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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 22, 2025 | Shelton Emerging Markets Fund | 11.1% | - | 1093 HK, IGTI11 BZ, JD, WIT | demographics, diversification, emerging markets, growth, stock selection | The commentary highlights emerging markets growth driven by improving fundamentals, favorable demographics, and selective country exposure. Management emphasizes bottom-up stock selection over macro forecasting. Volatility is framed as inherent but manageable through diversification. | JD WIT IGTI11 BZ 1093 HK |
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| 2025 Q2 | Jul 17, 2025 | Ariel Global Fund | 7.4% | - | 000660 KS, 1590 TT, 2319 HK, 6361 JP, 6920 JP, BBVA SM, DIS, FSLR, JD, LTMC IM, SNY, TSCO LN, ZBH | diversification, Global Equities, Governance, Quality, Rotation | The letter highlights global diversification benefits as leadership rotates across regions and sectors. Management focuses on high-quality global franchises with durable competitive advantages and strong governance. The outlook favors selective global exposure over U.S.-centric concentration. | BBVA SM 6920 JP |
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| 2025 Q2 | Jul 17, 2025 | Ariel International Fund | 12.6% | - | 000660 KS, 1590 TT, 2319 HK, 6361 JP, 6920 JP, BBVA SM, CHKP, JD, LTMC IM, SNY, TSCO LN | diversification, fundamentals, International Equities, Mean reversion, valuation gaps | The letter discusses international markets benefiting from valuation discounts relative to the U.S. Management emphasizes stock selection in developed and emerging markets with improving fundamentals. The outlook expects long-term convergence as capital flows rebalance globally. | CHKP 6920 JP |
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| 2024 Q1 | Apr 15, 2024 | Ariel International Fund | 7.6% | 0.0% | 7270 JP, 7832 JP, APTV, DTG, ELE SW, FMS, JD, SIE GR, STLA | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Ariel Global Fund | 6.9% | 0.0% | 7270 JP, 7832 JP, APTV, BIDU, COF, CVS, DTG, DVA, ELE SW, INTC, JD, STLA, TDC | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Distillate Capital International | 0.0% | 10.9% | JD, NVDA | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Contrarius Global Equity Fund | -6.7% | -13.4% | BIDU, JD | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Ariel Global Fund | -3.7% | 7.1% | 00660 KS, 6460 JP, ABBV, BCS, BEZ LN, BMPS, CDGE, CNP, COF, CVS, EMAAR, JD, ORA FP, RED SM | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Ariel International Fund | -5.1% | 5.4% | 000660 KS, 6460 JP, BCS, BEZ LN, CDGE, EMAAR, FMS, JD, ORA FP, RED SM, SNY | - | View | ||
| 2025 Q3 | Oct 3, 2025 | Vision Capital | - | 15.6% | 3690 HK, JD, LULU, NET, PLTR | Artificial Intelligence, Cloud infrastructure, Data Analytics, digital transformation, software | The fund highlights a concentrated portfolio of high-quality global compounders driving technological transformation through AI and digital infrastructure. Key holdings such as Palantir, Cloudflare, and ServiceNow reflect exposure to mission-critical software and data analytics platforms with durable growth prospects. The manager maintains a long-term, low-turnover approach emphasizing network effects, scalability, and founder-led innovation. | View | |
| 2025 Q4 | Jan 29, 2026 | Rozendal Global Fund | 0.0% | 42.8% | 6586.T, AENA.MC, AMS.JO, BAYRY, BLU.JO, CGR.JO, COH.JO, DEO, HAR.JO, JD, KSPI.L, MTN.JO, SLV, TBS.JO, YRK.JO | emerging markets, Europe, gold, long-term, materials, Precious Metals, trade war, value | Materials sector experienced sharp turnaround in 2025 with 32.3% returns, driven by unstoppable gold price and precious metals boom. Platinum group metals prices materially higher than incentive prices after years of low investment. Gold reached unprecedented inflation-adjusted levels, driven by geopolitical concerns, government debt fears, and record central bank purchases. Currently trading at all-time highs versus copper and production costs, appearing extraordinarily expensive on long-term value measures. 2025 marked the launch of the greatest trade war in modern times, yet global equity markets still delivered strong returns around 20%, demonstrating short-term market unpredictability despite major policy disruptions. Bayer showed positive developments with new drug sales growing strongly and favorable litigation judgments in agriculture business. Patent cliff concerns in pharmaceutical business showed improvement with pipeline developments. JD.com faced challenges from heavy investment in new food delivery venture competing against well-capitalized incumbents like Meituan and Alibaba. Core retail business showed strong revenue and profitability growth despite share price decline. | BAYN GR |
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| 2025 Q4 | Jan 29, 2026 | Rozendal Worldwide Flexible Prescient Qualified Investor Hedge Fund | 0.0% | 21.7% | 6586.T, AENA.MC, AMS.JO, BAYN.DE, BLU.JO, CGR.JO, COH.JO, DGE.L, HAR.JO, JD, KSPI.L, MTN.JO, SLV, TBS.JO, YRK.JO | gold, Long/Short, materials, Mining, Precious Metals, South Africa, value | Gold has reached unprecedented inflation-adjusted levels and appears extraordinarily expensive relative to historical measures. The manager believes there is a fair price for every asset including gold, and current prices don't make sense despite gold's value as an alternative currency and tail risk hedge. The precious metals sector experienced dramatic outperformance in 2025, with the FTSE/JSE Precious Metals and Mining index more than tripling. This was the primary driver of South African equity market returns and the main reason for the Hedge Fund's underperformance relative to its benchmark. The Materials sector experienced a sharp turnaround in 2025 with 32.3% returns, fueled by the unstoppable gold price. This represented diametrically opposite fortunes compared to the preceding decade when Materials underperformed significantly. The manager's investment philosophy centers on exploiting myopia through long-term value investing. Research shows stocks with less shareholder turnover deliver excess returns, particularly those uncomfortable for myopic shareholders to hold due to volatility or poor recent performance. | 6586 JP AENA SM TBS SJ |
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| 2024 Q4 | Jan 28, 2025 | Rozendal Partners | - | -3.0% | 836807 CH, AFE SJ, BLU SJ, BUR LN, CCOLA TI, HCI, JD, META, MGROS TI, NE, PIK SJ, PPC SJ, SAHOL TI, SES, SHP SJ, TBS SJ, TSCO | - | View | ||
| 2025 Q4 | Jan 21, 2026 | Platinum Asia Fund | 5.0% | 24.0% | 000338.SZ, 000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 3968.HK, 601318.SS, ASII.JK, BABA, BILI, IGOA.NS, JD, JFC.PS, MWG.HM, PONY, TCOM, TSM, VEI, ZTO | AI, Asia, China, Electric Vehicles, financials, semiconductors, technology | Asian markets driven by unflagging enthusiasm for AI businesses, with tech-heavy South Korea and Taiwan leading. Core semiconductor holdings SK hynix, Samsung Electronics and TSMC were major contributors. AI trade reaching unexpected corners of old economy, with companies like Weichai Power benefiting as inadvertent AI beneficiaries through industrial power generation for datacenters. Chinese financial holdings bounced back as fears of forced property sector support eased. Ping An Insurance and China Merchants Bank performed strongly after Shenzhen government indicated it wouldn't indefinitely bail out developers. This signals financial companies prioritizing their own balance sheets over socializing property sector losses, leading to re-rating of Chinese financials. Introduced position in Chinese autonomous vehicle company Pony AI. Autonomous vehicles are scaling rapidly with improving unit economics - fleet grew from 250 to 1,159 vehicles in 2025. Technology robustness has stepped up, with vehicles now working 24/7 in chaotic Beijing and Shanghai traffic. Fully equipped vehicle costs now under $50,000 with further 40% cost reduction targeted. | PONY 3968 HK 2318 HK 005930 KS 000660 KS TSM |
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| 2024 Q3 | Sep 30, 2024 | Ariel International Fund | 7.6% | 0.0% | 005930 KS, 7270 JP, CHKP, JD, PUB FP, SNY, STLA, TSCO LN, VEA | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Ariel Global Fund | 6.9% | 0.0% | 005930 KS, 7270 JP, CHKP, CMA, JD, PUB FP, SNY, STLA, TSCO LN, WAL | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 4, 2026 | Twitter / X | @weary_centurion | JD.com, Inc. | Broadline Retail | Broadline Retail | Bull | NASDAQ | China, e-commerce, food delivery, grocery, Logistics, marketplace, operating leverage, retail, supply chain | View Pitch |
| Feb 4, 2026 | Twitter / X | @weary_centurion | JD.com, Inc. | Consumer Discretionary Distribution & Retail | Internet & Direct Marketing Retail | Bull | NASDAQ (ADR) | B2b, China, delivery, ecommerce, healthcare, Logistics, marketplace, retail, Supplychain, Warehousing | View Pitch |
| Feb 4, 2026 | Twitter / X | @weary_centurion | JD.com, Inc. | Consumer Discretionary Distribution & Retail | Internet & Direct Marketing Retail | Bull | NASDAQ | buybacks, cash, China, dividends, ecommerce, Logistics, retail, Value | View Pitch |
| Jan 8, 2026 | Fund Letters | Derek Izuel | JD.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bear | New York Stock Exchange | China, Competition, ecommerce, Logistics, Margins | View Pitch |
| Aug 7, 2025 | Seeking Alpha | MacroGirl | JD.com | Consumer Discretionary | Internet Retail | Neutral | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Nikolaos Sismanis | JD.com | Consumer Discretionary | Internet Retail | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | APAC Investment News | JD.com, Inc. | Consumer Discretionary | Internet Retail | Bull | NASDAQ | — | 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. | ||||||||