MWG.L Archives

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q4	Feb 3, 2026	MSA Capital Partners Fund / Truffle Fund	0.0%	0.0%	ABF.L, DCC.L, FERG.L, FPE3.DE, MWG.L, TCX, UTDI.DE, VWPL.L, WINE.L	AI, Buybacks, Conglomerates, Europe, underperformance, value	Multiple portfolio companies executed significant share repurchase programs in 2025, including Virgin Wines repurchasing 10% of shares, DCC buying back 12% through tender offer, Associated British Foods repurchasing 5%, and Naked Wines retiring 7% of share capital. Manager views these buybacks at low valuations as value-creating for shareholders. Manager emphasizes investing in companies trading below intrinsic value, with several holdings described as net-net situations where market cap trades below cash holdings. Focus on companies with reasonable business models, competitive advantages, and rational management available at reasonable prices. Market concerns about artificial intelligence impact on comparison portal business models led to significant price declines across the sector. Manager believes market is overreacting to AI buzzword and underestimates adaptability of successful platform businesses led by experienced entrepreneurs.	TCX US WINE US ABF LN DCC LN CHG GR VINO LN	View

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of MWG-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

MWG-L

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Letters With This Ticker

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BSD Shareholders of MWG-L

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