IBST-L

IBST-L

IBST-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 31, 2024	Fawkes Capital Management	1.0%	-	AGX, BDT.TO, CRDO, GFRD.L, HPS.TO, IBST.L, KIE.L, MJG.L, QCOM, VRT	AI, Construction, energy, infrastructure, Politics, tariffs, Trade Policy	Fund has taken profits on AI infrastructure investments due to soaring investor expectations, though still believes in AI as future platform technology. Currently prefers investing in construction and equipment companies building AI infrastructure, as their profitability is tied to increased sector capex.		View
2025 Q2	Jun 30, 2025	Vulcan Value Partners – Small Cap	8.1%	3.6%	AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH	AI, Alternative Assets, healthcare, tariffs, technology, value, volatility	Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and CEO transition. IQVIA Holdings added as largest CRO globally with strong positioning despite industry headwinds. Healthcare represents core value opportunity during market volatility.		View
2025 Q2	Jun 30, 2025	Vulcan Value Partners – Focus Plus	9.5%	3.2%	AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH	AI, Alternative Assets, healthcare, tariffs, technology, value, volatility	Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and IQVIA Holdings as the largest CRO globally. Healthcare represents both opportunity and risk with government policy exposure but stable underlying business models.		View
2025 Q2	Jun 30, 2025	Vulcan Value Partners – Focus Plus	8.8%	2.3%	AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH	AI, Alternative Assets, healthcare, tariffs, technology, value, volatility	Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and IQVIA Holdings as the largest CRO globally. Healthcare represents both value opportunities and operational turnaround situations with stable underlying business models.	FORT.L GOOGL AMZN LFUS ISS.CO ARES MSFT IQV UNH UNH	View
2025 Q2	Jun 30, 2025	Vulcan Value Partners – Large Cap	7.0%	4.7%	AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH	AI, Alternative Assets, healthcare, tariffs, technology, value, volatility	Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and IQVIA Holdings as the largest CRO globally. Healthcare represents both value opportunities and operational turnaround situations with stable underlying business models.	FORA.L GOOGL AMZN LFUS ISS.CO ARES MSFT IQV UNH	View
2025 Q2	Jun 30, 2025	Vulcan Value Partners – Small Cap	6.7%	1.9%	AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH	AI, Alternative Assets, healthcare, private credit, tariffs, technology, value, volatility	Market volatility related to tariffs increased markedly during the second quarter, creating opportunities to execute investment philosophy. The tariff tantrum and Liberation Day created meaningful stock price declines, followed by moderation of tariff policies that led to rallies in previously discounted companies.	ISS DC MSFT IQV	View
2026 Q1	May 5, 2026	Palm Harbour Capital	-0.6%	-0.6%	BWO.OL, CNVRG.PS, DAN.MI, IBST.L, PRT.MI, UMG.AS, VAR.OL, VIV.PA	energy, Europe, gaming, long-term, small caps, undervalued, value			View
2026 Q1	Apr 21, 2026	Vulcan Value Partners – Small Cap	-6.8%	-6.8%	IBST.L, LFUS, MLKN, PBH.TO, RYAN, SARO, TRU	AI, Data, disruption, insurance, small cap, software, value			View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Small Cap	9.1%	9.4%	CBRE, CIGI, CWK, DNB, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, RE, SBUX, UNH	Commercial real estate, interest rates, real estate, small cap, United Kingdom, value	Multiple holdings in commercial real estate services including Colliers International, Cushman & Wakefield, and Jones Lang LaSalle. These companies are benefiting from falling interest rates and should see improved transaction volumes as the sector recovers from recent downturns.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Large Cap	8.2%	17.6%	CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH	Alternative Asset Managers, Commercial real estate, interest rates, Luxury, Margin Of Safety, Reinsurance, value	Multiple commercial real estate service providers benefited from falling interest rates and improving transaction volumes. Companies like Jones Lang LaSalle, CBRE, Colliers International, and Cushman & Wakefield are positioned to benefit as interest rates decline and real estate markets recover from recent downturns.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Small Cap	8.1%	16.5%	CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH	Alternative Assets, Commercial real estate, interest rates, Luxury, Margin Of Safety, Reinsurance, value	Multiple portfolio companies are commercial real estate service providers benefiting from falling interest rates and recovering transaction volumes. Companies like CBRE, Colliers, and Cushman & Wakefield are positioned for recovery as the industry emerges from a downturn.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Focus Plus	5.6%	18.6%	CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH	Alternative Asset Managers, Commercial real estate, interest rates, Luxury, Margin Of Safety, value	Multiple holdings in commercial real estate services including CBRE, Jones Lang LaSalle, Colliers International, and Cushman & Wakefield. These companies are positioned to benefit from falling interest rates and recovery in transaction volumes after weathering an industry downturn. The managers see these businesses as having diversified earnings streams and asset-light models.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Focus Plus	5.9%	18.7%	CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH	Alternative Assets, Commercial real estate, Concentration, interest rates, Luxury, Reinsurance, value	Multiple commercial real estate service providers benefited from falling interest rates and improving transaction volumes. Companies like CBRE, Colliers, and Cushman & Wakefield are positioned to benefit from the recovery in real estate markets as rates decline.		View
2024 Q3	Oct 16, 2024	Palm Harbour Capital	5.1%	13.5%	CLNX.MC, DAL.L, DAN.MI, GSMI.PS, IBST.L, JST.DE, KRIKRI.AT, MDIA3.SA, OCI.AS, PORT3.SA, SYENS.BR, UNIR.MI, VAR.OL, VRLA.PA	Cash Generation, Cyclical, Europe, small cap, takeovers, value	Portfolio trades at weighted average P/E of 8.9x with 97% upside to estimated NAV. Manager emphasizes buying quality businesses at cyclical lows, citing examples like Unieuro receiving lowball takeover bid during downturn. Focus on cash-generative businesses trading below historical multiples.	MDIA3.SA	View
2023 Q4	Jan 17, 2024	Vulcan Value Partners – Small Cap	9.1%	9.4%	CIGI, CWK, DEO, FORT.L, IBST.L, ISS.CO, LFUS, MEDP, PK, SDIP.ST, VIC.L, VRTS	Commercial real estate, Concentration, infrastructure, interest rates, Margin Of Safety, small cap, value	Multiple small cap holdings are exposed to commercial real estate services and REITs. Interest rate declines in Q4 2023 drove outperformance across real estate-oriented companies. The sector faces challenges from higher rates and weak economic conditions but should benefit from Fed rate cuts expected in 2024.	LFUS FORT.L IBTX.L DEO	View
2023 Q4	Jan 17, 2024	Vulcan Value Partners – Large Cap	8.2%	17.6%	AMZN, BVS.PA, CG, CIGI, CRM, CWK, DEO, FORT.L, GOOGL, IBST.L, ISS.CO, JLL, KKR, LFUS, MEDP, MSFT, PK, SDIP.ST, TDG, VRTS	Alternative Assets, Concentration, large cap, Margin Of Safety, real estate, technology, value	Manager follows disciplined value approach, reallocating capital from companies whose prices rose more rapidly than intrinsic value estimates into companies with larger margins of safety. Focus on businesses trading at discount to estimated intrinsic value with inherently stable values and competitive advantages.	LFUS FORT.L IBTX.L DEO	View
2023 Q4	Jan 17, 2024	Vulcan Value Partners – Focus Plus	5.9%	18.7%	AMZN, CBRE, CG, CIGI, CRM, CWK, DEO, FORT.L, GOOGL, IBST.L, ISS.CO, KKR, LFUS, MEDP, MSFT, PK, SDIP.ST, TDG, V, VRTS	AI, Alternative Assets, Cloud, Concentration, large cap, real estate, technology, Value Investing	Microsoft is benefiting from its investments in artificial intelligence. The company is well positioned from an AI standpoint which should further underpin sustainable cloud penetration and growth. Salesforce is constantly innovating with new products, features, and artificial intelligence to deepen customer relationships and grow the business.	DEO	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of IBST-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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