PGHN-SW-2

PGHN-SW-2

PGHN-SW-2

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jun 30, 2025	Vulcan Value Partners – Small Cap	8.1%	3.6%	AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH	AI, Alternative Assets, healthcare, tariffs, technology, value, volatility	Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and CEO transition. IQVIA Holdings added as largest CRO globally with strong positioning despite industry headwinds. Healthcare represents core value opportunity during market volatility.		View
2025 Q2	Jun 30, 2025	Vulcan Value Partners – Focus Plus	9.5%	3.2%	AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH	AI, Alternative Assets, healthcare, tariffs, technology, value, volatility	Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and IQVIA Holdings as the largest CRO globally. Healthcare represents both opportunity and risk with government policy exposure but stable underlying business models.		View
2025 Q2	Jun 30, 2025	Vulcan Value Partners – Focus Plus	8.8%	2.3%	AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH	AI, Alternative Assets, healthcare, tariffs, technology, value, volatility	Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and IQVIA Holdings as the largest CRO globally. Healthcare represents both value opportunities and operational turnaround situations with stable underlying business models.	FORT.L GOOGL AMZN LFUS ISS.CO ARES AAPL\|LLY\|META\|MSFT\|NFLX\|NVDA\|PEP\|SBUX\|UBER\|UNH IQV AAPL\|LLY\|META\|MSFT\|NFLX\|NVDA\|PEP\|SBUX\|UBER\|UNH UNH	View
2025 Q2	Jun 30, 2025	Vulcan Value Partners – Large Cap	7.0%	4.7%	AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH	AI, Alternative Assets, healthcare, tariffs, technology, value, volatility	Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and IQVIA Holdings as the largest CRO globally. Healthcare represents both value opportunities and operational turnaround situations with stable underlying business models.	GOOGL AMZN LFUS ISS.CO ARES AAPL\|LLY\|META\|MSFT\|NFLX\|NVDA\|PEP\|SBUX\|UBER\|UNH IQV AAPL\|LLY\|META\|MSFT\|NFLX\|NVDA\|PEP\|SBUX\|UBER\|UNH	View
2025 Q2	Jun 30, 2025	Vulcan Value Partners – Small Cap	6.7%	1.9%	AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH	AI, Alternative Assets, healthcare, private credit, tariffs, technology, value, volatility	Market volatility related to tariffs increased markedly during the second quarter, creating opportunities to execute investment philosophy. The tariff tantrum and Liberation Day created meaningful stock price declines, followed by moderation of tariff policies that led to rallies in previously discounted companies.	ISS DC MSFT IQV	View
2025 Q1	Apr 9, 2025	Vulcan Value Partners – Small Cap	-4.1%	-4.1%	ABT, AMZN, ARES, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PGHN.SW, PRG, SW.PA, SWK, SWKS, TPG	Asset Management, real estate, tariffs, technology, value, volatility	Market volatility returned during the first quarter, creating opportunities for the firm to execute their dual investment discipline. The manager welcomes volatility as it provides opportunities to purchase stable value businesses at lower prices with larger margins of safety. Price to value ratios improved across all strategies during the quarter.	8GC SW PRG ITRN EDELWEISS JLL SWKS TPG SWK MEDP	View
2025 Q1	Apr 9, 2025	Vulcan Value Partners – Focus Plus	-6.0%	-6.0%	ABT, AM, AMZN, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PGHN.SW, PRG, SW.PA, SWK, SWKS, TPG	Cloud, concentrated, large cap, technology, value, volatility	Market volatility returned during the first quarter, creating opportunities to execute dual investment discipline by purchasing stable value businesses at lower prices with larger margins of safety. The firm welcomes volatility as it provides opportunities to improve price-to-value ratios across all strategies.	SWKS PRG ITRN EDELWEISS JLL TPG SWK MEDP	View
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	View
2024 Q4	Dec 31, 2024	Vulcan Value Partners – Small Cap	-7.3%	1.3%	AMZN, CCK, CG, CRM, EG, ELV, FBHS, GOOGL, HEIA.AS, LYV, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH	Building Products, discount, Europe, Foodservice, Margin Of Safety, small caps, value	Small Cap is the most discounted portfolio in terms of price compared to intrinsic value estimates, providing the highest margin of safety. The manager believes the market is overly focused on short-term results and not properly recognizing long-term prospects of quality companies trading at discounts.		View
2024 Q4	Dec 31, 2024	Vulcan Value Partners – Large Cap	-0.1%	17.5%	AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.PA, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH	Alternative Asset Managers, global, healthcare, large cap, Margin Of Safety, technology, value	Manager emphasizes buying companies with stable values at attractive margins of safety. Price to value ratios remained relatively flat across strategies despite double-digit returns. Focus on allocating capital to companies with larger margins of safety as U.S. markets outperformed.		View
2024 Q4	Dec 31, 2024	Vulcan Value Partners – Small Cap	-2.5%	13.6%	AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.AS, KKR, LYV, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SW.ST, UNH	Alternative Asset Managers, Concentration, healthcare, insurance, international, value	Manager emphasizes buying companies with stable values at attractive margins of safety. Portfolio price-to-value ratios remained relatively flat despite double-digit returns as capital was reallocated from companies whose prices rose faster than values into more discounted opportunities.		View
2024 Q4	Dec 31, 2024	Vulcan Value Partners – Focus Plus	6.3%	26.1%	AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.AS, KKR, LYV, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH	concentrated, Intrinsic Value, large cap, long-term, Margin Of Safety, value	Everest Group is a global reinsurance and insurance business known for disciplined underwriting. The company underwrites aggressively in hard markets and builds capacity during soft markets, focusing on growing intrinsic value per share over long-term rather than managing short-term earnings.		View
2024 Q4	Dec 31, 2024	Vulcan Value Partners – Focus Plus	7.4%	27.5%	AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.AS, KKR, LYV, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH	Alternative Asset Managers, Cloud, Concentration, Discipline, insurance, large cap, value	Vulcan follows a disciplined value approach, reallocating capital from companies whose prices rose faster than values into companies whose prices did not keep up with values. They maintain attractive price to value ratios despite double-digit returns and focus on companies with stable values and margins of safety.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Small Cap	9.1%	9.4%	CBRE, CIGI, CWK, DNB, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, RE, SBUX, UNH	Commercial real estate, interest rates, real estate, small cap, United Kingdom, value	Multiple holdings in commercial real estate services including Colliers International, Cushman & Wakefield, and Jones Lang LaSalle. These companies are benefiting from falling interest rates and should see improved transaction volumes as the sector recovers from recent downturns.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Large Cap	8.2%	17.6%	CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH	Alternative Asset Managers, Commercial real estate, interest rates, Luxury, Margin Of Safety, Reinsurance, value	Multiple commercial real estate service providers benefited from falling interest rates and improving transaction volumes. Companies like Jones Lang LaSalle, CBRE, Colliers International, and Cushman & Wakefield are positioned to benefit as interest rates decline and real estate markets recover from recent downturns.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Small Cap	8.1%	16.5%	CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH	Alternative Assets, Commercial real estate, interest rates, Luxury, Margin Of Safety, Reinsurance, value	Multiple portfolio companies are commercial real estate service providers benefiting from falling interest rates and recovering transaction volumes. Companies like CBRE, Colliers, and Cushman & Wakefield are positioned for recovery as the industry emerges from a downturn.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Focus Plus	5.6%	18.6%	CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH	Alternative Asset Managers, Commercial real estate, interest rates, Luxury, Margin Of Safety, value	Multiple holdings in commercial real estate services including CBRE, Jones Lang LaSalle, Colliers International, and Cushman & Wakefield. These companies are positioned to benefit from falling interest rates and recovery in transaction volumes after weathering an industry downturn. The managers see these businesses as having diversified earnings streams and asset-light models.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Focus Plus	5.9%	18.7%	CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH	Alternative Assets, Commercial real estate, Concentration, interest rates, Luxury, Reinsurance, value	Multiple commercial real estate service providers benefited from falling interest rates and improving transaction volumes. Companies like CBRE, Colliers, and Cushman & Wakefield are positioned to benefit from the recovery in real estate markets as rates decline.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of PGHN-SW-2

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.

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: