NHC-AX

NHC-AX

NHC-AX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jun 30, 2025	Ganes Focused Value Fund	7.5%	-	ALU.AX, APE.AX, ARB.AX, AUB.AX, CBA.AX, COH.AX, DDR.AX, FID.AX, LOV.AX, MFF.AX, NHC.AX, PSI.AX, PWH.AX, RDX.AX, REH.AX, SMP.NZ	Australia, Automotive, retail, takeovers, value, volatility	The fund experienced extreme volatility with four top 10 holdings falling more than 50% during the year, which is highly unusual when the broader market delivered positive returns. The manager views this volatility as advantageous for long-term returns, noting that having some investors willing to pay optimistic prices and others selling at depressed prices can benefit patient investors.	FID.AX PWH AU SPY NZ APE AU LOV AU FID AU	View
2023 Q2	Jun 30, 2023	Packer & Co	-	-	BABA, BAYRY, BKY.AX, CEO, CHL, CHU, ERA.AX, HES, NHC.AX, STNG	Banking, China, energy, inflation, interest rates, real estate, Recession, value	Central banks printed money believing it would have no consequences for inflation or interest rates, but inflation rose from 2% to 9% in a year. Core underlying inflation is proving hard to eradicate as wage increases spur prices, forcing the Federal Reserve to raise rates by 5% in just over a year.		View
2024 Q4	Dec 31, 2024	Ganes Focused Value Fund	-	5.9%	AMZN, APE.AX, ARB.AX, AUB.AX, AXP, DDR.AX, DMP.AX, GOOGL, LOV.AX, MA, MFF.AX, NHC.AX, PWH.AX, RDX.AX, REH.AX, V	Australia, Concentration, long-term, Quality, retail, technology, value	The fund maintains a concentrated portfolio approach with top 10 holdings representing approximately 80% of the portfolio. This concentration has driven long-term outperformance but creates short-term volatility when individual holdings underperform. The manager emphasizes this concentrated strategy as their north star for finding high quality companies to own long-term.	DMP.AX MFF.AX PWH.AX LOV.AX	View
2024 Q4	Dec 31, 2024	Packer & Co	-	11.8%	0762.HK, 0941.HK, BABA, BIDU, BKY.L, CNOOC, HES, J36.SI, NE, NHC.AX, NXE, PRX, SDRL, STNG, U.TO, VAL, YCA.L	Cash, China, oil, uranium, US Markets, Valuations, value	Chinese stocks offer exceptional value with technology companies trading at massive discounts to western peers despite strong fundamentals. The fund holds 8% in leading Chinese tech firms including Alibaba, Baidu, and Tencent which are highly profitable with huge cash balances. Chinese telecom companies continue to generate strong returns and remain attractively priced at large discounts.		View
2023 Q4	Dec 31, 2023	Packer & Co	-	6.2%	0762.HK, 0941.HK, AAPL, AMZN, BABA, BAYRY, BKY.AX, CNOOC, CVX, ERA.AX, GOOGL, HES, META, MSFT, NHC.AX, NVDA, SRUUF, STNG, XOM, YCA.L	China, energy, oil, Recession, technology, uranium, value	The fund holds CNOOC as its largest position at 10.4%, China's premier oil company producing 2% of world oil. CNOOC trades at just 4x P/E and is rapidly expanding output with focus on offshore China and Guyana where it holds 25% interest in the enormous Stabroek discovery alongside Exxon and Hess.	9988.HK ERA.AX 0941.HK HES CEO	View
2025 Q3	Oct 12, 2025	Ganes Focused Value Fund	16.2%	-	APE.AX, ARB.AX, AUB.AX, DDR.AX, FID.AX, LOV.AX, MFF.AX, NHC.AX, PWH.AX, RDX.AX, REH.AX	Australia, Automotive, insurance, retail, small caps, value	Eagers Automotive was the strongest performer, rising 68% during the quarter and contributing about 30% of fund gains. The shares are up 168% over the past year while paying 74c per share in fully-franked dividends.	REH AU AUB AU PWH AU LOV AU	View
2025 Q4	Jan 9, 2026	Ganes Focused Value Fund	-6.7%	0.0%	APE.AX, ARB.AX, AUB.AX, BVS.AX, DDR.AX, FID.AX, LOV.AX, MFF.AX, NHC.AX, PWH.AX, RDX.AX	Australia, Automotive, Founders, software, value	Eagers Automotive made a $1 billion investment in Canadian dealership CanadaOne, acquiring 65% stake. The Canadian market is less competitive with only 36 car brands versus 75 in Australia, and CanadaOne covers fixed costs through service departments before selling cars. Bravura Solutions provides mission-critical software to financial institutions globally with high switching costs. The company was acquired by interests connected to Constellation Software's playbook of buying sticky software businesses.		View
2025 Q1	Mar 31, 2025	Ganes Focused Value Fund	-10.1%	-10.1%	APE.AX, ARB.AX, AUB.AX, DDR.AX, LOV.AX, MFF.AX, NHC.AX, PWH.AX, RDX.AX, REH.AX, SMP.AX	Australia, dividends, industrials, Quality, retail, value	The fund focuses on high quality businesses that are better value now after share price declines. The manager emphasizes that the economics of their holdings remain largely unchanged despite poor short-term performance, making them more attractive investments at current prices.	RDX.AX REH.AX AUB.AX PWH.AX LOV.AX	View

Pitches With This Ticker

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

BSD Shareholders of NHC-AX

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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