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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Castlebay Investments | - | - | CRW LN, DOM LN, IHG LN | capital, confidence, Leverage, returns, solvency | Banks face structurally high leverage, low returns on equity, and confidence-sensitive funding models that make them unattractive long-term investments. Regulatory changes have reduced leverage but also constrained economic growth and profitability. Rising non-performing loans, liquidity risks, and misaligned incentives further weaken the investment outlook for the sector. | View | |
| 2024 Q4 | Dec 31, 2024 | Castlebay Investments | - | - | IHG LN, NXT LN, ULVR LN | capital, confidence, Leverage, returns, solvency | Banks face structurally high leverage, low returns on equity, and confidence-sensitive funding models that make them unattractive long-term investments. Regulatory changes have reduced leverage but also constrained economic growth and profitability. Rising non-performing loans, liquidity risks, and misaligned incentives further weaken the investment outlook for the sector. | View | |
| 2025 Q3 | Nov 3, 2025 | Aoris International Fund | -2.6% | - | ACN, APH, CPRT, IHG LN, JKNY, REL LN, SAP GR | Accenture, AI, Quality, SAP, valuation | Aoris International Fund reiterates its disciplined quality focus, favoring durable, high-return companies like RELX, Accenture, and Amphenol amid market concentration in mega-cap tech and speculative bubbles. Management views AI as a long-term productivity enabler, not a threat, highlighting beneficiaries such as Accenture and SAP. The fund emphasizes valuation discipline and rapid exits when confidence erodes to preserve capital and sustain long-term compounding. | SAP REL ACN IHG SAP REL ACN |
View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 27, 2026 | Fund Letters | Stephen Arnold | InterContinental Hotels Group plc | Consumer Discretionary | Hotels, Resorts & Cruise Lines | Bull | New York Stock Exchange | asset-light, brands, Franchising, Hotels, Travel | View Pitch |
| Nov 29, 2025 | Fund Letters | David Ridland | InterContinental Hotels Group | Consumer Discretionary | Leisure Facilities & Services | Bull | London Stock Exchange | franchise, hospitality, Loyalty, Networks, scale | View Pitch |
| 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. | ||||||||