MDIA3-SA

MDIA3-SA

MDIA3-SA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 30, 2024	Rozendal Partners	-	5.5%	0700.HK, B4B.DE, BAYN.DE, CGR.JO, HCI.JO, HL.L, KSPI, MDIA3.SA, META, MTN.JO, NPK.JO, NPN.JO, PPC.JO	global, Market Efficiency, Passive investing, technology, Turnarounds, value	The letter extensively discusses value investing philosophy and challenges, including David Einhorn's assertion that market structures are broken and value investing is dead due to passive investing. The managers defend value investing, arguing that patient fundamental investors can still profit through cash flow generation rather than just multiple re-rating.		View
2024 Q4	Mar 5, 2025	Palm Harbour Capital	-	-	9404.T, BOL.PA, EOAN.L, GSMI.PS, IGT.MI, LTO.MI, MDIA3.SA, ODET.PA, OWIL.L, PPA.AT, PRT.MI, TKA.VI, UMG.AS, VIV.PA	Europe, gaming, global, inflation, Media, Politics, small caps, value	Fund focuses on overlooked securities trading at significant discounts to intrinsic value with above average returns on capital. Portfolio trades at weighted average P/E of 8.5x with 98% upside to estimated NAV.	ODET.PA	View
2024 Q3	Oct 16, 2024	Palm Harbour Capital	5.1%	13.5%	CLNX.MC, DAL.L, DAN.MI, GSMI.PS, IBST.L, JST.DE, KRIKRI.AT, MDIA3.SA, OCI.AS, PORT3.SA, SYENS.BR, UNIR.MI, VAR.OL, VRLA.PA	Cash Generation, Cyclical, Europe, small cap, takeovers, value	Portfolio trades at weighted average P/E of 8.9x with 97% upside to estimated NAV. Manager emphasizes buying quality businesses at cyclical lows, citing examples like Unieuro receiving lowball takeover bid during downturn. Focus on cash-generative businesses trading below historical multiples.	MDIA3.SA	View
2024 Q4	Jan 28, 2025	Rozendal Partners	-	-3.0%	AFE.JO, BLU.JO, BUR.L, GDR.JO, HCI.JO, JD, MDIA3.SA, META, NE, PIK.JO, PPC.JO, SESG.PA, SHP.JO, TBS.JO, TSCO.L	global, retail, stock selection, technology, underperformance, value	Burford Capital operates in the litigation funding market, which offers attractive long-term growth prospects and favorable economics. The business provides capital to fund legal expenses in return for a share of proceeds, with returns typically around 30% internal rates of return. However, the company's high cost structure limits profitability of third-party asset management.		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	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Palm Harbour Capital	M Dias Branco	Consumer Staples	Packaged Foods & Meats	Bull	B3 (Brazil Stock Exchange)	Brazil, consumer staples, Distribution, family-controlled, Margin recovery, market leader, Packaged Foods, turnaround, vertical integration, working capital	View Pitch

BSD Shareholders of MDIA3-SA

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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