ITRK-L

ITRK-L

ITRK-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Harris Associates International Equity Strategy	12.8%	21.7%	035420.KS, AMS.PA, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW	AI, Copper, Europe, international, Luxury, Mining, technology, value	Manager emphasizes value investing approach and notes the unraveling of the U.S. growth/momentum paradigm that dominated for over a decade. European equities fundamentals have improved, driving more investor interest as valuation spreads compress.	6273 JP ASML MC FP BABA BAYN GR CON GR 105560 KS	View
2025 Q2	Jul 14, 2025	T. Bailey Multi-Asset Dynamic Fund	3.0%	-	AZN, BEZ.L, CRM, CSCO, EMG.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LRE.L, MSFT, NEM, NVDA, PANW, PETS.L, ROR.L, SPC.L, STEM.L, TSCO.L, XPS.L	active management, AI, cybersecurity, defense, diversification, Geopolitical, UK Equities, value	AI-led productivity gains are real and technology focused funds like Polar Capital AI rebounded strongly in Q2. The fund takes a broader approach including allocations to industrials positioned as beneficiaries of AI adoption. Sharp recoveries in AI enablers like Nvidia and Microsoft drove V-shaped price action from Q1 to Q2.	ETLN GR	View
2025 Q2	Jul 14, 2025	T. Bailey Multi-Asset Growth Fund	3.6%	-	AZN.L, BEZ.L, CRWD, CSCO, EMG.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LRE.L, MSFT, NEM, NVDA, PANW, PETS.L, ROR.L, SPEC.L, STEM.L, TSCO.L	active management, defense, diversification, Geopolitical, inflation, technology, Uk, value	Technology focused funds such as Polar Capital AI rebounded strongly from Q1 setbacks. The fund takes a broader approach including allocations to industrials positioned as AI adoption beneficiaries. Sharp recoveries in AI enablers like Nvidia and Microsoft drove V-shaped price action from Q1 to Q2.	9896 JP	View
2025 Q2	Jul 14, 2025	T. Bailey Global Thematic Equity Fund	5.0%	-	AZN, BEZ.L, CRM, CSCO, EMG.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LRE.L, MSFT, NEM, NVDA, PANW, PETS.L, ROR.L, SRC.L, STEM.L, TSCO.L, XPS.L	AI, cybersecurity, defense, diversification, global, Multi-Asset, Uk, value	AI-led productivity gains are real and technology focused funds like Polar Capital AI rebounded strongly in Q2. The fund takes a broader approach including allocations to industrials positioned as AI adoption beneficiaries. Sharp recoveries in AI enablers like Nvidia and Microsoft drove V-shaped price action from Q1 to Q2.	CIBR CHRY LN	View
2025 Q2	Jul 14, 2025	T. Bailey UK Responsibly Invested Equity Fund	9.4%	-	AZN, BEZ.L, CRM, CSCO, EMG.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LRE.L, MSFT, NEM, NVDA, PANW, PETS.L, ROR.L, SRC.L, STEM.L, TSCO.L, XPS.L	active management, defense, diversification, Geopolitical, inflation, technology, Uk, value	AI-led productivity gains are real and technology focused funds like Polar Capital AI rebounded strongly in Q2. The fund takes a broader approach including allocations to industrials positioned as AI adoption beneficiaries. Sharp recoveries in AI enablers like Nvidia and Microsoft drove V-shaped price action from Q1 to Q2.	SXS LN	View
2025 Q2	Jun 30, 2025	Castlebay Investments	-	-	AJB.L, CRDA.L, GRG.L, ITRK.L, MSFT, NXT.L, REL.L	Financial Repression, inflation, Quality, switching costs, United Kingdom, value	The fund focuses on quality companies with pricing power that can protect investors in a financial repression age. These businesses exhibit strong switching costs, high returns on equity, stable profit margins, and require less debt to generate superior returns.	AJB.L GRG.L	View
2025 Q1	Apr 30, 2025	T. Bailey Global Thematic Equity Fund	-0.7%	-	AJB.L, AZN, BEZ.L, CCC.L, CKN.L, FOUR.L, HIK.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, ORN.L, OXIG.L, RICD.L, ROR.L, SXS.L, TSCO.L, XPS.L	commodities, defense, diversification, Europe, infrastructure, Multi-Asset, tariffs, Trade Policy	President Trump's unpredictable tariff policies unsettled global markets, contributing to heightened volatility and early fears of stagflation. His approach of intermittently announcing tariffs, particularly targeting China and North American trading partners, undermined investor confidence and triggered sharp market swings. The potential 25% tariff on copper imports has driven US copper futures to record highs, as buyers rush to secure supply before the tariffs take effect.		View
2025 Q1	Apr 30, 2025	T. Bailey Multi-Asset Dynamic Fund	2.9%	-	AJB.L, AZN, BEZ.L, CCC.L, CKN.L, FOUR.L, HIK.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, ORN.L, OXIG.L, RICD.L, ROR.L, SXS.L, TSCO.L, XPS.L	AI, commodities, defense, diversification, Europe, infrastructure, tariffs, Trade Policy	European defense spending surge driven by policy shifts, deadlock in US-Ukraine aid discussions, and pressure on NATO members to boost military budgets. Germany's €500 billion infrastructure and defense spending program boosted regional confidence. The L&G Europe Ex UK Equity ETF was introduced to access the entire defense value chain and economic impact.		View
2025 Q1	Apr 30, 2025	T. Bailey Multi-Asset Growth Fund	2.2%	-	AJB.L, AZN, BEZ.L, CCC.L, CKN.L, FOUR.L, HIK.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, ORN.L, OXIG.L, RCDO.L, ROR.L, SXS.L, TSCO.L, XPS.L	commodities, defense, diversification, Europe, infrastructure, Multi-Asset, Trade Policy, volatility	European defense spending surge driven by policy shifts, US-Ukraine aid deadlock, and NATO pressure to boost military budgets. Germany's €500 billion infrastructure and defense program catalyzing regional confidence and investment opportunities across the defense value chain.		View
2025 Q1	Apr 30, 2025	T. Bailey UK Responsibly Invested Equity Fund	-4.9%	-	AJB.L, AZN, BEZ.L, BTC-USD, CCC.L, CKN.L, FOUR.L, HIK.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, ORG.L, OXIG.L, RCDO.L, ROR.L, SXS.L, TSCO.L, TSLA, XPS.L	AI, commodities, defense, diversification, Europe, infrastructure, tariffs, volatility	European defense spending surge driven by policy shifts, deadlock in US-Ukraine aid discussions, and pressure on NATO members to boost military budgets. Germany's €500 billion infrastructure and defense spending program boosted regional confidence. The L&G Europe Ex UK Equity UCITS ETF was introduced to access the entire defense value chain and economic impact.		View
2026 Q1	Apr 29, 2026	Spheria Global Opportunities Fund	-6.8%	-6.8%	CF, ITRK.L, USLM	energy, Fertilizers, global, Middle East, Quality, small cap, valuation		ITRK.L CF	View
2026 Q1	Apr 13, 2026	Castlebay Investments	-	-	AVON.L, CPG.L, CRNW, EW, ITRK.L, NVO, RELX.L	Competitive Advantage, Compounding, Process Power, Quality, United Kingdom, value		EW ITRK.L AVON.L CPG.L	View
2024 Q1	Mar 31, 2024	Castlebay Investments	-	-	ABT, AZO, BEC, BVXP.L, IHG.L, ITRK.L, NXT.L, ROG.SW, SIE.DE	Bioventix, Diagnostics, moats, Quality, ROE, value	The fund emphasizes businesses with sustainable competitive advantages and superior financial metrics. Companies in the portfolio maintain significantly higher ROE (39% vs 13% market) and operating margins (20% vs 15% market) while using less debt (50% vs 81% net debt to equity). The focus is on businesses that can maintain excess returns over extended periods through moats and defensive characteristics.	BVX.L	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
2024 Q3	Oct 30, 2024	T. Bailey Global Thematic Equity Fund	1.9%	-	AZN, BEZ.L, BWY.L, CCC.L, COA.L, EXPN.L, HLMA.L, ITRK.L, KLR.L, OXIG.L	AI, diversification, gold, infrastructure, interest rates, Multi-Asset, Uk, value	The fund introduced VT Gravis UK Infrastructure Fund, recognizing that softening interest rates would benefit closed-ended infrastructure funds trading at wide discounts. Infrastructure and property exposure through Impact Healthcare REIT and Urban Logistics provided strong returns as the sector recovers from a low base.		View
2024 Q3	Oct 30, 2024	T. Bailey Multi-Asset Dynamic Fund	3.4%	-	AZN, BEZ.L, BWY.L, CCC.L, COA.L, EXPN.L, HLMA.L, ITRK.L, KLR.L, OXIG.L	AI, gold, infrastructure, interest rates, Multi-Asset, Uk, value	Manager introduced VT Gravis UK Infrastructure Fund recognizing that softening interest rates would benefit closed-ended infrastructure funds trading at wide discounts. Infrastructure and property exposure through Impact Healthcare REIT and Urban Logistics provided strong returns as the sector recovers from a low base.		View
2024 Q3	Oct 30, 2024	T. Bailey Multi-Asset Growth Fund	3.1%	-	AZN, BEZ.L, BWY.L, CCC.L, COA.L, EXPN.L, HLMA.L, ITRK.L, KLR.L, MSIN.L, OGN.L, OXIG.L	AI, diversification, gold, infrastructure, interest rates, Multi-Asset, Uk, value	Manager introduced VT Gravis UK Infrastructure Fund recognizing that softening interest rates would benefit closed-ended infrastructure funds trading at wide discounts. Infrastructure and property exposure through Impact Healthcare REIT and Urban Logistics provided strong returns as the sector recovers from a low base.		View
2024 Q3	Oct 30, 2024	T. Bailey UK Responsibly Invested Equity Fund	1.9%	-	AZN.L, BEZ.L, BWY.L, CCC.L, COA.L, EXPN.L, HLMA.L, ITRK.L, KLR.L, OXIG.L	AI, diversification, gold, infrastructure, Multi-Asset, REITs, Uk, value	Manager introduced VT Gravis UK Infrastructure Fund recognizing that softening interest rates would benefit closed-ended infrastructure funds trading at wide discounts. Infrastructure and property exposure through Impact Healthcare REIT and Urban Logistics provided strong returns as the sector recovers from a low base.		View
2025 Q3	Oct 28, 2025	Harris Associates International Equity Strategy	4.1%	26.7%	035420.KS, AMS.PA, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW	Europe, fundamentals, growth, international, Quality, technology, valuation, value	Manager emphasizes investing in high-quality companies trading at attractive valuations below intrinsic value. Multiple positions initiated due to stocks trading at decade-low multiples despite solid fundamentals.	GLEN LN BABA GLEN LN BABA	View
2025 Q3	Oct 20, 2025	Baillie Gifford -International All Cap	1.0%	13.6%	000333.SZ, 005930.KS, 0388.HK, 0700.HK, 1299.HK, 300750.SZ, 4519.T, 4612.T, 4911.T, 6098.T, 6273.T, 669.HK, 6861.T, 7733.T, 7741.T, 7980.T, 8035.T, 8113.T, ABI.BR, ADYEN.AS, AHT.L, AI.PA, ASML, ASSA-B.ST, ATCO-A.ST, AUTO.L, B3SA3.SA, BHP, BIM.PA, BNZL.L, CABK.MC, CFR.SW, DSV.CO, EPIROCK-A.ST, EXO.MI, EXPN.L, FEMSAUBD.MX, GAW.L, GRG.L, HDB, IMCD.AS, INVEB.ST, ITRK.L, JMT.LS, LONN.SW, MC.PA, MELI, NEM.DE, PRX.AS, RADL3.SA, RCO.PA, RMV.L, ROG.SW, RYA.L, SCT.L, SEB-A.ST, SIK.SW, SOI.PA, SPOT, SPX.L, TRN.L, TSM, TTE, UBS, UL, UOB.SI, WALMEX.MX, WEIR.L, WISE.L	AI, Asia, Europe, growth, healthcare, international, semiconductors, technology	Artificial Intelligence remained a dominant theme during the quarter, with several perceived beneficiaries rallying. Rising demand for AI-related chips is pressuring customers to push into more advanced nodes and adopt EUV technology. The rapid adoption of AI applications and high-performance computing is driving unprecedented orders for leading-edge technologies.		View
2025 Q3	Oct 16, 2025	T. Bailey Multi-Asset Dynamic Fund	3.8%	-	AAPL, AZN.L, CCC.L, CKN.L, COA.L, HILS.L, IMI.L, INTC, ITRK.L, JDG.L, LRE.L, MSFT, MSLH.L, NVDA, ROR.L, SPI.L, STEM.L, TSCO.L	AI, diversification, emerging markets, fiscal policy, gold, monetary policy, Multi-Asset, risk management	AI-driven rally led by US megacaps shows growing concentration risk. NVIDIA evolved from enabler to financier with $100bn OpenAI investment and $5bn Intel collaboration. Fund managers remain cautious on elevated valuations but confident in transition from overvalued enablers to longer-term AI adoption beneficiaries.	CHRY LN GLDN AU	View
2025 Q3	Oct 16, 2025	T. Bailey Multi-Asset Growth Fund	4.0%	-	AAPL, AMZN, AZN.L, CCC.L, COA.L, GOOGL, IMI.L, INTC, ITRK.L, META, MGNS.L, MSFT, MSLH.L, NVDA, ORG.L, ROR.L, STHP.L, SXS.L, TSCO.L, TSLA	AI, diversification, emerging markets, fiscal policy, gold, healthcare, Multi-Asset, risk management	AI-driven rally led by US megacaps shows growing concentration risk. NVIDIA evolved from enabler to financier with $100bn OpenAI investment. AI story entered new chapter with vendor-financing replacing innovation as expansion driver.	GLDN AU	View
2025 Q3	Oct 16, 2025	T. Bailey Global Thematic Equity Fund	6.5%	-	AAPL, AZN.L, CCC.L, CKN.L, COA.L, HILS.L, IMI.L, INTC, ITRK.L, JDG.L, LRE.L, MGNS.L, MSFT, MSLH.L, NVDA, ROR.L, SPI.L, STEM.L, TSCO.L	AI, diversification, emerging markets, fiscal policy, gold, healthcare, Multi-Asset, risk management	AI-driven rally led by US megacaps shows growing concentration risk. NVIDIA evolved from enabler to financier, announcing $100bn investment in OpenAI and $5bn in Intel. The AI story entered a new chapter with vendor-financing and leverage replacing innovation as expansion drivers.	CHRY LN	View
2025 Q3	Oct 16, 2025	T. Bailey UK Responsibly Invested Equity Fund	-1.2%	-	AAPL, AMZN, AZN.L, CCC.L, CKN.L, COA.L, GOOGL, HILS.L, IMI.L, INTC, ITRK.L, LRE.L, META, MSFT, NVDA, ROR.L, SPI.L, STEM.L, TSCO.L, TSLA	AI, diversification, emerging markets, fiscal policy, gold, healthcare, monetary policy, Multi-Asset	AI-driven rally led by US megacaps shows growing concentration risk. NVIDIA evolved from enabler to financier with $100bn OpenAI investment and $5bn Intel collaboration. Fund managers remain cautious on elevated valuations while transitioning from overvalued enablers to longer-term AI beneficiaries.	MSLH LN CKN LN STEM LN	View
2025 Q3	Oct 10, 2025	Oakmark International Fund	3.9%	26.3%	035420.KS, AMS.L, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW	Cyclical, Distribution, Europe, healthcare, international, Luxury, technology, value	Kering was the top contributor during the quarter, rising in anticipation of new CEO Luca De Meo's tenure and Demna Gvasalia's debut collection at Gucci. Revenue trends are improving despite still being negative, and new leadership is expected to build on recent investments to strengthen luxury houses and return the group to growth.	SHL GR ITRK LN FEMSAUBD MM DSY FP BNZL LN	View
2024 Q4	Jan 20, 2025	T. Bailey Global Thematic Equity Fund	0.3%	-	AZN, BEZ.L, BYIT.L, CKN.L, EXPN.L, FOUR.L, HIK.L, HILS.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, MGNS.L, OGN.L, PETS.L, ROR.L, STHR.L, SXS.L, TSCO.L, XPS.L	AI, diversification, gold, Multi-Asset, REITs, Uk	The fund holds exposure to artificial intelligence through Polar Capital Artificial Intelligence fund, which recovered after a challenging prior quarter. The manager continues to monitor the Magnificent 7's ability to effectively capitalise on AI technology to generate meaningful returns. AI benefits are expanding into other sectors like Healthcare, Insurance, and Industrials.		View
2024 Q4	Jan 20, 2025	T. Bailey Multi-Asset Dynamic Fund	-1.4%	-	AZN, BEZ.L, BYIT.L, CKN.L, EXPN.L, FOUR.L, HIK.L, HILS.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, MGNS.L, OGN.L, PETS.L, ROR.L, STHR.L, SXS.L, TSCO.L, XPS.L	AI, diversification, gold, Multi-Asset, REITs, thematic, UK Equities, value	The fund maintains exposure to AI through Polar Capital Artificial Intelligence Fund, which recovered after a challenging prior quarter. The manager sees AI benefits expanding into other sectors like Healthcare, Insurance, and Industrials as earnings broaden out.		View
2024 Q4	Jan 20, 2025	T. Bailey Multi-Asset Growth Fund	0.3%	-	AZN, BEZ.L, BYIT.L, CKN.L, EXPN.L, FOUR.L, HIK.L, HILS.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, MGNS.L, OGN.L, PETS.L, ROR.L, STEM.L, SXS.L, TSCO.L, XPS.L	AI, diversification, gold, inflation, Multi-Asset, REITs, Uk, value	The fund maintains exposure to artificial intelligence through Polar Capital Artificial Intelligence Fund, which recovered after a challenging prior quarter. The manager sees AI benefits expanding into other sectors like Healthcare, Insurance, and Industrials as earnings broaden out.		View
2024 Q4	Jan 20, 2025	T. Bailey UK Responsibly Invested Equity Fund	-5.1%	-	AZN, BEZ.L, BYIT.L, CKN.L, EXPN.L, FOUR.L, HIK.L, HILS.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, MGNS.L, OGN.L, PETS.L, ROR.L, STHP.L, SXS.L, TSCO.L, XPS.L	AI, diversification, gold, inflation, Multi-Asset, REITs, Uk, value	The fund maintains exposure to artificial intelligence through Polar Capital Artificial Intelligence Fund, which recovered after a challenging prior quarter. The manager sees AI benefits expanding into other sectors like Healthcare, Insurance, and Industrials as earnings broaden out.		View
2025 Q4	Jan 18, 2026	T. Bailey Multi-Asset Dynamic Fund	3.5%	13.9%	AZN.L, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, NWG.L, ORCL, ROR.L, TSCO.L	AI, Central Banks, Copper, diversification, gold, Multi-Asset, Trade Policy, UK Budget	Artificial intelligence shifted from growth to returns on capital as earnings and guidance highlighted rapidly rising infrastructure spending. Oracle's December profit warning and data-centre project delays intensified scrutiny of near-term monetisation, marking a turning point that tempered earlier enthusiasm for AI infrastructure and chipmakers. Gold surged above US$4,300 per ounce in October, prompting exposure to be trimmed closer to long-term strategic targets. After experiencing one of its steepest single-day declines in years on 21 October, the metal subsequently recovered to reach a new high above US$4,500 in December, supported by falling bond yields and growing expectations of rate cuts. Copper performed well this quarter, rising 16.57%, with demand remaining resilient supported by ongoing electrification and infrastructure spend. Supply stayed relatively tight due to limited new mine capacity and periodic disruptions, while improving risk sentiment and pockets of inventory rebuilding provided additional support. Trade tensions stayed elevated despite a truce, with threatened tariff escalation in October giving way to a one-year US-China tariff truce after late-October talks. This eased near-term supply-chain risk but left strategic issues unresolved, with stockpiling activity providing support as market participants hedged against further tariff uncertainty.		View
2025 Q4	Jan 18, 2026	T. Bailey Multi-Asset Growth Fund	4.0%	14.6%	AAPL, AZN, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, MSFT, NWG.L, ORCL, ROR.L, SHOP.TO, TESCO.L, TSLA	AI, Central Banks, commodities, Copper, gold, Multi-Asset, Trade Policy, UK Budget	Artificial intelligence shifted from growth to returns on capital as earnings and guidance highlighted rapidly rising infrastructure spending. Oracle's December profit warning and data-centre project delays intensified scrutiny of near-term monetisation, marking a turning point that tempered earlier enthusiasm for AI infrastructure and chipmakers. Gold surged above US$4,300 per ounce in October, prompting exposure to be trimmed closer to long-term strategic targets. The metal experienced one of its steepest single-day declines in years on 21 October but subsequently recovered to reach a new high above US$4,500 in December, supported by safe haven demand and central bank purchases. Copper led performance within multi-asset portfolios, advancing 16.57% over the quarter. Following a correction in July 2025 driven by tariff-related volatility, copper stabilised and rebuilt momentum through Q4, underpinned by a structurally tight supply-demand backdrop and disruption risk across key producing regions. Trade tensions stayed elevated despite a truce, with threatened tariff escalation in October giving way to a one-year US-China tariff truce after late-October talks. This eased near-term supply-chain risk but left strategic issues unresolved, with stockpiling activity providing additional support to commodity markets.	LGEU LN	View
2025 Q4	Jan 18, 2026	T. Bailey Global Thematic Equity Fund	3.8%	15.3%	AAPL, AZN, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, NWG.L, ORCL, ROR.L, TESCO.L	AI, Copper, emerging markets, gold, healthcare, Japan, thematic, Trade Policy	Artificial intelligence shifted from growth to returns on capital focus. Oracle's December profit warning and data-centre project delays intensified scrutiny of near-term monetisation. AI-exposed strategies performed well with Polar Capital AI Fund returning 6.58%. Gold surged above US$4,300 per ounce in October, then reached new highs above US$4,500 in December. Supported by falling bond yields, rate cut expectations, geopolitical tensions, and central bank purchases. Copper performed well rising 16.57% in Q4, supported by ongoing electrification, infrastructure spend, tight supply due to limited new mine capacity, and stockpiling activity amid tariff uncertainty. Healthcare exposure contributed positively as policy risks receded, valuations looked attractive, and investors rotated toward high-quality, cash-generative businesses with resilient earnings. Trade tensions stayed elevated despite a truce. Threatened tariff escalation in October gave way to a one-year US-China tariff truce after late-October talks, easing near-term supply-chain risk but left strategic issues unresolved.	PCGH LN	View
2025 Q4	Jan 18, 2026	T. Bailey UK Responsibly Invested Equity Fund	3.8%	6.7%	AZN.L, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, NWG.L, ORCL, ROR.L, TSCO.L	Banking, Esg, financials, Responsible Investing, UK Equities	The fund benefited from exposure to the banking sector through Lloyds and NatWest, with NatWest being one of the strongest performers. Leading performance came from financial exposure through asset manager Man Group, which reached record assets under management.	MNDI LN NWG LN EMG LN	View
2025 Q4	Jan 14, 2026	Spheria Global Opportunities Fund	-3.0%	2.9%	ACLR.SW, CARG, EXPD, HEM.ST, ITRK.L, JKHY, PAYC, RMV.L, SPNS, YETI	financials, global, industrials, Quality, small caps, technology	The fund maintains a consistent, valuation-aware approach focused on high-quality businesses with durable economics, proven cash generation and clear paths to value creation. This quality-oriented strategy faced challenges in 2025 as markets rewarded loss-making businesses and concept-driven stocks. Small caps are still yet to materially close the relative valuation gap that has opened up since shortly before the current interest rate cycle kicked off in early 2022. The fund targets global listed small cap and microcap companies.	PAYC JKHY	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 13, 2026	Substack	Toff Cap Monday Monitor	Intertek Group plc	Industrials	Testing & Inspection Services	Bull	London Stock Exchange	activist investor, cash offer rejection, corporate actions, Energy & Infrastructure sale, Undervalued Stock	View Pitch
Apr 30, 2026	Fund Letters	Spheria Global Opportunities Fund	Intertek	Specialty Business Services	Research & Consulting Services	Bull	New York Stock Exchange	Certification, Global Services, Inspection, Quality Assurance, Regulatory, strategic review, supply chain, Testing, UK Listed, value unlock	View Pitch
Apr 23, 2026	Fund Letters	Castlebay Investments	Intertek	Specialty Business Services	Research & Consulting Services	Bull	New York Stock Exchange	Compliance, global reach, Process Power, Quality Assurance, Regulatory Accreditation, Research & Consulting, scientific expertise, Testing & Certification	View Pitch
Feb 18, 2026	Substack	DB Silverfox	Intertek Group plc	Assurance, Testing, Inspection and Certification	Assurance, Testing, Inspection and Certification	Bull	London Stock Exchange	Assurance, Certification, Global network, Inspection, Pricing power, regulatory compliance, Supply chain verification, Testing, Total Quality Assurance, Trust infrastructure	View Pitch

BSD Shareholders of ITRK-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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