PBR

PBR

PBR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 25, 2025	Kopernik Global All-Cap Fund	18.3%	35.3%	000240.KS, 003550.KS, 003690.KS, 015760.KS, 030200.KS, 032640.KS, 069960.KS, 1082.KL, 1508.HK, 1662.T, 375500.KS, AMS.L, ARIS.TO, BAS.DE, BIDU, BORR, DRR.AX, EB5.SI, EQX.TO, GLEN.L, Gold, IE, IMP.L, IVN.TO, JUP.L, KAP.L, LUN.TO, MEG.TO, MHPC.L, NAK, NEM, NG.TO, NXE.TO, ORBIA.MX, PBR, PDN.AX, SA.TO, SDF.DE, SQM, SSW.L, U.TO, YCA.L	commodities, diversification, global, materials, Mining, South Korea, value	PGM producers had a strong quarter with platinum prices rising over 35%. Impala and Valterra are the largest PGM producers globally, together accounting for 47% of global production. The fund took advantage of volatility by trimming and adding to positions opportunistically.		View
2025 Q2	Jun 30, 2025	Packer & Co	-	-	0001.HK, 017670.KS, AQN, BABA, BIDU, BKY.AX, CNOOC, DG, INDF.JK, JARDINE.SI, NE, NXE, PBR, PRX.AS, SDRL, SRUUF, VAL, VIPS, YCA.L	Asia, China, Defensive, gold, oil, technology, value	The manager has significantly increased exposure to Chinese technology companies, viewing them as attractively valued compared to US peers. Chinese tech giants trade at roughly half the valuation of US counterparts despite being industry leaders with solid balance sheets and growth potential.	INDF.JK 017670.KS 0001.HK JMHLY PBR CEO 0700.HK BIDU BABA VIPS	View
2026 Q1	May 13, 2026	Kopernik Global All-Cap Fund	6.9%	6.9%	0001.HK, 030200 KS, 1605.T, 1662.T, CNC, CVE.TO, DRW3.DE, GLEN.L, IVN.TO, KAP, NAK, NTR, PBR, PDN.AX, RGLD, RRC, RYN, SDF.DE, SDR.L, VALE	commodities, energy, global, materials, Timber, value			View
2026 Q1	Apr 21, 2026	Brandes International Equity Fund	2.6%	2.6%	005930 KS, 4502.T, 4503.T, CAP.PA, ENGI.PA, F34.SI, KER.PA, OTEX, PBR, PUB.PA, SAP, STM, SW.PA, WPP.L	AI, emerging markets, energy, Europe, international, Pharmaceuticals, semiconductors, value			View
2026 Q1	Apr 18, 2026	Baillie Gifford -Emerging Markets	4.1%	4.1%	005930 KS, 300750.SZ, B3SA3.SA, MELI, PBR, SE, TSM	AI, China, emerging markets, energy, geopolitics, oil, semiconductors, technology			View
2026 Q1	Apr 18, 2026	Baillie Gifford – International Alpha	-5.1%	-5.1%	005930 KS, 0700.HK, 1299 HK, 2454.TW, 2899.HK, 300750.SZ, 8316.T, 9984.T, ADYEN.AS, ASML, B3SA3.SA, DB1.DE, DSV.CO, EXPN.L, LUN.TO, MELI, PBR, RIO, RYA.L, SAP, SHOP.TO, TSM, TTE	AI, banks, Copper, energy, growth, international, semiconductors, volatility			View
2026 Q1	Apr 18, 2026	ACATIS Investment	-	-	1810 HK, AIXA.DE, BNTX, CCJ, COP, EQNR, HAL, IFX.DE, KHC, KWS.DE, LYB, NEM, PBR, ROST, SHEL, SU.PA, VIST, WPM, YAR.OL	AI, China, commodities, Fertilizers, geopolitics, Iran War, nuclear, oil, Precious Metals, Value Investing			View
2024 Q1	Apr 15, 2024	Rondure New World Fund	-1.3%	-1.3%	000660.KS, 2317.TW, 2454.TW, 3038.TW, BBL, BBRI.JK, GMXT.MX, HCLTECH.NS, HDB, HEIM.KL, NVDA, PBR, TCS.NS, TSM	AI, China, diversification, emerging markets, India, rates, semiconductors, Taiwan	AI themes are driving narrow market concentration, particularly in semiconductors. The manager believes AI rally will broaden beyond current leaders to include emerging market AI stocks trading at better valuations. They see emerging markets positioned well for AI broadening with many stocks benefiting from AI emergence including power suppliers and semiconductor manufacturers.	HDFCBANK.NS 2330.TW	View
2026 Q1	Apr 11, 2026	Blue Tower Asset Management	1.6%	1.6%	ACDVF, CGEO.L, CMT, PBR, SM, TFII	commodities, energy, Fertilizers, Geopolitical, Iran, LNG, oil, Supply Chain		PBR SM PBR	View
2025 Q3	Oct 24, 2025	Brandes International Equity Fund	8.1%	32.2%	005930.KS, 086280.KS, 4502.T, 6273.T, BABA, CAP.PA, CX, ERJ, GSK.L, HEI.DE, HEIA.AS, KER.PA, OTEX, PBR, PUB.PA, SAN.PA, STM, TSM, UHR.SW, WPP.L	AI, Automation, emerging markets, Europe, international, Outperformance, technology, value	AI-related investments drove strong performance across multiple holdings. Alibaba benefited from aggressive AI investment plans and growth in AI-related products and cloud revenue. Samsung and TSMC gained from positive AI sentiment. The fund sees AI deployment as a catalyst for enterprise spending and IT services recovery.	SMC JP SMC JP	View
2025 Q4	Jan 7, 2026	Packer & Co	-	21.5%	0001.HK, AQN, BABA, BIDU, CA.PA, CEO, CNC, GSK, J36.SI, NE, NXE, PBR, PRX.AS, PYPL, SDRL, VAL, VIPS	AI, Asia, Cash, Defensive, energy, gold, value	The AI boom has driven global stock markets with the Bloomberg AI index up 250% in three years, becoming a core driver of US economic growth. However, the manager draws parallels to the Dotcom bubble, noting over $3 trillion expected investment despite negligible revenue generation and intense competition that may destroy profitability. Gold was the Trust's largest investment and performed exceptionally well, rising 52% for the year. The manager maintains significant gold exposure as part of their defensive positioning amid market uncertainties and elevated valuations. The manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals.	CA FP	View
2023 Q3	Sep 30, 2023	Vanguard International Value Fund	-5.4%	6.3%	005490.KS, 005930.KS, 0700.HK, 1398.HK, 1821.HK, 2331.HK, 2688.HK, 6146.T, AIR.PA, ASML, BABA, BBDC4.SA, BP, CFR.SW, HOLN.SW, HSBA.L, MC.PA, MLCO, NOVOB.CO, PBR, ROG.SW, RYA.L, SHEL, TSM, ZEEL.NS	Developed Markets, Diversified, emerging markets, international, value	The fund employs fundamental, value-oriented investment process seeking undervalued stocks from non-U.S. markets. Investment advisors use fundamental research to construct portfolios of undervalued stocks in developed and emerging markets. ARGA's investment philosophy is based on the belief that investors overreact to short-term developments, leading to opportunities to generate gains from investing in good businesses at great prices.		View
2023 Q4	Jan 24, 2024	Distillate Capital International	0.0%	10.9%	6857.T, AAPL, AMGN, AMZN, AVGO, BABA, BMY, CNQ, CSCO, FMX, GOOGL, HRL, ITX.MC, JBL, LRCX, MC.PA, MSFT, NVDA, OC, PBR, PDD, PG, PNDORA.CO, QCOM, TSLA, V, WSM	Concentration, free cash flow, international, Mega-caps, Quality, value	The letter extensively discusses the extreme concentration in the S&P 500, where the largest five stocks now represent 24% of the index weight. This concentration creates significant risk for cap-weighted benchmarks and provides opportunities for active managers who can avoid overvalued mega-caps while finding value elsewhere in the market.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 23, 2026	Fund Letters	Blue Tower Asset Management	Petróleo Brasileiro S.A. - Petrobras	Oil & Gas Integrated	Oil, Gas & Consumable Fuels	Bull	New York Stock Exchange	Brazil, commodity, energy, Exploration, geopolitical, Oil & Gas, Production, Supply Disruption, Value	View Pitch
Apr 15, 2026	Fund Letters	Blue Tower Asset Management	Petróleo Brasileiro S.A. - Petrobras	Oil & Gas Integrated	Oil, Gas & Consumable Fuels	Bull	New York Stock Exchange	Brazil, commodity, energy, Exploration, geopolitical, Oil & Gas, Production, Supply Disruption, Value	View Pitch
Apr 13, 2026	Fund Letters	Packer & Co	Petróleo Brasileiro S.A. - Petrobras	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE	Brazil, Emerging markets, energy, offshore drilling, Oil & Gas, Pre-salt, valuation, Value	View Pitch
Jan 12, 2026	Seeking Alpha	Seeking Alpha	Petróleo Brasileiro S.A. - Petrobras	Energy	Oil & Gas Integrated	Bull	New York Stock Exchange	breakeven point, capital preservation, discounted valuations, dividend stock, geopolitical risks, income opportunity, long-term growth, oil price volatility, production capacity, state-run operations	View Pitch
Aug 8, 2025	Seeking Alpha	Juxtaposed Ideas	Petrobras	Energy	Oil & Gas Integrated	Bull	NYSE	—	View Pitch
Aug 8, 2025	Seeking Alpha	Bernard Zambonin	Petrobras	Energy	Oil & Gas Integrated	Bear	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	Steven Cress, Quant Team	Petróleo Brasileiro S.A. - Petrobras	Energy	Oil & Gas Integrated	Bull	NYSE	—	View Pitch

BSD Shareholders of PBR

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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