MRO-L

MRO-L

MRO-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	RIT Capital	-	3.4%	AMZN, CAE.TO, CEG, CPNG, CRM, GDDY, ICE, IWG.L, MRO.L, MSFT, NFLX, RNR, TEAM, VFC	AI, defense, global, Japan, Multi-polar, Private Investments, Quality, Realisations	Artificial intelligence and digital transformation are accelerating change across traditional industries creating new sources of growth. The portfolio benefitted from AI-driven technologies including investments in Scale AI, OpenAI, and other AI-focused companies. Meta's acquisition of a 49% stake in Scale AI for $14.3 billion demonstrates the value creation potential in this space.		View
2025 Q2	Jul 9, 2025	Ennismore Global Equity Fund	-	7.5%	ACP.WA, ADM.L, AUTO.L, CLNX.MC, FLTR.L, HEMNET.ST, KARNOV.ST, MRO.L, NNI, PDX.ST, RYA.L, SPX.L, WISE.L	AI, Capital Allocation, Controlled Companies, Europe, Long/Short, Quality, value	Karnov Group is positioned as one of the most compelling AI beneficiaries in public markets, with AI tools priced at 30% premium to standard licenses accelerating revenue growth. Legal professionals see clear ROI from improved efficiency as the cost of a license is a fraction of a junior associate's salary.	CLNX.MC TIGO KAR SS FLUT	View
2024 Q2	Jul 5, 2024	Ennismore Global Equity Fund	3.0%	5.1%	9404.T, ADM.L, AUTO.L, AZE.BR, BECLE.MX, CLNX.MC, DIE.BR, IDS.L, KWS.L, MRO.L, NNI, PHLL.L, RYA.L, SCHA.OL, VVV	Airlines, Cost Leadership, Crisis Opportunities, insurance, Long/Short, SMID Cap, value	Ryanair represents a cost leadership opportunity in a commodity industry. The company has material cost advantages from low-priced aircraft purchases, higher fleet utilization, and lower airport costs. Current fare weakness presents a buying opportunity as the company will emerge stronger from industry challenges, similar to how it benefited from Covid disruptions.	RYA.L ADM.L	View
2025 Q1	Apr 24, 2025	Diamond Hill International	4.0%	4.0%	2875.T, 6501.T, 8058.T, ABEV, BABA, BAER.SW, BAP, BEI-UN.TO, BTI, BYG.L, GLEN.L, GSK, IMB.L, MRO.L, NWC.TO, QURE, SAF.PA, SPOT, TSM	aerospace, AI, Asia, Europe, infrastructure, international, real estate, value	Chinese AI innovation, particularly DeepSeek, demonstrated capability to rival US technologies at significantly lower costs, underscoring intensifying global AI competition. Alibaba benefited from market optimism around its AI initiatives and expanded capital investment to bolster AI capabilities.	6501.T BYG.L MRO.L NWC.TO 2875.T IMB.L BTI QURE GLEN.L AIR FP\|ICLR\|LIN\|MRVL\|NOW\|TSM SAF.PA 300750 CH\|SPOT BABA	View
2025 Q1	Apr 10, 2025	Ennismore Global Equity Fund	1.8%	1.8%	ADM.L, AUTO.L, BLTG.L, BZU.MI, CLMT, FLTR.L, FORY.PA, FR, GNS.L, LTO.MI, META, MRO.L, NNI, PM, SCHA.ST, STO.DE, TKA.DE, TSLA, WISE.L, XRX	defense, Europe, Gambling, geopolitics, Long/Short, tariffs, Trade Policy, Valuations	The Trump administration implemented extensive tariffs targeting key trading partners, with rates often surpassing 50% and creating unprecedented policy uncertainty. This has triggered retaliatory measures from multiple countries and forced a sharp reassessment of relative regional equity valuations, benefiting European equities while pressuring US markets.	LTO.MI	View
2024 Q4	Dec 31, 2024	Artisan International Fund	-	10.6%	2579.T, 4091.T, AER, AI.PA, AMZN, AON, ARGX, AZN, BA.L, BUD, FLTR, LIN, MRO.L, NG.L, NVO, RHM.DE, SHOP, UCB.BR, UCG.MI	Biotechnology, Cloud, defense, Energy Transition, healthcare, Industrial Gases, international, value	Healthcare holdings delivered robust performance with UCB's Bimzelx approval for chronic inflammatory skin conditions adding $1.8 billion in peak sales potential. Argenx advanced VYVGART to phase 3 trials for myositis treatment, potentially adding $2 billion to peak sales. The VYVGART franchise grew 20% with total peak sales projected to exceed $10 billion.		View
2024 Q3	Oct 8, 2024	Alphyn Capital Management	8.9%	13.5%	AMZN, BN, CCOI, CIR.L, FFH.TO, GOOGL, KKR, MRO.L, OCSL, PRX.AS	aerospace, AI, infrastructure, insurance, private equity, real estate, technology, value	KKR benefits from increased capital markets activity after a slowdown, leading to higher transaction fees and potential for more realizations and carried interest as M&A activity resumes. The company has entered a new fundraising cycle with a $10 billion first close on Infrastructure V fund.		View
2025 Q3	Oct 28, 2025	Alphyn Capital Management	3.0%	11.2%	BN, BUR.L, CCOI, FFH.TO, GLD, GOOGL, MRO.L, PRX.AS, ROKO.ST, TVK.TO	AI, Capital Allocation, Compounding, gold, insurance, Serial Acquisition, technology	Alphabet benefits from vertically integrated AI stack spanning proprietary infrastructure, leading models, and scaled distribution platforms. Google's AI advantage includes twice the power efficiency of competitors and 33x efficiency in inference. AI enhances Search utility through features like AI Overviews and Lens, driving increased user engagement.	CRTA LN FFH CN CCOI BUR TVK CN MRO LN BN GOOGL CRTA LN FFH CN CCOI TVK CN MRO LN BN GOOGL	View
2024 Q4	Jan 11, 2025	Alphyn Capital Management	2.6%	16.9%	AHT.L, AMZN, DSGR, EXO.MI, FFH.TO, GDX, GOOGL, KKR, MRO.L, PRX.AS	AI, compounders, E-Commerce, insurance, private equity, Quality, technology, value	AI is emerging as a valuable growth driver across portfolio companies rather than a disruptive threat. Amazon's AI initiatives are producing multibillion-dollar revenues and growing at triple the rate of AWS at a similar stage. Google's AI tools like Lens and Circle to Search are driving user engagement, while ads within AI-generated search overviews are proving effective.		View
2024 Q3	Sep 30, 2024	Artisan International Fund	5.9%	14.6%	4091.T, 4541.T, 7182.T, 8308.T, 8316.T, AC.PA, AER, AI.PA, AMZN, ARGX, AZN, ENGI.PA, HEIA.AS, LIN, MRO.L, NG.L, RI.PA, UCB.BR, WIZZ.L	Banking, Energy Transition, Europe, healthcare, industrials, international, Japan	The fund purchased National Grid and Engie, both companies leading the energy transition. National Grid announced a £60 billion investment over five years to upgrade, expand, digitize and decarbonize the electric grid. Engie designs, builds and operates low-carbon power plants and uses AI to deliver power to customers more efficiently.		View
2024 Q2	Jul 20, 2024	Artisan Global Discovery	7.6%	13.1%	AAPL, AMZN, ANET, BSY, ESTC, FWONA, GOOGL, LSCC, MPWR, MRO.L, MSFT, MTSI, NVDA, ON, ONTO, SAIA, SE, TWST, TYL, WING	AI, Cyclical, global, growth, semiconductors, SMID Cap, software, technology	AI has received tremendous attention and driven extraordinary gains among shares of companies directly exposed to the trend. Nvidia entered the year valued at $1.2 trillion, ended the quarter at over $3 trillion and briefly surpassed Microsoft as the most valuable public company. The manager believes well-positioned cloud software franchises will leverage generative AI advances to enhance their platforms and increase customer demand.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Diamond Hill International	Melrose Industries PLC	Industrials	Aerospace & Defense	Bull	London Stock Exchange	3D printing, Additive Manufacturing, Aerospace, cash flow growth, Defense, Maintenance, Risk Revenue Sharing, United Kingdom	View Pitch

BSD Shareholders of MRO-L

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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