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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 12, 2025 | Azvalor Iberia | 24.1% | - | CEPU.BA, Gold, LOMA.BA, SLB, SRUUF, TGS.BA, TS | Coal, contrarian, emerging markets, energy, oil, small caps, undervalued, value | Azvalor focuses on contrarian value investing, buying forgotten and undervalued companies while avoiding expensive growth stocks. The firm emphasizes finding strong companies with unique market positions trading at attractive multiples due to short-term pessimism. | View | |
| 2025 Q2 | Aug 12, 2025 | Azvalor Internacional | -1.7% | - | CEPU.BA, Gold, LOMA.BA, SLB, SRUUF, TGS.BA, TS | Coal, commodities, contrarian, emerging markets, energy, oil, small caps, value | Azvalor positions as contrarian value investors, focusing on forgotten and mistakenly overlooked companies trading at attractive valuations. They emphasize small value companies trading at 13.9x earnings versus large growth at 32x earnings, seeking opportunities in shunned sectors. | View | |
| 2025 Q3 | Nov 13, 2025 | Palm Harbour Capital | - | - | 111770.KS, AMZN, ATYM.L, CAL.MI, CNVG.PS, DAN.MI, ESP.MI, GOOGL, INDF.JK, LOMA.BA, META, MSFT, NVDA, RHI.L, UMG.AS, VIV.PA | AI, Asia, Copper, Europe, LatAM, small caps, value | Investor attention remains heavily concentrated on artificial intelligence and a narrow group of related equities, sidelining much of the broader market. The concentration of capital in AI-related stocks is even greater than the technology sector's concentration in 2000. Questions remain about profitability models and sustainability of current AI investment levels. | View | |
| 2025 Q4 | Jan 20, 2026 | Palm Harbour Capital | 4.9% | 16.0% | 001910.KS, 047440.KS, 086280.KS, 6345.T, ASLI.L, ATYM.L, BSRT, BWO.OL, CIR.MI, CNVRG.PS, DAN.MI, DITO.PS, FLRY3.SA, GLO.PS, KRI.AT, LOMA.BA, MDIA3.SA, PTEC.L, SGF.MI, TEL.PS, TRE.OL, VIV.PA, WOSG.L, WWI.OL | Argentina, Broadband, Cash Generation, Copper, global, Governance, Steel, value | Fund focuses on cash-generative businesses trading at sensible valuations with weighted average P/E of 8.1x and FCF/EV yield of 15%. Manager emphasizes being index-agnostic and disciplined in approach amid market conditions reflecting elevated greed and extreme short-termism. Atalaya Mining contributed 84 bps as copper producer benefited from sustained production growth and favorable pricing environment with reportedly the largest annual copper price increase in over a decade. Company showed operational leverage with lower unit costs and stronger cash flows. Loma Negra was top contributor at 122 bps following President Milei's landslide electoral victory and $40 billion US financial support package. Manager maintains positive view on Argentina's leading cement producer with significant upside potential as economic normalization takes hold. Detailed analysis of Converge ICT, Philippines fiber-optic broadband company with extensive network coverage. Company positioned to benefit from low broadband penetration and regulatory changes while transitioning from capex-heavy expansion to cash generation phase. Danieli contributed 63 bps as Italian steel plant maker exceeded expectations with strong Plant Making division performance and major contract wins including €500 million order from Steel Authority of India. Company benefits from potential recovery in Steel Making division. | BRSL VIV FP 284740 KS KRI GA 6345 JP RHIM LN DAN IM 012030 KS ATYM LN LOMA |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| 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 |
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