IMB-L

IMB-L

IMB-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Mondrian Global Equity Fund	-	-	BATS.L, CL, ENEL.MI, IMB.L, KO, PEP, PG, RI.PA, SRG.MI, WMT	Consumer Staples, defensives, global, Risk-adjusted, Utilities, value	Manager emphasizes defensive sectors trading at attractive valuations relative to cyclicals, with MSCI World defensives near historic lows compared to cyclically exposed sectors. Focus on risk-adjusted returns has led to increased exposure to undervalued defensive names.		View
2025 Q1	Apr 24, 2025	Diamond Hill International	4.0%	4.0%	2875.T, 6501.T, 8058.T, ABEV, BABA, BAER.SW, BAP, BEI-UN.TO, BTI, BYG.L, GLEN.L, GSK, IMB.L, MRO.L, NWC.TO, QURE, SAF.PA, SPOT, TSM	aerospace, AI, Asia, Europe, infrastructure, international, real estate, value	Chinese AI innovation, particularly DeepSeek, demonstrated capability to rival US technologies at significantly lower costs, underscoring intensifying global AI competition. Alibaba benefited from market optimism around its AI initiatives and expanded capital investment to bolster AI capabilities.	6501.T BEI.UN.TO BYG.L MRO.L NWC.TO 2875.T IMB.L BTI QURE GLEN.L TSM SAF.PA SPOT BABA	View
2024 Q1	Apr 15, 2024	Bireme Capital	-2.0%	-2.0%	AAPL, CGO.TO, HUM, IMB.L, META, NFLX, ORI, RICK	Behavioral Finance, Concentration, global, Long/Short, value	Bireme exploits cognitive biases to identify mispriced value opportunities, focusing on securities affected by availability, representativeness, extrapolation, familiarity, and anchoring biases. The firm expects the value factor to provide a long-term tailwind after underperforming for over a decade.		View
2025 Q4	Feb 3, 2026	Van Der Mandele Arar Fund	11.7%	0.0%	000660.KS, BFIT.AS, GRVY, IMB.L, JXN, ONEW, STLA, XLY.TO	Cannabis, gaming, Gold Miners, semiconductors, tariffs, Trump, value	Gold miners comprise 21% of portfolio and appreciated 30% as gold rose 17%. Manager continues adding despite 50% gold price appreciation, citing strong production growth and attractive valuations relative to earnings potential. SK Hynix benefits from chip shortages in graphics processors, with 70-100% price hikes in a cyclical market. Company is one of three prominent producers of frontier chips alongside TSMC and Samsung. Gravity produces bestsellers in home markets and benefits from activist pressure on controlling shareholder GungHo Entertainment to increase dividends from Gravity's large cash reserves.	JXN GRVY 000660 KS XLY CN	View
2024 Q4	Dec 31, 2024	Latitude Global Fund	-	-	AI.PA, AZO, BAC, BP, COR, DEO, DG.PA, DLTR, FGR.PA, GOOGL, GS, HEIA.AS, IBKR, IMB.L, JPM, KO, MCK, RYA.L, SHEL, SONY, TSCO.L, UL, UNH, V, WEC	Banking, Consumer Staples, Defensive, energy, global, healthcare, value	Strong performance from US banks with Goldman Sachs +52%, JP Morgan +44%, and Bank of America +34%. Banks benefiting from consolidation, technology investments, and potential regulatory improvements under Trump administration. Credit risks remain low with income-driven rather than credit-driven economic expansion.		View
2025 Q3	Oct 31, 2025	Castlebay Investments	-	-	AZO, BA.L, BATS.L, BRBY.L, DGE.L, DNLM.L, DOM.L, HSBA.L, IMB.L, ITRK.L, LSEG.L, NVO, NXT.L, REL.L, RKT.L, RR.L, SHEL.L, ULVR.L	Banking, Branding, Quality, ROE, underperformance, United Kingdom, valuation, value	The fund focuses on Quality companies with high returns on equity (35% vs market 12%) and superior operating margins (21% vs market 16%). The manager emphasizes investing only in Quality companies within their investment universe, avoiding lower quality businesses despite market performance.		View
2023 Q4	Feb 28, 2024	Azvalor Iberia	0.0%	23.9%	CASH.MC, EDV.TO, ENO.MC, Gold, IMB.L, JDW.L, MCG.L, NE, NOV, TLW.L, TRE.MC, TS, TUB.MC, VALE, WHC.AX	contrarian, energy, Europe, Mining, Spain, value	Azvalor focuses on investing in companies trading at significant discounts to intrinsic value. The funds currently trade at around 55% of their estimated value, suggesting long-term expected returns above 10%. The firm emphasizes analyzing each company's fundamentals while avoiding market timing predictions.		View
2023 Q4	Feb 28, 2024	Azvalor Internacional	0.0%	9.8%	EDV.TO, Gold, IMB.L, MCG.L, NOV, VALE	international, Mining, portfolios, returns, valuation, value	Azvalor focuses on buying companies trading below intrinsic value, with current portfolios trading at 55% of estimated value suggesting long-term expected returns above 10%. The firm emphasizes analyzing individual companies while avoiding market timing predictions.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Diamond Hill International	Imperial Brands PLC	Consumer Staples	Tobacco	Bull	London Stock Exchange	capital return, cash flow, Next-Generation Products, resilience, tobacco, United Kingdom	View Pitch

BSD Shareholders of IMB-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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