JDG-L

JDG-L

JDG-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Plural Investing	21.9%	3.8%	JDG.L, WOSG.L	Luxury, retail, Scientific Instruments, small caps, Uk, value	The fund focuses on businesses trading at substantial discounts to conservatively calculated intrinsic value. Portfolio trades at 9.0x FCF in three years with businesses earning 23% post-tax return on capital. Manager emphasizes only investing in businesses worth substantially more than their trading price.	WOSG.L JDG.L JDG LN WOSG LN JET2 LN	View
2024 Q2	Jul 1, 2024	REQ Global Compounders	-	14.0%	ATCO-A.ST, BEIJ-B.ST, BERG-B.ST, CSU.TO, DPLM.L, ELUX-B.ST, ERIC-B.ST, IMCD.AS, INDU-A.ST, JDG.L, LAGR.ST, LIFCO-B.ST, MEDC.ST, NIBE-B.ST, SAND.ST	Acquisitions, B2B, Compounding, Decentralization, Industrial, Sweden	REQ emphasizes decentralized organizational structures as a core investment pillar, where management delegates responsibility down the organization. This approach enables companies to maintain entrepreneurial agility while scaling, with decision-makers close to customers and lean corporate headquarters.		View
2024 Q1	May 9, 2024	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	3697.T, 8069.TWO, CNM, CWAN, DAVA, EVD.L, FEVR.L, GLOB, JDG.L, PME.AX, REVG, TOI.TO, WIZZ.L	global, growth, infrastructure, IT Services, Quality, SMID Cap, software	The portfolio holds multiple IT services companies including Globant and Endava, both facing headwinds from cautious client spending on digital transformation. Despite near-term challenges, the managers maintain confidence in long-term secular trends driving digital transformation and AI integration.	3697.T DAVA GLOB CNM EVD.DE TOI.TO	View
2026 Q1	Apr 28, 2026	Plural Investing	-11.6%	-11.6%	JDG.L, JET2.L, PLOW	Acquisitions, industrials, small caps, Travel, Uk, value		JDG.L PLOW	View
2023 Q3	Oct 31, 2023	MCJ Capital Partners	10.6%	11.7%	CPRT, CSU.TO, JDG.L, KSI.TO, KUT.V	international, Patience, Process, small caps, value	Portfolio is primarily made up of smaller companies trading at historically cheap levels relative to large-cap counterparts. Only during the dotcom bubble has small been cheaper on a relative basis to large-cap stocks. Manager views this as an opportunity in unbeloved asset groups pushed to cheapest levels in recent history.	KSI.TO JDG.L KUT.V CSU.TO	View
2025 Q3	Oct 30, 2025	Church House Human Capital	-4.6%	-	9424.T, BERG-B.ST, CHAP.DE, CICN.SW, CSU.TO, DPLM.L, INDU.ST, JDG.L, KPG.AX, LAGR-B.ST, LIFCO-B.ST, LMN.TO, MGRP.ST, PMS, SIS.TO, TOI.TO	Acquisitive, Decentralised, global, Mid-cap, small caps, value	The fund focuses on entrepreneurial, acquisitive, decentralised businesses that are being overlooked as markets remain fixated on the Magnificent Seven. The manager sees this as creating opportunities in smaller companies with strong fundamentals.		View
2025 Q3	Oct 21, 2025	Plural Investing	-9.1%	-5.6%	GLIB.A, JDG.L, JET2.L, SEG, WOSG.L	Buybacks, Europe, real estate, small caps, spinoffs, Telecom, Travel, value	The fund focuses on businesses trading at substantial discounts to intrinsic value, with portfolio companies estimated to trade at just 43% of their intrinsic value in three years. The manager emphasizes buying businesses worth substantially more than their trading price and welcomes volatility as opportunities to invest at better prices.	GLIBA WOSG JDG SEG JET2 GLIBA SEG JET2	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 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 Q4	Jan 12, 2026	REQ Global Compounders	0.0%	0.0%	ADDTECH-B.ST, APH, BERG-B.ST, BRO, CSU.TO, DPLM.L, GREEN.ST, HEI, HLMA.L, IMCD.AS, INDU-A.ST, JDG.L, LAGR-B.ST, LIFCO-B.ST, LMN.TO, MOMENT.ST, NCAB.ST, NIBE-B.ST, ROKO.ST, ROP, TOI.TO	Acquisitions, AI, Capital Allocation, compounders, Decentralized, long-term, Quality, software	AI narrative has negatively impacted vertical-market software companies, representing 20% of Global fund exposure. Management believes AI poses opportunities rather than uniform threats to VMS, particularly for mission-critical systems with high switching costs. They view trusted incumbents as better positioned to deploy AI effectively than new entrants. Portfolio companies completed 145 acquisitions in 2025, with 70% outside Nordic countries. Companies maintain disciplined approach to M&A with average acquired sales of EUR 12m. Acquisition-driven compounders demonstrate resilience through dual growth engines of organic growth and acquisitions. AI infrastructure build-out has been a clear tailwind for companies exposed to data center expansion. Halma and Diploma benefited from demand for compute, power, cooling, and electrical systems. Amphenol saw robust demand as data-center architectures evolve to support higher power densities. Tariff and trade-related uncertainty under Trump administration affected portfolio companies including IMCD and Judges Scientific. IMCD experienced macroeconomic pressure from tariffs, while policy uncertainty created headwinds for university funding affecting Judges Scientific.	CSU CN BRO JDG LN	View
2023 Q1	Apr 30, 2023	MCJ Capital Partners	10.6%	11.7%	CSU.TO, JDG.L, KPG.AX, LIFCO-B.ST	Banking, Business Models, Distribution, global, Housing, international, value	Manager provides extensive analysis of the distributor business model, explaining how distributors thrive in fragmented markets with low purchasing power customers. Discusses threats and defensive strategies, highlighting the model's longevity and transferability across industries. Notes portfolio exposure through Lifco's dental distribution business.		View
2023 Q4	Jan 31, 2024	MCJ Capital Partners	10.6%	11.7%	CSU.TO, JDG.L, LIFCO.B.ST	Capital Allocation, international, Serial Acquirers, small caps, value	Manager notes persistent disconnect between large and small company valuations, and international securities relative to S&P 500 counterparts. This valuation gap represents an ongoing opportunity for value-oriented investors.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 29, 2026	Fund Letters	Plural Investing	Judges Scientific	Scientific & Technical Instruments	Life Sciences Tools & Services	Bull	New York Stock Exchange	capital allocation, Cooling Systems, Funding Recovery, Niche markets, Research Equipment, scientific instruments, serial acquirer, UK, Vacuum Chambers, Value	View Pitch
Apr 28, 2026	Fund Letters	MCJ Capital Partners	Judges Scientific PLC	Health Care	Life Sciences Tools & Services	Bull	London Stock Exchange	growth, life sciences, Niche markets, scientific instruments, serial acquirer, technology, UK	View Pitch
Apr 13, 2026	Fund Letters	Plural Investing	Judges Scientific	Health Care Equipment & Services	Life Sciences Tools & Services	Bull	London Stock Exchange	capital allocation, decentralized structure, Management Succession, Niche markets, Private Equity Alternative, Research Institutions, scientific instruments, serial acquirer, UK, Universities	View Pitch
Nov 2, 2025	Substack	Compound and Fire	Judges Scientific	Information Technology	Scientific & Technical Instruments	Bull		acquisition-driven growth, consolidator, growth potential, investment choice, Judges Scientific, market position, ROIC, scientific instruments, shareholder-friendly, strategic capabilities	View Pitch

BSD Shareholders of JDG-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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