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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Airlie Australian Share Fund | 1.4% | - | ALD.AX, ALL.AX, APZ.AX, BHP.AX, BSL.AX, CBA.AX, CHC.AX, CSL.AX, EBO.AX, GMG.AX, MQG.AX, NCK.AX, NWSA, RMD, SOL.AX | Australia, banks, equities, gold, real estate, value, volatility | Gold price up 16% in the quarter, outperforming S&P 500 by ~30% year-to-date. Historical correlation with US real yields has broken down, coinciding with Russia-Ukraine war and Western nations freezing Russian central bank funds. Central banks accelerating reserve diversification away from USD. | View | |
| 2024 Q3 | Sep 30, 2024 | AVI Global Trust | - | - | APO, ARM, CPNG, DTE.DE, ENT.L, FMXUF, KKR, NWSA, SFTBY, TMUS | activism, Discounts, dividends, global, value | D'Ieteren announced a special dividend of €74 per share, equating to a 39% yield at current prices. The dividend will be funded via a €3.8bn dividend recapitalisation at Belron and new debt facilities. The manager views receiving a large portion of market cap back at NAV as inherently positive. | DIEPA.BR |
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| 2025 Q2 | Jul 2, 2025 | AVI Global Trust | - | - | 3608.T, 4527.T, 6201.T, 6727.T, 6971.T, 7912.T, 7984.T, 8802.T, 9301.T, 9531.T, AKRBF, APO, BOL.PA, CDI.PA, ENT.L, EXOR.MI, FRAS.L, GXIIF, IAC, NWSA, RKT | activism, Buybacks, Discounts, dividends, global, Japan, value | Eight years into Japan journey, managers are as optimistic as ever with developing market for corporate control, increasingly proactive management teams, and governance reform agenda permeating both small and large cap stocks. Combined with low valuations, Japan stacks up very attractively as a market where constructive approach to active engagement can yield real results. Japan exposure now accounts for 23% of NAV compared to 16% a year ago. | View | |
| 2024 Q2 | Jul 11, 2024 | Highwood Value Partners | - | - | ALD.AX, ALL.AX, APZ.AX, BHP.AX, BSL.AX, CBA.AX, CHC.AX, CSL.AX, EBO.AX, GMG.AX, MQG.AX, NCK.AX, NWSA, RMD, SOL.AX | Australia, banks, gold, value, volatility | Gold outperformed the S&P 500 by 30% year-to-date, with the price rising 16% in the quarter. The historical correlation between gold and US real yields has broken down, coinciding with the Russia-Ukraine war and Western nations freezing Russian central bank funds. Central banks are accelerating reserve diversification away from the US dollar. | SOL.AX |
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| 2025 Q2 | Jun 30, 2025 | Mapfre US Forgotten Value Fund | -2.3% | -6.6% | BATRA, GOOGL, HHH, KVUE, LH, MKL, MODG, MSGS, NWSA, QSR, SSNC, TRIP, UBER, WRB | Communication Services, small caps, technology, undervalued, US, value | The fund focuses on companies undervalued by the market, particularly forgotten stocks that may be outside the focus of the investment community. These include companies with complex capital structures, those in temporarily out-of-favor sectors, or smaller capitalization companies followed by fewer analysts. | View | |
| 2025 Q2 | Jun 30, 2025 | Emerald Wealth Partners – Focused Equity Strategy | 9.9% | 5.9% | ALD.AX, ALL.AX, APZ.AX, BHP.AX, BSL.AX, CBA.AX, CHC.AX, CSL.AX, EBO.AX, GMG.AX, MQG.AX, NCK.AX, NWSA, RMD, SOL.AX | active management, Australia, banks, gold, Valuations, volatility | Gold price outperformed S&P 500 by 30% year-to-date, only happening twice before in history during major market stress periods. Historical correlation between gold price and US real yields has broken down, coinciding with Russia-Ukraine war and Western nations freezing Russian central bank funds as central banks accelerate reserve diversification away from USD. | SOL.AX |
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| 2024 Q2 | Jun 30, 2024 | TMR Partners Long Only | - | - | 004800.KS, 005930.KS, 090430.KS, 329180.KS, 4527.T, 9022.T, CDI.PA, J36.SI, NWSA, VIV.PA | Discounts, Governance, Korea, Media, Unlisted Assets, value | Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai (+54%), Hyosung Corporation (+71%) and Samsung C&T (+28%). 68% of the KOSPI index still trading below book value and 61% without any sell-side coverage. | NWSA |
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| 2023 Q2 | Jun 30, 2023 | PM Capital Global Companies Fund | 5.1% | - | ALD.AX, ALL.AX, APZ.AX, BHP.AX, BSL.AX, CBA.AX, CHC.AX, CSL.AX, EBO.AX, GMG.AX, MQG.AX, NCK.AX, NWSA, RMD, SOL.AX | active management, Australian Equities, banks, Concentrated Portfolio, gold, Valuations, volatility | Gold price up 16% in the quarter, outperforming S&P 500 by ~30% year to date. Historical correlation with US real yields has broken down since Russia-Ukraine war. Central banks accelerating reserve diversification away from USD, but manager questions sustainability of current gold price momentum. | SOL.AX |
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| 2025 Q1 | May 6, 2025 | Brookfield Asset Management | - | - | 004800.KS, 005930.KS, 090430.KS, 329180.KS, 4527.T, 9022.T, CDI.PA, J36.SI, NWSA, VIV.PA | discount, Governance, Korea, Media, NAV, value | Building exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai (+54%), Hyosung Corporation (+71%) and Samsung C&T (+28%). 68% of KOSPI index still trading below book value with 61% without sell-side coverage. | NWSA |
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| 2025 Q1 | Apr 30, 2024 | AVI Global Trust | - | - | 4527.T, AKER.OL, ENT.L, IAC, NWSA, VIV.PA | activism, Corporate Governance, discount, Japan, Take-private, value | Toyota Industries take-private deal represents seismic shift in Japanese corporate governance. Foreign shareholders increasing presence, corporate governance reform pressures mounting, and cross-shareholding unwinding accelerating. This transaction dissolves symbolic resistance to governance reform and opens floodgates for broader market transformation. | GXI.DE 6201.T |
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| 2024 Q1 | Apr 12, 2024 | Firebird US Value Fund | - | - | 004800.KS, 028260.KS, 090430.KS, 267250.KS, 4527.T, 9301.T, CDI.PA, CHRY.L, CORD.L, DIE.BR, ENT.L, GXI.DE, HVPE.L, J36.SI, NWSA, OCI.L, PGHN.SW, REA.AX, VIV.PA | discount, Engagement, Holdings, Korea, NAV, value | Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai, Hyosung Corporation and Samsung C&T. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA |
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| 2026 Q1 | Mar 31, 2026 | AVI Global Trust | -5.0% | -5.0% | 005930 KS, NWSA, UMG.AS, VIV.PA | Asia, discount, Geopolitical, Media, value | VIV.PA NWSA |
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| 2024 Q1 | Mar 31, 2024 | AVI Global Trust | - | - | 9009.T, AKER.OL, BOL.PA, CHRY.L, DIE.BR, ENT.L, FMX, IAC, NWSA, OAKL.L, PEY.L, PIN.L, SCHB.OL, SONG.L | Auto, discount, Europe, Media, private equity, value | The fund focuses on companies trading at discounts to estimated underlying net asset value. News Corp trades at a 38% discount to estimated NAV, while D'Ieteren trades at a 33% discount despite strong earnings growth prospects. | DIE.BR NWSA |
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| 2023 Q4 | Mar 31, 2023 | Caledonia Investment | - | - | 004020.KS, 009540.KS, 028260.KS, 090430.KS, 4527.T, 9301.T, C011.HK, CDI.PA, ENT.L, GXI.DE, MC.PA, NWSA, REA.AX, VIV.PA | discount, Governance, Holdings, Korea, NAV, value | Building exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA |
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| 2023 Q1 | Mar 31, 2023 | Airlie Australian Share Fund | 3.5% | 3.5% | 000660.KS, 004800.KS, 005930.KS, 009540.KS, 028260.KS, 090430.KS, 4527.T, 9301.T, C6L.SI, CDI.PA, ENT.L, G.DE, LVMH.PA, NWSA, REA.AX, VIV.PA | Discounts, Engagement, Holdings, Korea, NAV, value | Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai, Hyosung Corporation and Samsung C&T. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA |
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| 2023 Q4 | Feb 12, 2024 | Hinde Group | 13.6% | 48.4% | 000660.KS, 002790.KS, 004020.KS, 005930.KS, 009540.KS, 028260.KS, 090430.KS, 4527.T, 9301.T, C8H.L, CORD.L, DIE.BR, ENT.L, HVPE.L, J36.SI, LVMH.PA, MC.PA, NWSA, OCI.L, PGHN.SW, REA.AX, VIV.PA | discount, global, Holdings, Korea, NAV, value | Building exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA IBKR |
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| 2024 Q4 | Dec 31, 2024 | AVI Global Trust | - | 10.4% | 4527.T, 7203.T, AKER.OL, CDI.PA, ENT.L, FRAS.L, NWSA, RKT.L, SBG | discount, Europe, Holding Companies, NAV, value | D'Ieteren announced an extraordinary €74 per share special dividend, equivalent to 39% of the company's market cap. AGT received proceeds of £35m, equivalent to 3.1% of NAV after 10% tax. | VIV.PA BOL.PA DIE.BR |
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| 2023 Q4 | Dec 31, 2023 | AVI Global Trust | - | 18.8% | 6201.T, 6861.T, 6971.T, 9009.T, AKER.OL, APO, FMSA, KKR, NWSA, SCHA.OL, TM | activism, Conglomerates, Corporate Governance, discount, Japan, Reform, value | 2023 was a seminal moment in unlocking enormous value trapped in Japanese companies through corporate governance reform. The Tokyo Stock Exchange now requires companies to disclose capital efficiency improvement plans, especially if trading below 1x book value. Toyota Motors partially unwound cross shareholdings in Denso, and the TSE announced further pressure on parent-subsidiary relationships. AGT has consistently maintained about 25% portfolio allocation to Japan with an engaged activist approach, generating +84% JPY total return versus +51% and +67% for MSCI Japan Small and TOPIX respectively since 2017. | View | |
| 2025 Q3 | Nov 13, 2025 | AVI Global Trust | - | 12.4% | 004800.KS, 005930.KS, 090430.KS, 329180.KS, 4527.T, 9301.T, C6L.SI, CDI.PA, ENT.L, NWSA, VIV.PA | discount, Governance, Korea, Media, NAV, value | Building exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai (+54%), Hyosung Corporation (+71%) and Samsung C&T (+28%). 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA 028260 KS |
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| 2024 Q3 | Oct 9, 2024 | Mountain Vista Wealth Management | - | - | ALD.AX, ALL.AX, APZ.AX, BHP.AX, BSL.AX, CBA.AX, CHC.AX, CSL.AX, EBO.AX, GMG.AX, MQG.AX, NCK.AX, NWSA, RMD, SOL.AX | Australia, banks, concentrated, equities, gold, real estate, value | Gold price up 16% in the quarter, outperforming S&P 500 by ~30% year to date. Historical correlation with US real yields has broken down, coinciding with Russia-Ukraine war and Western nations freezing Russian central bank funds. Central banks accelerating reserve diversification away from US dollar. | SOL.AX |
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| 2023 Q3 | Oct 31, 2023 | Starboard Value | 0.0% | 0.0% | AQN, BLMN, CRM, DRI, FTRE, GDDY, ICLR, IQV, NWSA, NYT, REA.AX, SPLK, TXRH, VRT, WIX | activism, Media, Operational, Restaurants, technology, Utilities, value | Starboard focuses on identifying undervalued companies with operational improvement opportunities. The firm targets companies trading at discounts to peers due to execution issues or temporary challenges, believing these can be addressed through better management and strategic changes. | View | |
| 2024 Q4 | Jan 4, 2025 | St. James Investment Company | 0.0% | 0.0% | AAPL, MSTR, NVDA, NWSA | Bitcoin, Financial Nihilism, inflation, Market Bubbles, Passive investing, Value Investing | Massive capital flows into passive index funds create price distortions where stocks are priced according to their index weight rather than intrinsic value. This leads to herding behavior and stocks trading at prices that do not reflect fundamental value, with overvalued companies receiving more fund inflows than warranted. | View | |
| 2025 Q4 | Jan 13, 2026 | AVI Global Trust | 0.0% | -0.9% | 000660.KS, 004800.KS, 005930.KS, 028260.KS, 207940.KS, 4527.T, 6727.T, 9531.T, AVGO, CHRY.L, FRAS.L, J36.SI, NVDA, NWSA, VIV.PA | Biotechnology, Discounts, Holding Companies, Korea, NAV, semiconductors, technology, value | Samsung Electronics has made material progress in improving HBM competitiveness, with latest HBM4 chips achieving top performance scores in Nvidia and Broadcom testing. The company is positioned to capture 30%+ global HBM market share in 2026 versus mid-teens in 2025. Global supply shortage for both HBM and traditional memory chips is creating strong pricing power. Samsung Biologics manufactures antibodies on behalf of global pharmaceutical companies, generating 90% of revenues from large-scale antibody production. The company generates EBIT margins of 50% versus peers at 20-25% and operates one of the world's largest biomanufacturing facilities. Biologics is positioned to compound earnings at mid-teens rates through to 2032. Starling Bank's banking-as-a-service platform Engine won a deal with Scotiabank's digital bank, marking Engine's first North American client. The deal is viewed as transformational in the context of the business's existing revenues. Management painted an optimistic picture for Engine's sales pipeline at a recent fintech conference. | 028260 KS CHRY LN |
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| 2023 Q4 | Jan 1, 2024 | Provident Financial Articles | - | - | 004800.KS, 005930.KS, 009540.KS, 090430.KS, CDI.PA, NWSA, REA.AX, VI.PA | asset value, discount, Holdings, Korea, NAV, value | Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA |
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| 2022 Q3 | Aug 11, 2022 | Steel City Capital | -7.9% | -18.2% | ATEX, CVNA, LILA, NWSA, SATS, YELP | - | View | ||
| 2023 Q2 | Jul 7, 2023 | East72 Holdings | 6.3% | 0.0% | BOL.PA, GOOGL, MANU, MMB.PA, NWSA, UHR.SW, UMG.AS, VIV.PA | Complex Structures, Europe, Family Companies, Logistics, Media, value | Extensive analysis of Universal Music Group as an exceptional business with strong economics, dominant market position, and high-quality annuity characteristics. Discussion of Vivendi's media assets including Canal+ and Havas, with focus on international expansion particularly in Africa and Asia. | ODET.PA BOL.PA |
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| 2024 Q2 | Jun 30, 2024 | Mapfre US Forgotten Value Fund | -3.1% | 6.0% | BAC, BATRA, GOOGL, HHH, IAC, LEVI, LH, MKL, MODG, MSGS, NWSA, UBER, WBD | Forgotten, small caps, undervalued, US, value | The fund focuses on companies undervalued by the market, particularly those outside the investment community's focus. These include companies with complex capital structures, enterprises in temporarily out-of-favor sectors, and lower capitalization companies followed by fewer analysts. | View | |
| 2024 Q2 | Jun 30, 2024 | AVI Global Trust | 0.0% | 0.0% | 7203.T, 9984.T, ENT.L, KOF, NWSA, PGHN.L, RKT.L, SCHB.OL | Consumer Goods, discount, Litigation, NAV, private equity, value | The fund focuses on companies trading at discounts to estimated net asset value. Reckitt Benckiser trades at a 39% discount to estimated NAV following litigation concerns. Schibsted was initially purchased at a 45% discount to NAV before being exited after re-rating. | SCHB.OL RKT.L |
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| 2024 Q1 | May 4, 2024 | AMG Yacktman Fund | 7.5% | 7.5% | CNQ, CVX, DAR, EAF, EMBCF, FANG, GOOGL, HES, K, MSFT, NWSA, PEP, PG, PXD, SCHW, UHAL, VLO, XOM | Consumer Staples, energy, large cap, Media, technology, value | The energy sector had a strong first quarter with portfolio energy companies performing well. The thesis is based on a medium-term supply/demand imbalance and the shift to returning capital to shareholders. CNQ was Yacktman's first investment in the energy space in over a decade, followed by domestic exploration and production companies added in mid-2022. | BOL.PA K DAR CNQ.TO |
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| 2023 Q1 | Mar 31, 2023 | East72 Holdings | 6.3% | 0.0% | 0001.HK, 2074.SZ, 8TRA.DE, AML.L, BAIN.PA, BOL.PA, CFR.SW, EXO.MI, GOOGL, IVG.MI, IWG.L, LBRDK, LIF.TO, MC.PA, MFG.AX, MSGS, NWSA, P911.DE, PAH3.DE, PSHZF, QS, RACE, UHR.SW, VIV.PA, VOW3.DE | Autos, Battery, Dynasties, Europe, gaming, IPO, Luxury, value | The fund invests in luxury companies with dynastic control, including SBM (Monaco's luxury gaming and hospitality), Richemont, and Swatch Group. These companies benefit from the ultra-rich demographic and have pricing power. The manager views luxury as a defensive growth sector with strong moats. | VOW3.DE BAIN.PA |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Hinde Group | News Corp | Communication Services | Publishing | Bull | NASDAQ | Australia, discount to NAV, Dow Jones, Family Trust, holding company, information services, media, Publishing, REA Group, value unlock | View Pitch |
| Apr 28, 2026 | Fund Letters | Caledonia Investment | News Corp | Communication Services | Publishing | Bull | NASDAQ | Asset Spin-off, Australia, discount to NAV, Family Trust, holding company, information services, media, Publishing, turnaround, value unlock | View Pitch |
| Apr 28, 2026 | Fund Letters | Provident Financial Articles | News Corp | Communication Services | Publishing | Bull | NASDAQ | Asset Unlock, Australia, discount, Dow Jones, Family Trust, information services, media, Publishing, REA Group, Value | View Pitch |
| Apr 27, 2026 | Fund Letters | Airlie Australian Share Fund | News Corp | Communication Services | Publishing | Bull | NASDAQ | Asset Spin-off, Australia, discount to NAV, Dow Jones, Family Trust, information services, media, Publishing, REA Group, value unlock | View Pitch |
| Apr 15, 2026 | Fund Letters | AVI Global Trust | News Corp A | Entertainment | Publishing | Bull | NASDAQ | AI disruption, Data Services, EBITDA growth, media, Professional Information, Publishing, Risk & Compliance, value unlock, Workflow Integration | View Pitch |
| Apr 13, 2026 | Fund Letters | AVI Global Trust | News Corp | Communication Services | Publishing | Bull | NASDAQ | discount to NAV, Dow Jones, margin expansion, media, Professional Information, Publishing, recurring revenue, Structural changes, Sum-of-the-Parts, value unlock | View Pitch |
| Apr 13, 2026 | Fund Letters | Brookfield Asset Management | News Corp | Communication Services | Publishing | Bull | NASDAQ | Asset Discount, Australia, Dow Jones, Family Trust, holding company, information services, media, Publishing, REA Group, value unlock | View Pitch |
| Apr 13, 2026 | Fund Letters | Firebird US Value Fund | News Corp | Communication Services | Publishing | Bull | NASDAQ | Australia, discount, Dow Jones, Family Trust, holding company, information services, media, Publishing, REA Group, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | TMR Partners Long Only | News Corp | Communication Services | Publishing | Bull | NASDAQ | Australia, discount to NAV, Dow Jones, Family Trust, information services, media, Professional Information, Publishing, REA Group, value unlock | View Pitch |
| Jan 15, 2026 | Fund Letters | Joe Bauernfreund | News Corporation | Communication Services | Media | Bull | NASDAQ | buybacks, discount, Governance, media, Sumofparts | View Pitch |
| Oct 23, 2025 | Value Investors Club | Norris | News Corp | Communication Services | Publishing | Bull | NASDAQ | Audiobooks, buybacks, Data licensing, Digital Subscriptions, Real Estate Portals, Spin-offs | View Pitch |
| 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. | ||||||||