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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Merchant West | - | - | AVI.JO, CL, NPN.JO, OUT.JO, PG, PRX.AS | Central Banks, China, emerging markets, Government Unity, interest rates, REITs, South Africa | The Government of National Unity has generated positive momentum with business confidence rising and financial markets rallying strongly. The FTSE/JSE All Share Index gained 9.6% in Q3, with SA Inc stocks leading performance as consumer and business confidence gradually returns. | View | |
| 2025 Q2 | Jul 30, 2025 | Rozendal Partners | - | 23.0% | AFM.L, AST.JO, B4B.DE, BLU.JO, CCOLA.IS, COH.JO, HCI.JO, HL.L, KSPI.L, MTN.JO, NE, NPK.JO, OCE.JO, PRX.AS, SESG.PA, WINE.L | defense, emerging markets, global, Mining, Satellites, tariffs, Turkey, value | Completed investment cycle in three Turkish companies (Migros, Sabanci, Coca Cola Icecek) during hyperinflationary period. Turkey's unorthodox monetary policy created opportunities as negative real interest rates drove consumption boom. Exited positions as valuations reached fair value and real interest rates turned positive. | View | |
| 2025 Q2 | Jul 24, 2025 | Polen Capital – Emerging Markets Growth | 12.6% | 14.5% | 0700.HK, 145020.KS, 2330.TW, 2345.TW, 300750.SZ, BABA, DNP.WA, FMSAUBD.MX, IHCL.NS, INFY, INPST.WA, KOTAKBANK.NS, PRX.AS, RELIANCE.NS, SARE.NS, WEG3.SA | China, emerging markets, growth, Poland, Quality, Taiwan, technology | CATL, the world's largest EV battery manufacturer, saw strong performance driven by demand for next-generation battery technologies including Shenxing Superfast Charging Battery and Qilin Battery. These flagship products are set to be integrated into 67 cars this year in China and accounted for nearly 40% of CATL's EV battery shipments. | DNP.WA 145020.KS INPST.WA 2345.TW PRX.AS 300750.SZ 8069 TT PDD WIZZ LN DLO BABA TME |
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| 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 22, 2025 | Longleaf Partners International Fund | 14.9% | 15.7% | 035420.KS, 4480.T, AC.PA, CANAL.L, ENT.L, ERF.PA, EXO.MI, GLB, HDB, JFC.PS, MLCO, PFD.L, PHG, PRX.AS, TWE.AX | Asia, Buybacks, China, Europe, tariffs, turnaround, undervaluation, value | Melco Resorts delivered strong Q1 results in Macau, gaining market share from 14.7% to 15.7% despite new supply competition. The company re-launched its popular House of Dancing Water show and bought back $165 million worth of shares despite high leverage, with CEO calling current prices a once in a lifetime opportunity. | 6045 JP TWE AU PHG 035420 KS ENT LN MLCO CAN LN GLB ID |
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| 2025 Q2 | Jul 17, 2025 | Hardman Johnston Global Equity | 16.7% | 17.2% | 6501.T, BN, CBK.DE, ELAN, GOOGL, HWM, ICICIBANK.NS, LLY, MELI, META, MRVL, NVDA, PRX.AS, RHM.DE, TEAM, TMUS, TSM, UNH, VRT, VRTX | AI, defense, Europe, Geopolitical, global, industrials, semiconductors, technology | Defense represents a compelling opportunity driven by geopolitical uncertainty and increased spending commitments. NATO countries agreed to invest 5% of GDP in defense by 2035, signaling long-term commitment beyond current administrations. European contractors are gaining market share as nations develop industrial sovereignty, while Japan and South Korea also increase spending targets against regional threats. | BN MRVL 6501 JP CBK GR UNH TSM LLY VRTX TMUS MELI RHM GR HWM TEAM |
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| 2025 Q2 | Jul 17, 2025 | Hardman Johnston International Equity | 17.4% | 25.5% | 6501.T, 7011.T, 7269.T, 8411.T, AIR.PA, ASML, AZN.L, CBK.DE, DTE.DE, GMAB, HDFCBANK.NS, ICICIBANK.NS, IFX.DE, LDO.MI, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ.SW, STAN.L, TEAM, TSM, UCB.BR | defense, Europe, industrials, international, Japan, semiconductors, technology | NATO countries agreed to invest 5% of GDP in defense by 2035, representing a step change in spending levels. European nations are taking security upon themselves as US military support is not guaranteed, particularly under a Trump administration. Defense is not solely a European theme, with Japan and South Korea also increasing spending targets against China and North Korea threats. | 6501.T LDO.MI CBK.DE IFX.DE TSM 7011.T RHM.DE TSM 7269 JP RHM GR IFX GR DTE GR 8750 JP CBK GR |
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| 2024 Q2 | Jul 10, 2024 | Alphyn Capital Management | 8.9% | 13.5% | 0700.HK, AMZN, BUR.L, ESAB, EXOR.MI, FFH.TO, GOOGL, KKR, KMX, PHG, PRX.AS, RACE, STLA, TVK.TO | Capital Allocation, compounders, Concentration, Long/Short, portfolio, risk management, technology, value | Alphabet has started incorporating AI Overviews in searches featuring responses from its LLM and Gemini, with improved user satisfaction and click-through rates. The company is exploring new AI features like short product videos and virtual try-on options within shopping ads. Amazon is adopting a primitive services approach to GenAI, developing custom AI chips, training services, and applications like Alexa and shopping AI called Rufus. | 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 |
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| 2025 Q2 | Jun 30, 2025 | Oakmark Global Select Fund | 4.5% | - | BABA, BAYRY, BDX, BMW.DE, BN.PA, BNP.PA, COF, DSV.CO, FI, IQV, LLOY.L, PRX.AS | Banking, Electric Vehicles, Europe, Medical Devices, Pharmaceuticals, Trade Policy, value | President Trump's Liberation Day announcement led to significant market volatility, with companies perceived as more exposed to tariffs falling meaningfully while others held up better. The fund actively repositioned during this period, trimming positions that performed well and buying companies where tariff concerns created wider discounts to intrinsic value. | DSV.CO BNP.PA BMW.DE BDX IQV BAYRY |
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| 2024 Q1 | May 7, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | AMG, BIO, CNX, DHER.DE, EQT, EXOR.MI, FBIN, FDX, FFH.TO, FIS, GLB.L, H, IAC, K, LYV, MLCO, PRX.AS, PVH, TIGO, WBD | Buybacks, global, Logistics, Media, Natural Gas, technology, value | Multiple portfolio companies are executing substantial share repurchase programs. CNX Resources continues share repurchase at a double-digit annualized pace, FedEx repurchased substantial stock with 6% annualized pace and authorized another $5 billion program, and FIS is using proceeds from asset sales to repurchase 10% of the company. | WBD FIS FDX CNX |
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| 2024 Q1 | May 7, 2024 | Longleaf Partners International Fund | 11.2% | 10.4% | 035420.KS, AC.PA, CFR.L, CUERVO.MX, ERF.PA, EXO.MI, GLB, GMAB.MX, HDB, LXS.DE, PFD.L, PRX.AS | Asia, Banking, Chemicals, consumer, Europe, Hotels, value | Accor demonstrated strong operational performance as the hotel industry shifts towards the biggest and most recognized brands globally. The company is well positioned geographically as the market leader in Asia, Latin America, and the Middle East, all structural growth travel markets with strong post-Covid recoveries. | LXS.DE 035420.KS HDFCBANK.NS CUERVO.MX AC.PA GLB.L |
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| 2026 Q1 | May 6, 2026 | Fairtree Global Equity Fund | -8.4% | -8.4% | 000660 KS, 005930 KS, 0700.HK, IMP.JO, KSPI.L, NPN.JO, PRX.AS, SOL.JO, TCOM, TSM | active management, emerging markets, energy, Geopolitical, technology, valuation | View | ||
| 2024 Q1 | May 21, 2024 | Saltlight Capital | 15.6% | 35.6% | 0700.HK, APP, BLU.JO, DO, META, NVDA, PDD, PRX.AS, TCP.JO, TDW.TO, WBC.JO | AI, Buybacks, China, Oil Services, Self-healing, South Africa, Spin-Offs, value | Manager sold AI infrastructure investments due to high valuations despite validating the thesis. Concerns about narrow predictions required by high multiples and wide distribution of outcomes. AI expected to enhance advertising opportunities for Tencent through improved video engagement and ad targeting. | JSEBLU JSETCP 700.HK |
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| 2026 Q1 | Apr 8, 2026 | INN8 | - | - | 0700.HK, APO, ARES, BLK, CFR.L, NPN.JO, PRX.AS, SOL.JO | AI, geopolitics, inflation, Iran, Middle East, oil, private credit, Stagflation | View | ||
| 2026 Q1 | Apr 18, 2026 | Steyn Capital FR QI Hedge Fund | 1.5% | 1.5% | 0700.HK, AEL.JO, GLEN.L, NPN.JO, PAN.JO, PRX.AS | emerging markets, Geopolitical, gold, Long/Short, Mining, oil, South Africa, value | PRX.AS NPN.JO PAN.JO GLEN.L AEL.JO |
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| 2026 Q1 | Apr 18, 2026 | Steyn Capital FR Retail Hedge Fund | 0.5% | 0.5% | 0700.HK, AEG.JO, GLEN.L, NPN.JO, PAN.JO, PRX.AS | energy, Geopolitical, gold, Long/Short, Mining, South Africa, value | NPN.JO PRX.AS PAN.JO GLEN.L AEG.JO |
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| 2025 Q1 | Mar 31, 2025 | The Gabelli Global Content & Connectivity Fund | 3.7% | 3.7% | 9984.T, ATEX, DTE.DE, FYBR, GOOGL, META, PRX.AS, T, TDS, TIGO, TMUS, USM | Communications, Connectivity, content, global, Media, technology, Telecom | Fund holds significant positions in telecommunications companies including T-Mobile US, Deutsche Telekom, and wireless carriers serving Latin America. These companies benefit from 5G deployment, fiber expansion, and growing demand for high-speed internet services. | View | |
| 2025 Q4 | Feb 5, 2026 | Stewart Investors | 0.0% | 0.0% | 005930.KS, 0700.HK, 2379.TW, 2454.TW, 6503.T, ALC, BABA, BAJAJHLDNG.NS, BAP, BOSCHLTD.NS, CARTRADE.NS, CTAS, KEI.NS, KOTAK.NS, M&M.NS, NU, PRX.AS, QUAL3.MX, SE, TARSONS.NS, TECHM.NS, TOTVS3.SA, TSM, TUBEINVEST.NS, WEG3.SA | AI, Asia, China, emerging markets, India, long-term, Quality, semiconductors | The team maintains a conservative approach to AI-driven market themes, avoiding flavour-of-the-month AI investments while selectively benefiting from AI demand through quality holdings like Samsung and TSMC. They emphasize disciplined AI capex spending and focus on companies with sustainable competitive advantages rather than chasing AI hype. The team is adding to Chinese holdings where they find leading businesses with strong competitive advantages and attractive growth at reasonable valuations, particularly Tencent. They view China as offering better opportunities despite some headwinds in specific sectors like property and chemicals. The team is reducing exposure to India, mainly in cyclical businesses where valuations are expensive and growth outlook has deteriorated. However, they remain excited about high-quality Indian companies positioned to benefit from structural tailwinds including urbanization, demographics, and digital infrastructure. Semiconductor holdings like Samsung and TSMC are key contributors, benefiting from AI-related demand for memory chips and leading-edge processors. The team focuses on companies with strong competitive positions and visibility into future earnings growth through 2026-2027. The investment philosophy centers on identifying quality companies with exceptional cultures, strong franchises, resilient financials, and sustainable competitive advantages. The team seeks companies that can deliver attractive returns over much longer periods than the market expects. The team is optimistic about emerging market opportunities, noting that the global economy is increasingly being led by emerging markets. They see attractive valuations compared to developed markets and expect this trend to accelerate as investors seek alternatives to US markets. | View | |
| 2025 Q4 | Feb 3, 2026 | Steyn Capital FR Retail Hedge Fund | 5.5% | 18.3% | AEG.JO, ANG.JO, NHM.JO, NPN.JO, PRX.AS, TEN.HK, TGO.JO | China, emerging markets, Long/Short, Mining, Precious Metals, South Africa, value | Gold prices drove a blistering rally that contributed significantly to portfolio returns and local index performance. The fund continues to hold exposure while actively managing position sizes due to the volatility of single commodity miners. Platinum prices experienced strong performance alongside gold, with Valterra Platinum being the largest contributor after benefiting from both strong PGM prices and an accelerated book build by former parent Anglo American. Chinese stocks benefited from improved sentiment, with Prosus and Naspers gaining alongside their Tencent holding. The improving outlook for eCommerce portfolio and continued value-accretive buyback programs supported performance. | View | |
| 2024 Q4 | Dec 31, 2024 | Diamond Hill International | -7.5% | 4.0% | 005930.KS, 0700.HK, 7999.T, BOLSAA.MX, EXO.MI, GLEN.L, KRN.DE, PRX.AS, QURE, RACE, SPOT, STLA, TSM, UHR.SW | China, Europe, Gene Therapy, India, international, Japan, semiconductors, value | uniQure's Huntington's disease treatment program advanced with FDA accelerating the approval pathway for its gene therapy treatment. The company demonstrates leadership in innovative therapies and ability to navigate gene therapy development complexities. Future royalty streams and broader drug pipeline position it as an attractive long-term opportunity. | KRN.DE 7454.T PRX.AS EXO.MI GLEN.L 005930.KS TSM SPOT QURE |
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| 2024 Q4 | Dec 31, 2024 | Hardman Johnston International Equity | -3.3% | 13.4% | 7011.T, 7269.T, 8750.T, AIR.PA, ASML, AZN, DTE.DE, FTI, GMAB, GRFS, HDB, IBN, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ, STAN.L, TEAM, TSM, UCB.BR | emerging markets, Europe, financials, healthcare, international, stock selection, technology | TSMC performed strongly as AI processor demand supported sales growth despite underwhelming recoveries in legacy end markets. TSMC's dominance in leading edge semiconductor manufacturing expanded as competitors demonstrated shortfalls. The manager sees AI as a long-term play creating opportunities throughout its value chain globally. | View | |
| 2024 Q4 | Dec 31, 2024 | The Gabelli Global Content & Connectivity Fund | 0.1% | 22.6% | 9984.T, AMZN, ATEX, DTE.DE, FYBR, GOOG, META, MSFT, PRX.AS, RCI, T, TDS, TMUS, USM | Connectivity, content, global, Media, technology, Telecommunications | Fund holds significant positions in telecommunications companies including T-Mobile, Deutsche Telekom, and Telephone & Data Systems. UScellular's wireless operations sale to T-Mobile and spectrum deals with Verizon and AT&T drove strong performance. | View | |
| 2024 Q4 | Dec 31, 2024 | Davis Global Fund | - | 22.7% | 005930.KS, 0700.HK, 2318.HK, 3690.HK, AMAT, AMZN, BRK-A, COF, CVS, ENT.L, GOOGL, HUM, META, MGM, NPN.L, PRX.AS, TCOM | AI, China, gaming, global, semiconductors, Stimulus, technology, value | Fund positioning for AI emergence through established market leaders with proven business models either using AI to improve platforms or key semiconductor players building AI ecosystem. Meta using AI for content suggestions and ad targeting. Tencent benefiting from AI-driven ranking improvements. Cloud providers Amazon and Alphabet seeing revenue acceleration from AI workloads. | View | |
| 2023 Q3 | Dec 10, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | 0001.HK, CFR.SW, CNX, DHER.DE, FBHS, FDX, FIS, GE, GLB, HAS, IAC, MAT, MGM, PRX.AS, WBD, WMG | Concentration, discount, global, Quality, value | The fund emphasizes trading at 12.5x P/E on not yet optimized earnings versus mega-cap stocks at 29x P/E. Portfolio has price-to-value ratio in low-60s% offering meaningful upside potential. Fund owns high-quality businesses at discounted valuations. | NWBD.L DHER.DE IAC AMAT CNX |
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| 2023 Q3 | Nov 21, 2023 | Alphyn Capital Management | 8.9% | 13.5% | AHT.L, BUR.L, CRTA.L, ENOV, FFH.TO, IAC, KFS, KKR, KMX, LBRDK, PRX.AS | Concentration, insurance, Long Term, Patience, value | Fairfax Financial demonstrates the benefits of a hard insurance market, with its insurance business now writing almost $30bn in premiums per year and capable of delivering over $3bn in operating profits from insurance, interest, and dividends. The company has systematically harvested investments at significant gains to fund doubling down on its insurance business. | View | |
| 2025 Q3 | Nov 19, 2025 | Steyn Capital FR QI Hedge Fund | 7.3% | 11.3% | 0700.HK, AIP.JO, ANG.JO, COH.JO, EPE.JO, GND.JO, LBR.JO, NHM.JO, PPH.JO, PRX.AS, RNI.JO, ZED.JO | emerging markets, gold, Long/Short, Reform, South Africa, value | The fund continues to deploy capital in exceptional opportunities in high-quality, undervalued 'SA Inc' businesses. The manager believes the opportunity-set among high-quality 'SA Inc' businesses remains extremely attractive, with many investors underestimating the potential of reform agenda to unlock latent growth in the domestic economy. | View | |
| 2025 Q3 | Nov 19, 2025 | Steyn Capital FR Retail Hedge Fund | 9.2% | 12.1% | 700.HK, AGL.JO, ANG.JO, COH.JO, GLEN.L, MSP.JO, PPH.JO, PRX.AS, RNI.JO, SUN.JO, ZED.JO | emerging markets, gold, Long/Short, Precious Metals, South Africa, value | Precious metals continued their blistering rally in the quarter and have driven much of the local index return for the year to date. After rallying 182% for the year, Precious Metals miners now comprise almost 25% of the JSE ALSI index. The manager has a positive view on both Gold and Platinum, with exposure to selected miners sized appropriately at approximately 12% of NAV in total. | View | |
| 2024 Q3 | Oct 8, 2024 | Alphyn Capital Management | 8.9% | 13.5% | AMZN, BN, CCOI, CIR.L, FFH.TO, GOOGL, KKR, MRO.L, OCSL, PRX.AS | aerospace, AI, infrastructure, insurance, private equity, real estate, technology, value | KKR benefits from increased capital markets activity after a slowdown, leading to higher transaction fees and potential for more realizations and carried interest as M&A activity resumes. The company has entered a new fundraising cycle with a $10 billion first close on Infrastructure V fund. | View | |
| 2025 Q3 | Oct 31, 2025 | FPA Crescent Fund | 5.5% | 14.1% | 7974.T, ADI, AMZN, C, CMCSA, FERG.L, GLEN.L, GOOGL, HOLN.SW, IFF, KMX, META, PRX.AS, RI.PA, SAF.PA, TEL, WFC | consumer, financials, global, technology, value | Alphabet continues to enhance its existing search offering with new AI features that have been well-received and are continually evolving. Recent concerns include competitive threats in search, stemming from competing AI models, as well as antitrust scrutiny in the US and Europe. | View | |
| 2025 Q3 | Oct 29, 2025 | Polen Capital – Emerging Markets Growth | 7.6% | 22.5% | 0700.HK, 145020.KS, 2330.TW, 2345.TW, 300750.SZ, BABA, DNP.WA, FMSAUBD.MX, IHCL.NS, INFY, INPST.WA, KOTAKBANK.NS, PRX.AS, RELIANCE.NS, SARE.NS, WEG3.SA | China, Electrification, emerging markets, growth, Quality, Taiwan, technology | CATL, the world's largest EV battery manufacturer, saw strong performance driven by demand for next-generation battery technologies including Shenxing Superfast Charging Battery and Qilin Battery. These flagship products are set to be integrated into 67 cars this year in China and accounted for nearly 40% of CATL's EV battery shipments. | DNP HUGEL INP ACCT PROS CATL DNP HUGEL INP ACCT PROS CATL |
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| 2025 Q3 | Oct 28, 2025 | Alphyn Capital Management | 3.0% | 11.2% | BN, BUR.L, CCOI, FFH.TO, GLD, GOOGL, MRO.L, PRX.AS, ROKO.ST, TVK.TO | AI, Capital Allocation, Compounding, gold, insurance, Serial Acquisition, technology | Alphabet benefits from vertically integrated AI stack spanning proprietary infrastructure, leading models, and scaled distribution platforms. Google's AI advantage includes twice the power efficiency of competitors and 33x efficiency in inference. AI enhances Search utility through features like AI Overviews and Lens, driving increased user engagement. | CRTA LN FFH CN CCOI BUR TVK CN MRO LN BN GOOGL CRTA LN FFH CN CCOI TVK CN MRO LN BN GOOGL |
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| 2025 Q3 | Oct 21, 2025 | Hardman Johnston Global Equity | 5.0% | 23.1% | 6501.T, AIR.PA, AMZN, ASML, BAC, BSX, CBK.DE, CTVA, EL, GOOGL, HWM, IBN, IFX.DE, LLY, MA, MELI, META, MRVL, MSFT, NVDA, OLED, PRX.AS, PRY.MI, RHM.DE, SAF.PA, STAN.L, STM, TEAM, TMUS, TSM, UBER, VRTX | AI, Equity, Europe, financials, global, semiconductors, technology, Trade | Markets oscillate between fear and fear of missing out regarding AI technology. While AI has productivity potential, current valuations raise questions about whether capital investment will deliver justified returns. AI exposure extends beyond tech names to utilities through electrical grid hardening needs. | TSM ADYEN STAN |
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| 2025 Q3 | Oct 21, 2025 | Hardman Johnston International Equity | 8.5% | 36.2% | 6501.T, 7011.T, 7269.T, AIR.PA, ASML, AZN, CBK.DE, DTE.DE, HDB, IBN, IFX.DE, LDO.MI, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ, STAN.L, STM, TEAM, TSM, UCB.BR | AI, defense, emerging markets, Europe, healthcare, international, semiconductors, Trade Policy | The portfolio holds significant exposure to semiconductor companies including TSMC, Infineon, STMicroelectronics, and ASML. TSMC remains a key enabler of AI infrastructure with strong Q2 earnings and raised guidance. The analog semiconductor sector is showing signs of recovery after a cyclical trough, with evidence of growing customer backlogs and improved order signals. | SUZUKI PROS SDZ UCB |
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| 2025 Q3 | Oct 20, 2025 | Baillie Gifford -International All Cap | 1.0% | 13.6% | 000333.SZ, 005930.KS, 0388.HK, 0700.HK, 1299.HK, 300750.SZ, 4519.T, 4612.T, 4911.T, 6098.T, 6273.T, 669.HK, 6861.T, 7733.T, 7741.T, 7980.T, 8035.T, 8113.T, ABI.BR, ADYEN.AS, AHT.L, AI.PA, ASML, ASSA-B.ST, ATCO-A.ST, AUTO.L, B3SA3.SA, BHP, BIM.PA, BNZL.L, CABK.MC, CFR.SW, DSV.CO, EPIROCK-A.ST, EXO.MI, EXPN.L, FEMSAUBD.MX, GAW.L, GRG.L, HDB, IMCD.AS, INVEB.ST, ITRK.L, JMT.LS, LONN.SW, MC.PA, MELI, NEM.DE, PRX.AS, RADL3.SA, RCO.PA, RMV.L, ROG.SW, RYA.L, SCT.L, SEB-A.ST, SIK.SW, SOI.PA, SPOT, SPX.L, TRN.L, TSM, TTE, UBS, UL, UOB.SI, WALMEX.MX, WEIR.L, WISE.L | AI, Asia, Europe, growth, healthcare, international, semiconductors, technology | Artificial Intelligence remained a dominant theme during the quarter, with several perceived beneficiaries rallying. Rising demand for AI-related chips is pressuring customers to push into more advanced nodes and adopt EUV technology. The rapid adoption of AI applications and high-performance computing is driving unprecedented orders for leading-edge technologies. | View | |
| 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 | |
| 2024 Q3 | Oct 16, 2024 | Longleaf Partners International Fund | 11.2% | 10.4% | 0700.HK, 1726.HK, 6498.T, AC.PA, CFR.SW, CUERVO.MX, DHER.DE, ERF.PA, GLB.L, HDB, JFC.PS, MLCO, PFD.L, PRX.AS, TCOM, TIGO, UBER | China, Concentration, Food, international, value, volatility | Chinese government introduced fiscal and monetary measures to support property sector and equity markets, exceeding market expectations. Beijing stepped in with counter-cyclical policy measures as 5% GDP growth target came under pressure. Companies in the region are beginning to re-rate as coiled springs with renewed market optimism. | View | |
| 2024 Q3 | Oct 16, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | 0700.HK, AMG, CNX, DHER.DE, ERF.PA, EXO.MI, FDX, FIS, GLB.L, IAC, K, MGM, ODFL, PRX.AS, SAIA, TCOM, TIGO, UBER, WMG | Buybacks, E-Commerce, gaming, global, Logistics, Natural Gas, value | The fund focuses on companies with durable competitive advantages trading at historically high valuation gaps versus the index. The price-to-value ratio remains in the high-60s%, indicating substantial room for price appreciation. Management emphasizes building a unique portfolio in a time of high valuations for the largest companies globally. | MGM FDX PRX.AS ERF.PA CNX K DHER.DE |
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| 2025 Q3 | Oct 13, 2025 | The Baird Chautauqua International Growth Fund | 5.2% | 19.0% | 2269.HK, 7269.T, ADYEN.AS, BABA, CP.TO, CSU.TO, FFH.TO, GMAB, GOOGL, LULU, MA, MU, NVO, OLED, PRX.AS, SAF.PA, TCS.NS, TEAM | Biotechnology, China, Fed policy, growth, international, tariffs, technology, Valuations | The resolution of Liberation Day tariffs through framework agreements with major trading partners reduced uncertainty, though establishing higher baseline tariffs. The U.S. reached deals with EU, Japan, and South Korea at 15% baseline tariffs, while negotiations with India failed resulting in 50% tariffs. | View | |
| 2025 Q3 | Oct 13, 2025 | The Baird Chautauqua Global Growth Fund | 6.8% | 17.2% | 2269.HK, 7269.T, ADYEN.AS, BABA, CP.TO, CSU.TO, FFH.TO, GMAB, GOOGL, LULU, MA, MU, NVO, OLED, PRX.AS, SAF.PA, TCS.NS, TEAM | AI, China, Cloud, growth, international, technology, Trade Policy, Valuations | The quarter saw significant resolution of trade disputes with the U.S. formalizing agreements with EU, Japan, and South Korea establishing higher baseline tariffs but removing punitive reciprocal rates. While these agreements provided market relief, tariff impacts are beginning to filter into economic data with businesses citing higher input costs. | BABA |
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| 2024 Q2 | Oct 1, 2024 | RV Capital | - | 28.9% | DIDI, HTHT, IPCO.TO, NTES, PRX.AS, YUMC | China, Esg, Governance, oil, value | First investment in oil and gas sector through International Petroleum, an oil company with production in Canada, France, and Malaysia. Manager views oil as essential product that cannot be eliminated despite environmental concerns, providing hedge against geopolitical disruptions. IPCO offers attractive valuation with substantial free cash flow generation expected. | IPCO.TO |
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| 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 |
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| 2025 Q4 | Jan 6, 2026 | Tapasya Investment Fund | 0.0% | 23.5% | 0700.HK, ADBE, ADYEN.AS, BABA, BLDR, CMG, CVNA, FNMA, GLBE, GOOG, IBKR, LULU, PRX.AS, UMG.AS | AI, Concentration, global, Homebuilders, long-term, Quality, technology, value | The manager extensively discusses whether we are in an AI bubble, noting that AI appears to be the most significant digital disruptor of our lifetime. While acknowledging extremely stretched valuations in AI-associated hardware and semiconductors, the fund avoids these sectors due to inability to forecast cash flows confidently. The fund employs value-based investing principles, focusing on concentrated investments in high-quality businesses at fair valuations. The manager notes they often underperform during periods of extreme sectoral valuation surges but expects long-term success from this approach. The anticipated recovery in the homebuilder sector has stalled due to persistent affordability issues driven by high home prices, despite lower interest rates and strong wages. The fund maintains conviction in Builder FirstSource despite the housing market recession. | View | |
| 2025 Q4 | Jan 6, 2026 | The Baird Chautauqua International Growth Fund | 0.1% | 19.2% | 2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, FFH.TO, GALDA.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX | AI, Automation, China, growth, international, semiconductors, Trade Policy, value | AI-related infrastructure demand drove commodities rally and memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Fanuc showcased significant advancements in AI-enabled robotics with commercialization potentially arriving in coming years. Significant de-escalation in U.S.-China trade tensions with Presidents Trump and Xi reaching agreement in October. U.S. reduced fentanyl-related tariffs and extended suspension of reciprocal tariffs for one year. Average effective U.S. tariff rate remains elevated at 17% compared to 2-3% at end of 2024. Economic data remained mixed despite trade war stabilization. Exports resilient but domestic demand stubbornly weak. Property sector downturn continues in fifth year. Policymakers identified raising household incomes as priority for boosting consumption, signaling recognition that economy's reliance on exports has become precarious. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with demand continuing to outpace supply and management seeing tightness across 2026. Fanuc reported strong robot orders up 38% year-over-year, driven by reshoring-related automation demand in North America, European automation investments, and new energy vehicle spending in China. Company showcased significant advancements in AI-enabled robotics at international robot show. Sea Limited reported strong results with revenue growing 38% and gross merchandise value growing 28%, though Shopee's adjusted EBITDA margin declined sequentially as management signaled preference for growth over near-term margin optimization with ongoing investments in logistics and fulfillment capabilities. | View | |
| 2025 Q4 | Jan 6, 2026 | The Baird Chautauqua Global Growth Fund | 4.2% | 22.1% | 2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, GALP.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX | AI, China, growth, international, rates, semiconductors, Trade Policy, value | AI-related infrastructure demand drove materials and memory semiconductor outperformance. Fanuc showcased significant advancements in AI-enabled robotics with commercialization expected in coming years. Application software and IT services faced pressure on concerns that generative AI could disrupt traditional business models. Significant de-escalation in U.S.-China trade tensions with agreements reducing fentanyl-related tariffs and suspending reciprocal tariffs. Average effective U.S. tariff rate remains elevated at 17% versus 2-3% in 2024. Tariff pass-through to consumer prices has been more muted than initially feared but remains an upside risk to inflation. Chinese exports resilient despite trade tensions, with trade surplus crossing $1 trillion for the first time. Domestic demand remains weak with property sector downturn continuing. Policymakers signaled shift toward boosting household incomes as priority for consumption growth. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in the consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with management seeing supply tightness across 2026. Central bank policy paths diverged with Fed continuing easing, ECB holding steady, and BOJ raising rates to highest level in nearly three decades. Fed faces delicate balancing act between weakening labor market and inflation remaining above target. | View | |
| 2025 Q4 | Jan 26, 2026 | First Eagle Global Fund | 5.4% | 31.6% | 005930.KS, BA.L, BABA, CHRW, GOOG, GOOGL, META, ORCL, PRX.AS | AI, defense, Geopolitical, global, gold, Resilience, technology | Gold surged 65% during 2025, its largest annual gain since 1979, reflecting acknowledgment of the double-bind facing US policymakers. The price rally has aligned gold with its 50-year geometric average relative to US public debt and brought it closer to its geometric average versus the S&P 500. The fund continues to highly value gold's strategic hedge potential given current fiscal and geopolitical dynamics. Massive spending on AI infrastructure buildout has been a chief tailwind supporting economic and equity market growth. Spending on semiconductor fabrication and data centers has accounted for 0.4% of GDP growth annually since 2022. However, hyperscaler capex as a percentage of cash flow has grown from 20% in 2015 to 70% today, making the current rate of growth unsustainable absent other financing sources. Geopolitical tensions ratcheted up with US military action in Venezuela to remove President Maduro, reflecting broader disequilibrium in the global order. The emergence of the Eurasian heartland with authoritarian powers growing increasingly aligned has increased the possibility of destabilizing left-tail events across the Americas, Europe, and Asia. The fund focuses on building portfolio resilience through equities offering ballast through their lower risk character. This is achieved by evaluating stocks from the bottom up for attributes contributing to low correlations with the broader market, including strong balance sheets, high margins, diverse product lineups, long-lived assets, and contractually obligated revenues. | BA LN BABA META ORCL CHRW 005930 KS GOOG |
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| 2025 Q4 | Jan 14, 2026 | Hardman Johnston Global Equity | 2.9% | 0.0% | 6501.T, AMZN, BAC, C, CCO, CTVA, EL, ELAN, GOOGL, HDFCBANK.NS, LLY, MELI, META, PRX.AS, RHM.DE, STAN.L, TMUS, UBER, VRT, VRTX | AI, banks, Data centers, defense, financials, global, nuclear, technology | The manager sees AI as having long-term potential to drive productivity gains and positions to take advantage of that growth. However, they remain cautious about AI becoming the only game in town and continue to monitor exposure closely. They note that excitement about AI has stretched beyond IT into energy, utilities and other businesses in the AI value chain, creating concentration risk. The manager remains positive on defense fundamentals and long-term growth potential despite sporadic pullbacks. They see a clear structural shift toward defense after years of underinvestment, with visible growth stretching years into the future through strong orders, high backlogs, and political will to invest in national security. Banks were leading sector contributors with strong performance from Standard Chartered and Citigroup. Standard Chartered benefits from wealth management platform growth and cross-border services, while Citigroup's transformation strategy is paying off with improved deal activity and better regulatory environment expected in 2026. The manager re-entered Vertiv given the long-term secular data center infrastructure story and strong fundamentals. They reference approximately 100GW of incremental data-center capacity additions from 2024-2029, representing meaningful revenue upside for companies with global presence in thermal and electrical equipment. The manager initiated a position in Cameco, citing structural shifts away from Russian uranium sourcing and reinvigorated nuclear development due to AI energy needs and low carbon merits. Westinghouse's agreement with the US Department of Commerce to support at least $80bn of new reactor construction materially increases earnings power. Estée Lauder drove Consumer Staples performance as the company progresses through its turnaround with outperformance in sales, margins, China, US and Travel Retail. Beauty overall is described as one of the more resilient categories enjoying both volume and value growth, with luxury beauty positioned well in the K-shaped economy. | VRTX TMUS CTVA VRT HDB ELAN CCJ 6501 JP LLY MELI UBER RHM GR EL C |
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| 2025 Q4 | Jan 14, 2026 | Hardman Johnston International Equity | 4.3% | 0.0% | 0700.HK, 7011.T, AMZN, AZN, DTE.DE, GE, LDO.MI, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SDZ, SIE.DE, STAN.L, TMUS, VZ, WEIR.L | AI, Asia, defense, Europe, financials, healthcare, international, Mining | The portfolio maintains exposure to defense companies like Rheinmetall AG despite short-term volatility from Ukraine-Russia peace deal speculation. Management sees structural shift toward increased defense spending across NATO and Asia Pacific nations after years of underinvestment. Visible growth stretches years into the future with strong orders, high backlogs, and political will to invest in national security. The manager acknowledges AI's long-term potential to drive productivity gains while remaining cautious about concentration risk. Companies involved in AI development remain attractively valued relative to growth trajectories, though excitement has stretched beyond IT sector into energy and utilities. The challenge is avoiding portfolios that appear diversified but are overly concentrated around AI themes. Sandoz Group benefits from strong biosimilar growth with streamlined U.S. regulatory guidance moving closer to EU model. This regulatory shift reduces development costs, enabling reinvestment into pipeline expansion and acceleration of future programs. The company plans to launch generic semaglutide in Canada in 2026 as a test case for larger global opportunities. The global mining cycle remains supportive with capex momentum improving after years of troughing, underpinned by elevated commodity prices. Weir Group was initiated as a new position, benefiting from high aftermarket exposure and secular demand drivers in copper and gold. The company is well positioned whether capex flows to greenfield or brownfield projects. Standard Chartered's Wealth Management platform has taken share from competitors and benefits from expanding assets under management. This business contributes to rising fee income that diversifies the bank away from traditional net interest income. Rising wealth in key Asian, Middle Eastern, and African markets with strong demographic growth supports the trajectory. | DTE GR NEX FP WEIR LN MELI 7011 JP RHM GR STAN LN AZN SDZ SW |
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| 2024 Q4 | Jan 11, 2025 | Alphyn Capital Management | 2.6% | 16.9% | AHT.L, AMZN, DSGR, EXO.MI, FFH.TO, GDX, GOOGL, KKR, MRO.L, PRX.AS | AI, compounders, E-Commerce, insurance, private equity, Quality, technology, value | AI is emerging as a valuable growth driver across portfolio companies rather than a disruptive threat. Amazon's AI initiatives are producing multibillion-dollar revenues and growing at triple the rate of AWS at a similar stage. Google's AI tools like Lens and Circle to Search are driving user engagement, while ads within AI-generated search overviews are proving effective. | View | |
| 2024 Q3 | Sep 30, 2024 | Oakmark Global Select Fund | 8.8% | 0.0% | 005930.KS, BABA, FI, GOOGL, MBG.DE, PRX.AS | China, financials, global, healthcare, semiconductors, technology | Alibaba Group was the top contributor during the quarter following announcement of a multipronged stimulus package by the Chinese government. Despite strong performance, the market is not fully pricing in the turnaround potential for the e-commerce business or other optionality the company possesses. | 005930.KS BABA |
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| 2024 Q3 | Sep 30, 2024 | Hardman Johnston Global Equity | 4.5% | 22.2% | AMZN, ASML, BSX, COTY, CTVA, ELAN, FTI, GOOGL, GRFS, HWM, IQV, LLY, MA, MELI, META, MSFT, NVDA, NVO, OLED, PRX.AS, SAF.PA, SCHW, STAN.L, TEAM, TMUS, TSM, UNH, VRT, VRTX | aerospace, AI, defense, global, healthcare, technology, volatility | AI has driven huge returns and still appears to show enormous growth potential that can justify lofty valuations. Companies are investing in AI to boost productivity, enhance their offerings to businesses and consumers, and boost their market positions. The manager sees opportunities to explore the next derivative theme of AI and identify stocks with clear earnings growth potential. | META TEAM ASML PRX.AS MELI SAF.PA HWM |
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| 2024 Q3 | Sep 30, 2024 | Hardman Johnston International Equity | 5.7% | 17.2% | 1299.HK, 3690.HK, 7011.T, 7269.T, 8750.T, 8795.T, AIR.PA, ASML, AZN, DTE.DE, FTI, GMAB, GRFS, HDFCBANK.NS, ICICIBANK.NS, MC.PA, MELI, NEX.PA, NOD.OL, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, STAN.L, TEAM, TSM, UCB.BR | AI, defense, Energy Transition, Equity, international, Japan, semiconductors, volatility | Defense has generated strong returns for investors this year and is likely to continue to perform given the international focus on increased spending in a more volatile and uncertain world. The Japanese government is significantly expanding its defense budget to counter national security threats, benefiting companies like Mitsubishi Heavy Industries. | NEXN.PA NVO ASML NOD.OL PRX.AS MELI PRY.MI 7011.T |
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| 2024 Q3 | Sep 30, 2024 | The Gabelli Global Content & Connectivity Fund | 8.0% | 0.0% | 0700.HK, 9984.T, DTE.DE, FYBR, GOOGL, META, MSFT, PRX.AS, RCI, TIGO, TMUS, USM, VZ | AI, Connectivity, content, global, Media, technology, Telecommunications | The fund discusses artificial intelligence investments and their impact on portfolio companies. Meta Platforms is making AI investments to supplement and enhance its services, including developing its own large language model, LLaMA. Microsoft continues to be well positioned to capitalize on AI ecosystem development and is aggressively investing in artificial intelligence businesses. | View | |
| 2024 Q2 | Jul 25, 2024 | Davis Global Fund | 0.0% | 0.0% | 005930.KS, 0700.HK, 1299.HK, 3690.HK, AMAT, AMZN, BAER.SW, BRK-B, COF, D05.SI, DANSKE.CO, DAR, GOOGL, HUM, INTC, META, NPSNY, PRX.AS, TSN, WFC | AI, China, global, semiconductors, technology, value | AI drove strong earnings for many portfolio companies including Meta, Amazon and Applied Materials. Meta is creating huge value by using AI to improve content and retool advertising to engage target audiences more precisely. Applied Materials benefits from AI demand through advanced packaging for high-bandwidth memory and multi-chip integration. | View | |
| 2024 Q2 | Jul 23, 2024 | Longleaf Partners International Fund | 11.2% | 10.4% | AC.PA, BABA, CFR.SW, CUERVO.MX, DHER.DE, ERF.PA, EXO.MI, GLB.L, GRUMAB.MX, HDB, JFC.PS, KER.PA, MLCO, PFD.L, PRX.AS, TCOM | Concentration, Elections, fundamentals, international, Quality, value | The fund maintains a concentrated portfolio of 24 holdings with a price-to-value ratio in the mid-60s%, offering meaningful upside potential. The valuation gap between the broader market and their portfolio is at a uniquely high level, reinforcing confidence in their value-oriented approach. | DHER ERF CUERVO PRX HDB TIGO |
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| 2024 Q2 | Jul 23, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | AC.PA, AMG, BIO, CFR.SW, CNX, DHER.DE, ENT.L, ERF.PA, EXOR.MI, FDX, FIS, GLB.L, IAC, K, MAT, MGM, PRX.AS, TIGO, VIV.PA, WBD | Buybacks, Europe, free cash flow, global, Margins, technology, valuation, value | The fund trades at a low-60s% price-to-value ratio with holdings at roughly 10 times free cash flow on margins that can improve, while the FTSE Developed trades at 20 times potentially peak free cash flow. This positions investments for growth even in tougher economic times, especially on a relative basis. The valuation gap between the broader market and the portfolio is at a uniquely high level. | DHER.DE ERF.PA BIO FDX PRX.AS MILL.ST |
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| 2023 Q2 | Jul 19, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | AMG, CNX, ERF.PA, EXOR.MI, FDX, FI, FIS, GE, H, HAS, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, TIGO, WBD, WMG | Buybacks, concentrated, discount, global, Media, value | The fund holds significant positions in media companies including Warner Bros Discovery, Live Nation Entertainment, and IAC. Warner Bros Discovery remains dramatically undervalued despite near-term streaming uncertainty, while Live Nation benefited from strong concert demand acceleration in 2023. | NWBD.L TIGO IAC LLYVA |
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| 2023 Q2 | Jul 19, 2023 | Longleaf Partners International Fund | 11.2% | 10.4% | 0288.HK, 1999.HK, 4612.T, AC.PA, APPS.MC, BABA, CFR.TO, EXO.MI, FFH.TO, GLB.L, GRUMAB.MX, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MLCO, PFD.L, PRX.AS, TIGO | Asia, Buybacks, China, concentrated, Europe, international, value | Fund focuses on concentrated portfolio of 18-22 best ideas trading at discount to intrinsic value with compelling price-to-value ratio in mid-60s%. Management teams actively using buybacks, spin-offs and divestitures to crystallize value when persistent gaps exist between price and intrinsic value. | 4613.T 1999.HK LXS.DE AC.PA APPS.MC |
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| 2024 Q2 | Jun 30, 2024 | Oakmark Global Select Fund | 8.8% | 0.0% | 035420.KS, CNC, CNHI, GOOGL, IQV, LLOY.L, PRX.AS | Agriculture, Banking, Communication Services, global, healthcare, technology, value | CNH Industrial operates in the structurally attractive agriculture equipment market, though facing near-term weakness. The company reduced 2024 guidance due to weaker agriculture equipment market conditions, but this was consistent with forecasts and doesn't impact long-term profitability potential. | CNHI GOOGL |
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| 2023 Q2 | Jun 30, 2023 | RV Capital | 0.0% | 29.9% | CACC, CRM, CVNA, IBKR, META, PRX.AS, RYM.NZ, WIX | Concentration, global, Long Term, Quality, value | View | ||
| 2023 Q2 | Jun 7, 2023 | Alphyn Capital Management | 8.9% | 13.5% | AHT.L, ALVO, AMZN, BN, CCOI, EXO.MI, FFH.TO, IAC, KMX, PRX.AS, W | E-Commerce, infrastructure, long-term, Portfolio Rebalancing, real estate, Telecommunications, value | Initiated position in Cogent Communications, led by founder-operator Dave Schaeffer. The company is acquiring Sprint's former wireline business for $1 with $760m in payments from T-Mobile over 4.5 years. This transformational deal opens potential new revenue streams in optical wavelength services, targeting a $2 billion addressable market growing 7% annually. | CCOI |
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| 2023 Q1 | Apr 30, 2023 | Alphyn Capital Management | 8.9% | 13.5% | 3690.HK, 700.HK, BAM, BUR.L, CNHI, CRSS, ENOV, ESAB, EXOR.MI, FFH.TO, KMX, PRX.AS, RACE, STLA, W, WAND.L | Concentration, Fraud, insurance, Litigation, technology, turnaround, value | CarMax faces challenging macro conditions with high used car prices and rising interest rates impacting affordability. The company is investing heavily in omnichannel capabilities and online tools while maintaining market share discipline to preserve margins. | View | |
| 2023 Q1 | Apr 20, 2023 | Longleaf Partners International Fund | 11.2% | 10.4% | 0001.HK, 0288.HK, AC.PA, APPS.MC, BABA, CUERVO.MX, DOM.L, ERF.PA, EXOR.MI, FFH.TO, GLB, GRUMAB.MX, HDB, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MC.PA, MLCO, PFD.L, PRX.AS, TIGO | Asia, China, concentrated, Europe, international, Luxury, Travel, value | China is arguably the only economy of size that is easing on a regulatory, fiscal and monetary perspective, while the rest of the world is tightening. The region offers compelling upside from both an economic and valuation perspective as Asia emerges from three years of lockdown with consumer sentiment rebounding strongly. | KER.PA CFR.SW AC.PA TIGO |
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| 2025 Q1 | Mar 31, 2025 | Hardman Johnston Global Equity | 0.4% | 0.4% | AIR.PA, AMZN, BAC, BN, BSX, ELAN, GOOGL, HWM, IFX.DE, LLY, MA, MELI, META, MRVL, PRX.AS, RHM.DE, STAN.L, TMUS, TSM, VRT | aerospace, AI, China, defense, Europe, global, semiconductors, Trade Policy | European defense spending is structurally higher following geopolitical shifts. Germany changed its Constitution to release fiscal debt brakes, enabling unlimited defense spending. Europe announced massive defense and infrastructure spending framework with financing mechanisms. | View | |
| 2025 Q1 | Mar 31, 2025 | Hardman Johnston International Equity | 6.9% | 6.9% | 7011.T, 7269.T, 8750.T, AIR.PA, ASML, AZN, DTE.DE, GMAB, HDB, IBN, IFX.DE, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ.SW, STAN.L, TEAM, TSM, UCB.BR | AI, defense, Europe, industrials, international, semiconductors, tariffs, technology | Germany changed its Constitution to release fiscal debt brakes enabling unlimited defense spending, while Europe announced massive defense and infrastructure spending framework. Japan is committed to achieving 2% of GDP defense spending with speculation of upward revision to 3% and beyond. | View | |
| 2023 Q1 | Mar 31, 2023 | RV Capital | 0.0% | 29.9% | CACC, CRM, CVNA, IBKR, META, PRX.AS, WIX | Concentration, global, Long Term, Quality, value | View | ||
| 2023 Q4 | Jan 17, 2024 | Longleaf Partners International Fund | 11.2% | 10.4% | 035420.KS, 1999.HK, 4612.T, AC.PA, BABA, CFR.SW, DHER.DE, DPG.L, EXO.MI, FFH.TO, GLB, GMAB, MLCO, PFD.L, PRX.AS, WHG | Asia, Buybacks, Casinos, China, Europe, Food, Hotels, value | Portfolio focused on high-quality businesses trading at single-digit normalized FCF multiples with strong pricing power. Management emphasizes P/V ratios in high-60s% and disciplined approach to buying discounted companies with margin of safety. | View | |
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners International Fund | -11.2% | -2.0% | 035420.KS, AC.PA, CUERVO.MX, DHER.DE, DOM.L, ERF.PA, EXO.MI, GLB.L, HDB, JFC.PS, MLCO, PFD.L, PRX.AS, TIGO, VIV.PA | Asia, Europe, Food, international, Media, Travel, undervalued, value | Fund emphasizes investing in high-quality companies at heavily discounted valuations. Portfolio companies remain materially undervalued with P/V ratio in high-60s%, offering both downside protection and attractive prospective returns. Market inefficiencies create opportunities to invest in exceptional companies at deeply discounted prices. | View | |
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners Global Fund | -6.7% | 10.5% | 0700.HK, 4613.T, AC.PA, ACI, AMG, BIO, CFR.SW, CMCSA, CNX, ENT.L, ERF.PA, EXO.MI, FBIN, FDX, FFH.TO, FIS, H, HFC, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, RKT.L, TCOM, TIGO, WBD, WMG | Buybacks, global, inflation, Media, Natural Gas, Spin-Offs, Trump, value | Fund trades at low-60s% price-to-value ratio with sub-10x price/earnings power multiple, dramatically different than the market. Manager emphasizes fundamental, appraisal-driven research and finding mispriced value outside of the US at the moment. | View | |
| 2023 Q3 | Jan 10, 2023 | RV Capital | 0.0% | 29.9% | CACC, CRM, CVNA, GLJ.DE, IBKR, META, PDD, PRX.AS, RYM.AX, WIX | Concentration, global, Long/Short, Quality, value | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 23, 2026 | Fund Letters | Steyn Capital FR Retail Hedge Fund | Prosus | Internet Retail | Interactive Media & Services | Bull | Euronext Stock Exchange | asset sales, Buyback program, China, Discount Arbitrage, Holding Company Discount, Internet, technology, Tencent | View Pitch |
| Apr 23, 2026 | Fund Letters | Steyn Capital FR QI Hedge Fund | Prosus | Internet Retail | Interactive Media & Services | Bull | Euronext Stock Exchange | buyback, China exposure, Communication Services, Discount Arbitrage, holding company, technology, Tencent, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Longleaf Partners Global Fund | Prosus N.V. | Communication Services | Interactive Media & Services | Bull | Euronext Amsterdam | advertising, Consumer Internet, e-commerce, Gaming, NAV discount, profitable growth, Share Buybacks, Tencent | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - Emerging Markets Growth | Prosus | Communication Services | Interactive Media & Services | Bull | Euronext Amsterdam | advertising, China, Gaming, Internet, NAV discount, Share Buyback, social media, Tencent Proxy | View Pitch |
| Apr 13, 2026 | Fund Letters | Longleaf Partners Global Fund | Prosus | Communication Services | Interactive Media & Services | Bull | Euronext Amsterdam | advertising, China, Consumer Internet, Gaming, holding company, Management alignment, Share Buybacks, Tencent | View Pitch |
| Apr 13, 2026 | Fund Letters | Diamond Hill International | Prosus N.V. | Communication Services | Interactive Media & Services | Bull | Euronext Amsterdam | e-commerce, Fintech, food delivery, Holding Company Discount, Netherlands, Online Classifieds, Technology investment, Tencent | View Pitch |
| Apr 13, 2026 | Fund Letters | Hardman Johnston Global Equity | Prosus NV | Consumer Discretionary | Broadline Retail | Bull | Euronext Amsterdam | China, Emerging markets, food delivery, India, Internet Group, portfolio optimization, Swiggy, Tencent | View Pitch |
| Apr 13, 2026 | Fund Letters | Hardman Johnston International Equity | Prosus NV | Consumer Discretionary | Broadline Retail | Bull | Euronext Amsterdam | Broadline Retail, China, Emerging markets, Equity, food delivery, India, Internet, portfolio optimization, Tencent, Value | View Pitch |
| Jan 8, 2026 | Seeking Alpha | Seeking Alpha | Prosus N.V. | Investment Management | Holding Companies | Bull | Euronext Amsterdam | diversified portfolio, global consumer internet, growth potential, investment management, Long-term holding, Prosus, Sum-of-the-Parts, technology, Tencent, valuation gap | View Pitch |
| Jan 8, 2026 | Seeking Alpha | Seeking Alpha | Prosus N.V. | Investment | Internet Services | Bull | Euronext Amsterdam | asset portfolio, Direct Investment, Global Competitive Advantage, investment, Long-term holding, Prosus, shareholder value, technology, Tencent, valuation gap | 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 |
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| No investor data available. | ||||||||