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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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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| 2025 Q4 | Jan 14, 2026 | Longleaf Partners Global Fund | 5.3% | 16.7% | ANGI, AVTR, BIO, CNH, CNX, DHER.DE, EXOR.MI, F, FI, GLAN.L, GRUMA.MX, IAC, JFC.PS, KHC, MAT, MGM, PHG, REGN, STLA, TIGO, UNH | Buybacks, FCF, global, Holdings, Media, Quality, value | The fund maintains a concentrated portfolio of undervalued stocks trading at low P/V ratios in the low-60s%. Management emphasizes finding defensive growers like consumer staples and timberland companies at better prices, similar to their successful positioning in 1999. They focus on companies with strong free cash flow generation and quality management partners. Multiple portfolio companies are actively repurchasing shares at attractive prices. MGM has repurchased over 40% of shares in five years, Glanbia added to buyback programs, and Exor executed efficient share repurchases via Dutch auction. The fund views these as value-creating capital allocation moves. Canal+ renewed exclusive UEFA Champions League rights for 2027-2031 at better economics than feared, reinforcing subscriber base quality. The company made operational progress across European and African platforms following the MultiChoice merger, though remains underfollowed as a French media company on London Stock Exchange. | AVTR BIO ANGI MGM KHC IAC TIGO GLB LN CAN LN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Mar 16, 2026 | Substack | Toff Cap Monday Monitor | Jollibee Foods Corporation | Consumer Discretionary | Restaurants | Bull | Philippine Stock Exchange | Capital markets, global fast-food, Growth Opportunities, international expansion, Jollibee Foods, Multiple arbitrage, Philippine operations, risk management, shareholder value, spin-off | 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. | ||||||||