IMD-AX

IMD-AX

IMD-AX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	Apr 8, 2024	TEAM Asset Management	-	-	1928.HK, BAC, BHP, CGF.AX, CNI.AX, CRN.AX, FCX, FDV.AX, HEIA.AS, IMD.AX, ING, JPM, MIN.AX, RPRX, SHEL, SIE.DE, SMR.AX, SNY, WDS.AX, WYNN	banks, Copper, defense, Europe, global, infrastructure, tariffs, valuation	Tariffs have become the primary market driver, creating uncertainty across global markets. The impact varies from direct effects on European holdings to second-order effects on consumer sentiment and corporate capital expenditure. Increasing US protectionist policies have accelerated Europe's decision to significantly increase infrastructure and defense spending.		View
2026 Q1	Apr 21, 2026	abrdn International Small Cap Fund	-5.4%	-5.4%	2360.TW, 3374.TW, AVON.L, CURY3.SA, EVD.DE, FLRY3.SA, GTT.PA, IMD.AX, JUN3.DE, PAN.JO, RILBA.CO, VNT.AX	defense, Defensive, healthcare, infrastructure, international, Mining, small caps			View
2024 Q1	Apr 15, 2024	L1 Capital Long Short Fund	2.4%	10.8%	CBA.AX, CRH, CS.TO, CVE.TO, DOW.AX, FLTR.L, FRA.DE, IMD.AX, NXE.TO, QBE.AX, STO.AX, TECK.TO, WGX.AX	Australia, banks, Copper, energy, Long/Short, materials, technology, value	Manager expects copper market deficits to widen due to robust demand from electrification and constrained supply from insufficient new mines. Supply disruptions have highlighted tight market conditions with treatment charges falling significantly. Physical deficits are virtually unavoidable over the medium term.		View
2023 Q1	Apr 12, 2023	Sandhill Investment Management	-	9.4%	1928.HK, BAC, BHP, CGF.AX, CNI.AX, COR.AX, FCX, HEIA.AS, IMD.AX, ING, JPM, MIN.AX, QUB.AX, RPRX, SHEL, SIE.DE, SMR.AX, SNY, WDS.AX, WYNN	banks, Buybacks, Copper, defense, Europe, infrastructure, tariffs, valuation	Tariffs have become the primary market driver, creating uncertainty across global markets. The impact varies from direct effects on European holdings to second-order effects on consumer sentiment and corporate capital expenditure. Increasing US protectionist policies have accelerated Europe's decision to significantly increase infrastructure and defense spending.		View
2025 Q1	Mar 31, 2025	L1 Capital Long Short Fund	1.3%	1.3%	BSL.AX, FLTR.L, FRA.DE, IMD.AX, JD.L, JHX.AX, LLOY.L, MIN.AX, RMV.L, VEA.AX	Australia, Europe, gold, infrastructure, Long/Short, Trade Policy, value, volatility	Gold sector rallied during the quarter as gold prices moved up ~19% amidst market and economic instability. The fund sees a favourable outlook for gold in the medium term supported by central bank buying and elevated macro and geopolitical risks. Gold equities continue to trade at exceptionally low valuations despite gold price increases.		View
2025 Q1	Mar 31, 2025	PM Capital Enhanced Yield Fund	1.1%	1.1%	1928.HK, BAC, BHP, CGF.AX, CNI.AX, COR.AX, FCX, GMEXICOB.MX, HEIA.AS, IMD.AX, ING, JPM, MIN.AX, RPRX, SHEL, SIE.DE, SMR.AX, SNY, WDS.AX, WYNN	Coal, Copper, European Banks, Global Equities, infrastructure, tariffs, Valuations	President Trump's tariff policies created uncertainty and market correction, with direct impacts on European holdings and second-order effects on consumer discretionary companies. Tariffs ranging from 10% to almost 50% across all US trading partners were announced in early April.		View
2023 Q4	Dec 31, 2023	L1 Capital Long Short Fund	2.4%	10.8%	AZJ.AX, BABA, BSL.AX, CNU.AX, CRH, CVE, FLTR.L, IMD.AX, NEM, NUF.AX, STO.AX, VEA.AX, WGX.AX	Australia, energy, gold, industrials, infrastructure, Long/Short, materials, value	Portfolio maintains significant Energy exposure despite underperformance in 2023. Manager sees positive macro outlook with oil above $70, elevated geopolitical tensions, improving supply/demand dynamics, and multi-decade low inventories. Key positions include Santos with potential structural options and Cenovus generating strong free cash flows.	AZJ.AX CNU.NZ IMD.AX NUF.AX WGX.AX NEM FLTR.L CRH CVE.TO STO.AX	View
2025 Q3	Oct 20, 2025	L1 Capital Long Short Fund	13.3%	-	CNU.AX, CRH, FRA.DE, HBM.TO, IMD.AX, LSF.AX, MIN.AX, NXE.TO, STO.AX, WGX.AX	AI, Australia, Copper, gold, Long/Short, Mining, uranium, value	Nuclear energy is experiencing a resurgence driven by AI data center power demands and policy support from governments and hyperscalers. Uranium markets face structural deficits as production has lagged consumption for decades while new nuclear capacity targets require 3-4x increases. Supply is concentrated in geopolitically sensitive regions with limited Western alternatives.	WTG AU MIN HBM NXE CN WTG AU MIN HBM NXE CN	View
2023 Q3	Oct 1, 2023	Lexington Wealth Management	-	-	1928.HK, BAC, BHP, CGF.AX, CNI.AX, CRN.AX, FCX, HEIA.AS, IMD.AX, ING, JPM, MIN.AX, NEE, RPRX, SHEL, SIE.DE, SMR.AX, SNY, WDS.AX, WYNN	Copper, European Banks, global, infrastructure, tariffs, valuation	Tariffs have become the primary market driver, creating uncertainty across global markets. The fund analyzes both direct impacts on holdings and second-order effects including consumer sentiment, inflation, and corporate capital expenditure decisions.		View
2023 Q3	Sep 30, 2023	L1 Capital Long Short Fund	2.4%	10.8%	CVE, FLTR, IMD.AX, JHX.AX, NUF.AX, STO.AX, SVW.AX, WOR.AX	Australia, energy, LNG, Long/Short, oil, Santos, value	Energy remains a sector the fund is very constructive on, with analysis supporting potential for a more resilient market than investors expect. The fund believes the energy market will remain tight with solid demand growth and constrained supply growth, supporting oil prices well above industry break-even levels. OPEC+ supply discipline and declining U.S. shale drilling activity are key supply constraints.	WOR.AX JHX.AX SVW.AX CVE.TO STO.AX	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	L1 Capital Long Short Fund	Imdex Limited	Energy	Energy Equipment & Services	Bull	ASX	Drilling, growth, market leader, Mining Services, Mining Technology, technology	View Pitch

BSD Shareholders of IMD-AX

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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