlighted the fragility of the sector, with three bank failures including Silicon Valley Bank. FMI maintains selective exposure to high-quality banks with sticky deposit bases like Zions and Schwab, viewing recent declines as overly punitive and adding to positions.	BKNG AEO\|ASH\|ASUR\|AZZ\|DCO\|FA\|FBIN\|GHM\|LEU\|NSP\|RRR\|UTZ AAPL\|MSFT\|NFLX\|NVDA\|UNH SCHW ZBRA	View
2023 Q1	Mar 31, 2023	FMI Small Cap Equity	-0.8%	10.7%	BJ, BKNG, BME.L, CSL, D05.SI, DG, FBIN, GOOGL, HWDN.L, LLOY.L, NSIT, PLXS, PRI, ROG.SW, RXL.PA, SCHW, SKX, SLB, SONY, SW.PA, ULVR.L, UNH, ZION	Banking, contrarian, Crisis, Housing, international, Quality, value	The firm discusses the global banking crisis of Q1 2023, including failures of Silicon Valley Bank, Signature Bank, and Silvergate Capital. They maintain selective exposure to banks with sticky deposit bases like Zions and Schwab, viewing recent declines as overly punitive given their conservative balance sheets and quality management teams.	BKNG AEO\|ASH\|ASUR\|AZZ\|DCO\|FA\|FBIN\|GHM\|LEU\|NSP\|RRR\|UTZ AAPL\|MSFT\|NFLX\|NVDA\|UNH SCHW ZBRA	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Farrer 36 Asset Management	Howden Joinery Group Plc	Consumer Discretionary	Home Improvement Retail	Bull	London Stock Exchange	Depot Network, france, high margins, international expansion, Kitchen Refurbishment, Market Share Leader, Pricing power, Trade-Only Supplier, UK, Value	View Pitch

BSD Shareholders of HWDN-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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