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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 1, 2024 | Citadel Value Fund SICAV | - | - | 3436 JP, MPAC LN | Automotive, CashFlow, Discipline, Intrinsic Value, valuation | Valuation: The portfolio trades at a 33% discount to intrinsic value with a 7% look-through free cash flow yield and ~7x EV/EBITA. Citadel stresses valuation discipline, buying high-quality cash generative businesses at deep discounts. Cashflow: Citadel emphasizes companies able to reinvest at high returns while returning capital via dividends and buybacks. The portfolio maintains strong balance sheets and high free cash flow generation, reinforced by a 23% cash position that provides flexibility in volatile markets. Automotive: Stellantis remains a core investment caseCitadel bought shares when FCF equaled enterprise value. Managements platform consolidation, flexible powertrain strategy, and strong balance sheet support long-term competitiveness despite near-term profit pressure. | View | |
| 2022 Q4 | Dec 22, 2022 | Citadel Value Fund SICAV | - | - | 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 | |
| 2024 Q4 | Jan 28, 2025 | Citadel Value Fund SICAV | - | - | BC, JST GR, KER FP, MPAC LN, TGS | CashFlow, Discipline, Quality, risk, valuation | Valuation: The portfolio trades at a 44% discount to intrinsic value with a 6% look-through FCF yield and ~8x EV/EBITA, far below global equity indices. Citadel highlights the extreme valuation dispersion created by the Magnificent Seven and argues that deep value opportunities are unusually attractive. Quality: The Fund increased positions in several high-quality industrial and technology names (Continental, Nichirin, Samsung, Sumco, TGS) following share price weakness. New positions in Jost Werke, Kering and Brunswick were selected for strong market positions, resilient profitability, capable management and long runways for recovery. Risk: The letter stresses that permanent capital lossnot volatilityis true risk. The Stellantis exit illustrates this philosophy; despite a strong 2023, operational missteps in 2024 revealed growing risk, prompting divestment. | 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. | ||||||||