INA-AX

INA-AX

INA-AX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 25, 2025	Third Avenue International Real Estate Value Fund	15.3%	-	12.HK, 16.HK, 19.HK, 1928.HK, 8293.HK, ABG.AX, BYG.L, CTP.AS, G13.SI, GLV.L, HLCL.L, INA.AX, LLC.AX, MRL.MC, NSR.AX, SHUR.L, STV.TO, TAG.DE	Asia, Australia, deep value, Hong Kong, real estate, REITs, value	Fund focuses on deep value real estate investments trading at significant discounts to net asset value, particularly in Hong Kong, Australia, and Europe. Manager sees substantial upside potential as companies progress through resource conversion processes and cyclical earnings improve.	LLC.AX LLC AU	View
2024 Q1	May 7, 2024	Third Avenue International Real Estate Value Fund	11.7%	0.0%	3231.T, 8923.T, AED.MC, BWR.UN.TO, BYG.L, CTPNV.AS, GLV.L, GRNG.L, INA.AX, NSR.AX, SHUR.L, SVI.TO, VEST.MX	Industrial, international, Japan, Nearshoring, real estate, REITs, Self Storage, value	Nearshoring growth in Mexico is driving strong tenant demand that exceeds new supply, with broad speculative development restricted by infrastructure constraints and high financing costs. Industrial cap rates are compressing and values increasing due to institutional demand. Similar trends are playing out in Central and Eastern Europe through CTP's operations.	3231.T 8923.T	View
2026 Q1	Apr 15, 2026	HMC Capital Partners Fund I	-29.1%	-29.1%	BBN.AX, INA.AX, LLC.AX	active management, Australia, Concentration, consumer discretionary, real estate, value		INA.AX BBN.AX LLC.AX	View
2024 Q4	Dec 31, 2024	Third Avenue International Real Estate Value Fund	-12.1%	-5.7%	0012.HK, 0194.HK, 1821.HK, 19.HK, 3182.KL, 8923.T, AEDAS.MC, BYG.L, CTP.AS, GLENP.L, GRI.L, INA.AX, MRL.MC, NSR.AX, SHUR.AS, SVI.TO, TAG.DE, VEST.MX	Asia, Discounts, Europe, international, real estate, REITs, Residential, value	International listed real estate trades at historically attractive valuations with 13x earnings multiple being the cheapest in the Fund's 10-year history. The sector trades at 0.66 times NAV, also the most attractive ratio over the past 10 years. Fund Management contends that a reversion to the mean could drive 40% upside for the overall international real estate sector.	1821.HK VEST.MX HKL.L TAG.DE GHV.L	View
2025 Q3	Oct 8, 2025	HMC Capital Partners Fund I	6.8%	-	BBN.AX, GNC.AX, INA.AX, LIC.AX, LLC.AX	Agriculture, Australia, consumer, Engagement, real estate, turnaround, value	The Fund focuses on unlocking trapped value through active engagement with portfolio companies, targeting undervalued situations caused by management discount, conglomerate discount, cyclical factors or poor capital allocation. The disciplined screening process identifies diamonds in the rough where the Fund can drive real change and unlock significant value.		View
2023 Q3	Oct 25, 2023	Third Avenue Real Estate Value Fund	15.7%	0.0%	0004.HK, 1113.HK, AMH, BAM, BKG.L, BN, BYG.L, CBRE, DHI, FNF, FR, GRI.L, INA.AX, INVH, JLL, LEN, LOW, NSA, PLD, RYN, SEGRO.L, SUI, SVS.L, UHAL, WY	Cap Rates, Commercial Property, interest rates, NAV, real estate, REITs, Residential, value	Fund maintains 31% allocation to commercial real estate enterprises focused on secular trends including industrial properties, self-storage facilities, and last-mile fulfillment. Holdings include companies capitalizing on structural changes driving demand for these property types.	BYG.L SUI	View
2025 Q3	Oct 21, 2025	Third Avenue International Real Estate Value Fund	4.0%	-	0016.HK, 8923.T, AMATA.BK, BYG.L, CTP.AS, INA.AX, LLC.AX, NSR.AX, SHUR.L, SVI.TO, TEG.DE, VEST.MX	Asia, Europe, Industrial, international, Nearshoring, real estate, value	The nearshoring trend where manufacturing and supply chains move closer to end consumers remains strong, particularly benefiting Southeast Asian countries like Malaysia, Thailand, and Vietnam due to their proximity to China, low costs, and large workforce. This China plus one strategy aims to reduce risk from reliance on a single market and has accelerated due to geopolitical tensions.		View
2025 Q4	Jan 14, 2026	HMC Capital Partners Fund I	-9.2%	0.0%	BBN.AX, GNC.AX, INA.AX, LIC.AX, LLC.AX	active management, Australia, capital recycling, demographics, real estate, value creation	Fund holds significant positions in Australian real estate companies including Lendlease, Lifestyle Communities, and Ingenia Communities. These companies are executing simplification strategies, capital recycling, and benefiting from structural tailwinds including aging population and housing undersupply. The fund sees meaningful upside through improved capital allocation and strategic execution. Fund actively engages with portfolio companies to unlock trapped value through improved management, simplified structures, and better capital allocation. The fund has had tangible impact on strategic direction of several portfolio companies and continues to see scope for growth and value creation within current holdings. Multiple portfolio companies benefit from structural tailwinds driven by Australia's aging population and baby boomer downsizing trends. This demographic shift supports demand for land lease communities and retirement-focused housing solutions, providing long-term growth drivers for Lifestyle Communities and Ingenia Communities.	GNC AU INA AU LIC AU BBN AU LLC AU	View
2024 Q3	Sep 30, 2024	Third Avenue International Real Estate Value Fund	11.7%	0.0%	1821.HK, 8923.T, AED.MC, BYG.L, CTP.AS, G13.SI, GLENP.L, INA.AX, LVS, MRL.MC, NSR.AX, SHUR.L, SUN.HK, SVI.TO, VEST.MX	Asia, Data centers, Development, international, real estate, REITs, Self Storage, value	Fund sees significant opportunity in data center development across Spain, Portugal, and Hong Kong. Merlin Properties has developed three data centers with 60 mW capacity at 90% pre-commitment, delivering 10%+ net yield on cost, with additional US$2.3 billion pipeline for 200 mW. Sunevision Holdings benefits from constrained Hong Kong supply and accelerated cloud adoption across Asia.	MRL.MC	View
2024 Q2	Jul 19, 2024	Third Avenue International Real Estate Value Fund	11.7%	0.0%	1821.HK, 8923.T, BYG.L, CTP.AS, GLEN.L, GRI.L, HLI.L, INA.AX, MAND.HK, SHNG.HK, SVI.TO, VEST.MX	Asia, Data centers, international, Logistics, real estate, REITs, value	Fund focuses on international listed real estate across 40 countries and 14 asset types, with concentrated exposure to industrial/logistics, residential, and self-storage properties. Current positioning benefits from structural long-term growth drivers in these asset classes.	MDORF 1821.HK	View
2025 Q1	Mar 31, 2025	Third Avenue International Real Estate Value Fund	6.0%	6.0%	0016.HK, 3231.T, 8923.T, BYG.L, CTP.AS, G13.SI, GLV.L, INA.AX, MRL.MC, NSR.AX, SHUR.L, SUV.HK, SVI.TO, TAG.DE, UTG.L, WDP.BR	Currency, Dollar, international, Logistics, real estate, Regionalization, tariffs, value	Fund focuses on international real estate markets with deeply discounted valuations trading at 35% discount to real estate value. Portfolio emphasizes residential, industrial/logistics, and self-storage assets with pricing power and resilient cash flows. Limited new supply due to higher construction costs provides positive backdrop for long-term growth.	UTG.L WDP.BR CTP.AS	View
2025 Q1	Mar 31, 2025	Third Avenue Real Estate Value Fund	-0.5%	-0.5%	4.HK, AMH, BAM, BN, CBRE, DHI, FMCC, FNF, FNMA, FPH, GRI.L, INA.AX, JLL, LEN, PHM, RYN, SUI, SVS.L, UTG.L, WY	Commercial, demographics, Homebuilders, Mortgage, real estate, Student Housing, value	Fund initiated position in PulteGroup, recognizing demographic tailwinds from millennials entering prime home-buying years. Large-scale builders like Pulte, Lennar, and D.R. Horton have evolved to more defensive business models with land options versus ownership, strengthened balance sheets with net cash positions, and gained significant market share. These companies are positioned to maintain profitability and sustain share repurchases despite near-term headwinds.	UTG.L PHM	View
2023 Q4	Jan 28, 2024	Third Avenue International Real Estate Value Fund	11.7%	0.0%	0016.HK, 0019.HK, 8923.T, BEI.TO, BYG.L, CTPNV.AS, GEST.L, GLV.L, HLI.L, INA.AX, NSR.AX, SHUR.L, SVI.TO, VESTA.MX	Asia, international, Nearshoring, real estate, REITs, value	Fund focuses on international real estate companies trading at significant discounts to net asset value. Manager sees opportunity in residential real estate with strong immigration and limited supply, industrial properties exposed to nearshoring trends, and select Japanese real estate companies.	0016.HK 0101.HK 0019.HK HLCL.L	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 23, 2026	Fund Letters	HMC Capital Partners Fund I	Ingenia Communities	REIT - Residential	Residential REITs	Bull	Australian Securities Exchange	Aging Population, Australia, Demographics, development pipeline, Equity, Holiday Parks, Lifestyle Communities, Residential REITs	View Pitch

BSD Shareholders of INA-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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