MT

MT

MT

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 29, 2025	Baron Asset Fund	7.8%	4.6%	ACGL, APH, COO, CSGP, DKNG, FICO, GRMN, GWRE, IDXX, IOT, LPLA, MSCI, MT, PCOR, PWR, ROP, SCHW, TECH, VRSK, WST	growth, healthcare, industrials, Long Term, mid cap, Quality, software, technology	AI-related investments drove significant market momentum during the quarter, with data center infrastructure and AI-enabled software platforms benefiting from increased capital spending. The Fund's holdings like Amphenol gained from AI-driven data center demand, while Samsara leverages AI to help companies optimize operations and prevent accidents.	LPLA SAMS	View
2026 Q1	Apr 29, 2026	Oldfield Partners Overstone World All Cap Equity Fund	-3.8%	-3.8%	BTRW.L, EZJ.L, Gold, MT, STLA	contrarian, diversification, global, Low Valuations, Non-US, value		STLA Gold	View
2025 Q1	Apr 17, 2025	Titan Wealth	-	-	AAPL, ADBE, AMD, AMZN, AVGO, BIO, BMW.DE, EBAY, EL, EOAN.DE, ETSY, HEIA.AS, JPM, LLY, MT, NKE, NVDA, RWE.DE, STLA, V	AI, ETFs, Europe, infrastructure, tariffs, technology, Utilities	The ongoing rise of Exchange Traded Funds has significantly altered equity market structure, with the top 10 companies now accounting for around 20% of the MSCI World Index. This dominance is driven by passive investment flows, creating both challenges and opportunities for active managers.		View
2025 Q3	Oct 7, 2025	Oldfield Partners Overstone Global Large Cap	5.8%	26.7%	0001.HK, 005930.KS, BABA, CVE, DIS, EZJ.L, HEIA.AS, MT, SNY	AI, Bubble, Cloud, contrarian, global, semiconductors, value	Markets increasingly dominated by AI with extreme valuations reminiscent of dotcom bubble. Palantir trades at 100x revenue, OpenAI at 40x revenue. Risk of capital misallocation rising with companies like CoreWeave spending $20bn on capex against $5bn revenue.	CKHUY US BABA US 005930 KS	View
2025 Q4	Jan 29, 2026	Pzena International Value ADR Strategy	6.3%	35.3%	0027.HK, 2587.T, 6301.T, 6326.T, 6367.T, 6981.T, ABEV, ACN, BABA, BAYRY, CABK.MC, ML.PA, MT, NOK, PUB.PA, VALE	AI, cyclicals, financials, international, materials, value	International value equities benefited from easing trade tensions, improved investor risk appetite, and strong performance across European cyclical sectors. Financials, materials, and selected industrials drove returns as valuation gaps narrowed and earnings expectations improved. The manager continues to exploit market volatility and exaggerated disruption fears, particularly around artificial intelligence, to accumulate high quality international franchises at attractive prices.	VALE ACN 6326 JP	View
2025 Q4	Jan 11, 2026	Oldfield Partners Overstone World All Cap Equity Fund	12.5%	45.2%	005930.KS, AC.TO, FFH.TO, Gold, J36.SI, LLOY.L, MT	AI, Asia, Conglomerates, diversification, global, gold, Steel, value	The fund focuses on traditional companies trading at attractive valuations while markets have been distracted by AI and tech excitement. Average price-earnings ratio of holdings is less than twelve and average price-book value is well under one, representing opportunities among essentially sound businesses at moderate valuations. Despite being the year of AI, it has been highly successful for this value manager. The fund has AI exposure through companies in the SK group, Samsung, and Curiosity Stream, with Samsung and SK being major contributors to performance in 2025. Barrick Mining has been the outstanding contributor to fund performance. At the current level of the gold price, it remains highly attractive as an investment opportunity. ArcelorMittal, the European and Indian steel company, has been a major contributor to the fund's performance in 2025 and continues to be held in the portfolio.		View
2025 Q4	Jan 11, 2026	Oldfield Partners Overstone Global Large Cap	6.3%	34.7%	005930.KS, ASML, BABA, BNZL.L, CNHI, EXO.MI, HEN3.DE, LLOY.L, MT, NVDA, PHG, RACE, STLA, TSM, UHR.SW	AI, diversification, global, Luxury, semiconductors, technology, value	AI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. The fund focuses on investing in companies with low valuations that are unloved, ignored, or out of favor but remain fundamental to the global economy. Despite persistent bubble discussions, opportunities continue to exist away from media headlines in companies trading at attractive valuations. New investment in Swatch represents exposure to luxury watch brands including Omega, Longines, Tissot, and others. The investment thesis is based on tangible assets including Swiss real estate and the potential for operating leverage when luxury demand recovers from current structural pressures.		View
2024 Q2	Jul 27, 2024	Baron Growth Fund	11.1%	7.4%	ACGL, ALTR, ANSYS, ARE, BFAM, BYD, CG, CHH, CNS, CSGP, CWAN, DEI, DNUT, ESNT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, MC, MORN, MSCI, MT, MTN, NEOG, PRI, RRR, TECH, TREX, WST	growth, insurance, Long Term, real estate, small cap, software	The fund holds multiple specialty insurance positions including Kinsale Capital Group and Arch Capital Group. Kinsale operates in the excess and surplus market with continued share gains despite slower premium growth. Arch Capital reported strong operating ROE of 21% and book value growth of 40%.		View
2024 Q2	Jun 30, 2024	Robotti Value Investors	0.0%	0.0%	IFP.TO, IIIN, MT	cyclicals, Lumber, market inefficiency, Steel, value, volatility	The U.S. steel industry demonstrates market inefficiency with public companies trading at large discounts to intrinsic value while being acquired at significant premiums. Recent M&A activity shows Cleveland Cliffs bidding $35 for US Steel trading at $22, Nippon Steel bidding $55 (150% premium), and Stelco acquired at 87% premium. The manager invested in ArcelorMittal, focusing on its EAF technology and attractive valuation.	IFP.TO MT	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Robotti Value Investors	ArcelorMittal S.A.	Materials	Steel	Bull	NYSE	contrarian, Eaf, Electric Arc Furnace, Environmental Technology, Global, Industrial, materials, Steel, Ugly Duckling, Value	View Pitch
Jan 14, 2026	Seeking Alpha	Seeking Alpha	ArcelorMittal S.A.	Metals & Mining	Steel	Neutral	New York Stock Exchange	ArcelorMittal, Chinese overcapacity, Decarbonization, Growth markets, low-carbon steel, multinational, smart steel, steel industry, valuation, vertical integration	View Pitch

BSD Shareholders of MT

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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