JFC-PS

JFC-PS

JFC-PS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Longleaf Partners International Fund	14.9%	15.7%	035420.KS, 4480.T, AC.PA, CANAL.L, ENT.L, ERF.PA, EXO.MI, GLB, HDB, JFC.PS, MLCO, PFD.L, PHG, PRX.AS, TWE.AX	Asia, Buybacks, China, Europe, tariffs, turnaround, undervaluation, value	Melco Resorts delivered strong Q1 results in Macau, gaining market share from 14.7% to 15.7% despite new supply competition. The company re-launched its popular House of Dancing Water show and bought back $165 million worth of shares despite high leverage, with CEO calling current prices a once in a lifetime opportunity.	6045 JP TWE AU PHG 035420 KS ENT LN MLCO CAN LN GLB ID	View
2026 Q1	Apr 22, 2026	Platinum Asia Fund	-3.8%	-3.8%	000338.SZ, 000660 KS, 005930 KS, 0700.HK, 1024 HK, 1910 HK, 300750.SZ, INDIGO.NS, JD, JFC.PS, MWG VN, TCOM, TSM, ZTO	AI, Asia, China, energy, Iran Conflict, semiconductors, technology			View
2025 Q1	Apr 12, 2025	Longleaf Partners International Fund	0.7%	0.7%	1910.HK, AC.PA, CFR.SW, CUERVO.MX, DPZ.L, ERF.PA, GLB, GRUMA.MX, HDFCBANK.NS, HTHT, JFC.PS, LXS.DE, MILC.ST, PFD.L, PRN.L, TCEHY	AI, defense, Europe, geopolitics, international, SMID Cap, tariffs, value	US President Trump announced reciprocal tariffs under the International Emergency Economic Powers Act, with baseline 10% tariffs on all countries and higher rates for specific nations including 34% for China and 20% for the EU. This represents a simultaneous trade war against all key economies globally and has caused sharp selloffs in equity markets. The fund has consciously repositioned to more domestically focused names to avoid geopolitical risks.	1910.HK JFC.PS CUERVO.MX GLB.L CFR.SW LXS.DE PRX TIGO	View
2024 Q3	Oct 16, 2024	Longleaf Partners International Fund	11.2%	10.4%	0700.HK, 1726.HK, 6498.T, AC.PA, CFR.SW, CUERVO.MX, DHER.DE, ERF.PA, GLB.L, HDB, JFC.PS, MLCO, PFD.L, PRX.AS, TCOM, TIGO, UBER	China, Concentration, Food, international, value, volatility	Chinese government introduced fiscal and monetary measures to support property sector and equity markets, exceeding market expectations. Beijing stepped in with counter-cyclical policy measures as 5% GDP growth target came under pressure. Companies in the region are beginning to re-rate as coiled springs with renewed market optimism.		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	View
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	View
2024 Q2	Jul 23, 2024	Longleaf Partners International Fund	11.2%	10.4%	AC.PA, BABA, CFR.SW, CUERVO.MX, DHER.DE, ERF.PA, EXO.MI, GLB.L, GRUMAB.MX, HDB, JFC.PS, KER.PA, MLCO, PFD.L, PRX.AS, TCOM	Concentration, Elections, fundamentals, international, Quality, value	The fund maintains a concentrated portfolio of 24 holdings with a price-to-value ratio in the mid-60s%, offering meaningful upside potential. The valuation gap between the broader market and their portfolio is at a uniquely high level, reinforcing confidence in their value-oriented approach.	DHER ERF CUERVO PRX HDB TIGO	View
2023 Q2	Jul 19, 2023	Longleaf Partners International Fund	11.2%	10.4%	0288.HK, 1999.HK, 4612.T, AC.PA, APPS.MC, BABA, CFR.TO, EXO.MI, FFH.TO, GLB.L, GRUMAB.MX, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MLCO, PFD.L, PRX.AS, TIGO	Asia, Buybacks, China, concentrated, Europe, international, value	Fund focuses on concentrated portfolio of 18-22 best ideas trading at discount to intrinsic value with compelling price-to-value ratio in mid-60s%. Management teams actively using buybacks, spin-offs and divestitures to crystallize value when persistent gaps exist between price and intrinsic value.	4613.T 1999.HK LXS.DE AC.PA APPS.MC	View
2023 Q1	Apr 20, 2023	Longleaf Partners International Fund	11.2%	10.4%	0001.HK, 0288.HK, AC.PA, APPS.MC, BABA, CUERVO.MX, DOM.L, ERF.PA, EXOR.MI, FFH.TO, GLB, GRUMAB.MX, HDB, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MC.PA, MLCO, PFD.L, PRX.AS, TIGO	Asia, China, concentrated, Europe, international, Luxury, Travel, value	China is arguably the only economy of size that is easing on a regulatory, fiscal and monetary perspective, while the rest of the world is tightening. The region offers compelling upside from both an economic and valuation perspective as Asia emerges from three years of lockdown with consumer sentiment rebounding strongly.	KER.PA CFR.SW AC.PA TIGO	View
2024 Q4	Jan 16, 2025	Longleaf Partners International Fund	-11.2%	-2.0%	035420.KS, AC.PA, CUERVO.MX, DHER.DE, DOM.L, ERF.PA, EXO.MI, GLB.L, HDB, JFC.PS, MLCO, PFD.L, PRX.AS, TIGO, VIV.PA	Asia, Europe, Food, international, Media, Travel, undervalued, value	Fund emphasizes investing in high-quality companies at heavily discounted valuations. Portfolio companies remain materially undervalued with P/V ratio in high-60s%, offering both downside protection and attractive prospective returns. Market inefficiencies create opportunities to invest in exceptional companies at deeply discounted prices.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Longleaf Partners International Fund	Jollibee Foods Corporation	Consumer Discretionary	Restaurants	Bull	Philippine Stock Exchange	asset-light, Coffee, Franchising, Philippines, Quick Service Restaurant, ROIC, same-store sales, US Expansion	View Pitch
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

BSD Shareholders of JFC-PS

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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