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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 22, 2025 | American Century International Growth Fund | 12.1% | - | 3064.T, 7011.T, AI.PA, AIR.PA, ASML, AZN.L, BABA, CRH, CSL.AX, GLE.PA, IBE.MC, LSEG.L, NVO, ONON, PNDORA.CO, PRX.AS, RACE, SAP.DE, SHOP.TO, SONY | AI, Asia, defense, E-Commerce, Europe, growth, international, large cap | Artificial intelligence exposure has become a broad spectrum theme with investment in data center capacity reaching across sectors and industries. Alibaba's cloud computing segment has accelerated meaningfully aided by artificial intelligence-related demand. The company is well positioned to benefit from new AI-enabled products featuring complex analysis and efficient deep learning models. | View | |
| 2025 Q2 | Jul 21, 2025 | Sands Capital Global Growth Fund | 21.7% | 14.4% | ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, DASH, DOL.TO, DXCM, FLUT, GOOGL, HDFCBANK.NS, ICE, MELI, NFLX, NVDA, ONON, PNDORA.CO, SPOT, SQ, TITAN.NS, V | AI, E-Commerce, global, growth, semiconductors, software, Streaming, technology | Rapid progress in large language model capabilities remains the most important driver for AI businesses like NVIDIA. LLM performance has improved more than sevenfold over the past year, with key enablers including reasoning models, reinforcement learning without human feedback, and advances in pre-training. Microsoft reported a fivefold year-over-year increase in AI token processing, suggesting broader adoption across applications and users. | NET MELI AXON NFLX NVDA |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital International Growth Fund | 18.1% | 19.4% | 4956.T, 6273.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, DNP.WA, DOL.TO, EVT.DE, FLTR, GALDERMA.SW, HDFCBANK.NS, HEXAB.ST, IMCD.AS, MELI, ONON, PME.AX, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, TSM, WEGE3.SA | Asia, Automation, E-Commerce, Entertainment, Europe, growth, international, semiconductors, technology | The strategy holds significant positions in leading e-commerce platforms including MercadoLibre in Latin America and Sea in Southeast Asia. MercadoLibre delivered strong quarterly results driven by Argentina's higher contribution margins, while Sea posted strong results with gaming bookings up 51% year-over-year and expanding ecommerce margins. | EVD GR SE 2330 TT SPOT MELI |
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| 2024 Q1 | Apr 30, 2024 | Smead International Value Fund | 0.7% | 11.6% | BAWG.VI, CVE.TO, FRO, G.MI, IFP.TO, MEG.TO, OXY, PNDORA.CO, ROG.SW, TGA.JO, UCG.MI, WFG.TO, WHC.AX | Banking, energy, inflation, international, rates, value | The fund holds significant positions in energy companies including Meg Energy, Cenovus Energy, and Occidental Petroleum. Coal companies faced pressure from weakened demand factors including China's economic growth and increased coal and gas stock availability. | ROG.SW |
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| 2026 Q1 | Apr 21, 2026 | Smead International Value Fund | 14.4% | 14.4% | BARC.L, CVE.TO, FRO, PNDORA.CO, SCR.TO, UCG.MI | concentrated, energy, European Banks, international, Unconventional, value | View | ||
| 2025 Q1 | Mar 31, 2025 | Sands Capital International Growth Fund | 1.1% | 1.1% | 2914.T, 6098.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, FLUT, HDFCBANK.NS, HEXAB.ST, LONZA.SW, MELI, PNDORA.CO, RACE, SE, SHOP.TO, SIKA.SW, SPOT, TSM, WEG.SA | Asia, emerging markets, Europe, growth, international, tariffs, trade war | Portfolio includes leading e-commerce platforms like Sea's Shopee which grew gross merchandise volume 24% year-over-year while delivering positive EBITDA margin, and MercadoLibre which serves 100 million annual unique customers. Shopify continues to execute well with accelerating growth across gross merchandise value, revenue, and margins. | View | |
| 2025 Q1 | Mar 31, 2025 | Platinum International Brands Fund | -6.0% | -6.0% | 0700.HK, AMZN, BIRK, EL.PA, GOOGL, HLN.L, ITX.MC, JD, JD.L, META, NESN.SW, PNDORA.CO, V, ZTS | brands, China, consumer, E-Commerce, Luxury, tariffs, technology | The Fund holds significant positions in e-commerce platforms including Amazon and JD.com, which benefited from Chinese tech sector recovery and DeepSeek AI developments. | View | |
| 2023 Q1 | Mar 31, 2023 | Platinum International Brands Fund | 6.6% | 6.6% | 0700.HK, 1448.HK, 2502.T, 3690.HK, 5938.T, BFIT.AS, BMW.DE, GOOGL, HLN.L, JD, META, MWG.HM, NIEN.TW, PNDORA.CO, SMCP.PA, TCOM | China, Consumer Brands, demographics, E-Commerce, Reopening, Travel | Chinese holdings experienced weakness through most of the quarter after initial strength, with concerns about competitive intensity in e-commerce and weaker-than-hoped economic data. The manager remains constructive about the reopening opportunity and expects recovery in birth rates and travel to drive demand for baby-related products and tourism services. | View | |
| 2024 Q4 | Dec 31, 2024 | Sands Capital Global Growth Fund | 5.3% | 15.7% | 6861.T, ABNB, ADYEN.AS, AMZN, ASML, AXON, DASH, DOL.TO, DXCM, FLUT, GOOGL, MELI, NFLX, NKE, NVDA, PNDORA.CO, SHOP.TO, SPOT, SQ, V | AI, global, growth, innovation, long-term, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries. Sands Capital owns businesses that enable AI at the infrastructure layer like NVIDIA and those finding specific use cases like Axon Enterprise and ServiceNow. AppLovin built an AI advertising placement platform that reaccelerated its video game ad business. | View | |
| 2024 Q4 | Dec 31, 2024 | Sands Capital International Growth Fund | -4.1% | 8.4% | 2802.T, 6098.T, 6273.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, DOL.TO, FERG.L, FLTR, HDFCBANK.NS, HEXAB.ST, LONN.SW, MELI, PNDORA.CO, SE, SHOP.TO, SIK.SW, SPOT, TSM, VACN.SW, WEGE3.SA, ZAL.DE | AI, E-Commerce, Energy Transition, growth, innovation, international, semiconductors, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool, reshaping industries and redefining how businesses create value. Many portfolio businesses are finding specific use cases to leverage AI, including AppLovin's AI advertising placement platform and ServiceNow's automation capabilities. The firm owns businesses that enable AI at the infrastructure layer, such as NVIDIA. | View | |
| 2023 Q4 | Dec 31, 2023 | Platinum International Brands Fund | -4.1% | -5.9% | 1448.HK, 2186.HK, 7974.T, 9618.HK, AAPL, AMZN, BFIT.AS, GOOGL, HEIA.AS, META, MLCO, MSFT, NIEN, NVDA, PLNT, PNDORA.CO, RBI.VI, RI.PA, TSLA | Beverages, brands, China, consumer, Defensive, Valuations | The Fund holds positions in consumer-focused companies across various sectors, with particular emphasis on companies serving Chinese consumers despite ongoing economic weakness. The manager sees attractive valuations in Chinese consumer stocks due to weak sentiment. | View | |
| 2025 Q3 | Oct 20, 2025 | Sands Capital International Growth Fund | -3.1% | 15.7% | 2914.T, 6758.T, ADYEN.AS, ARGX, ASML, BAJFINANCE.NS, CSU.TO, DOL.TO, FLUT, HDFCBANK.NS, HEXAB.ST, III.L, MELI, NU, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, TSM | AI, Asia, E-Commerce, Europe, growth, international, semiconductors, technology | AI-driven demand continues to support semiconductor and technology sectors, particularly in Taiwan and South Korea. TSMC benefits from strong AI-related demand and is expanding CoWoS capacity. However, AI concerns are growing around certain businesses like Constellation Software, with markets conflating AI disruption risks with operational performance. | View | |
| 2025 Q3 | Oct 19, 2025 | Smead International Value Fund | 9.1% | 28.5% | AMGN, APA, AXP, BAWG.VI, BMPS.MI, CVE.TO, DHI, FRO, LEN, MAC, MEG.TO, MRK, NVR, PNDORA.CO, SCR.TO, SPG, UCG.MI, UMG.AS, WFG.TO | Banking, energy, Europe, Mergers, oil, Scale, value | The fund owns MEG Energy which has been subject to a bidding war between Cenovus Energy and Strathcona Resources. Cenovus expects $400 million in annual cost savings from combining with MEG, representing about 45% of MEG's market cap. The oil business is seeing significant value creation through mergers and acquisitions as companies seek to scale operations. | UCG MEG SCR CVE |
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| 2025 Q3 | Oct 19, 2025 | American Century International Growth Fund | - | - | 3064.T, 7011.T, AI.PA, AIR.PA, ASML, AZN.L, BABA, CRH, CSL.AX, GLE.PA, IBE.MC, LSEG.L, NVO, ONON, PNDORA.CO, PRX.AS, RACE, SAP.DE, SHOP.TO, SONY | AI, Asia, Europe, financials, growth, healthcare, international, large cap, technology | Artificial intelligence exposure has become a broad spectrum theme with investment in data center capacity reaching across sectors and industries. AI-related demand is accelerating cloud computing segments and enabling new AI-enabled products with complex analysis and efficient deep learning models. | View | |
| 2023 Q3 | Oct 16, 2023 | Smead International Value Fund | 0.7% | 11.6% | BAWG.VI, BKT.MC, BMW.DE, CVE.TO, FRO, GOOS.TO, IFP.TO, MEG.TO, NXT.L, OXY, P911.DE, PAH3.DE, PNDORA.CO, SMWH.L, TGA.L, UCG.MI, VOW3.DE, WFG.TO, WHC.AX | Banking, Coal, Currency, energy, interest rates, international, value | The fund views rising interest rates as a major risk affecting all asset classes, not just bonds. They believe the 30-year Treasury hitting 5% creates significant interest rate risk that most investors underestimate. The fund seeks to avoid this risk through specific positioning choices. | View | |
| 2024 Q3 | Oct 15, 2024 | Smead International Value Fund | 0.7% | 11.6% | BARC.L, BAWG.VI, BKT.MC, BRK-A, CVE.TO, FRO, G.MI, MEG.TO, NWG.L, PNDORA.CO, SCR.TO, UCG.MI, WFG.TO | banks, Compounding, energy, Europe, returns, value | The fund focuses on finding businesses that produce strong double-digit returns where investors are not overpricing them. They seek companies trading at significant discounts to economic value, exemplified by their European bank holdings which continue to be appraised at substantial discounts despite improving fundamentals. | View | |
| 2025 Q4 | Jan 22, 2026 | Sands Capital International Growth Fund | -4.2% | 10.9% | 6861.T, ADDTECH-B.ST, ADYEN.AS, AJINOMOTO.T, ARGX, ASML, BAJFINANCE.NS, DNP.WA, DOL.TO, EL.PA, FLUT, HDFCBANK.NS, HEXA-B.ST, III.L, MELI, NU, PME.AX, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, STVG.MI, TSM, VACN.SW, WEGE3.SA | AI, defense, energy, growth, international, Robotics, Space, technology | AI spread across industries in 2025, reshaping business models and driving market leadership. The firm maintains meaningful AI exposure through hardware and software providers with clear economic models, while avoiding areas where prices assume years of success or sustainable profit remains uncertain. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term pull in logistics and warehouse environments. Focus on companies that make robots reliable, safe, and economically compelling rather than headline makers. Energy transition is blending with new power demand from data centers, transportation, and industry, straining grids and forcing aggressive investment in power infrastructure. Expecting multiyear investment cycle across the entire power value chain. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to cloud and AI tools spread. Security is no longer discretionary but a core operating requirement and foundation for trust. Space is becoming part of everyday life with satellites helping run internet, support defense, and guide transportation. Lower launch costs and improved satellite capabilities are creating growing businesses with steady, long-term revenue. | EL FP MELI RACE IM SPOT 2802 JP SE SHOP VACN SW 2330 TT GALD SW |
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| 2025 Q4 | Jan 21, 2026 | Smead International Value Fund | 8.2% | 39.1% | BARC.L, BAWG.VI, BKT.MC, CVE.TO, GLEN.L, OXY, PNDORA.CO, ROG.SW, SCR.TO, TGA.JO, TVE.TO, UCG.MI, WFG.TO | banks, energy, Europe, oil, value | The fund employs a concentrated value approach focused on maximizing long-term returns. The managers contrast momentum investing (driven by stories and mythos) with value investing (analytical approach examining capital structure, returns on capital, and future growth). They believe value investing represents a more logical and analytical framework that will ultimately prevail. The managers challenge the mythos that American energy producers will drill regardless of price, noting that capex per rig has moved to higher levels coinciding with attractive entry points. They highlight that OPEC production increases have been muted relative to announcements, with Saudi Arabia being the only member capable of bringing back meaningful production at 2.1 million barrels per day. The fund sees Europe transitioning from mythos (over-regulated, poor decision-making) to logos (analytical capital allocation). European banks now believe they must earn their cost of capital and provide investor rewards through declining cost-to-income ratios, stock buybacks, and consolidation. Germany's removal of its debt brake for rearmament signals a future driven by returns and investment. | View | |
| 2024 Q2 | Jul 15, 2024 | Smead International Value Fund | 0.7% | 11.6% | CVE.TO, FRO, G.MI, IFP.TO, MEG.TO, OXY, PNDORA.CO, SCR.TO, UCG.MI, WFG.TO | banks, energy, Europe, Government Spending, inflation, technology, value | The fund is focused on the reserve life of oil and gas assets in places like Canada with investments like MEG Energy, Cenovus and Strathcona. In a world that is far less interested in investing in energy compared to AI, they believe that the assets' lives need to match the current long lead time capital cycle. | View | |
| 2025 Q1 | Apr 14, 2025 | Smead International Value Fund | 5.7% | 5.7% | BARC.L, BRBY.L, CVE.TO, FRO, GLEN.L, MEG.TO, PNDORA.CO, SCR.TO, UCG.MI | banks, Canada, commodities, energy, international, value | The fund holds significant positions in Canadian oil and gas producers in the tar sands. Energy has been a major detractor through mid-2023 to March 2025. The manager believes these businesses have much less risky capital structures than perceived, with companies like Meg Energy having less than 50% of cash flow in net debt. | 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 | |
| 2023 Q4 | Jan 16, 2024 | Smead International Value Fund | 0.7% | 11.6% | BAWG.VI, CVE.TO, FRO, GOOS.TO, IFP.TO, IWG.L, MEG.TO, OXY, PNDORA.CO, SCR.TO, UCG.MI, WFG.TO | banks, Change, Europe, Geopolitical, oil, value | America transformed into an OPEC-sized producer of oil and gas products over the last 20 years. American producers decided to quit drilling new holes in spring 2020, leading to explosive returns for investors as stock buybacks and dividends rained in from operating cash flow. Oil and gas producers are now being rational with their capital allocation. | BAWG.VI |
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| 2024 Q4 | Jan 14, 2025 | Smead International Value Fund | -6.2% | 4.7% | 7270.T, BARC.L, BG.VI, BRBY.L, CVE.TO, FRO, G.MI, GLEN.L, IFP.TO, MEG.TO, PNDORA.CO, ROG.SW, SCR.TO, UCG.MI, VOW3.DE, WFG.TO, WHC.AX | Autos, banks, Buybacks, energy, Europe, Japan, value | The letter extensively discusses share buybacks as a key investment strategy, comparing them to Pac-Man gobbling up shares. UniCredit reduced shares outstanding by 19.4% through buybacks, and Japanese companies including Subaru are implementing their first-ever buyback programs. | 7270.T UCG.MI |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||