IHG-L

IHG-L

IHG-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	Castlebay Investments	-	-	CRW.L, DOM.L, IHG.L	Franchise, Hotels, Network Effects, Quality, returns, United Kingdom, value	The fund focuses on quality value investing, seeking companies with superior returns on equity (39% vs market 13%) and operating margins above 20%. Quality characteristics support confidence in businesses delivering superior cash flow growth over the medium and long-term.	CRW.L DOM.L IHG	View
2024 Q2	Jun 30, 2024	Castlebay Investments	-	-	AZO, CPG.L, IHG.L, LSEG.L, MSFT, NVDA, RELX.L	moats, Quality, returns, Scale, United Kingdom, value	The fund focuses on companies with sustainable competitive advantages through Hamilton Helmer's 7 Powers framework, emphasizing businesses with scale economies, network effects, and barriers to competition. The portfolio demonstrates superior returns on equity of 39% versus market's 12%, with operating margins above 20%.	LSEG.L CPG.L AZO	View
2024 Q1	Mar 31, 2024	Castlebay Investments	-	-	ABT, AZO, BEC, BVXP.L, IHG.L, ITRK.L, NXT.L, ROG.SW, SIE.DE	Bioventix, Diagnostics, moats, Quality, ROE, value	The fund emphasizes businesses with sustainable competitive advantages and superior financial metrics. Companies in the portfolio maintain significantly higher ROE (39% vs 13% market) and operating margins (20% vs 15% market) while using less debt (50% vs 81% net debt to equity). The focus is on businesses that can maintain excess returns over extended periods through moats and defensive characteristics.	BVX.L	View
2024 Q4	Dec 31, 2024	Castlebay Investments	-	-	CL, EL, IHG.L, NXT.L, RKT.L, UL	Compounding, Consumer Goods, Counter-positioning, Quality, Resilience, United Kingdom, value	The fund focuses on owning businesses robust enough to survive unforecastable surprises, emphasizing preparedness over prediction. Many portfolio companies have net cash on balance sheets and lower debt levels compared to the market, preparing for recessions and potential business model disruption. This approach prioritizes staying in the game through compounding rather than seeking spectacular but ephemeral returns.	EL NXT.L UL.L IHG.L	View
2025 Q4	Jan 27, 2026	Buckley Capital	2.6%	21.4%	ALL, BFIT, DAVE, FTAI, GE, HLT, HWM, IHG.L, IWG.L, LNW, LQDA, MAR, PRTH, RR.L, RTX, SAF.PA, UTHR, VRNA, WLFC	aerospace, Europe, Fintech, gaming, Inflection, small caps, turnaround, value	Light & Wonder represents a high-quality duopoly business with Aristocrat in slot machine manufacturing and distribution globally. The company has engineered a remarkable turnaround over the last 5 years, transitioning from an overlevered business losing market share to an appropriately levered company now growing market share substantially. Basic-Fit is the dominant low-cost gym operator in Western Europe and represents the largest position. The company built a highly standardized, low-cost gym model delivering attractive price-to-value for members and high incremental returns on capital. 2026 is expected to be the inflection year as clubs opened since 2023 have reverted to pre-pandemic performance. Willis Lease Finance is a niche leader in commercial aircraft engine leasing, specializing in midlife engines. The aerospace backdrop is exceptionally strong with supply chain bottlenecks, engine reliability issues, and record order backlogs driving years of elevated demand. New engine production is effectively sold out for years. Dave is a high-growth, profitable neobank offering mobile digital banking services and small-dollar advances to customers often ignored by traditional banks. The company's Extracash product drives majority of revenues and represents a better option than payday loans or bank overdraft fees for consumers. Liquidia recently pre-announced very strong results and is expected to generate around $600-700m in sales this year and $1bn next year. The main issue continues to be lack of resolution around the patent infringement court case with competitor United Therapeutics, but the position is fully hedged. Priority Tech Holdings is exceptionally well-positioned within the financial services and payments industry, benefiting from high profitability, strong free cash flow returns, and a predictable business model. Over 90% of the company's business is either recurring or reoccurring, providing high predictability.	LQDA DAVE IWG LN LNW PRTH WLFC	View
2025 Q4	Jan 23, 2026	Aoris International Fund	0.0%	0.0%	ACN, AMZN, APH, ATCO-A.ST, CPRT, FAST, GWW, HLMA.L, IHG.L, JKHY, MSCI, OR.PA, RELX.L, SAP.DE	AI, international, long-term, Quality, technology, value	AI drove exceptional growth for data center-focused holdings like Amphenol and Halma, while creating market perception challenges for service companies like Accenture and RELX. The manager believes AI will ultimately benefit rather than harm these service businesses, as enterprise AI adoption requires complex change management and enhances rather than replaces proprietary data solutions. The manager emphasizes owning durable, resilient, market-leading businesses with competitive advantages and capable management. The portfolio focuses on companies with consistent earnings growth records, strong market positions, and the ability to gain market share over time through superior execution. The manager describes an unusually wide valuation gap between intrinsic value and share prices, with portfolio holdings trading at an average 25% discount to fair value. This stretched elastic band effect creates attractive prospective returns as valuations normalize over time.		View
2023 Q1	Mar 31, 2023	Vulcan Value Partners – Focus Plus	5.6%	18.6%	AMAT, AMZN, ARES, AYI, CNM, CRM, CW, GE, GEHC, GOOGL, IHG.L, KKR, LFUS, MSFT, SEE, SNBR, SWKS, TDG, UPS	aerospace, Hotels, infrastructure, large cap, semiconductors, small cap, technology, value	Microsoft's Azure growth decelerated during the quarter and is expected to decelerate further next quarter. The company is managing expenses to preserve margins amid headwinds. Microsoft's partnership with OpenAI and ChatGPT announcements represent a complex and rapidly developing opportunity.	ARES DEEPSEEK CNM AYI ACWI UPS IHG.L	View
2023 Q1	Mar 31, 2023	Vulcan Value Partners – Large Cap	8.2%	17.6%	AMAT, AMZN, ARES, AYI, CNM, CRM, CW, GE, GOOGL, IHG.L, KKR, LFUS, MSFT, SEE, SWKS, TDG, UPS	aerospace, Hotels, large cap, Logistics, semiconductors, technology, value	Purchased InterContinental Hotels Group, benefiting from long-term consolidation around large hotel brands and rising global middle class travel demand. Asset-light model with 99% of profits from managed and franchised hotels provides attractive economics.	ARES DEEPSEEK CNM AYI ACWI GEHC UPS IHG	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 27, 2026	Fund Letters	Vulcan Value Partners - Focus	InterContinental Hotels Group plc	Consumer Discretionary	Hotels, Resorts & Cruise Lines	Bull	London Stock Exchange	asset-light, brand portfolio, Franchising, Global, hospitality, Hotels, loyalty program, pipeline development, RevPAR, Travel	View Pitch
Apr 13, 2026	Fund Letters	Castlebay Investments	InterContinental Hotels Group	Consumer Discretionary	Hotels, Resorts & Cruise Lines	Bull	London Stock Exchange	Brand Diversity, Counter-positioning, defensive, hospitality, Hotels, loyalty program, Quality Standards	View Pitch

BSD Shareholders of IHG-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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