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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | City Different Investments – Global Equity | 13.3% | 31.9% | 0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L | AI, Asia, Discounts, gold, Holding Companies, value | Gold price touching $4000 reflects market unease, with central banks holding more gold than US Treasuries for the first time since 1996. Gold now accounts for around 25% of central bank reserves. Barrick, the largest holding, has doubled this year with exceptional profit margins due to low production costs of $1560. | View | |
| 2025 Q3 | Sep 30, 2025 | Oldfield Partners Overstone World All Cap Equity Fund | 6.7% | 29.1% | 0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L | AI, Asia, Conglomerates, gold, Holding Companies, value | Central banks now hold more gold than US Treasuries for the first time since 1996, with gold accounting for 25% of reserves and touching $4000. Barrick, the largest holding, has doubled this year with cost of production at only $1560 creating rarely seen profit margins. | View | |
| 2025 Q2 | Aug 7, 2025 | Orbis International Equity | - | - | ASII.JK, D01.SI, H78.SI, HMC, J36.SI, SBUX, SE, TM | Asia, Conglomerates, consumption, E-Commerce, growth, value | Asian economies are transitioning from export-driven growth to domestic consumption-led models, creating opportunities in undervalued consumer-oriented businesses. This structural shift represents a multi-decade rebalancing that could drive a new virtuous cycle of local consumption and reinvestment. | SE J36.SI 8802 JP |
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| 2025 Q2 | Aug 21, 2025 | McElvaine Value Fund | - | -4.0% | AIM.TO, CFP.TO, FIH.TO, GUD.TO, HHH, J36.SI, M04.L, MXG.TO, ONEX.TO, PSK.TO, WINT, XCO | Canada, discount, energy, NAV, private equity, small cap, value | Manager emphasizes sticking with the 'dregs of value' approach, focusing on cheap reasonably financed companies with aligned owner/operators. All holdings are trading at significant discounts to NAV with strong balance sheets and insider ownership. | GUD CN MPX CN AIM CN ONEX CN CFP CN HHH FIH CN PSK CN |
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| 2024 Q2 | Jun 30, 2024 | TMR Partners Long Only | - | - | 004800.KS, 005930.KS, 090430.KS, 329180.KS, 4527.T, 9022.T, CDI.PA, J36.SI, NWSA, VIV.PA | Discounts, Governance, Korea, Media, Unlisted Assets, value | Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai (+54%), Hyosung Corporation (+71%) and Samsung C&T (+28%). 68% of the KOSPI index still trading below book value and 61% without any sell-side coverage. | NWSA |
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| 2023 Q2 | Jun 30, 2023 | Orbis International Equity | - | - | 005830.KS, ASII.JK, J36.SI | Asia, dividends, emerging markets, growth, international, value, Yield | Portfolio has become heavily skewed toward high dividend yield companies offering well-covered 5-7% real yields. Manager finds this environment fruitful as it provides relatively high certainty and attractive returns without requiring much forecasting. | 000810.KS ASII.JK J36.SI |
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| 2025 Q1 | May 6, 2025 | Brookfield Asset Management | - | - | 004800.KS, 005930.KS, 090430.KS, 329180.KS, 4527.T, 9022.T, CDI.PA, J36.SI, NWSA, VIV.PA | discount, Governance, Korea, Media, NAV, value | Building exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai (+54%), Hyosung Corporation (+71%) and Samsung C&T (+28%). 68% of KOSPI index still trading below book value with 61% without sell-side coverage. | NWSA |
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| 2026 Q1 | Apr 22, 2026 | Third Avenue Real Estate Value Fund | -10.1% | -10.1% | 0101.HK, 1113.HK, BKG.L, BRK, BYG.L, CBRE, FMCC, FNMA, FR, J36.SI, JLL, LEN, PLD, SVS.L, WCC | Commercial, demographics, international, real estate, REITs, Residential, value | 0010.HK BKD |
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| 2024 Q1 | Apr 12, 2024 | Firebird US Value Fund | - | - | 004800.KS, 028260.KS, 090430.KS, 267250.KS, 4527.T, 9301.T, CDI.PA, CHRY.L, CORD.L, DIE.BR, ENT.L, GXI.DE, HVPE.L, J36.SI, NWSA, OCI.L, PGHN.SW, REA.AX, VIV.PA | discount, Engagement, Holdings, Korea, NAV, value | Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai, Hyosung Corporation and Samsung C&T. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA |
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| 2025 Q1 | Apr 1, 2025 | Guinness Global Innovators | -6.5% | -6.5% | 0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L | AI, Asia, Discounts, gold, Mining, technology, value | Gold price touching $4000 reflects market unease, with central banks holding more gold than US Treasuries for the first time since 1996. Gold now accounts for around 25% of central bank reserves, indicating a significant shift in reserve allocation preferences. | AC.PS 005930.KS Gold |
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| 2023 Q4 | Feb 12, 2024 | Hinde Group | 13.6% | 48.4% | 000660.KS, 002790.KS, 004020.KS, 005930.KS, 009540.KS, 028260.KS, 090430.KS, 4527.T, 9301.T, C8H.L, CORD.L, DIE.BR, ENT.L, HVPE.L, J36.SI, LVMH.PA, MC.PA, NWSA, OCI.L, PGHN.SW, REA.AX, VIV.PA | discount, global, Holdings, Korea, NAV, value | Building exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA IBKR |
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| 2025 Q4 | Feb 11, 2026 | Tweedy, Browne Worldwide High Dividend | 2.4% | 21.7% | 005930.KS, BAE.L, CNHI, DHL.DE, GOOGL, IONS, J36.SI, KEMIRA.HE, MEGACPO.MX, NESN.SW, NOVN.SW, RB.PA, RHM.DE, ROG.SW, SAF.PA, TFC, TTE, U11.SI, USB, ZURN.SW | defense, dividends, global, industrials, Pharmaceuticals, value | Health care holdings including pharmaceutical and biotechnology companies added meaningfully to returns. Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady and growing earnings, and business models that continue to generate cash through a wide range of economic conditions. The Worldwide High Dividend Yield Value Fund shared many attribution themes with a slightly different emphasis. Financials and industrials contributed meaningfully, consistent with the Fund's dividend-focused orientation. The fund maintains an average-weighted dividend yield on fund stocks of 3.94%. Defense-related holdings such as BAE Systems and Rheinmetall, which had been standout performers for much of the year, fell back a bit in the 4th Quarter. While these businesses currently benefit from secular growth in defense spending around the world, share prices have moved ahead of underlying fundamentals. The gap in valuation between US and non-US equities still remains quite significant and should serve us well going forward given the non-US-centric postures of our fund portfolios. We believe fervently that a diversified portfolio of well-capitalized, competitively advantaged companies purchased at attractive valuations offers the best defense against market uncertainty. | View | |
| 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 | |
| 2024 Q4 | Dec 31, 2024 | Packer & Co | - | 11.8% | 0762.HK, 0941.HK, BABA, BIDU, BKY.L, CNOOC, HES, J36.SI, NE, NHC.AX, NXE, PRX, SDRL, STNG, U.TO, VAL, YCA.L | Cash, China, oil, uranium, US Markets, Valuations, value | Chinese stocks offer exceptional value with technology companies trading at massive discounts to western peers despite strong fundamentals. The fund holds 8% in leading Chinese tech firms including Alibaba, Baidu, and Tencent which are highly profitable with huge cash balances. Chinese telecom companies continue to generate strong returns and remain attractively priced at large discounts. | View | |
| 2023 Q4 | Dec 31, 2023 | McElvaine Value Fund | - | 3.0% | 0001.HK, BLCO, FIH.TO, J36.SI, MXG.TO, ONEX.TO, PSK.TO, WBD, XCO | Canada, Concentration, discount, Intrinsic Value, small caps, value | Manager focuses on finding 50 cent dollars through his ABBA framework, seeking companies selling below intrinsic value. Emphasizes that intrinsic value is a range supported on the downside and open-ended on the upside, preferring straightforward estimates over complex models. Current holdings are viewed as trading at significant discounts to estimated 3-5 year intrinsic values. | View | |
| 2025 Q3 | Oct 8, 2025 | Orbis International Equity | - | - | ASII.JK, D01.SI, H78.SI, HMC, J36.SI, SBUX, SE, TM | Asia, Conglomerates, consumer, Hong Kong, Indonesia, value | Asian economies are transitioning from export-driven growth to domestic consumption-led models, creating opportunities in undervalued consumer-oriented businesses. This structural shift represents a multi-decade rebalancing that could drive a new virtuous cycle of local consumption and reinvestment. | SE ASII IJ JAR LN |
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| 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 |
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| 2024 Q3 | Oct 17, 2024 | RVK | - | - | 0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L | AI, Asia, Conglomerates, gold, semiconductors, value | Gold price touching $4000 reflects market unease, with central banks now holding more gold than US Treasuries for the first time since 1996. Gold accounts for around 25% of central bank reserves. Barrick, the largest holding, has doubled this year with cost of production at only $1560 creating rarely seen profit margins. | AC.PS 005930.KS Gold AC.PS 005930.KS |
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| 2025 Q4 | Jan 7, 2026 | Packer & Co | - | 21.5% | 0001.HK, AQN, BABA, BIDU, CA.PA, CEO, CNC, GSK, J36.SI, NE, NXE, PBR, PRX.AS, PYPL, SDRL, VAL, VIPS | AI, Asia, Cash, Defensive, energy, gold, value | The AI boom has driven global stock markets with the Bloomberg AI index up 250% in three years, becoming a core driver of US economic growth. However, the manager draws parallels to the Dotcom bubble, noting over $3 trillion expected investment despite negligible revenue generation and intense competition that may destroy profitability. Gold was the Trust's largest investment and performed exceptionally well, rising 52% for the year. The manager maintains significant gold exposure as part of their defensive positioning amid market uncertainties and elevated valuations. The manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals. | CA FP |
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| 2025 Q4 | Jan 13, 2026 | AVI Global Trust | 0.0% | -0.9% | 000660.KS, 004800.KS, 005930.KS, 028260.KS, 207940.KS, 4527.T, 6727.T, 9531.T, AVGO, CHRY.L, FRAS.L, J36.SI, NVDA, NWSA, VIV.PA | Biotechnology, Discounts, Holding Companies, Korea, NAV, semiconductors, technology, value | Samsung Electronics has made material progress in improving HBM competitiveness, with latest HBM4 chips achieving top performance scores in Nvidia and Broadcom testing. The company is positioned to capture 30%+ global HBM market share in 2026 versus mid-teens in 2025. Global supply shortage for both HBM and traditional memory chips is creating strong pricing power. Samsung Biologics manufactures antibodies on behalf of global pharmaceutical companies, generating 90% of revenues from large-scale antibody production. The company generates EBIT margins of 50% versus peers at 20-25% and operates one of the world's largest biomanufacturing facilities. Biologics is positioned to compound earnings at mid-teens rates through to 2032. Starling Bank's banking-as-a-service platform Engine won a deal with Scotiabank's digital bank, marking Engine's first North American client. The deal is viewed as transformational in the context of the business's existing revenues. Management painted an optimistic picture for Engine's sales pipeline at a recent fintech conference. | 028260 KS CHRY LN |
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| 2025 Q4 | Jan 11, 2026 | Oldfield Partners Overstone World All Cap Equity Fund | 12.5% | 45.2% | 005930.KS, AC.TO, FFH.TO, Gold, J36.SI, LLOY.L, MT | AI, Asia, Conglomerates, diversification, global, gold, Steel, value | The fund focuses on traditional companies trading at attractive valuations while markets have been distracted by AI and tech excitement. Average price-earnings ratio of holdings is less than twelve and average price-book value is well under one, representing opportunities among essentially sound businesses at moderate valuations. Despite being the year of AI, it has been highly successful for this value manager. The fund has AI exposure through companies in the SK group, Samsung, and Curiosity Stream, with Samsung and SK being major contributors to performance in 2025. Barrick Mining has been the outstanding contributor to fund performance. At the current level of the gold price, it remains highly attractive as an investment opportunity. ArcelorMittal, the European and Indian steel company, has been a major contributor to the fund's performance in 2025 and continues to be held in the portfolio. | View | |
| 2024 Q4 | Jan 1, 2025 | Stewart Investors | - | - | 0001.HK, 005930.KS, 034730.KS, AC.TO, Gold, J36.SI, RIT.L | AI, Asia, Conglomerates, gold, Holding Companies, Philippines, semiconductors, value | Gold price touching $4000 reflects market unease, with central banks holding more gold than US Treasuries for the first time since 1996. Gold now accounts for around 25% of central bank reserves, driving strong performance in gold miners like Barrick. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Orbis International Equity | Jardine Matheson Holdings Limited | Industrials | Industrial Conglomerates | Bull | Singapore Exchange | Asia, conglomerate, Diversified, dividend, Emerging markets, Industrial, NAV discount, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Orbis International Equity | Jardine Matheson Holdings Limited | Industrials | Industrial Conglomerates | Bull | Singapore Exchange | Asian Consumer, automotive, capital allocation, conglomerate, dividend yield, Hong Kong, Hotels, Indonesia, Mining, Real Estate, retail, Singapore, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Third Avenue Real Estate Value Fund | Jardine Matheson Holdings Ltd. | Industrials | Industrial Conglomerates | Bull | Singapore Exchange | Asian Conglomerate, capital allocation, holding company, Hong Kong, Hotels, Real Estate, Southeast Asia, Sum-of-parts, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Ross & Van Compernolle | Japfa Ltd | Consumer Staples | Food Products | Bull | Singapore Exchange | Agri-Food, Indonesia, Integrated Platform, Margin recovery, market leader, Myanmar, Poultry, Protein Staples, turnaround, Vietnam | View Pitch |
| 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. | ||||||||