PARA

PARA

PARA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	JDP Capital	12.4%	33.9%	0700.HK, 2318.HK, AMZN, BABA, CYBR, CZR, FLUT.L, PARA, SPOT, TSLA	Buybacks, China, gaming, rates, small caps, Stimulus, technology	Chinese equities rallied on major government stimulus package. Portfolio holds Tencent, Alibaba, and Ping An Insurance at single-digit multiples with enormous cash positions and buyback programs. Position now over 15% of assets after recent rally.	CZR 2318.HK BABA 0700.HK	View
2025 Q2	Jul 17, 2025	Contrarius Global Equity Fund	19.2%	10.7%	AAPL, AMD, AMZN, CZR, GM, GOOGL, INTC, KER.PA, META, MSFT, NVDA, ORCL, PARA, TM, TSLA, UHR.PA, WBD	AI, contrarian, Electric Vehicles, semiconductors, technology, value	AI adoption is accelerating with cloud hyperscalers investing over $217 billion in AI infrastructure in 2024. The next frontier of real-world AI including agentic AI, autonomous vehicles, and humanoid robotics promises even greater disruption. Chain-of-Thought reasoning represents a breakthrough in AI's ability to perform complex multi-step reasoning tasks, significantly increasing inference computational demands.	NVDA NVDA	View
2025 Q2	Jun 30, 2025	The Gabelli International Small Cap Fund	13.8%	-	AAPL, AME, AMZN, AVGO, AXP, BATRA, BK, BMI, BMY, BRK.B, C, CAT, CHWY, CR, CVS, CVX, CW, DAN, DE, ELAN, EVRG, FRPT, GATX, GOOGL, GPC, HES, IDXX, ITT, JPM, KKR, LION, MA, META, MFI.TO, MLI, MSFT, MSGS, NEE, NEM, NFG, NFLX, NVDA, ORCL, PARA, RSG, SONY, SPGI, STT, T, TMUS, TRUP, V, WFC, ZTS	defense, energy, gold, Sports, tariffs, technology, Utilities	The Trump administration's tariff policies dominated market sentiment in Q2 2025, with Liberation Day (April 2) introducing sweeping tariffs that initially triggered a 21% market drawdown. However, a 90-day pause and bilateral trade agreements with key partners helped stabilize markets. The administration appears intent on rolling back globalization, with effective weighted average tariff rates potentially reaching 18%.	5444 JP TCAP LN	View
2023 Q2	Jun 30, 2023	Contrarius Global Equity Fund	3.4%	11.0%	AAPL, INTC, MSFT, NFLX, NVDA, PARA, WBD	AI, contrarian, growth, Media, Streaming, technology, value	Both Paramount and Warner Bros. Discovery are transitioning from legacy linear TV to Direct-To-Consumer streaming platforms. The streaming industry is reaching an inflection point for profitability after years of losses, with opportunities for ARPU increases through price hikes, ad-supported tiers, and password sharing restrictions.	NWBD.L PARA	View
2026 Q1	Apr 24, 2026	Brennan Asset Management	-	-	CAB.L, CODI, DCC.L, MTRO.L, NFLX, PARA, SNEX, WBD	Banking, energy, Europe, Geopolitical, M&A, Media, payments			View
2024 Q1	Apr 15, 2024	Ariel Fund	12.1%	0.0%	AMZN, ATGE, META, MHK, MSFT, MSGE, NVDA, NVST, PARA, SNA, SPHR	AI, Entertainment, fundamentals, private market value, small caps, value	The fund holds multiple entertainment companies including Sphere Entertainment, Madison Square Garden Entertainment, and Paramount Global. SPHR delivered robust first quarter results with strong venue performance and U2 concerts. MSGE benefited from increased concerts and strong Christmas Spectacular demand. PARA faces streaming headwinds but management expects significant earnings growth in 2024.	NVST ATGE PARA MSGE MHK SPHR	View
2024 Q1	Apr 15, 2024	Matrix Large Cap Value Strategy	0.0%	0.0%	ABBV, AEP, AMGN, APD, DUK, EBAY, FDX, JPM, NEE, PARA, PYPL, QCOM, RTX, SBUX, TSN, TXN, UNH	AI, dividends, financials, large cap, rates, technology, Utilities, value	Utilities were the worst-performing sector in 2023, creating opportunities to buy high-quality companies with predictable earnings and dividend growth. The sector has emerging growth potential as electricity demand for AI, data centers, and new technology is projected to rise rapidly through the end of the decade. Matrix increased utility exposure from 4% to 10.5% of the portfolio.	TSN AEP	View
2024 Q1	Apr 15, 2024	Matrix Dividend Income	0.0%	0.0%	ABBV, AEP, AMGN, APD, DUK, EBAY, FDX, JPM, NEE, PARA, PYPL, QCOM, RTX, SBUX, TSN, TXN, UNH	dividends, financials, large cap, Rate Cuts, technology, Utilities, value	Utilities were the worst-performing sector in 2023, creating opportunities to buy high-quality companies with predictable earnings and dividend growth. The sector has emerging growth potential as electricity demand for AI, data centers, and new technology is projected to rise rapidly through the end of the decade. Matrix increased utility exposure from 4% to 10.5% of the portfolio.	TSN AEP	View
2025 Q3	Oct 16, 2025	Contrarius Global Equity Fund	30.9%	45.0%	APLS, BEAM, CRSP, NTLA, PARA, PFE, TSLA, VRTX, WBD	AI, Biotechnology, contrarian, CRISPR, Gene Editing, Media, Tesla, value	The fund believes AI represents a transformative opportunity similar to the internet revolution. They see the market as potentially being in 1997 rather than 1995 of the AI adoption cycle, with real-world AI applications like autonomy and robotics having not yet started. The impact of AI is expected to dwarf that of the internet over time.	BEAM NTLA CRSP	View
2025 Q3	Oct 1, 2025	East72 Dynasty Trust	1.6%	-	1928.HK, AKER.OL, AVOL.SW, BIM.PA, BORR, CG, CNHI, CVNA, EXOR.MI, MANU, NNI, NVO, PARA, PHG, RACE, STLA, UHR.SW, UMG.AS, VIRT, VIVHY	Europe, Family, Holdings, Luxury, value	Manager focuses on quality businesses trading at significant discounts to intrinsic value under controlling shareholders. Emphasizes conservative valuation methods with margin of safety. Distinguishes between traditional value traps and companies with temporary pricing dislocations.	UHR SW	View
2025 Q4	Jan 8, 2026	Diameter Capital Partners	0.3%	8.0%	AEP, AFRM, AMZN, DIGI, GOOGL, META, MSFT, NFLX, NI, NVDA, ORCL, PARA, PGY, PPL, SATS, SOFI, T, TALEN, UPST, WBD	AI, credit, distressed, energy, Fraud, healthcare, technology	The fund made significant investments in AI-related debt including Beignet Investor LLC (Meta's AI data center financing) and xAI corporate debt. The quarter saw massive AI-related IG issuance of $90 billion with expectations of $50 billion more in Q1. The fund expects AI to drive continued massive capital needs with OpenAI alone requiring ~$600 billion through 2029. The fund had significant losses in distressed investments, particularly First Brands (a fraudulent auto parts company) and Eye Care Partners. The manager acknowledges mistakes in underwriting management quality and position sizing. Despite setbacks, they see future opportunities in sectors facing productivity-driven disruption. The fund expects increased capital solutions opportunities as PE-backed companies face refinancing challenges from higher rates. They participated in several rescue financings and expect more zombified PE companies to need capital solutions in various structures from prefs to hybrid equity. The fund invested in EchoStar's spectrum assets which became valuable for AI inference and wireless carriers. They also have exposure to LNG through Delfin, positioning for the coming oversupply period. Power demand from AI datacenters is driving infrastructure investment opportunities. The fund analyzed the growth in asset-backed finance driven by insurers seeking yield on annuity proceeds. They're cautious about residual risks in BNPL and FinTech lending, noting credit box expansion and potential fraud risks as the market grows rapidly.	NVDA SATS ORCL	View
2025 Q4	Jan 6, 2026	Legal & General – Active Fixed Income	0.0%	0.0%	AMZN, GOOGL, LXS.DE, META, MSFT, ORCL, PARA, SESG.PA, WBD, WPP.L	AI, Bonds, credit, Fiscal, Hyperscalers, infrastructure, Issuance, technology	Massive AI capital expenditure by hyperscalers is driving extraordinary levels of bond issuance, with companies like Microsoft, Amazon, Meta and Google requiring $500-800 billion of additional debt annually. This AI spending boom is creating significant macroeconomic impact and supporting US growth expectations as companies redeploy capital back into the economy. Hyperscalers are increasingly accessing private credit markets for bespoke AI infrastructure projects, with Meta's $29 billion public/private credit deal representing the largest private credit transaction in history. The private credit market is becoming a key funding source for off-balance-sheet AI projects and data center development. Global shift from monetary to fiscal policy is driving increased government infrastructure spending, with Germany releasing their debt-brake and Japan electing a pro-fiscal policy prime minister. This fiscal expansion is creating a new paradigm of government-led growth initiatives alongside corporate AI infrastructure investment.		View
2025 Q4	Jan 29, 2026	8th Wonder Investments	0.0%	0.0%	AAPL, AMZN, CMCSA, CRM, CSU.TO, DECK, DIS, GOOGL, HEI, LYV, META, MSFT, NFLX, NVDA, PARA, RH, SKX, TOI.TO, TSLA, WBD	aerospace, AI, Leadership, Luxury, M&A, Media, software, value	Warner Bros. Discovery represents a special situation investment driven by CEO David Zaslav's shift toward shareholder value creation and aggressive debt paydown. The company announced plans to split into two entities and received multiple takeover bids, with Netflix ultimately winning the bidding war. The market fears AI will disrupt vertical market software by eliminating switching costs and seat-based pricing. However, AI agents will likely increase demand for systems of record and control point software rather than replace them, as enterprises need guardrails for non-deterministic AI outputs. Constellation Software and Topicus represent the core thesis of acquiring mission-critical vertical market software businesses with high switching costs, recurring revenue, and defensive moats. These businesses serve niche markets where switching is painful and alternatives offer minimal benefits. The fund employs covered call strategies to generate income and reduce cost basis while building positions. This options-based approach allows for larger position sizing in balance sheet challenged businesses while providing downside protection. HEICO represents an antifragile business model in aftermarket aerospace components that gains market share during economic stress as airlines extend fleet life. The company demonstrates seamless leadership transition and decentralized operations that thrive on adversity. RH under Gary Friedman exemplifies exceptional leadership combining capital allocation with creative genius, transforming the company from near-bankruptcy into a luxury lifestyle brand with galleries that redefine retail and 30% EBITDA margins.	TOI CN CSU CN RH HEI WBD	View
2025 Q4	Jan 2, 2026	Militia Capital	1,060.0%	6,430.0%	GOTU, PARA	Assets, asymmetry, Capital Allocation, Patience, value	The fund uses a multi-strategy long/short approach with low market correlation. Management emphasizes risk-adjusted returns, diversification across portfolio managers, and active capital deployment. Alpha generation is driven by dispersion rather than market direction.		View
2025 Q4	Jan 15, 2026	Contrarius Global Equity Fund	6.5%	54.4%	000660.KS, BIDU, COIN, DELL, DEO, FOXA, GOOGL, KER.PA, LULU, MDLZ, MU, NVDA, ORCL, PARA, RI.PA, SATS, TSLA, TSM, UHR.SW	AI, contrarian, disruption, global, Satellites, Space, technology, value	The fund views AI disruption as creating three investment buckets: AI winners (data centers, semiconductors, blockchain companies), AI-proof companies (luxury brands, spirits, entertainment), and AI-threatened businesses to avoid. This technological singularity is expected to cause dramatic changes beyond typical generational disruptions. The fund focuses on identifying companies with sustainable competitive advantages in this transformative environment. SpaceX has revolutionized space travel with reusable rockets and dominates launch services, carrying over 500,000kg of spacecraft mass in Q3 2025 alone. The company is uniquely positioned for emerging opportunities in interplanetary logistics, in-orbit data centers, and asteroid mining. EchoStar provides indirect exposure to SpaceX through strategic transactions at attractive valuations. Starlink has achieved significant scale with millions of active customers and is expanding into direct-to-cell services for smartphones. The satellite internet constellation aims to deliver high-speed, low-latency broadband globally, particularly to underserved areas. This represents a major growth opportunity in telecommunications infrastructure. EchoStar's transformation involved monetizing valuable spectrum licenses worth billions, resolving regulatory issues with the FCC. The company sold spectrum to AT&T and SpaceX for over $40 billion combined, demonstrating the significant value of these invisible wireless highways. Remaining spectrum assets provide additional monetization opportunities. The fund holds luxury brands like Kering, Swatch Group, and spirits companies as AI-proof investments. These companies with strong brand moats and pricing power are expected to endure and potentially thrive despite AI disruption. Their business models are considered resilient to technological changes affecting other industries.	SATS	View
2023 Q1	Aug 5, 2023	Matrix Dividend Income	0.0%	0.0%	AEP, AMZN, APD, BK, EBAY, HD, KMB, KO, MDT, MTB, PARA, PNC, SLB, TFC, TSN, UNP, USB	Banking, dividends, financials, healthcare, rates, technology, value	Three U.S. banks failed in March, creating market volatility and concerns about banking system stability. Manager believes the selloff in regional bank stocks is overdone and will be short-lived, expecting strong rebounds in high-quality financials. Portfolio includes well-capitalized banks like PNC Financial that are likely to gain market share.	SUNP IN PNC	View
2023 Q1	Aug 5, 2023	Matrix Large Cap Value Strategy	0.0%	0.0%	AEP, AMZN, APD, BK, EBAY, HD, KMB, KO, MDT, MTB, PARA, PNC, SLB, TFC, TSN, UNP, USB	Banking, dividends, financials, healthcare, rates, technology, value	Three U.S. banks failed in March including Silicon Valley Bank, creating concerns about banking system stability. Manager believes the selloff in regional bank stocks is overdone and will be short-lived, expecting strong rebounds in high-quality financials. Added PNC Financial and increased positions in other regional banks during the quarter.	SUNP IN PNC	View
2024 Q2	Jul 31, 2024	Ariel Small Cap Value Strategy	10.1%	0.0%	BCO, CLB, HMN, LESL, MIDD, OSW, PARA, SPHR	AI, Entertainment, Logistics, Oil Services, small cap, Travel, value	The bull market was powered by investor enthusiasm for artificial intelligence themed stocks, creating a narrow momentum-driven rally. This AI focus contributed to extreme market bifurcation, with non-AI companies in the S&P 500 declining 1.2%.	PARA MIDD SPHR LESL CLB BCO OSW	View
2023 Q2	Jul 31, 2023	Tweedy, Browne Worldwide High Dividend	6.4%	9.8%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, real estate, Recovery, small cap, value	Cruise lines were among the most contrarian holdings that became the biggest winners. Royal Caribbean surged +109.9% and Norwegian up +77.9% through June 30th. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with cruise operators posting record revenues and bookings as cruising is seen as a high-value alternative to land travel.		View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Small Cap	8.1%	16.5%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, real estate, Recovery, small cap, value	Cruise lines were among the most contrarian holdings that became the biggest winners. Royal Caribbean surged 109.9% and Norwegian up 77.9% through June 30th. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with cruise operators posting record revenues and bookings as cruising is seen as a high-value alternative to land travel.		View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Focus Plus	5.9%	18.7%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, mid cap, real estate, small cap, value	Cruise lines were among the most contrarian holdings that drove the fund's biggest wins. Royal Caribbean surged 109.9% and Norwegian up 77.9% through June 30th as the vacation and leisure spaces are booming in response to isolating Covid lockdowns. The fund doubled down on these scorned holdings during the pandemic when they were trading at historic lows.		View
2024 Q2	Jul 19, 2022	CrossingBridge Advisors	0.0%	0.0%	CROX, DISH, PARA, SATS	credit, Event-Driven, floating rate, Foreign, high yield, investment grade	High yield credit spreads are at their lowest level since 2007, with over 60% of the market trading below 200 basis points. The manager notes this creates a challenging environment where risk is being mispriced across asset classes. Despite tight spreads, credit quality has improved with leverage reduction across the market.		View
2022 Q3	Jul 12, 2022	Ariel Fund	12.1%	0.0%	GCMG, GNRC, KEYS, MHK, PARA	-			View
2023 Q2	Jun 30, 2023	Ariel Appreciation Fund	9.9%	0.0%	CAH, CBRE, CCL, CG, CRL, GS, IPG, KMT, KMX, LABH, LESL, MAT, MSGE, NCLH, NTRS, PARA, RCL, SCHW, SPHR, SWK	contrarian, Cruises, mid cap, real estate, Recovery, value	Cruise operators are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel for retirees and younger people alike. The vacation and leisure spaces are booming in direct response to the isolating Covid lock downs, with memories having more value than goods for many consumers.		View
2023 Q2	Jun 30, 2023	Ariel Fund	12.1%	0.0%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, mid cap, real estate, Recovery, small cap, value	Cruise lines were among the most derided areas during COVID but have become top performers as the vacation and leisure spaces boom in response to isolating lockdowns. Royal Caribbean and Norwegian Cruise Line are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel.		View
2023 Q2	Jun 30, 2023	Ariel International Fund	7.6%	0.0%	BIDU, CAH, CBRE, CCL, CG, DB1.DE, Gold, LESL, MOS, MSFT, MSGE, NCLH, NTRS, ORCL, PARA, RCL, ROG.SW, SNA, SPHR, ZIMV	Asia, Europe, growth, international, liquidity, momentum, technology, value	The fund's investment approach encountered headwinds as growth stocks significantly outpaced value names. The MSCI ACWI Growth Index surged +9.19% during the quarter, while the MSCI ACWI Value Index only returned +2.98%. The manager believes the factors that hindered them this year will pivot in their favor once the effects of excessive monetary and fiscal stimulus abate.		View
2025 Q1	Mar 31, 2025	Ariel Fund	-8.0%	-8.0%	AAPL, AMZN, ATGE, BIO, GOOGL, LESL, META, MSFT, NCLH, NVDA, OSW, PARA, RCL, SJM, SPHR, TSLA	Media, Recovery, small caps, Travel, value, volatility	The fund is actively leaning into volatility by acquiring downtrodden shares of quality companies whose value should be realized over the long term. Holdings are trading at a significant discount to their private market values, and dislocations of this magnitude have often served as a prelude to robust recoveries.	OSW NCLH SPHR BIO LESL SJM ATGE PARA	View
2023 Q1	Mar 31, 2023	Ariel Appreciation Fund	9.9%	0.0%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, mid cap, real estate, Recovery, value	Cruise operators are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with memories having more value than goods for many consumers.		View
2023 Q1	Mar 31, 2023	Ariel Fund	12.1%	0.0%	ADTL, AMG, APA, BOKF, BWA, GS, IPG, JLL, LESL, LMT, MAT, MHK, MOS, MSGE, ORCL, PARA, PGR, RCL, SNAP, ZBRA	Banking, Commercial real estate, energy, interest rates, Mid Caps, Regional Banks, small caps, value	Regional banks face significant challenges from deposit flight and commercial real estate exposure following Silicon Valley Bank's collapse. BOK Financial declined 18% amid banking sector stress, though managers believe it remains well-positioned with strong underwriting standards and diversified business model.		View
2023 Q1	Mar 31, 2023	Ariel Global Fund	6.9%	0.0%	9984.T, CAH, CBRE, CCL, CG, ELE.MC, Gold, LESL, MOS, MSFT, MSGE, NCLH, NTRS, ORCL, PARA, RCL, ROG.SW, SNA, SPHR, ZIMV	Fed policy, global, growth, liquidity, momentum, technology, value	The fund's investment approach encountered headwinds as growth stocks significantly outpaced value names. The MSCI ACWI Growth Index surged +9.19% during the quarter, while the MSCI ACWI Value Index only returned +2.98%. The manager believes the factors that hindered them this year will pivot in their favor once the effects of excessive monetary and fiscal stimulus abate.		View
2023 Q1	Mar 31, 2023	Ariel International Fund	7.6%	0.0%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZBH, ZIMV	Europe, growth, international, liquidity, momentum, technology, value	Manager emphasizes contrarian value approach, avoiding expensive U.S. market while leaning into undervalued opportunities in Europe and Emerging Markets. The fund's deliberate underweight in Technology and overweight in recession-resilient sectors reflects this value orientation.		View
2022 Q1	Mar 31, 2022	Ariel Fund	12.1%	0.0%	CLB, LAZ, MAS, MHK, MSGE, PARA, TGNA	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Contrarius Global Equity Fund	Paramount Global	Communication Services	Movies & Entertainment	Bull	NASDAQ	broadcasting, Content, direct-to-consumer, entertainment, FAST, media, Streaming, Television, turnaround, Value	View Pitch
Apr 13, 2026	Fund Letters	Ariel Fund	Paramount Global	Communication Services	Movies & Entertainment	Bull	NASDAQ	Content, entertainment, Linear TV, media, merger, Streaming, Value	View Pitch
Apr 13, 2026	Fund Letters	Ariel Small Cap Value Strategy	Paramount Global	Communication Services	Media	Bull	NASDAQ	content library, entertainment, Linear TV, media, merger, Paramount+, Streaming, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Ariel Fund	Paramount Global	Communication Services	Media	Bull	NASDAQ	Content, cost optimization, Free Cash Flow, governance concerns, Linear TV, media, Paramount+, Streaming	View Pitch

BSD Shareholders of PARA

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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