Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | EQUAM Global Value Fund | -3.9% | - | ACAD.ST, ALLFG.L, AOF.DE, BFSA.MC, CELL.MI, DFS.L, DOM.L, EXRO, HEAD.L, INCH.L, MIDW.L, MON.MI, NOEJ.DE, OIE.L, PSG.MC, RHIM.L, RITN.SW, SESA.MI, STAB.DE, TGS.OL, TTK.DE | discount, Europe, Patience, Quality, small caps, value | Fund invests in companies trading at significant discounts to intrinsic value with upside potential of 112%. Portfolio comprises 45 companies trading at attractive multiples with high-quality businesses and low debt levels. Manager emphasizes patience and long-term investment in sound businesses at excellent prices. | RIEN SW DOM LN |
View |
| 2024 Q2 | Jul 23, 2024 | Biondo Investment Advisors | - | - | ACAD.ST, ALLFG.L, AOF.DE, BFSA.MC, CELL.MI, DFS.L, DPZ.L, EXRO, HEAD.L, INCH.L, MIDW.L, MON.MI, NOEJ.DE, OIE.L, PSG.MC, RHIM.L, RITN.SW, SESA.MI, STAB.DE, TGS.OL, TTK.DE | discount, Europe, Patience, Quality, small caps, value | Fund invests in companies trading at significant discounts to intrinsic value with upside potential of 112%. Portfolio comprises 45 companies trading at attractive multiples with high-quality businesses and low debt levels. Manager emphasizes patience and long-term investment in sound businesses at excellent prices. | RIEN.SW DPZ.L |
View |
| 2025 Q2 | Jun 30, 2025 | EQUAM Global Value Fund | 8.4% | - | ALLFG.L, BFSA.MC, CELL.MI, DFS.L, DHG.L, ENO.MC, EXRO, INCH.L, KIN.BR, MOND.MI, MRL.L, MTO.L, NOEJ.DE, OGN.L, PSG.MC, RHIM.L, SESA.MI, STM.DE, TGS.OL | Entertainment, Europe, small caps, Trade Policy, undervaluation, value | The fund continues to focus on European small and mid-cap companies trading at unusually low valuations despite quality business models. The manager emphasizes buying companies at significant discounts to intrinsic value with strong long-term prospects. | KIN.BR |
View |
| 2025 Q2 | Jun 30, 2025 | Baron Fifth Avenue Growth Fund | 24.9% | 8.0% | ACAD.ST, ALLFG.L, AOF.DE, BFSA.MC, CELL.MI, DFS.L, DOM.L, EXRO, HEAD.L, INCH.L, MIDW.L, MON.MI, NOEJ.DE, OIE.L, PSG.MC, RHIM.L, RITN.SW, SESA.MI, STAB.DE, TGS.OL, TTK.DE | discount, Europe, Patience, Quality, small caps, value | Fund invests in companies trading at significant discounts to intrinsic value with upside potential of 112%. Portfolio comprises 45 companies trading at attractive multiples with high-quality businesses and low debt levels. Manager emphasizes patience and long-term investment in sound businesses at excellent prices. | RIEN.SW DPZ.L |
View |
| 2025 Q1 | May 2, 2025 | Tweedy, Browne Value Fund | 6.3% | 6.3% | 0220.HK, 0700.HK, 086280.KS, 2551.T, 3405.T, 4091.T, 4955.T, 7203.T, 7958.T, 9635.T, AKE.PA, ATE.PA, BA.L, BRK-A, CCC.L, CNHI, D05.SI, DGE.L, DHL.DE, FDX, FMC, FRE.DE, GOOGL, HEIA.AS, HUSQ-B.ST, INCH.L, IONS, JNJ, KEMIRA.HE, KOF, KRN.DE, LAS-A.TO, MEGA.MX, MGCL.T, NA.TO, NESN.SW, NOVN.SW, P911.DE, PETS.L, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SKF-B.ST, SOL.MI, SOP.PA, TEP.PA, TFC, TKTT.PA, TREL-B.ST, TTE, TXGN.SW, U11.SI, UHAL, USB, VRTX, WFC, WPK.TO, ZURN.SW | defense, Europe, healthcare, Hedging, industrials, international, value | Tweedy Browne maintains their disciplined deep value approach, seeking securities trading at meaningful discounts to conservative estimates of intrinsic value. They emphasize their bottom-up, fundamentally driven investment process focused on businesses with sound balance sheets and enduring competitive advantages. | View | |
| 2025 Q1 | May 2, 2025 | Tweedy, Browne Worldwide High Dividend | 7.2% | 7.2% | 0220.HK, AAPL, ARKM.PA, BA.L, CNHI, D05.SI, DGE.L, DHL.DE, FMC, GOOGL, HEIN.AS, HTO.PA, INCH.L, JNJ, KEF1V.HE, KO, MSFT, NESN.SW, NOVN.SW, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TFC, TREL-B.ST, TTE, U11.SI, USB, ZURN.SW | defense, dividends, Europe, industrials, international, value | Tweedy Browne maintains disciplined deep value approach, seeking securities trading at meaningful discounts to conservative estimates of intrinsic value. The firm remains particularly cautious given elevated valuation multiples and speculative enthusiasm in certain market segments. Their bottom-up, fundamentally driven investment process focuses on businesses with sound balance sheets and enduring competitive advantages. | View | |
| 2023 Q1 | Apr 6, 2023 | Regency Wealth Management | - | - | ACAD.ST, ALLFG.L, BFSA.MC, CELL.MI, DFS.L, DOM.L, EXPG, HEAD.L, INCH.L, LDC.PA, MIDW.L, MONDADORI.MI, NOEJ.DE, OIE.L, PSG.MC, RHI.L, RITN.SW, SESA.MI, TGS.OL | discount, Europe, Patience, Quality, small caps, value | Fund invests in companies trading at significant discounts to intrinsic value with upside potential of 112%. Portfolio comprises 45 companies at attractive multiples with high-quality businesses and low debt levels. Manager emphasizes patience and long-term investment in sound businesses at excellent prices. | RIEN.SW DPZ.L |
View |
| 2026 Q1 | Apr 25, 2026 | EQUAM Global Value Fund | -3.4% | -3.4% | ACAD.ST, BEFG.DE, BME.L, CIEP.PA, CVS.L, DCC.L, DFS.L, DOM.L, EDEN.PA, EXRO, INCH.L, KLXE, MACF.L, NOEJ.DE, NVR.L, RHI.L, RST.L, SESA.MI, STM.DE, TGS.OL, VERISURE.ST | discount, energy, Europe, Geopolitical, Quality, small cap, value | VERISURE.ST DCC.L EDEN.PA |
View | |
| 2024 Q1 | Apr 23, 2024 | Biondo Investment Advisors | - | - | ALLFG.L, BFSA.MC, CELL.MI, DFS.L, DHG.L, ENO.MC, EXPRO, INCH.L, KIN.BR, MOND.MI, MRL.L, MTO.L, NRMN.DE, OGN.L, PSG.MC, RHI.L, SESA.MI, STM.DE, TGS.OL | Cinema, Europe, Hotels, Oil Services, small caps, Trade Policy, undervaluation, value | The fund focuses on European small and mid-cap companies trading at unusually low valuations despite quality business models. The manager believes this valuation disconnect will eventually reverse, creating significant upside potential of around 100%. | KINP.BR |
View |
| 2025 Q1 | Mar 31, 2025 | Peapack Private | - | - | ACAD.ST, ALLFG.L, BFSA.MC, CELL.MI, DFS.L, DOM.L, EBRO.MC, EXPG, HEAD.L, INCH.L, MIDW.L, MON.MI, NRMG.DE, ORG.L, PSG.MC, RHIM.L, RITN.SW, SESA.MI, TGS.OL, WTB.L | Banking, Cyclical, Europe, oil, small caps, undervalued, value | Fund invests in companies trading at significant discounts to intrinsic value with upside potential of 112%. Portfolio comprises companies with solid businesses acquired at attractive multiples with low debt levels. | RIEN.SW DPZ.L |
View |
| 2025 Q1 | Mar 31, 2025 | Baron Fifth Avenue Growth Fund | -13.5% | -13.5% | ALLFG.L, BFSA.MC, CELL.MI, DFS.L, DHG.L, ENO.MC, EXPO, INCH.L, KIN.BR, MRL.L, MTO.L, NOEJ.DE, OGN.L, RHI.L, SESA.MI, STM.DE, TGS.OL | Entertainment, Europe, small cap, Trade Policy, undervaluation, value | The fund continues to focus on European small and mid-cap companies trading at unusually low valuations despite quality business models. The manager believes this valuation disconnect will eventually reverse, though timing remains uncertain. | KIN.BR |
View |
| 2025 Q3 | Dec 31, 2025 | AMG Frontier Small Cap Growth | 7.5% | 4.8% | ACAD.ST, ALLFG.L, AOF.DE, BFSA.MC, CELL.MI, DFS.L, DOM.L, EXRO, HEAD.L, INCH.L, MIDW.L, MON.MI, NOEJ.DE, OIE.L, PSG.MC, RHIM.L, RITN.SW, SESA.MI, STAB.DE, TGS.OL, TTK.DE | discount, Europe, Patience, Quality, small caps, value | Fund invests in companies trading at significant discounts to intrinsic value with upside potential of 112%. Portfolio comprises 45 companies trading at attractive multiples with high-quality businesses and low debt levels. Manager emphasizes patience and long-term investment in sound businesses at excellent prices. | View | |
| 2025 Q4 | Dec 31, 2025 | EQUAM Global Value Fund | 0.0% | 6.6% | ACAD.ST, ALLFG.L, AMREST.WA, BFSA.MC, CELL.MI, DALATA.I, DFS.L, DOM.L, HOTEL.MC, IBER.LS, INCH.L, MN.MI, NOEJ.DE, OIZ.L, PSG.MC, RHI.L, SESA.MI, TGS.OL, XPRO | Europe, oil, Restructuring, small caps, underperformance, value | European small-cap segment continues to be forgotten by investors despite historically generating superior returns. The fund focuses on European Small & Mid Cap arena where many companies trade at valuations significantly below intrinsic value due to limited capital flows and lack of investor interest. Fund employs value investing methodology, seeking to compound capital through long-term investment in companies with solid businesses acquired at discount to intrinsic value. Portfolio trades at very attractive valuations significantly below main European and US indices with estimated upside potential of 106%. Oil sector maintains approximate 10% weighting in portfolio but has performed poorly due to doubts about future oil demand evolution. Companies in this sector continue showing solid financial performance and robust balance sheets while trading at very attractive valuations. | EAT WSE |
View |
| 2024 Q4 | Dec 31, 2024 | Peapack Private | - | - | ALLFG.L, BFSA.MC, CELL.MI, DFS.L, DHG.L, ENO.MC, EXPRO, INCH.L, KINE.BR, MRL.L, NOEJ.DE, OGN.L, RHI.L, SESA.MI, STM.DE, TGS.OL | Entertainment, Europe, small caps, Trade Policy, undervaluation, value | European small and mid-cap companies continue to trade at unusually low valuations despite good business fundamentals. The fund's portfolio trades at a steep discount to indices and conservative business valuations, creating significant upside potential of around 100%. | KINP.BR |
View |
| 2025 Q2 | Nov 19, 2025 | Century Management | - | - | ACAD.ST, ALLFG.L, AOF.DE, BFSA.MC, CELL.MI, DFS.L, DOM.L, EXRO, HEAD.L, INCH.L, MIDW.L, MON.MI, NOEJ.DE, OIE.L, PSG.MC, RHIM.L, RITN.SW, SESA.MI, STAB.DE, TGS.OL, TTK.DE | discount, Europe, Patience, Quality, small caps, value | Fund invests in companies trading at significant discounts to intrinsic value with upside potential of 112%. Portfolio comprises 45 companies trading at attractive multiples with high-quality businesses and low debt levels. Manager emphasizes patience and long-term investment in sound businesses at excellent prices. | RIEN.SW DPZ.L |
View |
| 2025 Q3 | Oct 9, 2025 | Forager Australian Shares Fund | 15.1% | - | 4194.T, 5038.T, BVS.AX, CAT.AX, CCL.AX, CLH, CRH, CTD.AX, FI, FIX, HPG.AX, IEL.AX, INCH.L, INGA.AS, LLOY.L, MTX.DE, NUTX, PPE.AX, TSCO.L, ZEG.L | Australia, Discipline, gold, Japan, small caps, value | Small companies are finally showing signs of strong, broad-based recovery after years of struggling against high interest rates and passive flows into larger companies. The Australian S&P/ASX Small Ordinaries Index is up 22.8% for the calendar year, well in excess of the 11.5% return from the All Ordinaries. Global small-cap strength is also evident with the MSCI World Micro Cap Index up 18.8% in Australian dollars. | PPE AU CCL AU IEL AU CAT AU |
View |
| 2025 Q3 | Oct 9, 2025 | Forager International Shares Fund | 2.9% | - | 4194.T, 5038.T, BVS.AX, CAT.AX, CCL.AX, CLH, CRH, CSL.AX, CTD.AX, DMP.AX, EML.AX, FI, FIX, GTK.AX, HPG.AX, IEL.AX, INCH.L, INGA.AS, JHX.AX, LLOY.L, MTX.DE, NUTX, PPE.AX, PPS.AX, REH.AX, RUL.AX, TSCO.L, TSLA, ZEG.L | Australia, Discipline, gold, Japan, small caps, value | Small companies are finally showing signs of a strong, broad-based recovery after years of struggling against high interest rates and passive flows into larger companies. The Australian S&P/ASX Small Ordinaries Index is up 22.8% for the calendar year, well in excess of the 11.5% return from the All Ordinaries. This small cap outperformance is supported by global small-cap strength, with the MSCI World Micro Cap Index up 18.8% in Australian dollars. | INCH LN VIS JP FI US ZEG LN CRH US FIX US |
View |
| 2025 Q3 | Oct 31, 2025 | Tweedy, Browne International Value II | 1.4% | 23.2% | 003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 7270.T, 7276.T, 7716.T, 7988.T, AALB.AS, AZE.BR, BA.L, BIDU, BKG.L, BREE.L, BRK-A, CNHI, CRH.L, D05.SI, DGE.L, DHL.DE, FDX, GOOGL, HEIA.AS, INCH.L, IONS, J36.SI, JNJ, JSG.L, KOF, MEGACPO.MX, NA.TO, NESN.SW, NOVN.SW, NVST, PETS.L, PRU.L, ROG.SW, RUI.PA, SAF.PA, SOP.PA, SW.PA, TFC, TREL-B.ST, TTE, U11.SI, USB, VRTX, WFC, ZURN.SW | Currency, dividends, ETFs, Europe, Hedging, international, Japan, value | The firm emphasizes investing in companies that combine financial strength, reasonable valuations, and capacity to weather uncertain times. They focus on businesses trading at discounts to conservative estimates of underlying intrinsic value. The valuation gap between US and non-US equities remains significant despite recent outperformance. | AZE |
View |
| 2025 Q4 | Jan 19, 2026 | Forager Australian Shares Fund | -1.9% | 24.8% | ARX.AX, BVS.AX, CAT.AX, CCL.AX, CRH, EML.AX, FISV, FIX, IEL.AX, INCH.L, INGA.AS, LNR.TO, MAH.AX, NUTX, NXT, NZX.NZ, OFX.AX, PLT.AX, PPS.AX, WISE.L, ZEG.L | Australia, dispersion, Mining, Quality, small caps, technology, Tourism, value | Small cap stocks significantly outperformed large caps in 2025, with the Small Ordinaries returning almost 25% versus 10% for the All Ordinaries. Small resources companies drove much of this outperformance with a 73% return, while small industrials delivered a more modest 9% return. Mining services investments like Macmahon benefited from enthusiasm for gold, silver and copper, with the company's share price almost doubling in 2025 after almost a decade of mediocre returns. New contracts for civil infrastructure acquisition Decmil position the company well for future revenue guidance. Australian tourism is finally showing signs of recovery with international arrivals hitting 97% of 2019 levels in recent months. Travel has historically grown at a multiple of GDP growth and there is still catching up to do. Tourism stocks remain very cheap on recovered earnings expectations. AI enthusiasm drove strong performance in tech-heavy indices, but also created concerns about software companies' competitive moats. The theory that AI diminishes software value through 'vibe coding' is one the manager is willing to bet against at the right price, particularly for established platforms with security and reliability advantages. Quality businesses with strong moats and decades of earnings growth suffered in 2025 as share prices had been growing faster than earnings. High multiples became problematic even for the best businesses, resulting in years of no returns while earnings catch up or significant derating if both earnings and multiples come into question. | MAH AU PLT AU OFX AU ARX AU |
View |
| 2025 Q4 | Jan 19, 2026 | Forager International Shares Fund | -2.0% | 15.0% | AUTO.L, BKNG, CRH, CRM, FISV, FIX, FLUT, G24.DE, INCH.L, INGA.AS, IT, LNR.TO, NUTX, NXT, PSI.TO, REA.AX, SES.MI, WISE.L, XRO.AX, ZEG.L | AI, global, Quality, small caps, technology, Travel, value | AI companies' insatiable demand for data centres and power generation led to significant returns for heating and cooling system installer Comfort Systems and solar equipment company Nextpower. Markets are increasingly questioning whether new AI-enabled competitors and solutions threaten the dominance of application software companies. The fund added three technology companies that have each halved over 2025 and hopes to add more. Many tech stocks had become expensive but recent falls present opportunities, though most still aren't cheap enough including Xero. International arrivals into Australia set post-Covid records in recent months, with August, September and October combined seeing arrivals hit 97% of 2019 levels. Travel has historically grown at a multiple of GDP growth and there is still catching up to do. Quality businesses with strong moats and decades of earnings growth suffered in 2025 as share prices had been growing faster than earnings. High multiples became a problem even for the best businesses, resulting in years of no returns or significant derating. | ARX AU ZEG LN NXT NUTX FISV |
View |
| 2024 Q3 | Sep 30, 2024 | Tweedy, Browne International Value II | 4.8% | 8.3% | 003550.KS, AZO, BRK-B, CNHI, D05.SI, DGE.L, DPW.DE, FMC, GOOGL, INCH.L, IONS, JNJ, KEF1V.HE, NESN.SW, NOVN.SW, ROG.SW, SAF.PA, TEP.PA, U11.SI, WPK.TO | Currency, dividends, Europe, Hedging, international, Japan, value | The fund continues to focus on securities trading at discounts from conservative estimates of their respective intrinsic values. Portfolio positioning reflects areas where investors may still uncover undervalued securities. The managers emphasize their value investing approach throughout the commentary. | View | |
| 2025 Q1 | Mar 31, 2025 | Polaris Global Equity | 4.1% | 4.1% | 000660.KS, 005930.KS, 066570.KS, ABBV, ALSN, ARW, CFR, CG, CVS, DCOM, DG.PA, DNB.OL, DTE.DE, EBC, ENI.MI, FTK.DE, GILD, HNR1.DE, IAG.L, INCH.L, IPG, LOOM.ST, MEOH.TO, MGA.TO, MKSI, MPC, MSFT, MTB, MUV2.DE, NTRS, NXT.L, OTEX.TO, PFS, PUB.PA, SBH, SDZ, SW, TTE, UTHR, VIPS, WBS, WMB, WSBC | AI, energy, Europe, financials, global, tariffs, technology, Trade | The Trump Administration has initiated far-reaching changes to reset decades of global trade agreements. Tariffs came to the forefront of every discussion in global markets, with broader-than-expected tariffs causing market volatility. By disrupting natural trade flows, tariffs can lead to reduced economic efficiency and slower global growth. | View | |
| 2025 Q1 | Mar 31, 2025 | Polaris International Equity | 5.7% | 5.7% | 000660.KS, 005930.KS, 066570.KS, 6758.T, DG.PA, DNB.OL, DTE.DE, DUNI.ST, ENI.MI, FTK.DE, HNR1.DE, IAG.L, INCH.L, LOOM.ST, MEOH.TO, MG.TO, MUV2.DE, NXT.L, OTEX.TO, PUB.PA, SDZ.SW, SPOG.OL, SW, TTE.PA, VIPS | AI, energy, Europe, financials, international, semiconductors, tariffs, Trade Policy | The Trump Administration initiated far-reaching changes to reset decades of global trade agreements. Tariffs came to the forefront of every discussion in global markets, disrupting natural flow of trade and comparative advantage, leading to reduced economic efficiency and slower global growth. | View | |
| 2024 Q4 | Jan 21, 2025 | Tweedy, Browne International Value II | -9.9% | -2.4% | 3405.T, ATE.PA, BA.L, CNHI, D05.SI, DGE.L, DHL.DE, FMC, GOOGL, INCH.L, IONS, JNJ, KEMIRA.HE, NESN.SW, NVS, RHM.DE, ROG.SW, SAF.PA, TTE, UOB.SI, WPK.TO | financials, industrials, international, Japan, valuation, value | The fund maintains its value investing approach, seeking securities trading at significant discounts to intrinsic value estimates. The manager notes their rigorous valuation requirements have kept them out of dominant technology companies that have driven market returns. | View | |
| 2023 Q3 | Jan 11, 2023 | Tweedy, Browne Worldwide High Dividend | 6.4% | 9.8% | BAE.L, BRK-A, D05.SI, DGE.L, DHL.DE, FRE.DE, GOOGL, GSK.L, INCH.L, JNJ, KEMIRA.HE, MEGACPO.MX, NESN.SW, NVS, PGR, ROG.SW, RUI.PA, SAF.PA, SCOR.PA, TEP.PA, TREL-B.ST, U11.SI | dividends, global, high yield, Quality, value | The fund focuses on high dividend yield value investing with an average-weighted dividend yield of 3.92% on fund stocks versus 2.10% for the MSCI World Index. The fund's strategy emphasizes companies with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. | 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. | ||||||||