MTRO-L

MTRO-L

MTRO-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 10, 2025	Kernow Asset Management	-	-	CARD.L, FRAS.L, GFRD.L, MTRO.L, SAGA.L, SMDS.L, STB.L	Banking, contrarian, regulation, retail, Short Selling, UK Equities	Manager is long Metro Bank following regulatory signals that may allow exit from MREL band, potentially unlocking £500m in capital. Also long Secure Trust Bank after favorable UK car finance court ruling, though provisions may rise from £6m to £20m. Simultaneously short another bank where similar provision escalation would be terminal.	STB.L WHSM.L MTRO.L STB LN MTRO LN SMWH LN	View
2024 Q2	Aug 31, 2024	Kernow Asset Management	-	16.2%	CMCX.L, FRAS.L, GFRD.L, HSX.L, JET2.L, MTRO.L, RMV.L	contrarian, Long/Short, tax policy, United Kingdom, value, volatility	Global markets experienced extreme volatility in August with the VIX spiking from 12 to 65, its highest level since COVID-19. Japan dropped 12% in a single session, yet markets recovered within a week. The manager views this volatility as opportunity, increasing their CMC Markets position during the panic.	RMV.L JET2.L CMCX.L	View
2025 Q2	Jul 20, 2025	Brennan Asset Management	-	-	CHTR, CMCSA, CODI, GLV.L, LBRDA, MTRO.L, TIGO	Banking, Europe, international, M&A, tariffs, Telecom, Trade Policy, value	The Trump administration has implemented aggressive tariff policies with rates ranging from 20-200% across various countries and sectors. These tariffs are evolving from trade policy to countermeasures against any policy disagreements, creating substantial economic uncertainty and potential inflationary pressures.	CHTR CODI PTSB.L MTRO.L TIGO	View
2025 Q1	May 1, 2025	Brennan Asset Management	-	-	AIBG.L, ARCO, BOI.L, CODI, GLV.L, GTX, LBRDA, MTRO.L, PLTR, SIRI, TIGO, TSLA	Banking, Europe, inflation, Ireland, tariffs, Trade Policy, value	Trump 2.0 administration imposed universal tariffs starting with 25% on Mexico and Canada, followed by Liberation Day with 10% universal tariffs and much higher reciprocal rates including 145%/125% on US/China trade. These tariff rates are the highest since the 1930s and have created massive market volatility and recession concerns.	PTSB.L	View
2024 Q1	Apr 30, 2024	Kernow Asset Management	8.0%	22.7%	FRAS.L, GFRD.L, HSX.L, IP, ITV.L, MNDI.L, MTRO.L, SAGA.L, SMDS.L	Buybacks, contrarian, Long/Short, Mid Caps, UK Equities, value, water	Multiple UK companies are engaging in substantial share buybacks, including ITV returning £235m (10% of market cap) and Hiscox announcing a new US$150m buyback program. This demonstrates intelligent capital allocation amid compelling company valuations.	MTRO.L MNDI.L HSX.L ITV.L	View
2026 Q1	Apr 24, 2026	Brennan Asset Management	-	-	CAB.L, CODI, DCC.L, MTRO.L, NFLX, PARA, SNEX, WBD	Banking, energy, Europe, Geopolitical, M&A, Media, payments			View
2025 Q3	Oct 7, 2025	Kernow Asset Management	5.2%	12.1%	BRBY.L, CARD.L, DRX.L, FRAS.L, GFRD.L, KIST.L, MTRO.L, PETS.L, SAGA.L, W7L.L, WISE.L, WIZZ.L	contrarian, Copper, energy, Long/Short, Luxury, Travel, UK Equities, value	Drax has executed a herculean shift from fossil fuels to become the UK's largest renewable energy provider, supplying around 5% of the nation's power. The company faces burning questions about new favorable contracts for its assets, as current arrangements involving shipping Canadian forests to burn in Yorkshire upset environmentalists, fossil fuel loyalists, and trees alike. Despite policy uncertainty, Drax has demonstrated its ability to adapt.	DRX LN WISE LN SAGA LN	View
2024 Q3	Oct 30, 2024	Kernow Asset Management	-	16.0%	CARD.L, CMCX.L, FRAS.L, GFRD.L, HOL.L, HSX.L, HTG.L, MTRO.L, SAGA.L, VID.L, WISE.L	contrarian, infrastructure, Long/Short, small caps, Uk, value	Manager identifies significant value opportunities in UK equities, particularly noting Metro Bank and other holdings trading at attractive valuations. Emphasizes asymmetric return characteristics where investment thesis differs from consensus.		View
2024 Q4	Jan 8, 2025	Kernow Asset Management	8.0%	23.0%	CARD.L, CMCX.L, GFRD.L, HSX.L, MS, MTRO.L, PNN.L, SAGA.L, STAN.L, WISE.L	contrarian, Fintech, Long/Short, UK Equities, value, water	Wise continues to exceed expectations by adding wholesale clients like Morgan Stanley and Standard Chartered to its traditionally retail-focused FX business. This expansion is three years ahead of expectations and represents a significant competitive advantage through low-cost infrastructure that peers cannot match on price.	WISE.L	View
2025 Q4	Jan 18, 2026	Brennan Asset Management	0.0%	0.0%	CODI, DCC.L, GLIBA, MTRO.L, NFLX, PTSB.IR, WBD	AI, Banking, energy, international, Media, special situations, value	Manager experimented with AI tools for presentation creation, finding initial promise but significant limitations in execution. The experience highlighted both benefits and constraints of current AI applications for routine work tasks. This reinforced skepticism about AI productivity promises and market valuations at 41x CAPE. Focus on Metro Bank's transformation into commercial and specialty mortgage bank, with MREL exit providing significant cost savings. PTSB sales process ongoing with potential strategic and private equity bidders. Both banks offer attractive risk-reward profiles despite challenging UK and Irish economic environments. DCC represents focused energy distribution opportunity following divestiture of non-core businesses. The propane distribution business offers stable, cost-plus pricing with customer captivity through tank ownership. Solar installation services provide growth opportunity in European commercial market. Warner Brothers Discovery sales process continues with Netflix bid competing against Paramount's hostile tender. The regulatory process will involve political considerations. GCI Communications rights offering completed with potential for future acquisitions as Liberty Media vehicle. Manager continues finding more attractive opportunities internationally than domestically. Portfolio holdings trade at low relative and absolute valuations despite broader market expensiveness. Focus on special situations with multiple catalysts for rerating.	DCC LN CODI WBD PTSB ID MTRO LN	View
2025 Q4	Jan 12, 2026	Kernow Asset Management	0.0%	16.4%	CARD.L, CMCX.L, KIST.L, MTRO.L, SAGA.L, SMWH.L, STB.L, WISE.L	Banking, contrarian, Data centers, Long/Short, oil, Uk, value	The fund demonstrates classic value investing principles, buying companies trading below book value. Secure Trust Bank trades at half its book value, effectively allowing investors to buy £1 for 50p. The contrarian approach of buying when oil dropped 20% and others are selling exemplifies value discipline. Significant exposure to UK banking sector with Secure Trust Bank, Metro Bank Holdings, and CMC Markets representing major positions. Secure Trust Bank's division sale at premium to book value and new lending strategy announcement expected at Capital Markets Day are key catalysts. Despite oil dropping 20% in 2025 and Trafigura expecting further declines amid supply glut, the fund maintains contrarian positioning. Kistos doubled oil and gas production through Middle East acquisition, creating what the manager views as the most mispriced stock in the portfolio. Shorted Fermi, a £12bn AI data centre IPO, betting against the peak of AI data centre euphoria. The thesis relied on political shifts and tech breakthroughs reshaping the landscape. The stock dropped 70% within three months, validating the short position.	MICC LN FRMI LN CARD LN KIST LN STB LN	View
2023 Q3	Sep 30, 2023	Kernow Asset Management	8.0%	22.7%	CEY.L, FRAS.L, GFRD.L, HSX.L, MNDI.L, MTRO.L, VID.L	contrarian, Elections, Long/Short, takeovers, Uk, value	UK-listed companies continued to attract takeover interest with eight businesses receiving bids in November, including Hotel Chocolat which received an offer 170% above the previous day's closing price from Mars. This takeover activity demonstrates the value available in UK equities and provides opportunities for the portfolio.	VID.L	View
2025 Q1	Apr 18, 2025	Kernow Asset Management	-5.9%	-5.9%	BKG.L, BRBY.L, CARD.L, GFRD.L, HSX.L, HTG.L, MTRO.L, WISE.L	Buybacks, Capital Allocation, contrarian, Long/Short, United Kingdom, value	Manager focuses on businesses with asymmetric return characteristics trading below intrinsic value. Berkeley Group highlighted as undervalued with strong cash position and forward visibility. Hunting exited as value trap despite 100% returns due to poor capital allocation by management.	BKG.L GFRD.L BRBY.L HTG.L	View
2020 Q4	-	-	-	-	MTRO.L	Banking, energy, international			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Brennan Asset Management	Metro Bank PLC	Financials	Regional Banks	Bull	London Stock Exchange	commercial lending, contrarian, debt refinancing, high ROE, MREL, Regulatory Relief, takeover target, turnaround, UK Banking	View Pitch
Apr 13, 2026	Fund Letters	Kernow Asset Management	Metro Bank Holdings PLC	Financials	Banks	Bull	London Stock Exchange	banking, Capital Release, MREL, regulatory catalyst, retail banking, turnaround, UK, Value	View Pitch
Apr 13, 2026	Fund Letters	Kernow Asset Management	Metro Bank Holdings PLC	Financials	Banks	Bull	London Stock Exchange	banking, cost-cutting, deposit growth, recapitalization, ROE Target, turnaround	View Pitch

BSD Shareholders of MTRO-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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