JXN

JXN

JXN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 1, 2025	Van Der Mandele Arar Fund	6.2%	8.1%	000823.SZ, 0327.HK, 1773.HK, 6890.T, BFIT.AS, GRVY, HZO, JFIN, JXN, KEC.TO, ONEW, STLA	Cash Generation, China, deep value, Education, small caps, tariffs	Strong performance from Chinese holdings including Pax Global (+42%) and Ferrotec (+37%) following Xi's domestic consumption boost ambitions. New position in YuHua Education reflects deep value opportunity in devastated private education sector trading at 5x earnings despite regulatory overhang from potential Fifth Plenum reforms.	1969.HK 6169 HK	View
2024 Q1	May 15, 2024	Gator Capital Management	10.8%	24.3%	AX, BAC, BCS, CNOB, CUB, DCOM, ESQ, FBP, FCNCA, GNW, HOOD, JXN, NYCB, OFG, OSBC, PNFP, ROOT, SLM, UMBF, WAL, WBS	Credit Risk, financials, interest rates, Regional Banks, SMID Cap, value	Manager sees selective opportunities in small-to-mid-sized regional banks despite sector headwinds. Believes stock investors are overly pessimistic about credit concerns while the real issues are interest rate risk and loan volume growth. Groups favorites into Puerto Rican banks, growth banks, and small banks with unique stories.		View
2026 Q1	Apr 7, 2026	Van Der Mandele Arar Fund	-0.6%	-0.6%	000660 KS, FINV, GRAV, JFIN, JXN, QFIN, XLY.TO, XYF	China, energy, geopolitics, gold, Iran, Memory, oil, semiconductors			View
2025 Q1	Apr 3, 2025	Van Der Mandele Arar Fund	-1.0%	-1.0%	BFIT.AS, GOOGL, GRVY, JFIN, JXN, STLA	Autocracy, China, European Markets, Geopolitical Risk, Portfolio Management, tariffs, Trump, value	Manager views tariffs as one of four grey swan risks facing markets, though considers it the most manageable. Compares Trump's tariff obsession to historical autocratic economic policies like Mao's Great Sparrow Campaign. Sees tariffs as part of broader economic experiment that could impact profits but believes risks are costly but not lethal.	GOOGL JFIN.HK JFIN BFIT.AS	View
2024 Q1	Apr 25, 2024	Miller Value Partners Income Strategy	11.7%	11.7%	BFH, BKE, CHRD, CTO, JXN, LNC, MED, MPW, OMF, STLA, T, UGI, VTRS, WAL	Concentration, crypto, dividends, energy, flexibility, high yield, income, value	The portfolio added UGI Corp, a dividend aristocrat that has paid shareholders a dividend for 139 consecutive years and looks poised to boost its dividend for the 37th consecutive year. At current prices, UGI trades at its lowest price/earnings multiple in history despite sporting a 6% yield with a plan to grow earnings power at a high single-digit rate.	LNC UGI CHRD	View
2024 Q1	Apr 19, 2024	Van Der Mandele Arar Fund	-5.9%	0.5%	AWE.L, BFIT.AS, JXN, ONEW, PLNT, STLA	energy, Europe, Fitness, industrials, small caps, value	Basic Fit faces competitive pressures from Planet Fitness entering Spain and pricing challenges with 20 euro memberships returning in France. The company is slowing expansion pace from 200 to 175 clubs annually, indicating market saturation concerns. Despite 40% year-over-year decline, the manager sees opportunity in improved cash flows as mature clubs increase.	BFIT.AS	View
2025 Q4	Feb 3, 2026	Van Der Mandele Arar Fund	11.7%	0.0%	000660.KS, BFIT.AS, GRVY, IMB.L, JXN, ONEW, STLA, XLY.TO	Cannabis, gaming, Gold Miners, semiconductors, tariffs, Trump, value	Gold miners comprise 21% of portfolio and appreciated 30% as gold rose 17%. Manager continues adding despite 50% gold price appreciation, citing strong production growth and attractive valuations relative to earnings potential. SK Hynix benefits from chip shortages in graphics processors, with 70-100% price hikes in a cyclical market. Company is one of three prominent producers of frontier chips alongside TSMC and Samsung. Gravity produces bestsellers in home markets and benefits from activist pressure on controlling shareholder GungHo Entertainment to increase dividends from Gravity's large cash reserves.	JXN GRVY 000660 KS XLY CN	View
2025 Q4	Feb 3, 2026	Gator Capital Management	4.1%	31.9%	BCS, BNP.PA, C, COMP, CUBI, FCNCA, GLE.PA, GPN, HOOD, HOUS, JPM, JXN, PYPL, SOHO, TD, TFSL, UMBF, VRTS	Banking, Capital markets, financials, real estate, Regional Banks, small caps, value	The fund focuses on small and mid-cap financial institutions, particularly regional banks with mutual holding company structures. TFS Financial represents a key investment in this space, offering leveraged exposure to earnings recovery through its unique MHC structure. Significant exposure to mortgage-related businesses through TFS Financial's traditional thrift model and Anywhere Real Estate's real estate services. The fund sees opportunity as the housing market recovers and interest rate environment normalizes. Strong positioning in capital markets through investment platforms like Robinhood Markets and traditional investment management firms. The fund benefited from continued product innovation and growth in retail trading platforms.	TFSL	View
2022 Q4	Dec 31, 2022	Clark Street Value	-	-35.3%	2248031D, ACR, ADES, ARGO CN, BBXIA, BLYQ, DBRG, DMS IN, GRBK, HHC IN, JXN, LMPX, MREO, NXDT, PARR, PFSW IN, RADI, RBCN, SNDA, TCI, TPFG LN, WMC IN	-			View
2021 Q4	Dec 31, 2021	Clark Street Value	-	75.0%	AAMCF, ACEL, ADES LN, BBXIA, CDOR, CPLG, ECTM, FBRT, HHC, HMG, INDT, JCS, JXN, LAUR, LBRDK, LGL, LRFC, LUB, LYLT, MPC, NTPIF, NXDT, ONL, PFSW IN, PFX, RHEP, RVI, SNDA, THNPY	-			View
2023 Q3	Nov 10, 2023	Gator Capital Management	10.8%	24.3%	AAIC, AX, BOH, CFG, FCNCA, FITB, GNW, HBAN, JXN, MTB, OFG, PGR, PNC, RF, TFC, USB, VNO, WAL	Banking, financials, M&A, Regional Banks, value	First Citizens Bancshares represents the fund's largest position, acquired through strategic M&A including the SVB acquisition. The manager believes regional banks trade at historically low valuations and expects the group multiple to re-rate higher as the industry works through higher interest rates and the credit cycle peaks. First Citizens is positioned well for higher rates with a liquid balance sheet and balanced loan portfolio.	FCNCA	View
2024 Q3	Oct 4, 2024	Van Der Mandele Arar Fund	-5.9%	0.5%	066570.KS, BFIT.AS, JXN, NMM, ONEW, PYFA.TO, STLA	cyclicals, gaming, global, shipping, small caps, value	Gravity is a gaming company with a large cash pile, low P/E, and beautiful IP in their Ragnarok franchise. The key catalyst is rollout of games into China through local distributors, though initial revenue contribution was disappointing as Gravity gave away larger profit percentages to incentivize distributors.	NMM	View
2024 Q3	Oct 30, 2024	Gator Capital Management	10.8%	24.3%	AX, BXP, CBNA, COLB, CUZ, FCNCA, HOOD, JXN, PYPL, REAL, UMBF, VNO, WAL	Banking, Deposits, financials, Regional Banks, value	The fund focuses heavily on regional banking with multiple positions including First Citizens Bancshares, UMB Financial, Western Alliance Bancorp, and Columbia Banking System. The manager emphasizes the value of strong deposit franchises following the Regional Bank Crisis in March 2023.	CBNA	View
2025 Q3	Oct 3, 2025	Van Der Mandele Arar Fund	9.8%	15.6%	000660.KS, 066570.KS, BABA, IMPP, JFIN, JXN, STLA, TCEHY	China, emerging markets, global, Gold Miners, Political Risk, small caps, value	Fund continues to reap extraordinary benefits from goldminer investments, though exited Orezone due to escalating nationalization risks in Burkina Faso despite attractive valuations below 2.5x forward P/E. Gold continues making new highs amid political uncertainty.		View
2023 Q3	Oct 16, 2023	Miller Value Partners Income Strategy	11.7%	11.7%	AAPL, CHS, JXN, MED, MPW, OGN, T, WAL	dividends, financials, income, rates, Telecom, value	The fund focuses on extreme valuations whose underlying logic defies probabilistic thinking around base rates. The past decade presented headwinds for value investors as capital had little respect for value, but that game is over with bonds becoming investable again and capital actually worth something.	^FTSE	View
2023 Q4	Oct 1, 2024	Miller Value Partners Income Strategy	11.7%	11.7%	BCC, BKE, JXN, MED, OGN, RILY, WAL	dividends, high yield, rates, Regional Banks, value	The letter discusses the significant outperformance of long-dated US government bonds in Q4 2023, with TLT up 12.9%, marking the fifth-best calendar quarter in twenty years. This occurred without coinciding equity market drawdowns, suggesting a potential turning point in market psychology around inflation persistence. Fed officials are now discussing rate cuts and slowing balance sheet asset sales.	JXN BKE WAL	View
2024 Q4	Jan 3, 2025	Van Der Mandele Arar Fund	-	-	096350.KS, 327A.HK, AWE.L, BFIT, CFW.TO, DAC, DRAG.DE, GOOGL, IMPP, JFIN, JXN, KWE.TO, NM, ONEW, PAY.TO, STLA	AI, Mag-7, Net-Net, P/E Ratios, shipping, small caps, Valuations, value	Manager focuses extensively on value investing, holding stocks with P/E ratios under 5 while the S&P 500 trades at 30x earnings. Portfolio includes net-net stocks with more cash than market cap plus debt, and companies trading below book value with strong balance sheets.		View
2023 Q3	Sep 30, 2023	WS Ruffer Total Return Fund	0.0%	0.0%	BABA, BP, C, COTY, EWBC, JXN, RYA.L	Bonds, capital preservation, global, Multi-Asset, rates, risk management	Fund positioned for falling interest rates by adding bond duration in recent months, taking advantage of compelling valuations with US ten year real yields reaching 2.5%. The November rally in fixed income was the largest contributor to returns as bonds experienced their best monthly return since 2008.		View
2023 Q4	Aug 2, 2024	Van Der Mandele Arar Fund	-5.9%	0.5%	AAPL, ALOKW.PA, AMZN, AWE.L, BFIT.AS, GOOGL, JXN, META, MSFT, NVDA, ONEW, STLA, TSLA	AI, Europe, growth, small caps, Solar, technology, value	Fund discusses AI/datacenter boom as a major growth driver for portfolio company Alphawave, which is positioned to benefit enormously from this trend. The manager notes Alphawave continues to grow exponentially and is positioned for the upcoming AI/datacenter boom despite trading at attractive valuations.	ALOKW.PA ONEW AWE.L	View
2024 Q2	Jul 31, 2024	Gator Capital Management	10.8%	24.3%	AX, BANC, BARC.L, CG, CUBI, EWBC, FBP, FCNCA, HOOD, JXN, PNFP, PYPL, SLM, UMBF, WAL, WBS, WTFC	credit, financials, Growth Banks, Rate Cuts, Regional Banks, valuation	Regional banks rallied strongly in July due to tame inflation, prospects of more favorable regulatory environment, and better-than-expected earnings. The Fund benefited from extreme negative positioning by other investors who had been using regional bank ETF as large short position. Manager believes regional banks remain cheap compared to history with coming rate cuts driving earnings higher.		View
2023 Q2	Jul 8, 2023	Van Der Mandele Arar Fund	-5.9%	0.5%	AWE.L, BFIT.AS, GASS, JXN, KEC.TO, MHO, ONEW, STLA	cyclicals, earnings, Europe, oil, value	Manager holds multiple oil companies including Kiwetinohk Energy Corp as a top 5 position. Discusses how shale companies now trade at very low P/E ratios despite improved balance sheets and more conservative management. Views ESG concerns as creating opportunities in undervalued energy names.	KEC.TO	View
2023 Q3	Apr 10, 2023	Van Der Mandele Arar Fund	-5.9%	0.5%	AWE.L, BFIT.AS, ESTE, IFP.TO, JXN, ONEW, PR, STLA	Autos, energy, Europe, rates, semiconductors, small caps, value	Manager emphasizes finding stocks with low P/E ratios and attractive balance sheets, particularly in the value segment of the market. Stellantis highlighted as trading at P/E under 3 despite solid fundamentals.	STLA	View
2023 Q1	Apr 4, 2023	Van Der Mandele Arar Fund	-5.9%	0.5%	AWE.L, BFIT.AS, GOOGL, JXN, KEC.TO, ONEW	cyclicals, energy, Europe, small caps, value	The fund shows significant skew towards small-caps, which aligns with the theory that smaller companies are less looked at and tend to provide more opportunity. The manager notes this positioning is not due to bias since around 50% of all listed stocks are small-caps.	AWE.L	View
2023 Q4	Jan 30, 2024	Gator Capital Management	10.8%	24.3%	AAIC, AX, BOH, CFG, FCNCA, FITB, GNW, HBAN, JXN, MTB, OFG, PGR, PNC, RF, TFC, USB, VNO, WAL	Banking, financials, interest rates, M&A, Regional Banks, value	Fund is heavily concentrated in regional banks, particularly First Citizens Bancshares as the largest position. Manager believes regional banks trade at historically low valuations and expects the group multiple to re-rate higher as the industry works through higher interest rates and the credit cycle peaks. First Citizens is positioned well for higher-for-longer rates with a liquid balance sheet and balanced loan book.	FCNCA	View
2024 Q4	Jan 28, 2025	Gator Capital Management	14.2%	41.9%	AX, BOH, C, COLB, CUZ, FCNCA, GLE.PA, HIFS, HONE, HOOD, JPM, JXN, KINS, NBN, OFG, PNFP, SLM, TCBI, UMBF, VNO	Banking, Capital markets, financials, interest rates, M&A, Regional Banks	Manager remains optimistic about regional banks in 2025, citing benefits from interest rate cuts, expected loan growth acceleration, and improved M&A environment under new administration. Regional banks are viewed as undervalued compared to historical averages and positioned to benefit from flattened yield curve and repricing of maturing loans.	GLE.PA	View
2023 Q4	Jan 19, 2024	Miller Value Partners Deep Value Strategies	4.6%	20.1%	BCC, BKE, JXN, MED, OGN, RILY, WAL	dividends, high yield, income, interest rates, Regional Banks, value	Western Alliance Bancorp was the top contributor with strong deposit growth and capital ratios. The bank reported deposits rising 6.5% sequentially to $54.3B with 82% insured and collateralized, while CET1 ratio expanded to 10.6%.	BCC JXN BKE WAL	View
2024 Q4	Jan 17, 2025	Curreen Capital	5.7%	7.7%	AAP, CACC, EHAB, ENR.DE, FTDR, GETB.L, JXN, KAMBI.ST, NILB.ST, TNET, TRUE-B.ST, VFC	Automotive, healthcare, small caps, Turnarounds, undervalued, value	Manager focuses on buying good businesses at attractive prices below conservative valuation estimates. Portfolio consists of undervalued companies trading at significant discounts to intrinsic value. Strategy emphasizes attractive upside-to-downside ratios across holdings.	ENR.DE NILB.ST FTDR VFC TNET EHAB AAP GETB.L CACC	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Miller Value Partners Deep Value Strategies	Jackson Financial Inc	Financials	Life & Health Insurance	Bull	NYSE	Annuities, capital returns, fee income, life insurance, RILA, share repurchases	View Pitch
Apr 28, 2026	Fund Letters	Miller Value Partners Income Strategy	Jackson Financial Inc	Financials	Life & Health Insurance	Bull	NYSE	Annuities, capital returns, Insurance, life insurance, RILA, share repurchases	View Pitch
Feb 21, 2026	Fund Letters	Joost van der Mandele	Jackson Financial Inc.	Financials	Life & Health Insurance	Bull	New York Stock Exchange	Annuities, Insurance, Margins, Partnerships, valuation	View Pitch

BSD Shareholders of JXN

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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