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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2022 Q2 | Jun 23, 2022 | Citadel Value Fund | - | - | AEO, BBBY, LIGHT NA, VTSC GR, ZWC1 GR | energy, inflation, Intrinsic Value, valuation, volatility | Valuation: The letter emphasizes that falling valuations create opportunities, with the fund benefiting from a 40% discount to intrinsic value and a disciplined margin-of-safety approach. Markets are still not pricing in lower earnings, and volatility is expected to create further entry points. Inflation: The environment is defined by high inflation, tightening liquidity, slowing demand, and declining consumer confidence. The fund sees macro pressure as transitory but impactful, increasing the importance of strong balance sheets and conservative underwriting. Energy: Energy-exposed holdings (NOV, TGS) rebounded sharply as supply constraints, geopolitical risks and renewed demand drove performance. The fund expects strong multi-year tailwinds given industry underinvestment and tightening capacity. | BCO 3436 JP 005930 KS STLA AEO |
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| 2022 Q4 | Dec 22, 2022 | Citadel Value Fund | - | - | AEO, BEZ GR, LIGHT NA, MPAC LN, VTSC GR | Automotive, Electrification, energy, Intrinsic Value, valuation | Valuation: Despite market turmoil, the fund maintained capital preservation through strict bottom-up valuation discipline. The portfolio trades at just above 4x operating earnings and 8% FCF yield, offering substantial risk-adjusted upside. Energy: NOV and TGS continued to benefit from tightening energy markets, supply shortages and rising demand for equipment and seismic data. These cyclical recoveries are expected to continue as the sector normalizes. Automotive: Vitesco represents a major themetransition to EV components with a strong order book and expected 40% annual growth. The market underestimates mid-term profitability as electrification scales, creating a mispriced opportunity. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||