IWG-L

IWG-L

IWG-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	RIT Capital	-	3.4%	AMZN, CAE.TO, CEG, CPNG, CRM, GDDY, ICE, IWG.L, MRO.L, MSFT, NFLX, RNR, TEAM, VFC	AI, defense, global, Japan, Multi-polar, Private Investments, Quality, Realisations	Artificial intelligence and digital transformation are accelerating change across traditional industries creating new sources of growth. The portfolio benefitted from AI-driven technologies including investments in Scale AI, OpenAI, and other AI-focused companies. Meta's acquisition of a 49% stake in Scale AI for $14.3 billion demonstrates the value creation potential in this space.		View
2025 Q2	Aug 23, 2025	1 Main Capital	13.3%	9.2%	BFIT.AS, DNTL.TO, IWG.L, MCFT, SSUP, WATR.L	alpha, Concentration, Cyclical, small caps, value	The fund focuses on buying good businesses with aligned management at attractive prices, particularly when the market has given up on names. Small boring businesses are being ignored while large tech commands outsized valuations, creating opportunities for disciplined value investors.	MCFT MCFT	View
2025 Q2	Aug 12, 2025	Symmetry Invest	-	15.6%	ADM.L, BUR.L, CTT.LS, FBD.L, GIG.OL, IAC, IWG.L, JDC.DE, PAR, PROT.OL, SHEL.CO	alpha, Europe, insurance, Long/Short, small caps, value	Manager focuses on cheap European small-cap stocks that experienced strong performance in early 2025 as investors recognized their undervaluation. Strategy involves buying undervalued companies and selling overvalued positions, exemplified by the GiG/Gentoo Media trade where they bought what others didn't want.	JDC.DE CTT.LS JDC GR PAR	View
2025 Q1	May 6, 2025	Lowell Capital	-	-	ASO, BOWL.L, BRC, DUR.AX, IWG.L, LNF.TO, LYTS, MACF.L, NSIT, QEPC	Canada, Cash, Defensive, Europe, free cash flow, small caps, value	Manager focuses on undervalued companies with low expectations and attractive valuations. Seeks good businesses with low valuations where market expectations are modest, believing these provide better risk-adjusted returns than growth stocks.	LNF.TO	View
2025 Q1	May 5, 2025	Buckley Capital	-0.5%	-0.5%	BFIT.AS, DNTL.TO, IWG.L, LQDA, UTHR, VRNA	Europe, healthcare, small caps, tariffs, value, volatility	The fund has significant exposure to healthcare companies with best-in-class or first-in-class products, focusing on de-risked assets that don't require molecular-level analysis. Two material positions, Verona Pharma and Liquidia Corp, have grown to 5%+ positions due to strong performance and represent opportunities in COPD and pulmonary arterial hypertension treatments respectively.	LQDA VRNA BFIT.AS DNTL.TO	View
2024 Q1	May 22, 2024	Buckley Capital	4.8%	0.5%	CC, GFF, GSY.TO, IWG.L, NGVT	Co-working, Commercial real estate, small caps, Specialty Chemicals, value	Manager initiated position in Ingevity, a specialty chemicals company facing temporary margin pressure from high crude tall oil costs. The company is fixing these issues and should return to high historical growth rates. Also doubled position in Chemours after delayed filing created buying opportunity.		View
2024 Q1	May 16, 2024	1 Main Capital	4.0%	11.3%	BFIT, CZR, DNTL.TO, ENZ, IWG.L, LMB	Concentration, FCF, gaming, small caps, underperformance, value	Manager discusses extreme underperformance of small caps versus large caps over the last 5 years, noting this is one of the most extreme cycles in history dating back to 1926. Small cap underperformance driven by differences in earnings growth and multiple compression, with unprofitable companies dragging down overall index performance. Manager believes this creates attractive opportunities in small and mid-cap space.	CZR	View
2024 Q1	May 13, 2024	Greenhaven Road Capital	15.0%	12.0%	ALTG, BUR.L, CLBT, IWG.L, JHX, KKR, LPX, PAR	Litigation Finance, private equity, real estate, SaaS, small cap, technology, value	PAR Technology is transitioning to a recurring revenue model with dramatic growth in ARR per share, from $1.04 in 2018 to expected $10+ in 2025. The company benefits from low churn rates and is adding new products like table service POS and online ordering.		View
2026 Q1	Apr 30, 2026	1 Main Capital	-4.6%	-4.6%	IWG.L, KKR	AI, Alternative Asset Managers, Commercial real estate, oil, private credit, small caps, value		KKR IWG	View
2025 Q1	Apr 30, 2025	1 Main Capital	-3.6%	-3.6%	ARVN, BFIT.AS, CZR, DNTL.TO, ENZ, IWG.L, NVS, PFE, THRD, WATR.L	Biotechnology, Cash, Defensive, small cap, Trade Policy, value, volatility	The Fund made several new biotech investments in Q1, representing a low double-digit percentage of assets. Manager is focusing on simple assets like cash and shareholder incentives rather than deep science understanding. Examples include Arvinas with over $1 billion in cash and significant licensing agreements, and Third Harmonic Bio which announced dissolution and cash return to shareholders.	ENZ THRD ARVN	View
2024 Q4	Dec 31, 2024	Symmetry Invest	-	9.6%	ACIC, ADM.L, CAT.ST, CTT.LS, FBD.IR, FREE.CO, G2M.L, IWG.L, JDC.DE, OGN.L, PAR, PROTCT.OL	dividends, Europe, insurance, Logistics, small caps, technology, value	Multiple insurance companies featured prominently including Admiral Group (UK car insurance), American Coastal Insurance (Florida property), FBD Holdings (Irish insurance), and Protector Forsikring (Nordic insurance). Manager emphasizes attractive valuations and strong dividend yields across the insurance sector.		View
2023 Q3	Nov 11, 2023	1 Main Capital	4.0%	11.3%	DNTL.TO, ENZ, IWG.L, LMB, SP	Concentration, fundamentals, small caps, technology, value	Small-cap stocks continue to trade as though the economy is at peak levels and a recession is imminent. The lack of investor confidence in near-term fundamentals is leading to exacerbated moves when nonfundamental flows occur. This creates an excellent environment for good stock pickers.	ENZ ^GSPC	View
2025 Q3	Oct 7, 2025	1 Main Capital	6.3%	16.1%	BFIT.AS, DNTL.TO, IWG.L, KKR, LMB, MBUU, MCFT, RICK, RLGT	Capital Allocation, Concentration, cyclicals, fundamentals, Logistics, small caps, value	1MC invests in good businesses with aligned management at low multiples that have slowly de-rated but continued to execute over long periods. The fund seeks companies that have endured stagnant periods despite healthy underlying cash generation and growth, with poor investor sentiment signaling attractive entry points.	RLGT	View
2024 Q3	Oct 29, 2024	Buckley Capital	4.8%	0.5%	CC, CZR, IWG.L	Chemicals, Fed Cuts, gaming, real estate, small caps, value	Manager emphasizes small caps are in the 11th percentile of historical relative value differentials versus large caps, one of the lowest valuation environments in 45 years. Fed rate cuts historically benefit small caps significantly, with several outperformance cycles starting with rate cuts.	IWG.L CZR CC	View
2024 Q3	Oct 25, 2024	1 Main Capital	4.0%	11.3%	AAPL, BFIT, CZR, DNTL.TO, IWG.L, LMB, PRKR, QCOM	Concentration, Fed policy, Litigation, rates, small caps, value	Small cap valuations had become unusually cheap relative to their large cap counterparts. Small cap earnings are more sensitive than large caps to economic growth and interest rates. The RTY rally began early in the quarter when inflation data came in below expectations, spurring optimism that the Fed would begin to cut interest rates.	PRKR	View
2025 Q4	Jan 30, 2026	Antipodes Global Value Fund	0.0%	0.0%	005380.KS, 0700.HK, AMD, AMZN, ASAI3.SA, BABA, BEKE, BMRI.JK, CRM, GLOB, Gold, GOOGL, HON, IWG.L, JCI, META, MRK, SIE.DE	consumer, financials, global, healthcare, industrials, materials, technology, value	Portfolio increased exposure to structural investment trends in software while reducing hardware exposure. AMD benefited from landmark agreement with OpenAI for high-performance graphics chips. Meta's AI-driven ad impressions growing at double-digit rates, driving revenue growth. Barrick Mining rose sharply on fresh investor enthusiasm for gold with record bullion prices boosting revenue and margins. Portfolio trimmed gold exposure via Valterra Platinum following rapid price moves and positive sentiment around platinum group metals. Amazon's AWS business re-accelerated growth to 20% year-on-year, the fastest pace in several years, driven by strong demand. Infrastructure and retail businesses both winning market share while valuation hovers around 20-year low. Portfolio rotated to process and industrial automation where greater value is seen. Honeywell positioned as leader in aerospace and industrial automation, focusing on building and process automation after business simplification. Hyundai Motor navigating industry transition to electrification with focus on profitability and capital efficiency. Company prioritizing hybrids over pure battery electric vehicles, aligning with consumer preferences as EV demand has stalled.	BMRI IJ 005380 KS HON IWG LN CRM META AMZN AMD GOOG MRK B BMRI IJ 005380 KS HON CRM AMZN 2423 HK TCEHY STM ASAIY AMD GOOG MRK B	View
2025 Q4	Jan 27, 2026	Buckley Capital	2.6%	21.4%	ALL, BFIT, DAVE, FTAI, GE, HLT, HWM, IHG.L, IWG.L, LNW, LQDA, MAR, PRTH, RR.L, RTX, SAF.PA, UTHR, VRNA, WLFC	aerospace, Europe, Fintech, gaming, Inflection, small caps, turnaround, value	Light & Wonder represents a high-quality duopoly business with Aristocrat in slot machine manufacturing and distribution globally. The company has engineered a remarkable turnaround over the last 5 years, transitioning from an overlevered business losing market share to an appropriately levered company now growing market share substantially. Basic-Fit is the dominant low-cost gym operator in Western Europe and represents the largest position. The company built a highly standardized, low-cost gym model delivering attractive price-to-value for members and high incremental returns on capital. 2026 is expected to be the inflection year as clubs opened since 2023 have reverted to pre-pandemic performance. Willis Lease Finance is a niche leader in commercial aircraft engine leasing, specializing in midlife engines. The aerospace backdrop is exceptionally strong with supply chain bottlenecks, engine reliability issues, and record order backlogs driving years of elevated demand. New engine production is effectively sold out for years. Dave is a high-growth, profitable neobank offering mobile digital banking services and small-dollar advances to customers often ignored by traditional banks. The company's Extracash product drives majority of revenues and represents a better option than payday loans or bank overdraft fees for consumers. Liquidia recently pre-announced very strong results and is expected to generate around $600-700m in sales this year and $1bn next year. The main issue continues to be lack of resolution around the patent infringement court case with competitor United Therapeutics, but the position is fully hedged. Priority Tech Holdings is exceptionally well-positioned within the financial services and payments industry, benefiting from high profitability, strong free cash flow returns, and a predictable business model. Over 90% of the company's business is either recurring or reoccurring, providing high predictability.	LQDA DAVE IWG LN LNW PRTH WLFC	View
2025 Q4	Jan 24, 2026	1 Main Capital	3.4%	20.1%	BFIT.AS, DNTL, IWG.L, LMB, MBUU, MCFT, PRKR, RLGT, SUP, WATR	Building Systems, concentrated, FCF, Industrial Services, small caps, value	The fund focuses on finding attractive opportunities where high quality meets low valuation, particularly in smaller, old-economy businesses that remain ignored and mispriced. Many top holdings generate double-digit FCF yields while trading at bargain multiples. The fund capitalizes on smaller companies consistently underperforming larger companies since inception, providing opportunities to acquire high-quality businesses at attractive multiples. The portfolio is concentrated in smaller, overlooked businesses.	LMB	View
2024 Q2	Jul 27, 2024	1 Main Capital	4.0%	11.3%	BFIT, BNED, CZR, DNTL.TO, FUN, IWG.L, LMB	Concentration, Education, Opportunistic, Recapitalization, small caps, value	Manager believes small caps provide highly attractive long-term investment opportunities due to fatigue from multi-decade underperformance and increased volatility during economic uncertainty. The Fund's performance was driven by just four small cap stocks representing under one-third of the portfolio.	BNED	View
2024 Q2	Jul 23, 2024	Buckley Capital	4.8%	0.5%	BFIT, CC, DNTL.TO, HGV, IWG.L	Chemicals, Europe, Fitness, Russell 2000, small caps, Timeshare, Travel, value	Manager believes small caps are at their worst level relative to large caps since 2000, creating significant opportunity. Russell 2000 vs S&P 500 trading at all-time low valuation similar to 2000. Expects small caps to outperform large caps over next 5 years, similar to 2000-2004 period when Russell 2000 beat S&P 500 by 9.5% annualized.	BFIT HGV	View
2023 Q2	Jul 23, 2023	1 Main Capital	4.0%	11.3%	BFIT, DNTL.TO, IWG.L, KKR, LMB	Concentration, Europe, Quality, small cap, value	Manager focuses on high-quality businesses trading at below-market multiples with conservative assumptions. Emphasizes companies that are cheap on normalized earnings and currently under-earning rather than over-earning to benefit from potential overextrapolation.	CLMB KKR IWG.L DNTL.TO BFIT	View
2024 Q1	Jul 4, 2024	Gehlen Brautigam	0.7%	6.8%	AKW.PA, ANM.MI, BALCO.ST, BLV.L, GUI.PA, GYM.L, HFG.DE, IWB.MI, IWG.L, KAMUX.HE, KSB3.DE, MAB.L, NA9.DE, ORG.L, PHLL.L, SAFH.DE, SKB.DE, STO3.DE, TPFG.L	Europe, Franchising, Property, Recovery, small cap, Uk, value	The UK housing market is facing substantial disruptions since 2022 with significant turmoil in 2023. The property sales market has been in decline over the past two years with only signs of recovery in early 2024. The lack of housing supply continues with landlords facing ongoing legislative and financing challenges.	TPFG.L	View
2023 Q4	Jun 1, 2024	East72 Holdings	6.3%	0.0%	0001.HK, BC, C, DRR.AX, DXS.AX, EXOR, GOOGL, GS, ICE, IWG.L, JPM, MANU, MFG.AX, PAH3.DE, UBS, UHAL, VIRT, VOW3.DE, YBR.AX	Asset Management, Australia, Concentration, Hedging, Investment Banking, Sports Teams, value	Manager discusses significant investments in Goldman Sachs and JP Morgan which contributed positively to quarterly returns. Also analyzes Barrenjoey Capital Partners as a strategic investment representing exposure to Australian investment banking with potential for significant value creation.	MFG.AX MANU	View
2023 Q4	May 2, 2024	Buckley Capital	4.8%	0.5%	AAPL, DNTL.TO, GFF, GSY.TO, IWG.L, XPOF	Canada, Consolidation, Franchising, Short Squeeze, small caps, value	Manager emphasizes small and mid-cap value stocks are generationally cheap relative to other asset classes. Portfolio trades at 9.6x earnings with 18% EPS growth compared to expensive large caps like Apple at 28x earnings with only 8% projected growth.		View
2023 Q4	Apr 2, 2024	Greenhaven Road Capital	15.0%	12.0%	APG, BUR, CLBT, IWG.L, KKR, PAR	Concentration, fundamentals, growth, long-term, small caps, technology, value	IWG benefits from headwinds facing corporate real estate market as vacancies rise and landlords become more flexible. The company's partnership model helps landlords fill empty space while reducing IWG's capital requirements.		View
2023 Q1	Mar 31, 2023	East72 Holdings	6.3%	0.0%	0001.HK, 2074.SZ, 8TRA.DE, AML.L, BAIN.PA, BOL.PA, CFR.SW, EXO.MI, GOOGL, IVG.MI, IWG.L, LBRDK, LIF.TO, MC.PA, MFG.AX, MSGS, NWSA, P911.DE, PAH3.DE, PSHZF, QS, RACE, UHR.SW, VIV.PA, VOW3.DE	Autos, Battery, Dynasties, Europe, gaming, IPO, Luxury, value	The fund invests in luxury companies with dynastic control, including SBM (Monaco's luxury gaming and hospitality), Richemont, and Swatch Group. These companies benefit from the ultra-rich demographic and have pricing power. The manager views luxury as a defensive growth sector with strong moats.	VOW3.DE BAIN.PA	View
2024 Q4	Feb 28, 2025	Greenhaven Road Capital	13.0%	27.0%	AAPL, AXON, BUR.L, CLBT, DHER.DE, HGTY, IWG.L, KKR, LFCR, MKTW, PAR, VTY.L	AI, Concentration, growth, small caps, value	AI will be beneficial to portfolio companies like Hagerty for claims processing and Cellebrite for investigation efficiency. Google Gemini demonstrates the technology's potential despite current flaws. The trajectory is clear for AI integration across various business applications.		View
2024 Q4	Feb 14, 2025	1 Main Capital	-2.8%	8.2%	BFIT, CZR, DNTL.TO, IWG.L, WATR.L	Concentration, Flexible Office, market breadth, Passive investing, small caps, value	IWG is the global leader in flexible office space with $4 billion of system sales across 4k+ locations. The company is transitioning to a managed workspace model where landlords fund buildouts while IWG collects recurring management fees. The managed and franchised segment is expected to grow from 15% to nearly half of system sales by decade end.	SUP.TO IWG.L	View
2023 Q4	Jan 23, 2024	1 Main Capital	4.0%	11.3%	DNTL.TO, ENZ, IWG.L, KKR, LMB, RICK	Concentration, Quality, Roll-ups, small caps, value	Manager focuses on high-quality, well-managed businesses trading at attractive multiples that represent upside rather than downside to investment value. Emphasizes finding undervalued companies with attractive growth prospects where multiple expansion can contribute to returns alongside earnings growth.	CLMB	View
2023 Q4	Jan 16, 2024	Smead International Value Fund	0.7%	11.6%	BAWG.VI, CVE.TO, FRO, GOOS.TO, IFP.TO, IWG.L, MEG.TO, OXY, PNDORA.CO, SCR.TO, UCG.MI, WFG.TO	banks, Change, Europe, Geopolitical, oil, value	America transformed into an OPEC-sized producer of oil and gas products over the last 20 years. American producers decided to quit drilling new holes in spring 2020, leading to explosive returns for investors as stock buybacks and dividends rained in from operating cash flow. Oil and gas producers are now being rational with their capital allocation.	BAWG.VI	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	1 Main Capital	IWG	Real Estate	Office REITs	Bull	London Stock Exchange	capital-light model, Contrarian Investment, Flexible Workspace, Forced Selling, Managed partnerships, Office market, UK Listing	View Pitch
Apr 13, 2026	Fund Letters	Buckley Capital	IWG plc	Real Estate	Specialized REITs	Bull	LSE	Activist Investment, asset-light model, Flexible Workspace, Franchise Fees, Geographic Arbitrage, Multiple rerating, US Relisting, Value Realization	View Pitch
Apr 13, 2026	Fund Letters	1 Main Capital	International Workplace Group	Real Estate	Specialized REITs	Bull	London Stock Exchange	asset-light model, cash generation, Coworking, Flexible Workspace, Franchising, GAAP Transition, Global, Managed services, Real Estate, Share Buybacks	View Pitch
Aug 7, 2025	Substack	Uzo Capital	International Workplace Group	Real Estate	Real Estate Services	Bull	London Stock Exchange	—	View Pitch
Aug 7, 2025	Substack	Uzo Capital	IWG plc	Real Estate	Real Estate Services	Bull	London Stock Exchange	—	View Pitch

BSD Shareholders of IWG-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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