NTDOY

NTDOY

NTDOY

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 30, 2025	Crossroads Capital	36.9%	-	ASTS, NTDOY	Balance Sheets, free cash flow, mispricing, small caps, value	The letter discusses inefficiencies in small and mid-cap markets where fear-driven selling has disconnected prices from fundamentals. Management views balance sheet strength and free cash flow durability as critical in identifying undervalued opportunities. The outlook favors patient ownership as normalization restores intrinsic value.		View
2025 Q1	Apr 25, 2025	Crossroads Capital	-7.6%	-7.6%	CLMT, FTAI, MGNI, NTDOY, VTY LN	-			View
2025 Q1	Apr 15, 2024	The London Company Income Equity	4.4%	4.4%	AAPL, BLK, GLW, MRK, MSFT, NTDOY, PGR, PM	-			View
2025 Q4	Feb 26, 2026	Crossroads Capital	2.7%	37.7%	ASTS, CLMT, FTAI, META, MSFT, NBIS, NTDOY, NVDA, ORCL, PLTR	aerospace, AI, gaming, growth, small cap, Space, technology, value	Nintendo continues to demonstrate exceptional performance with Switch 2 becoming the fastest-selling console in history, selling 17.4 million units in just 7 months. The company has a historically rich first-party software pipeline and is building new recurring revenue streams through Nintendo Switch Online and its expanding cinematic universe. AST SpaceMobile has transitioned from R&D startup to scaleup, successfully deploying the largest commercial communications antenna in low-Earth orbit with BlueBird 6. The company has secured over $1 billion in pre-funded revenue commitments and won a prime position on America's Golden Dome missile defense architecture. Nebius Group operates as an AI-first cloud platform with major hyperscaler contracts including $17.4 billion with Microsoft and $3 billion with Meta. The company is building substantial AI infrastructure capacity with 2.5 GW of contracted power by end-2026. FTAI Aviation is transforming into a capital-light MRO franchise for CFM56 engines through its Strategic Capital Initiative, creating 'green time' by manufacturing proprietary PMA parts. The company is also expanding into data center power generation by repurposing jet engines into aeroderivative gas turbines.	FTAI NBIS ASTS NTDOY	View
2025 Q4	Feb 10, 2026	FPA Source Capital	4.3%	18.4%	ADI, CRM, GOOGL, IFF, META, MSFT, MTN, NOW, NTDOY, ORCL, SAF.PA, SAP, SNOW, TEL, WDAY	Balanced, credit, private credit, Quality, small caps, value	The fund emphasizes being 'value aware' and focuses on finding rare cases where both quality and value intersect. They regularly search the 52-week low list for potential opportunities rather than momentum plays. The managers believe the investment community is casting its gaze away from various market constituents that offer asymmetric risk-reward for those willing to look forward three to five years. The fund is actively investing in global securities with lower market capitalizations, believing these offer attractive opportunities that are being overlooked. They note there may be a shrinking pool of active investors with the interest and resources to conduct in-depth research on lower market-cap names. Source has 25.9% committed to private credit including called and uncalled capital as of quarter-end. The managers continue to look for opportunities to increase that exposure, viewing private credit as an attractive asset class for the fund's balanced strategy. The fund is responding to historically low credit spreads by reducing exposure to high yield and other lower-rated debt. They believe current spreads offer insufficient compensation for credit risk and increase the risk of permanent impairment of capital. The managers are downside-focused and do not share the market's optimism needed to justify such low spreads.	MSFT MTN IFF SAF FP TEL	View
2025 Q3	Oct 28, 2025	The London Company Income Equity	5.8%	15.4%	AAPL, CMI, DEO, FIS, GLW, NSGRY, NTDOY, PM, TEL, UNH	Artificial Intelligence, dividends, healthcare, income, Quality	The portfolio outperformed its benchmark, led by AI-linked industrial and technology names such as Corning and TE Connectivity. Management added Cummins and UnitedHealth, citing durable advantages, resilient cash flows, and demographic-driven growth in healthcare. Despite near-term volatility, the fund remains focused on dividend yield, quality balance sheets, and steady earnings to preserve capital amid elevated valuations.	UNH TEL GLW UNH TEL GLW	View
2025 Q4	Jan 30, 2026	PGIM Jennison Global Opportunities Fund	-4.1%	5.3%	AAPL, AMD, AMZN, APP, CRWD, GEV, GOOGL, ITX.MC, MSFT, NET, NFLX, NTDOY, NVDA, ORCL, RMS.PA, SE, SHOP, TSM	AI, consumer, Data centers, global, growth, semiconductors, technology	The team is a big believer in the massive paradigm shift to GenAI and expects leadership in accelerated computing, agentic applications, search, robotics and autonomous driving to move dynamically. Jennison plans to execute with fluidity in this rapidly evolving set of opportunities that cross into multiple sectors. The most interesting part of the Fund, with the strongest secular growth profile, seems to be the most controversial in the market and centers on the massive paradigm shift to GenAI. The massive data center buildout is leading to a surge in demand for alternative and traditional energy generation. This trend led Jennison to add GE Vernova to the Fund's Industrials sector for their natural gas turbine, wind, and electrification businesses. Taiwan Semiconductor rose on record profitability as AI demand continues to exceed expectations. Jennison initiated a position in Advanced Micro Devices as the team believes the use of GPUs for agentic AI applications will continue to expand and customers of NVIDIA are looking for second sources.	GEV	View
2025 Q4	Jan 29, 2026	FPA Crescent Fund	3.1%	17.7%	ADI, AMZN, AVTR, BDX, C, CHTR, CMCSA, CRM, GOOGL, HEIA.AS, IFF, JEF, KMX, META, MSFT, NOW, NTDOY, ORCL, SAF.PA, SAP, SNOW, TEL, WDAY	AI, global, healthcare, Quality, small caps, technology, value	The fund emphasizes being value aware, focusing on cases where both quality and value intersect. They avoid speculative areas where reward for taking risks is insufficient relative to potential returns. The strategy has generated equity-like returns while placing equal importance on capital preservation and appreciation over 30 years. The fund is actively investing in small to mid-cap global securities, believing the investment community is casting its gaze away from these market constituents that offer asymmetric risk-reward for those willing to look forward three to five years. Recent purchases demonstrate their commitment to this thesis. The fund discusses AI extensively through Microsoft's transformation and growth prospects. They analyze how AI/cloud developments transformed Microsoft's business model and examine the massive revenue growth required for current AI valuations to make sense, questioning whether Microsoft can add revenue equivalent to multiple major software companies combined.	MSFT	View
2025 Q4	Jan 21, 2026	The London Company Income Equity	-1.6%	13.5%	BLK, CMI, CSCO, FAST, GLW, NTDOY	Defensive, dividends, income, large cap, Quality, value	AI investment scrutiny emerged as a headwind during the quarter, with concerns about AI returns affecting market sentiment. However, AI momentum accelerated for companies like Cisco, driven by GenAI-related products and increasing data speed and bandwidth requirements both inside and outside data centers. Data center demand drove strong performance for portfolio holdings, with Cummins benefiting from backup power requirements and Corning seeing strong demand in Optical Communications for GenAI-related products. The market recognizes few global suppliers capable of supporting large-scale data center infrastructure needs. The Income Equity strategy maintains a focus on higher overall dividend yield orientation, emphasizing income generation alongside capital preservation and growth. The portfolio is designed to provide greater yield and downside protection through dividend-paying securities. Quality factors were headwinds during the quarter as Value factors led performance, but the portfolio maintains its tilt toward quality attributes. The manager believes quality characteristics like high returns on invested capital, conservative leverage, and reasonable valuations will provide more resilient performance through shifting market regimes.	BLK NTDOY GLW CSCO CMI	View
2025 Q4	Jan 16, 2026	Janus Henderson Global Sustainable Equity Fund	-1.5%	9.2%	1299.HK, AAPL, AJG, EXPN.L, GOOGL, IFX.DE, KEYS, KLAC, MMC, MU, NTDOY, NVDA, ORCL, PGR, SPOT, STN.TO, TMUS, TSM, UBER, WD, WK	AI, Climate, Energy Transition, global, semiconductors, sustainability, technology	AI remained a dominant trend with NVIDIA becoming the first company to reach $5 trillion market cap. The rally broadened to the AI value chain including memory companies like Micron. Structural demand across the AI value chain remained robust despite concerns about overstretched valuations. TSMC continued positive momentum with robust results, beating revenue and margin expectations driven by strong demand for advanced products. The company raised full-year revenue guidance to 35% reflecting explosive growth in AI demand from consumer, enterprise and sovereign AI models. Clean technology economics reached a tipping point with renewables and EVs achieving cost parity, driving record investment of $2 trillion in 2025. Global EV sales reached 20% of new car purchases despite policy uncertainty, with solar attracting $500 billion in investment. 2025 was one of the three hottest years ever recorded with climate-driven disasters causing significant costs. Despite political challenges, 84% of large companies maintained climate commitments and investor sentiment remained resilient with 70% committed to sustainability long-term.		View
2024 Q2	Jul 22, 2024	The London Company Income Equity	10.4%	14.6%	AAPL, FAST, LOW, NSC, NSRGY, NTDOY, PM, TEL, TXN, VZ	-			View
2023 Q4	Apr 30, 2024	Crossroads Capital	4.2%	8.9%	AWE LN, CLMT, CSP LN, GFRD LN, NTDOY, VTY LN	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 27, 2026	Fund Letters	Ryan O'Connor	Nintendo Co., Ltd.	Communication Services	Interactive Home Entertainment	Bull	Dubai Financial Market	Ecosystem Monetization, Installed base, IP Licensing, Margin Misperception, Pricing power, recurring revenue, Software Attach Rate	View Pitch
Jan 27, 2026	Fund Letters	Brian Campbell	Nintendo Co Ltd ADR	Communication Services	Interactive Home Entertainment	Bull	Dubai Financial Market	balance sheet, Consoles, Gaming, Ip, Platforms	View Pitch
Jan 10, 2026	Substack	Winter Gems	Nintendo Co., Ltd.	Communication Services	Interactive Home Entertainment	Bull	Over-the-Counter	competitive position, Japan, Nintendo, profitability, Supreme Court, Switch2, tariff, trade environment, US market, Video games	View Pitch
Jan 8, 2026	Fund Letters	Ryan O'Connor	Nintendo Co., Ltd.	Communication Services	Interactive Home Entertainment	Bull	OTC (US ADR)	Ecosystem, Gaming, growth, Hardware, Software	View Pitch
Jan 8, 2026	Substack	Winter Gems	Nintendo	Video Games	Game Development	Bull	Over-the-Counter Market	buying opportunity, cyclical issue, earnings growth, Franchises, gaming consoles, memory pricing, Nintendo, valuation, Video games	View Pitch
Sep 19, 2025	Seeking Alpha	Seeking Alpha	Nintendo Co., Ltd.		Electronic Gaming & Multimedia	Neutral		console sales, gaming consoles, gross profit margin, Nintendo Switch 2, operating margin, production costs, profit margins, software sales, tariffs, video game industry	View Pitch
Aug 7, 2025	Substack	The Finance Corner	Nintendo Co., Ltd.	Communication Services	Electronic Gaming & Multimedia	Neutral	NYSE	—	View Pitch

BSD Shareholders of NTDOY

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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