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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Mondrian International Equity Value Opportunities | - | 3.9% | KER.PA, NVO, WPP.L | defensives, Europe, financials, international, Japan, value | Financials led returns amid continued strength in earnings, capital generation and shareholder returns. The portfolio was underweight financials which held back relative returns, though strong stock selection in the sector supported year-to-date performance. | View | |
| 2025 Q3 | Sep 30, 2025 | Airlie Small Companies Fund | 4.4% | - | ALV.DE, CS.PA, GEN.MI, KER.PA, SAP, ZAL.DE | insurance, private equity, SME, software, Switzerland | The fund's main portfolio company La Centrale de Prévoyance is a Swiss insurance broker operating in social security and healthcare insurance. The company maintained partnerships with major insurers including Groupe Mutuel, Generali, Allianz, and Axa while working to onboard new brokers following the resignation of their main broker. | View | |
| 2025 Q2 | Jul 8, 2025 | QuadCap Wealth Management | - | - | ALV.DE, CS.PA, GEN.MI, KER.PA, SAP, ZURN.SW | insurance, liquidation, private equity, SME, software, Switzerland | The fund's main portfolio company La Centrale de Prévoyance is a Swiss insurance broker operating in social security and healthcare insurance. The company maintains partnerships with major insurers including Groupe Mutuel, Generali, Allianz, and Axa, though it faces challenges with broker turnover requiring recruitment efforts to maintain regulatory authorization. | View | |
| 2025 Q2 | Jul 22, 2025 | Brandes International Equity Fund | 10.4% | 22.3% | 005930.KS, 086280.KS, 6273.T, BABA, CAP.PA, CX, ERJ, GSK.L, HEI.DE, HEIA.AS, KER.PA, OTEX.TO, PETR4.SA, PUB.PA, SAN.PA, STM, TAK, TSM, UHR.SW, WPP.L | AI, Automation, emerging markets, Europe, industrials, international, technology, value | AI-related investments drove strong performance across multiple holdings. Alibaba benefited from aggressive AI investment plans and growth in AI-related products and cloud revenue. Samsung and TSMC gained from positive AI sentiment. Capgemini is positioned to benefit from increased corporate spending on enterprise AI applications despite near-term headwinds. | 6273.T |
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| 2025 Q2 | Jul 22, 2025 | Harris Associates International Equity Strategy | 12.8% | 21.7% | 035420.KS, AMS.PA, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW | AI, Copper, Europe, international, Luxury, Mining, technology, value | Manager emphasizes value investing approach and notes the unraveling of the U.S. growth/momentum paradigm that dominated for over a decade. European equities fundamentals have improved, driving more investor interest as valuation spreads compress. | 6273 JP ASML MC FP BABA BAYN GR CON GR 105560 KS |
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| 2025 Q2 | Jul 17, 2025 | Contrarius Global Equity Fund | 19.2% | 10.7% | AAPL, AMD, AMZN, CZR, GM, GOOGL, INTC, KER.PA, META, MSFT, NVDA, ORCL, PARA, TM, TSLA, UHR.PA, WBD | AI, contrarian, Electric Vehicles, semiconductors, technology, value | AI adoption is accelerating with cloud hyperscalers investing over $217 billion in AI infrastructure in 2024. The next frontier of real-world AI including agentic AI, autonomous vehicles, and humanoid robotics promises even greater disruption. Chain-of-Thought reasoning represents a breakthrough in AI's ability to perform complex multi-step reasoning tasks, significantly increasing inference computational demands. | NVDA NVDA |
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| 2024 Q2 | Jun 30, 2024 | Platinum International Fund | -1.0% | - | 005930.KS, 0700.HK, AAPL, AMZN, AVGO, GOOGL, INTERGLOBE.NS, KER.PA, MC.PA, META, MSFT, MU, NFLX, NKE, NVDA, PUMA.DE, TSM, TSMC, UBS, ZTO | AI, China, global, semiconductors, technology, value | AI-related holdings performed strongly with TSMC and Broadcom up around 20%. Apple highlighted AI functionality as the next competitive battleground for smartphones, requiring 10-12GB of RAM to handle AI tasks. This boosted DRAM producers as AI integration becomes the new method of differentiation. | View | |
| 2026 Q1 | Apr 21, 2026 | Brandes International Equity Fund | 2.6% | 2.6% | 005930 KS, 4502.T, 4503.T, CAP.PA, ENGI.PA, F34.SI, KER.PA, OTEX, PBR, PUB.PA, SAP, STM, SW.PA, WPP.L | AI, emerging markets, energy, Europe, international, Pharmaceuticals, semiconductors, value | View | ||
| 2024 Q1 | Apr 15, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | 0700.HK, 1398.HK, 2607.HK, 4519.T, 6758.T, AAPL, ABBV, ACN, ADBE, ALC, AMAT, AME, AMZN, ASML, ATCO-A.ST, AVGO, B3SA3.SA, BBCA.JK, BHP, BKNG, CME, COST, CRM, CSCO, CSGP, DE, DHR, GLOB, GMAB, GOOGL, HDB, HON, ISRG, KER.PA, LLY, MELI, META, MSFT, NFLX, NKE, NOC, NOW, NVDA, OR.PA, PINS, RGEN, RIO, ROG.SW, ROK, SAP, SGSN.SW, SLB, SNPS, SU.PA, SY1.DE, TMO, TSLA, TSM, TW, UNH, VRTX | AI, global, growth, Quality, software, technology | The fund sold NVIDIA due to valuation concerns despite believing in AI's transformational impact. They are investing in more reasonably priced software companies positioned to benefit from AI, including Salesforce, Globant, and SAP. The managers see strong prospects for many holdings as AI applications proliferate but emphasize the importance of durable competitive advantages. | View | |
| 2025 Q1 | Mar 31, 2025 | Harris Associates International Equity Strategy | 7.7% | 7.7% | 2502.T, 8802.T, BABA, BNP.PA, FLTR.L, GLEN.L, KER.PA, MC.PA, RTO.L, TKA.DE, WPP.L | Asia, Cloud, defense, Europe, Gambling, international, Luxury, real estate, value | The manager argues that a large valuation imbalance remains present between value and growth equities, which will fuel better long-term performance for value stocks. They believe the weight of money has been heavily skewed to U.S. growth names for too long. | MC.PA 8802.T RTO.L FLTR.L 2502.T TKA.DE BABA BNP.PA |
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| 2024 Q1 | Mar 31, 2024 | TMR Long Short Opportunities | - | - | ALV.DE, CS.PA, GEN.MI, KER.PA, SAP, ZAL.DE | insurance, portfolio, private equity, SME, Switzerland | The fund's main portfolio company La Centrale de Prévoyance is a Swiss insurance broker operating in social security and healthcare insurance. The company maintained partnerships with major insurers including Groupe Mutuel, Generali, Allianz, and Axa while working to onboard new brokers after the main broker's resignation. | View | |
| 2023 Q4 | Feb 19, 2024 | African Lions Fund | 13.4% | 5.2% | ALV.DE, AXA.PA, G.MI, KER.PA, PM, SAP, ZAL.DE | insurance, portfolio, private equity, SME, software, Switzerland | The fund's main portfolio company La Centrale de Prévoyance is a Swiss insurance broker operating in social security and healthcare insurance. The company maintains partnerships with major insurers including Groupe Mutuel, Generali, Allianz, and Axa, focusing on expanding client portfolios and onboarding new brokers. | View | |
| 2024 Q4 | Feb 12, 2025 | Brookfield Asset Management | - | - | ALV.DE, CS.PA, GEN.MI, KER.PA, SAP, ZAL.DE | insurance, portfolio, private equity, SME, Switzerland | The fund's main portfolio company La Centrale de Prévoyance is a Swiss insurance broker operating in social security and healthcare insurance. The company maintained partnerships with major insurers including Groupe Mutuel, Generali, Allianz, and Axa while working to onboard new brokers after the main broker's resignation. | View | |
| 2024 Q4 | Dec 31, 2024 | Oakmark International Fund | -8.5% | -4.6% | 105560.KS, AC.PA, AIR.PA, BAYN.DE, FME.DE, GLEN.L, KER.PA | aerospace, Banking, Europe, international, Luxury, Restructuring, value | Luxury goods businesses continue to be negatively impacted by weak demand in China with poor top-line trends. However, Kering is making progress improving the product offering within its core Gucci brand. Looking out two to three years, margins have potential to be meaningfully higher than current levels. | 105560.KS BAYN.DE AIR.PA |
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| 2023 Q3 | Dec 10, 2023 | Longleaf Partners International Fund | 11.2% | 10.4% | 0288.HK, 1238.HK, 1999.HK, 4502.T, AC.PA, APPS.MC, BABA, CFR.L, DHER.DE, DPG.L, EXO.MI, FFH.TO, GLB.L, GRUMAB.MX, KER.PA, LAZ, LXS.DE, PFD.L, PRO4.L | Buybacks, China, Europe, international, Luxury, value | Luxury holdings faced challenging quarter due to weak Chinese economy and consumer concerns in US/Europe. Companies like Richemont and Kering trading at trough valuations despite strong structural themes of emerging middle class in China and shift towards branded products remaining intact. | DHER.DE KER.PA CFR.SW GLB.L DPG.L |
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| 2023 Q4 | Dec 1, 2024 | Polen Capital – International Growth | 3.3% | 3.9% | 6920.T, AON, ASML, HDFCBANK.NS, ICLR, KER.PA, MDT, SGE.L, SHOP.TO, TEMN.SW, TEP.PA, TSM, UL | AI, E-Commerce, growth, healthcare, international, Quality, semiconductors, technology | The portfolio holds dominant semiconductor companies ASML and Lasertec, which play critical roles in extreme ultraviolet lithography and photomask inspection equipment. Lasertec saw rapid sales growth and management suggests semiconductor sales could be bottoming, though 2024 may deliver less exciting growth for the industry. | TEMN.SW HDFCBANK.NS TEP.PA MDT 6920.T SHOP.TO SGE.L |
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| 2023 Q3 | Nov 8, 2023 | Hinde Group | 1.4% | 30.7% | ALV.DE, CS.PA, GEN.MI, KER.PA | insurance, private equity, SME, software, Switzerland | The fund's main portfolio company La Centrale de Prévoyance is a Swiss insurance broker working in social security and healthcare insurance. The company maintains partnerships with major insurance companies including Groupe Mutuel, Generali, Allianz, and Axa. | AMZN |
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| 2025 Q3 | Oct 28, 2025 | Harris Associates International Equity Strategy | 4.1% | 26.7% | 035420.KS, AMS.PA, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW | Europe, fundamentals, growth, international, Quality, technology, valuation, value | Manager emphasizes investing in high-quality companies trading at attractive valuations below intrinsic value. Multiple positions initiated due to stocks trading at decade-low multiples despite solid fundamentals. | GLEN LN BABA GLEN LN BABA |
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| 2025 Q3 | Oct 28, 2025 | Graham and Doddsville | - | - | AAON, AAP, ANET, AOS, ASTS, CVNA, DLO, FEVR.L, GOOGL, KER.PA, MELI, META, NLB.L, PGR, RKLB, TBCG.L, TSM, WISE.L, WOSG.L, XPEL | AI, emerging markets, Investment Analysis, long-term, Portfolio Management, Quality, Student Pitches, Value Investing | Multiple interviews emphasize value investing principles, with Brandes Investment Partners maintaining pure value philosophy despite 165 months of underperformance following the global financial crisis. The publication showcases various value-oriented approaches from concentrated portfolios to systematic value investing strategies. | View | |
| 2023 Q3 | Oct 25, 2023 | ClearBridge Investments International Growth ADR Strategy | 5.7% | 0.0% | 1299.HK, ADYEN.AS, AMS.PA, ARGX, ASML, AZN, BNP.PA, CPU.AX, DB1.DE, DSNKY, Gold, ITX.MC, KER.PA, LIN, MC.PA, NVDA, NVO, OCLSY, REL.L, ROG.SW, SAFRY, SAND.ST, SAP, SMCAY, SU, TEP.PA | AI, growth, international, Japan, Pharmaceuticals, semiconductors, value | The strategy remains committed to a disciplined, valuation approach to portfolio construction that delivers diversification by investing across three types of growth companies: secular, structural and emerging. The managers believe the portfolio is well-positioned to deliver alpha as headwinds of restricted global liquidity and lower-quality leadership begin to dissipate. | SMCAY ARGX AZN ASML |
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| 2025 Q3 | Oct 24, 2025 | Brandes International Equity Fund | 8.1% | 32.2% | 005930.KS, 086280.KS, 4502.T, 6273.T, BABA, CAP.PA, CX, ERJ, GSK.L, HEI.DE, HEIA.AS, KER.PA, OTEX, PBR, PUB.PA, SAN.PA, STM, TSM, UHR.SW, WPP.L | AI, Automation, emerging markets, Europe, international, Outperformance, technology, value | AI-related investments drove strong performance across multiple holdings. Alibaba benefited from aggressive AI investment plans and growth in AI-related products and cloud revenue. Samsung and TSMC gained from positive AI sentiment. The fund sees AI deployment as a catalyst for enterprise spending and IT services recovery. | SMC JP SMC JP |
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| 2025 Q3 | Oct 14, 2025 | Mayar Capital | -0.4% | 9.1% | 005930.KS, AHT.L, AOM.PA, BFAM, BNR.DE, CAP.PA, CRDA.L, GOOGL, JNJ, JSG.L, KER.PA, KVUE, NESN.SW, NVO, PYPL, SOLV, UL, UPS, VTY.L, VWS.CO | AI, contrarian, Discipline, global, Speculation, technology, value | The manager draws extensive parallels between the current AI boom and the TMT bubble, noting that technology companies will invest $7 trillion in AI capex over five years. He argues that AI companies trade at valuations assuming perpetual dominance, with minimal revenue and no clear path to profitability, creating a self-reinforcing cycle similar to the late-1990s telecom boom. | SOLV US |
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| 2024 Q3 | Oct 14, 2024 | Mayar Capital | 7.7% | 9.6% | 005930.KS, 7974.T, ALO.PA, BFAM, CFR.SW, EA, GOOGL, HLCL.L, HWDN.L, JNJ, KER.PA, KVUE, MMM, PYPL, SAP, SOLV, UL, UPS, V, VWS.CO | Esg, global, Manufacturing, Patience, Recovery, value | Visa's business model as a payment network intermediary creates powerful network effects and generates impressive shareholder returns. The ongoing shift towards cashless payments has driven payment volume growth from $4.4 trillion in 2008 to $15.4 trillion in 2023. The company maintains high returns on invested capital averaging 65% over two decades while reducing share count by a third since IPO. | View | |
| 2025 Q3 | Oct 10, 2025 | Oakmark International Fund | 3.9% | 26.3% | 035420.KS, AMS.L, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW | Cyclical, Distribution, Europe, healthcare, international, Luxury, technology, value | Kering was the top contributor during the quarter, rising in anticipation of new CEO Luca De Meo's tenure and Demna Gvasalia's debut collection at Gucci. Revenue trends are improving despite still being negative, and new leadership is expected to build on recent investments to strengthen luxury houses and return the group to growth. | SHL GR ITRK LN FEMSAUBD MM DSY FP BNZL LN |
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| 2025 Q3 | Oct 10, 2025 | Oakmark Global Fund | 4.1% | 15.2% | AMZN, BABA, CHTR, CNC, CNHI, CRM, DASTY, GOOGL, HEXAB.ST, KER.PA, MOH, STJ.L, TRGP | energy, Europe, global, healthcare, Luxury, technology, value | Kering was the top contributor during the quarter, rising in anticipation of new CEO leadership and Gucci's debut collection. While revenue trends remain negative, they are improving, and new leadership is expected to build on recent investments to strengthen luxury houses and return the group to growth. | View | |
| 2025 Q3 | Oct 1, 2025 | MPD Partners | - | - | ALV.DE, CS.PA, GEN.MI, KER.PA, SAP, ZAL.DE | insurance, portfolio, private equity, SME, Switzerland | The fund's main portfolio company LCP is a Swiss insurance broker operating in social security and healthcare insurance. The company maintained revenue growth and positive cash flow despite losing its main broker during the quarter, requiring recruitment of replacement brokers to maintain FINMA authorization. | View | |
| 2024 Q4 | Jan 28, 2025 | Citadel Value Fund | - | - | 005930.KS, 3436.T, 6201.T, AAPL, AD.AS, AEO, BC, CON.DE, JST.DE, KER.PA, NOV, NVDA, PHIA.AS, STLA, TGS.OL, UHR.SW, VLGEA | Automotive, Industrial, Luxury, semiconductors, small caps, technology, value | The fund emphasizes value investing principles, purchasing solid investments at low entry valuations as a time-tested approach since 2002. The portfolio trades at a 44% discount to estimated intrinsic value with a look-through free cash flow yield of 6% and EV/EBITA multiple of 8x, contrasting with the MSCI World index at 18x operational profit. | STLA BC KER.PA JOST.DE |
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| 2025 Q4 | Jan 23, 2026 | Brandes International Equity Fund | 5.7% | 39.1% | 005930.KS, 1876.HK, 4503.T, 8306.T, BABA, BNP.PA, CX, DGE.L, DPW.DE, EBS.VI, ERJ, GRF.MC, GSK, HEI.DE, KER.PA, MNDI.L, NG.L, ORA.PA, OTEX.TO, RI.PA, TSCO.L, TSM | emerging markets, Europe, international, Outperformance, packaging, Utilities, value | International value stocks continue to trade within the least expensive valuation quartile relative to growth stocks since style indices inception. The valuation gap is evident across multiple metrics including price/earnings, price/cash flow, and enterprise value/sales. Historically, such discount levels often preceded attractive relative returns for value stocks over subsequent three- to five-year periods. Exposure to emerging markets helped returns, led by South Korean Samsung Electronics, Mexico's Cemex, and Erste Group Bank operating across emerging Europe. Leading contributors for the year included emerging market holdings such as Alibaba, Samsung, Taiwan Semiconductor, Brazil's Embraer and Mexico-based Cemex. The portfolio continues to have larger weighting to select emerging markets, particularly Mexico, South Korea, and Brazil. National Grid has strategically repositioned its asset base toward electricity networks, reducing exposure to gas and aligning with long-term energy transition trends. Over the past decade, roughly 75% of its regulated asset base is in electricity, expected to rise to 80% by 2029, supported by structural growth in electrification and renewable integration. The company's position as a critical enabler of decarbonization provides attractive risk-adjusted returns. Mondi is a leading European producer of corrugated packaging, containerboard, kraft paper, and uncoated fine paper with strong presence in Eastern and Western Europe. Secular trends such as sustainability, convenience, and the shift from plastic to paper underpin steady growth in fiber-based packaging. The company's cost leadership, strong positioning in high-barrier-to-entry kraft paper market, and integrated operations provide competitive advantage. | TSCO LN NG LN MNDI LN |
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| 2025 Q4 | Jan 15, 2026 | Contrarius Global Equity Fund | 6.5% | 54.4% | 000660.KS, BIDU, COIN, DELL, DEO, FOXA, GOOGL, KER.PA, LULU, MDLZ, MU, NVDA, ORCL, PARA, RI.PA, SATS, TSLA, TSM, UHR.SW | AI, contrarian, disruption, global, Satellites, Space, technology, value | The fund views AI disruption as creating three investment buckets: AI winners (data centers, semiconductors, blockchain companies), AI-proof companies (luxury brands, spirits, entertainment), and AI-threatened businesses to avoid. This technological singularity is expected to cause dramatic changes beyond typical generational disruptions. The fund focuses on identifying companies with sustainable competitive advantages in this transformative environment. SpaceX has revolutionized space travel with reusable rockets and dominates launch services, carrying over 500,000kg of spacecraft mass in Q3 2025 alone. The company is uniquely positioned for emerging opportunities in interplanetary logistics, in-orbit data centers, and asteroid mining. EchoStar provides indirect exposure to SpaceX through strategic transactions at attractive valuations. Starlink has achieved significant scale with millions of active customers and is expanding into direct-to-cell services for smartphones. The satellite internet constellation aims to deliver high-speed, low-latency broadband globally, particularly to underserved areas. This represents a major growth opportunity in telecommunications infrastructure. EchoStar's transformation involved monetizing valuable spectrum licenses worth billions, resolving regulatory issues with the FCC. The company sold spectrum to AT&T and SpaceX for over $40 billion combined, demonstrating the significant value of these invisible wireless highways. Remaining spectrum assets provide additional monetization opportunities. The fund holds luxury brands like Kering, Swatch Group, and spirits companies as AI-proof investments. These companies with strong brand moats and pricing power are expected to endure and potentially thrive despite AI disruption. Their business models are considered resilient to technological changes affecting other industries. | SATS |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford -International Concentrated Growth | -6.7% | 16.7% | 0700.HK, 1211.HK, 1810.HK, 2413.T, 3690.HK, ADYEN.AS, ASML, ATCO-A.ST, BABA, BNTX, CPNG, DHER.DE, KER.PA, KINV-B.ST, MELI, MRNA, NU, NVDA, NVO, OCDO.L, OR.PA, PDD, RACE, RMS.PA, SAP, SE, SHOP, SPOT, TSLA, TSM, WISE.L | AI, concentrated, E-Commerce, growth, international, semiconductors, technology | Artificial intelligence continues to drive rapid operational progress across portfolio companies, with TSMC benefiting from AI-led demand and advanced nodes accounting for 74% of wafer revenue. ASML sees increasing lithography intensity driven by artificial intelligence. The managers view compute and generative AI as accelerating across industries as a key structural change driving economies over the next decade. E-commerce continues to reshape retail through greater convenience and lower costs, with portfolio companies like MercadoLibre, Shopify, and Sea Limited representing dominant positions in their respective markets. Despite near-term margin pressures from investments in logistics and fulfillment, the managers remain confident in the long-term digitization trend and competitive positioning of these platforms. The semiconductor sector shows strong momentum with TSMC reporting over 40% year-on-year revenue growth and ASML seeing substantial EUV demand with expectations for 15% sales growth in 2025. The managers emphasize the irreplaceable technology leadership and competitive moats of these companies as compute intensity rises globally. Digital media consumption continues progressing with Spotify demonstrating strong operating leverage, reaching 713 million users and 281 million subscribers while expanding operating margins to mid-teens levels. The platform's ecosystem depth and innovation strengthen its competitive position as media digitization advances. | View | |
| 2024 Q3 | Sep 30, 2024 | Oakmark Global Fund | 7.5% | 0.0% | 005930.KS, 3739.T, AKZA.AS, BABA, BAYN.DE, CSCO, DEO, GOOGL, KER.PA, SAP, SJP.L, TPK.L | Coatings, financials, global, healthcare, Luxury, technology, value | Kering faced challenges as revenue trends deteriorated in the final weeks of Q2 2024, with store traffic hurt by lack of new client recruitment amplified by challenging macro environment, particularly in China. Despite new Gucci Creative Director's collections resonating with existing customers, the company issued weak guidance for remainder of 2024. | 9751.T DGE.L AKZA.AS KER.PA SJP.L |
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| 2024 Q3 | Sep 30, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | 0700.HK, 1299.HK, ADYEN.AS, AMZN, B3SA3.SA, BBCA.JK, BKNG, CME, CPG.L, GOOGL, HDFCBANK.NS, HLN.L, KER.PA, META, NFLX, PINS, SLB, SONY, TW, WALMEX.MX | AI, China, global, growth, healthcare, momentum, Quality, semiconductors | The letter extensively discusses momentum investing challenges, noting that disciplined fundamental investors have been challenged by momentum concentrated in a few large stocks. The manager explains their deliberate resistance to incorporating momentum factors due to trading costs, volatility, and FOMO risks. | View | |
| 2024 Q2 | Jul 29, 2024 | Mayar Capital | 7.7% | 9.6% | 005930.KS, 7974.T, ALO.PA, BFAM, BLND.L, BNR.DE, CAP.PA, CFR.SW, EA, GOOGL, HLCL.L, JNJ, KER.PA, KVUE, MMM, NESN.SW, PYPL, UL, UPS, VTY.L, VWS.CO, WIX.L | Compounding, Defensive, global, long-term, Quality, value | The fund follows a disciplined value investing strategy, focusing on buying great businesses at reasonable prices with a margin of safety. The manager emphasizes patience and long-term compounding over quick gains, maintaining a tortoise-like approach to investing. | VWS.CO |
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| 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 |
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| 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 |
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| 2024 Q2 | Jul 18, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | 0700.HK, 1299.HK, ABBV, ADYEN.AS, ALC, AMZN, BKNG, CME, COST, DHR, GOOGL, ISRG, KER.PA, META, NFLX, OR.PA, PINS, SLB, SONY, TW | AI, competition, global, growth, innovation, Quality, semiconductors, technology | The race for artificial-intelligence solutions is driving innovation across sectors, with companies like Adobe, OpenAI, and others competing to develop generative AI capabilities. The manager expects software and services businesses to become primary beneficiaries as large companies embrace generative AI. Competition in AI is intense, with new capabilities being unveiled regularly by tech startups and incumbents. | View | |
| 2023 Q2 | Jun 30, 2023 | ClearBridge Investments International Growth ADR Strategy | 5.7% | 0.0% | 0005.HK, 0388.HK, 0700.HK, 4568.T, 7733.T, 8035.T, ACN, ALC, AMS.MC, ASML, CP.TO, DTE.DE, ITX.MC, KER.PA, LSEG.L, NICE, REL.L, TEP.PA, TRI.TO, XRO.AX | AI, growth, healthcare, international, Japan, semiconductors, technology, value | The team is excited about generative AI potential both from current portfolio positioning and innovative companies being researched. They believe AI will be adopted widely across sectors with productivity improvements. Portfolio holding Accenture positioned to guide companies with AI implementation. | 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 |
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| 2025 Q1 | Mar 31, 2025 | Oakmark Global Fund | 4.4% | 4.4% | ABNB, AIG, BNR.DE, DEO, ETSY, GOOGL, KER.PA, KR, LYG, NVS, PHM, PUK, RI.PA, SYY | discount, Europe, financials, global, Quality, undervalued, value | The fund focuses on purchasing shares at discounts to intrinsic value estimates, with multiple examples of buying companies below fair value including Airbnb, Brenntag, Pernod Ricard, and Sysco. Management emphasizes finding above-average companies at below-average prices. | SYY RI.PA BNR.DE ABNB |
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| 2023 Q1 | Mar 31, 2023 | Aoris International Fund | 3.1% | 0.0% | ACN, COST, CTAS, EL, FAST, GGG, KER.PA, MC.PA, NKE, OR.PA, TSCO | concentrated, Conservative, growth, international, long-term, Quality, ROIC | Aoris focuses exclusively on high-quality businesses with strong competitive positions, high returns on invested capital, and conservative balance sheets. The fund owns only 15 companies maximum, applying unusually demanding quality criteria including strong profitability, low debt levels, and market leadership positions. | GGG MC.PA |
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| 2024 Q4 | Jan 16, 2025 | Polen Capital – International Growth | - | - | ACN, AON, CSL.AX, EVO.ST, GLOB, ICLR, KER.PA, MC.PA, MELI, MNDY, NU, NVO, SAP.DE, SGE.L, SHOP.TO, SPOT, SU.PA, TEMN.SW, WTW | E-Commerce, financials, growth, healthcare, industrials, international, software, technology | Shopify continues to fire on all cylinders with accelerating GMV growth of 24% despite tough comparisons. The company benefits from powerful tailwinds including eCommerce, mobile commerce, social media, digital payments, and seamless omnichannel. MercadoLibre remains Latin America's largest ecommerce business with a long runway for growth. | WTW SPOT SU.PA MNDY NU SAP SGE.L SHOP.TO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Longleaf Partners International Fund | Kering | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Euronext Paris | brand portfolio, Equity, fashion, france, Gucci, Luxury goods, Structural Growth, synergies, turnaround | View Pitch |
| Apr 27, 2026 | Fund Letters | Longleaf Partners International Fund | Kering SA | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Euronext Paris | brand portfolio, China Reopening, fashion, france, Global Demand, Gucci, Luxury goods, premium brands | View Pitch |
| Apr 13, 2026 | Fund Letters | Oakmark International Fund | Kering | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Euronext Paris | Brand management, China exposure, Consumer Discretionary, Cyclical, france, Luxury goods, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Oakmark Global Fund | Kering | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Euronext Paris | Brand management, China, Creative Director, Cyclical, france, Luxury goods, Store Traffic | View Pitch |
| Apr 13, 2026 | Fund Letters | Citadel Value Fund | Kering | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Euronext Paris | brand portfolio, European, fashion, Gucci, High returns, Luxury goods, retail, turnaround, Value | 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. | ||||||||