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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Dec 31, 2025 | Orbis International Equity | 0.0% | 0.0% | GMAB, ICLR, IMX, J36.SI, PRU.L | Biotech, Bottom-up, Entertainment, global, international, value | Biotech has become an especially fruitful hunting ground following the epic bust after COVID boom. The sector typically suffers from structural overvaluation but rising rates, geopolitical noise around drug pricing, and capital draw towards AI has created opportunities to acquire innovative businesses at less than present value of marketed drugs. The theatrical window remains key to maximizing IP value as content gains powerful halo effect from theatre runs while being cash-flow generative. Recent bidding war for Warner Bros Discovery highlights immense value placed on scarce content and platforms for developing high-value IP. Portfolio has naturally shifted to more typical collection of idiosyncratic bottom-up investments as post-pandemic dislocations normalized. Focus remains on finding businesses priced significantly less than intrinsic worth through deep fundamental analysis. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||