NOV

NOV

NOV

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 25, 2025	Oldfield Partners Overstone Global Large Cap	8.7%	19.7%	6971.T, 9433.T, BABA, BNZL.L, BT-A.L, CB, DIS, FRE.DE, NOV, SSNC, WTB.L	Bubble, diversification, Dollar, global, valuation, value	The portfolio trades at only 11x earnings, a 15% discount to its historical average, while the S&P 500 appears expensive at 22x forward earnings representing a 40% premium to its 20-year average. The Shiller price-to-earnings ratio currently stands at 38x, a level historically associated with near-zero real returns over the subsequent decade.	BNZL.L 6971.T	View
2023 Q2	Jul 6, 2023	Citadel Value Fund	-	-	005930.KS, 6208.T, 7248.T, AD.AS, AEO, BKNG, CON.DE, LIGHT.AS, NOV, SOL.MI, STLA, UHR.SW, VLGEA, VTSC.DE	Automotive, Europe, Fundamental Analysis, Industrial, small caps, value	Fund focuses on fundamental company analysis to estimate intrinsic value and achieve margin-of-safety by paying much less than intrinsic value. Portfolio trading at 44% discount to estimated intrinsic value with weighted free cash flow yield of 8%.	STLA LIGHT.AS APA\|C\|FFIV\|KHC\|NOV\|UNH VTSC.DE SOL.MI	View
2023 Q2	Jul 28, 2023	Azvalor Iberia	-	9.4%	ARCH, DEC.PA, ELE.MC, Gold, GRF.MC, NE, NOV, PSG.MC, PSK.TO, TLW.L, TRE.MC, TS.PA, TUB.MC	contrarian, Discipline, energy, Europe, gold, Spain, valuation, value	Azvalor emphasizes disciplined value investing, buying companies trading below intrinsic value and selling when they reach fair value. The fund's price-to-value ratio indicates attractive returns ahead, contrasting with expensive broader markets where only 10 companies drove 82% of S&P 500 returns.		View
2023 Q2	Jul 28, 2023	Azvalor Internacional	-	-0.3%	ARCH, CMMC, DEC.PA, Gold, NE, NOV, PDCE, PSK.TO, TEN.MI, TLW.L	contrarian, energy, gold, Spain, valuation, value	Azvalor emphasizes disciplined value investing through rigorous company valuation and contrarian positioning. The firm's process involves buying undervalued companies when unpopular and selling when they reach fair value, as demonstrated by their Tenaris-JC Decaux rotation. Current portfolios trade at attractive valuations with significant upside potential.		View
2025 Q2	Jul 27, 2025	Hotchkis & Wiley Global Value Fund	6.9%	13.3%	AIG, BAB.L, CMCSA, D, ELV, ERIC, FFIV, GEHC, GM, HEIA.AS, JDEP.AS, KHC, NOV, UNH, WDAY	energy, financials, global, healthcare, industrials, technology, value	UK and other European countries are investing more in defense spending, benefiting companies like Babcock International which has 60% of revenue from Ministry of Defense contracts. Revenue growth and profitability should continue as defense investment increases.	KHC NOV ELV JDEP.AS UNH BAB.L	View
2025 Q2	Jul 27, 2025	Hotchkis & Wiley Large Cap Fundamental Value	3.4%	5.3%	AIG, APA, C, CMCSA, D, ERIC, FFIV, GM, KHC, NOV, UNH, WDAY, WFC	AI, energy, financials, healthcare, large cap, Quality, technology, value	The portfolio maintains a value-oriented approach with price-to-earnings ratio in line with long-term averages. The manager is willing to pay higher multiples for quality businesses that are well capitalized and managed, noting a valuation dichotomy between value and growth indices that should benefit active investors focused on fundamentals.	KHC NOV APA FFIV C UNH	View
2024 Q2	Jul 1, 2024	Citadel Value Fund	-	-	005930.KS, 3436.T, 6222.T, 7248.T, AD, AEO, CON.DE, NOV, STLA, UHR.SW	Autos, Cash Generation, global, semiconductors, small cap, value	Citadel focuses on businesses that are highly cash generative relative to their purchase price, buying them at a discount to intrinsic value. The portfolio trades at a 33% discount to estimated intrinsic value with a 7% free cash flow yield. This approach has delivered solid returns and remains robust despite market anomalies.	STLA 3436.T	View
2023 Q4	Dec 21, 2023	Citadel Value Fund	-	-	005930.KS, 6201.T, 7932.T, AD.AS, AEO, BKNG, CON.DE, DEW.L, LIGHT.AS, MPAC.L, NOV, SOL.MI, STLA, TGS.OL, UHR.SW, VLGEA, VTSCY, ZWACK.BD	Automotive, Europe, semiconductors, small caps, technology, value	Fund emphasizes fundamental value investing approach with focus on margin of safety and intrinsic value estimation. Portfolio trading at 36% discount to estimated intrinsic value with 7% free cash flow yield. Manager discusses risk as permanent capital loss rather than volatility.	005930.KS	View
2022 Q3	Oct 17, 2022	Heartland Value Fund	9.8%	13.5%	NOV, PDCO, TCBI	-			View
2024 Q4	Jan 28, 2025	Citadel Value Fund	-	-	005930.KS, 3436.T, 6201.T, AAPL, AD.AS, AEO, BC, CON.DE, JST.DE, KER.PA, NOV, NVDA, PHIA.AS, STLA, TGS.OL, UHR.SW, VLGEA	Automotive, Industrial, Luxury, semiconductors, small caps, technology, value	The fund emphasizes value investing principles, purchasing solid investments at low entry valuations as a time-tested approach since 2002. The portfolio trades at a 44% discount to estimated intrinsic value with a look-through free cash flow yield of 6% and EV/EBITA multiple of 8x, contrasting with the MSCI World index at 18x operational profit.	STLA BC KER.PA JOST.DE	View
2024 Q3	Sep 30, 2024	Ariel Appreciation Fund	9.9%	0.0%	CBRE, CLB, LAZ, NOV, SCHW, SRCL, SWK, WBA	Buybacks, earnings, free cash flow, interest rates, mid cap, value	Stanley Black & Decker delivered robust quarterly earnings with positive organic revenue growth in Tools and Outdoor segment for the first time since late 2021. The company's transformation initiatives remain on track with margin expansion from sourcing initiatives and productivity improvements.	SCHW CLB NOV CBRE LAZ SWK	View
2024 Q3	Sep 30, 2024	Polaris Global Equity	6.9%	12.7%	ABBV, ALSN, BPOP, CTC.TO, GILD, GLPI, INGR, MPC, MSFT, MTB, NOV, NVDA, SAIC, SBH, UTHR	AI, Biotechnology, cyclicals, financials, global, rates, value	Interest rates finally peaked with most central banks globally initiating an easing cycle. The era of 0% interest and free money has ended, with rates expected to remain higher than the prior cycle. This normalized rate environment makes current earnings and dividend payments more valuable while future earnings projections become less so.		View
2024 Q3	Sep 30, 2024	Hotchkis & Wiley Large Cap Fundamental Value	0.0%	0.0%	APA, ERIC, FFIV, GM, NOV, UL	Defensive, energy, financials, healthcare, large cap, value	The portfolio maintains a strong value orientation with 90-93% active share relative to benchmarks. Healthcare positions trade at 12x normal earnings representing attractive valuations. Bank valuations are at a larger-than-normal discount to the market, roughly 2 standard deviations wider than the 30-year average.	GM NOV APA UL ERIC FFIV	View
2023 Q3	Sep 30, 2023	Heartland Mid Cap Value Fund	8.2%	9.7%	FAF, NOV, SPB	Bottom-up, Consumer Staples, Cyclical, energy, financials, mid cap, value	The fund employs a two-bucket value approach, investing in both high-quality companies at attractive valuations and deeply discounted companies with poor recent returns but low statistical valuations. The portfolio is deliberately constructed with these buckets in mind without relying on top-down forecasts to favor one subset over the other.	SPB APA\|C\|FFIV\|KHC\|NOV\|UNH FAF	View
2023 Q2	Jun 30, 2023	Oakmark Global Fund	7.5%	0.0%	AIG, AMZN, ARNC, BABA, BAC, BUD, CNHI, COP, CRBG, CWK, DHR, GLEN.L, GOOGL, IQV, MBG.DE, NOV, ORCL, RYAAY, THC	energy, global, insurance, Life Sciences, technology, value	The fund initiated positions in Danaher and IQVIA Holdings, both leaders in life sciences. Danaher maintains a portfolio focused on bioprocessing, life science tools, genomics and diagnostics with secular growth opportunities. IQVIA is positioned at the heart of trends toward advanced therapeutics and personalized medicine as the most levered CRO to decentralized clinical trials.	IQV DHR CRBG	View
2025 Q1	Mar 31, 2025	Ariel Appreciation Fund	-6.9%	-6.9%	AAPL, ADT, AMZN, BIO, GOOGL, GS, KN, MAT, META, MIDD, MSFT, MTN, NCLH, NOV, NVDA, OSW, SLB, TSLA, WBA	Buybacks, mid cap, Recession, Recovery, value, volatility	Fund actively acquiring downtrodden shares of quality companies trading at significant discounts to private market values. Holdings are statistically cheap and trading at meaningful discounts to intrinsic worth. Past dislocations of this magnitude have often served as prelude to robust recoveries.	SLB OSW NCLH KN BIO ADT MIDD MAT	View
2023 Q1	Mar 31, 2023	Oakmark Global Fund	7.5%	0.0%	AIG, BAC, BAYRY, CAP.PA, COF, COP, GLEN.L, GOOGL, ICE, MA, NOV, NVST, TEL	Banking, financials, global, Opportunistic, value	Banking sector turmoil created opportunities as Silicon Valley Bank and Signature Bank failed due to duration risk and uninsured deposits. The fund added two new financials with strong balance sheets at attractive prices after sector-wide selloff.	NVST DICE COP COF CAP FP AIG	View
2023 Q3	Mar 10, 2023	Ariel Appreciation Fund	9.9%	0.0%	AXTA, GNRC, IPG, KKR, MAT, NOV	Advertising, Asset Managers, energy, Entertainment, mid cap, Power Equipment, value	NOV Inc. advanced following strong earnings as improving offshore drilling demand leads to higher day rates and longer contract terms. The company is deploying new digital, low emissions fracking equipment and rig automation to enhance drilling efficiency, while winning international projects including Saudi Aramco's 10-year rig building plan.	AXTA GNRC IPG KKR APA\|C\|FFIV\|KHC\|NOV\|UNH AMAT	View
2023 Q4	Feb 28, 2024	Azvalor Iberia	0.0%	23.9%	CASH.MC, EDV.TO, ENO.MC, Gold, IMB.L, JDW.L, MCG.L, NE, NOV, TLW.L, TRE.MC, TS, TUB.MC, VALE, WHC.AX	contrarian, energy, Europe, Mining, Spain, value	Azvalor focuses on investing in companies trading at significant discounts to intrinsic value. The funds currently trade at around 55% of their estimated value, suggesting long-term expected returns above 10%. The firm emphasizes analyzing each company's fundamentals while avoiding market timing predictions.		View
2023 Q4	Feb 28, 2024	Azvalor Internacional	0.0%	9.8%	EDV.TO, Gold, IMB.L, MCG.L, NOV, VALE	international, Mining, portfolios, returns, valuation, value	Azvalor focuses on buying companies trading below intrinsic value, with current portfolios trading at 55% of estimated value suggesting long-term expected returns above 10%. The firm emphasizes analyzing individual companies while avoiding market timing predictions.		View
2023 Q4	Jan 18, 2024	Polaris Global Equity	6.9%	12.7%	000270.KS, 000338.SZ, 000660.KS, 005930.KS, 6758.T, 7267.T, AD.AS, ALSN, AMC, BERY, BPOP, BWY.L, COF, ENI.MI, GD, HNR1.DE, IBOC, IPS.PA, JAZZ, KGX.DE, MSFT, MUV2.DE, NOV, NOVN.SW, NXT.L, PUB.PA, SBH, SDZ.SW, SKG.L, SLM, TW.L, WBS, YAR.OL	AI, Banking, financials, global, interest rates, value	Banking sector outperformed after Fed shifted narrative from rate increases to possible declines in 2024. Thirteen financial holdings recorded gains exceeding 15%, including U.S. banks and German reinsurers benefiting from hard market pricing and better investment returns.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Hotchkis & Wiley Large Cap Fundamental Value	NOV Inc.	Energy	Energy Equipment & Services	Bull	NYSE	aftermarket, Cyclical, Energy Services, Equity, Oilfield Equipment, recovery, Rig Technology, Value	View Pitch
Apr 13, 2026	Fund Letters	Hotchkis & Wiley Global Value Fund	NOV Inc.	Energy	Energy Equipment & Services	Bull	NYSE	Cyclical Recovery, Drilling Activity, Energy Prices, Energy Services, Newbuild Cycle, Oilfield Equipment, Rig Aftermarket	View Pitch
Apr 13, 2026	Fund Letters	Ariel Appreciation Fund	NOV Inc	Energy	Oil & Gas Equipment & Services	Bull	NYSE	backlog conversion, capital return, dividend, international markets, offshore drilling, Oil & Gas Equipment, share repurchase	View Pitch
Apr 13, 2026	Fund Letters	Hotchkis & Wiley Large Cap Fundamental Value	NOV Inc.	Energy	Energy Equipment & Services	Bull	NYSE	aftermarket services, Cyclical Recovery, Drilling Equipment, Energy Services, Installed base, Oilfield Equipment, operating leverage	View Pitch
Aug 8, 2025	Seeking Alpha	Waterside Insight	NOV Inc.	Energy	Oil & Gas Equipment & Services	Bull	NYSE	—	View Pitch

BSD Shareholders of NOV

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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