RACE Archives

RACE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	YCG Investment	-	-	AAPL, AMZN, COST, DIS, FICO, GOOGL, INTU, MCO, RACE, RMS.PA, SPGI, WMT	global, Networks, Pricing Power, Quality, ROIC, value	YCG focuses on owning a diverse collection of global champions with dominant networks, conservative balance sheets, and ownership-minded management teams. They believe high-quality businesses have historically outperformed during economic downturns and earned market-beating returns with less risk due to behavioral biases that create a boredom discount on quality stocks.		View
2024 Q2	Aug 6, 2024	GreenWood Investors	0.0%	16.6%	CTT.LS, LDO.MI, MEIP, ODET.PA, PDD, RACE, ROL, RTO.L	Biotechnology, Buybacks, defense, E-Commerce, Europe, Governance, value	Leonardo SpA is the largest contributor to performance, benefiting from increased defense spending driven by the Ukraine war and new normal lasting at least a decade. Italian government considering near-term orders that would eclipse total annual defense expenditures, with jumbo orders largely not included in the company's 5-year plan.	ODET.PA RTO.L PDD CTT.LS MEIP LDO.MI	View
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 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	View
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 Q1	Apr 29, 2025	Kinsman Oak	-	-	DG, RACE	inflation, Markets, policy, Recession, tariffs, Trade Policy, uncertainty, volatility	The letter extensively discusses the implementation of reciprocal tariffs following Liberation Day, describing them as the largest tariff increase in almost one hundred years. The manager analyzes the confusion around policy objectives, noting contradictory messaging about whether tariffs are negotiating tools or permanent revenue sources. The discussion covers knock-on consequences including supply chain disruption, margin compression, and economic uncertainty.		View
2024 Q1	Apr 23, 2024	ClearBridge Investments Mid Cap Growth Strategy	0.0%	0.0%	0388.HK, 1299.HK, 8035.T, ASML, EDP.LS, IBE, IDEXY, LVMUY, MNDY, NSRGY, NVO, PUBGY, RACE, SAF.PA, SANDX, SAP, SBGSY, SONY, SU, TSM	Automation, Europe, growth, healthcare, international, Japan, Luxury, technology	Positions tied to generative AI drove performance for the second straight quarter. Semiconductor equipment makers Tokyo Electron and ASML, which manufacture equipment critical to the development of GPUs that power large language models, were top contributors. Enterprise resource planning software maker SAP was also a standout in this theme.		View
2024 Q1	Apr 15, 2024	Alphyn Capital Management	8.9%	13.5%	AMZN, CCOI, CHTR, CIRA.L, DSGR, ESAB, EXO.MI, FFH.TO, KFS, KKR, LBRDK, OCSL, RACE, STLA	Complexity, Holding Companies, insurance, long-term, private equity, Spin-Offs, value	Manager focuses on identifying undervalued companies whose potential isn't fully recognized by the market, seeking quality companies with high returns on capital. The strategy involves finding opportunities with disproportionate odds to payoff ratios, requiring conviction not shared by most market participants.		View
2024 Q1	Apr 15, 2024	Ensemble Capital	0.0%	8.0%	AAPL, AMZN, BR, CMG, FAF, FAST, GOOGL, HEI, IEX, MASI, META, MSFT, NFLX, NKE, NOW, NTDOY, NVDA, NVR, RACE, TDG	growth, industrials, large cap, Luxury, Quality, technology, value	Ferrari demonstrates exceptional pricing power with average selling prices approaching €400,000, up €100,000 over five years. The company successfully expanded its appeal through new form factors like the Purosangue SUV while maintaining exclusivity. Management has built one of the strongest luxury brands with a robust business model that plays to these strengths.	IEX RACE	View
2024 Q1	Apr 15, 2024	ClearBridge Investments International Growth ADR Strategy	5.7%	0.0%	0388.HK, 1299.HK, 8035.T, ASML, EDP.LS, IBE.MC, ITX.MC, MC.PA, MNDY, NESN.SW, NVO, PUB.PA, RACE, SAF.PA, SAND.ST, SAP, SE.PA, SONY, SU, TSM, ZEAL.CO	AI, Europe, growth, international, Japan, Luxury, Rate Cuts, semiconductors	Positions tied to generative AI drove performance for the second straight quarter. Semiconductor equipment makers Tokyo Electron and ASML, which manufacture equipment critical to the development of GPUs that power large language models, were top contributors. Enterprise resource planning software maker SAP was also a standout.		View
2025 Q1	Mar 31, 2025	American Century International Growth Fund	1.9%	1.9%	6861.T, 8316.T, 8766.T, AI.PA, ASML, AZN, GLBE, GLE.PA, LSEG.L, NVO, ONON, RACE, RELX.L, SAP, SIE.DE, SONY, TM, TTI	AI, Europe, financials, growth, healthcare, international, Japan, technology	Europe-focused companies are positioned for near-term improvement after a period of slow economic activity with expectations set very low. Signs of moderately improving economic activity and announcement of supportive government spending present companies with near-term opportunities to accelerate from a low baseline.		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 Q4	Mar 2, 2026	Biglari Holdings	-	-	RACE, TSLA	Acquisitions, Capital Allocation, Decentralization, Holding Company, insurance, Oil & Gas, Restaurants, value creation	Steak n Shake achieved industry-leading 10.2% same-store sales growth in 2025, marking the best performance since 1992. The company is transforming through premium quality ingredients including 100% beef tallow fries, cane sugar Coca-Cola, and plans for 100% grass-fed Steakburgers. The franchise partner program has converted 179 company-operated units to single-unit franchise partnerships, with franchise partners generating about 70% of store-level cash flows. The insurance operations produced $7.2 million in underwriting profits in 2025 with a combined ratio of 89.7%. First Guard maintained its exceptional record with 114 consecutive quarters of underwriting profit, while Southern Pioneer achieved a 96.4% combined ratio. The creation of Biglari Reinsurance enhanced the group's A rating from AM Best and provides a foundation for acquiring additional insurance companies. Oil and gas operations earned $12.9 million in pre-tax earnings, with $11.9 million from farmout transactions. The strategy focuses on extracting cash from existing assets rather than reinvestment, with cumulative cash distributions of $172.6 million since acquisitions. Farmout arrangements allow sharing in new well performance without drilling, operational, or financial risks. The holding company structure allows flexible capital deployment across industries without arbitrary constraints. Total investments grew to $1.1 billion, with $225 million in dry powder from Steak n Shake debt financing. The company maintains a decentralized operating model while centralizing capital allocation decisions at the parent level.		View
2025 Q4	Feb 9, 2026	Loomis Sayles Global Growth Fund	-3.1%	17.6%	6954.T, AMZN, BA, BABA, GOOGL, MELI, META, MSFT, NFLX, NKE, NVO, ORCL, QCOM, RACE, SHOP.TO, TSLA, UAA, UL	AI, Automation, Cloud, global, growth, Quality, Streaming, technology	AI investments are driving significant growth across portfolio companies. Alphabet benefits from AI overviews in 40 languages with 2 billion monthly users and AI Mode with 75 million daily users. Google's AI investments contribute to faster query growth and improved monetization. Oracle's cloud infrastructure business is built for AI workloads, targeting over $100 billion in revenue by 2029. Fanuc is partnering with Nvidia to embed physical AI into industrial robots and create digital twins for virtual factory optimization. Cloud computing represents a major growth driver across multiple holdings. Google Cloud accelerated growth to 34% year-over-year, representing 15% of total Alphabet revenue. Oracle's cloud transition from on-premise to subscription model is driving faster growth with substantial RPO backlog of $523 billion. The company targets over $100 billion in OCI revenue by 2029. Shopify's cloud-based platform enables merchants to manage retail operations globally. E-commerce growth remains strong across Latin America and globally. Shopify reported 32% revenue growth with $92 billion GMV, gaining market share and expanding merchant solutions. MercadoLibre continues to dominate Latin American e-commerce with 49% revenue growth, expanding product categories and deepening selection. The company benefits from lower e-commerce penetration rates in Latin America versus other regions. Streaming entertainment continues secular growth from linear television shift. Netflix reported 17% revenue growth driven by higher subscriptions and pricing, with share of TV viewing growing 15% in US and 22% in UK since 2022. The company completed rollout of internal ad tech platform and targets doubling advertising revenue in 2025. Netflix's proposed $82.7 billion acquisition of Warner Bros. would expand content scale and intellectual property portfolio. Factory automation benefits from rising labor costs and falling automation costs globally. Fanuc reported 9% revenue growth with strong robot segment performance, driven by EV industry demand in China and US manufacturing activity. The company maintains 50% market share in factory automation and is partnering with Nvidia to embed AI into industrial robots. Rising labor costs across manufacturing countries support long-term secular demand growth.	MELI NFLX ORCL 6954 JP SHOP GOOG	View
2025 Q4	Feb 20, 2026	Aquamarine	0.0%	0.0%	1211.HK, AXP, BAC, BRK-A, EXO.MI, IEX.NS, MA, MC.PA, MCO, NESN.SW, RACE	Compounding, global, Health, large cap, liquidation, Quality, value	The manager emphasizes shifting toward durable, time-friendly compounders where time is our friend and the range of outcomes runs from decent to superb with very low chance of permanent loss. He focuses on companies that can rinse, repeat, and grind through, moving away from binary outcomes toward inevitable businesses. The portfolio review demonstrates a value-oriented approach, learning from masters like Warren Buffett and Charlie Munger. The manager reverse-engineered thinking from successful value investors and applied similar principles to find undervalued companies with strong fundamentals across various markets.		View
2025 Q4	Dec 31, 2025	Royal London Global Equity Diversified Fund	4.8%	12.5%	7741.T, AAPL, AMZN, AVGO, BHP.AX, BRO, CPRT, GOOGL, HEIA.L, ITW, JPM, LLOY.L, LLY, LW, META, MSFT, MU, NVDA, RACE, V	AI, defense, Global Equity, healthcare, Quality, semiconductors, technology, Valuations	The fund benefited from strong positioning in AI-related companies, particularly Alphabet which saw positive results following the release of the Gemini 3 model that was widely accepted as market leading. The generative AI supercycle has driven extreme market concentration in the magnificent few companies, leaving huge parts of the equity universe ignored. Eli Lilly was a key contributor due to its dominant position in the fast-growing GLP-1 drug market. Third-quarter results were exceptional due to explosive demand for its metabolic franchise with Mounjaro for diabetes and Zepbound for obesity generating more than $10 billion in quarterly sales. Micron Technology continued to provide positive contribution as a semiconductor manufacturer benefiting from the AI boom. DRAM pricing has continued to rise sharply, creating a favorable environment for Micron and enabling improved profitability from rising AI workloads and tight semiconductor supply. The fund initiated a position in Hensoldt, a European defense electronics company, classified as an Accelerator. The investment case is underpinned by strong positioning in sensor solutions and electronic warfare, seeing heightened demand amid increased European defense spending with robust order book and technological edge in radar and optronics. The fund benefited from investors beginning to appreciate companies with more defensive qualities such as relatively reliable revenues. Many fundamentally sound, profitable, and dependable businesses are currently trading on the lowest relative valuations seen for years when compared to the broader index.	HAG GR ITW RACE LW MU LLY GOOG	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	View
2024 Q4	Dec 31, 2024	Biglari Holdings	-	-	CBRL, LOCO, RACE	Capital Allocation, Franchising, Holding Company, insurance, oil, Restaurants, value	Steak n Shake transformed from full-service to self-service model with franchise partnership program. Company achieved triple-digit productivity gains and converted 173 units to franchise partnerships. Western Sizzlin remains profitable in declining buffet segment.	CBRL RACE	View
2024 Q4	Dec 31, 2024	Zelikovic Investments	-	-	AAPL, AGO, AMZN, ATKR, BN, CNHI, EXO.MI, FFH.TO, GOOGL, IAC, JUVE.MI, KKR, KNSL, MKL, MSFT, NVDA, RACE, STLA, TPL, TSLA	Asset Managers, compounders, insurance, international, long-term, small caps, value	Manager focuses on purchasing financially robust companies at attractive prices compared to their economic value while avoiding popular expensive stocks. Emphasizes finding quality companies trading below their intrinsic value, particularly among small caps and international equities.		View
2024 Q4	Dec 31, 2024	Aquamarine	-	18.6%	1211.HK, AXP, BAC, BRK-B, MA, MC.PA, NESN.SW, RACE	brands, Compounding, long-term, Luxury, Quality, value	Manager emphasizes luxury brands as powerhouse investments, highlighting Ferrari's Formula 1 success and brand strength. Discusses the unique allure of luxury brands like Hermès and their ability to command premium pricing and customer loyalty. Notes the importance of share of mind in luxury markets and the barriers to entry for smaller competitors.	MC.PA ISRG NESN.SW 1211.HK RACE	View
2024 Q4	Dec 31, 2024	YCG Investment	-	-	AAPL, AMZN, AVGO, CBRE, CSCO, EL, FICO, GOOGL, IBM, INTC, MC.PA, META, MSFT, NKE, NVDA, ORCL, PEP, RACE, RMS.PA, TSLA	AI, diversification, global, Luxury, Quality, technology	The manager draws parallels between the current AI boom and historical technology bubbles like the dotcom era, noting that the top eight S&P 500 companies account for over 35% of the index and are all perceived AI beneficiaries. While acknowledging similarities to past bubbles in terms of capital investment and uncertain timing of returns, they highlight key differences including equity rather than debt funding and better business quality of current leaders.		View
2023 Q4	Dec 31, 2023	Aquamarine	-	18.7%	1211.HK, AAPL, AXP, BABA, BAC, BRK-B, GOOGL, MA, MCO, NESN.SW, RACE	Compounding, India, long-term, Patience, Quality, value	The fund's core strategy focuses on long-term compounding through patient ownership of exceptional businesses. The manager emphasizes that compounding is what matters most and will get them to the promised land over time.		View
2024 Q3	Oct 28, 2024	Kinsman Oak	0.0%	0.0%	AMZN, DG, DLTR, GOOG, MSFT, RACE, RMS.PA, TGT, WMT	Bifurcated Economy, Dollar Stores, Hidden Segments, Luxury, nuclear, uranium, value	Mega-cap technology companies are turning to nuclear power to meet electricity demand for AI and data centers. Alphabet, Amazon, and Microsoft have all signed agreements for small modular reactors, indicating a dramatic shift in sentiment towards nuclear energy.		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	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
2025 Q3	Oct 1, 2025	East72 Dynasty Trust	1.6%	-	1928.HK, AKER.OL, AVOL.SW, BIM.PA, BORR, CG, CNHI, CVNA, EXOR.MI, MANU, NNI, NVO, PARA, PHG, RACE, STLA, UHR.SW, UMG.AS, VIRT, VIVHY	Europe, Family, Holdings, Luxury, value	Manager focuses on quality businesses trading at significant discounts to intrinsic value under controlling shareholders. Emphasizes conservative valuation methods with margin of safety. Distinguishes between traditional value traps and companies with temporary pricing dislocations.	UHR SW	View
2025 Q4	Jan 30, 2026	Flattery Wealth Management	0.0%	0.0%	ASTS, CASY, CEF, CPRT, DE, GRMN, HEI, MSTR, RACE, RMS, SEB	AI, Bitcoin, contrarian, crypto, gold, Multi-baggers, Quality, Space	Bitcoin functions as scarce, portable, digital gold gaining institutional traction as a hedge against currency debasement. MicroStrategy operates as the leader in pioneering corporate bitcoin strategy with the largest corporate bitcoin stash. The manager views bitcoin's institutional narrative advancing through maturing spot ETFs and growing corporate interest. AI represents a gunpowder moment that is flattening the playing field, allowing solo entrepreneurs to compete with enterprises and small businesses to compete with larger ones. The manager notes institutional investors have zero interest in non-AI deals currently. However, AI may also make people dumber and risks losing habits of attention and deep learning. AST SpaceMobile represents a bet on eliminating cellular dead zones through space-based broadband to unmodified smartphones. The company has partnerships with major carriers and is building what could become a massive subscription business. The space economy narrative is gaining attention with potential SpaceX IPO catalysts. Gold surged 65% in 2025, its best year since 1979, while most people forgot about it. Sprott Physical Gold and Silver Trust provides exposure to physical metals without counterparty risk or financial engineering. The position serves as insurance when fiat currencies inflate over long time horizons.	CEF HEI ASTS MSTR	View
2025 Q4	Jan 23, 2026	American Century International Growth Fund	0.3%	15.6%	6758.T, 6954.T, 7532.T, AI.PA, AIR.PA, ASML, AZN, BABA, BVI.PA, GALDA.SW, GLE.PA, IBE.MC, RACE, REL.L, ROG.SW, SAP, SU.PA	AI, Automation, Europe, international, Japan, large cap, Pharmaceuticals	Artificial intelligence-related market uncertainty drove broad rotation into value and away from growth. While investment in data centers has created optimism, concerns persist about financing, supply chain and power constraints. Investors also continue to consider the impact of AI on traditional business models. Demand for AI-integrated processes and robotics has increased as businesses move to factory automation. Companies are poised to benefit from new applications in industries like agriculture. The fund initiated a position in FANUC, expecting revenue and earnings to accelerate as global automation demand grows. Companies in the pharmaceuticals industry have focused on new products in therapeutic areas with unmet needs, including cancer and skin conditions. These select companies with innovative product pipelines are positioned to benefit from an inflection in growth. The acceleration of digitalization is benefiting technology holdings exposed to cloud computing, automation, digital payments and IT services growth. Japan-based companies, in particular, are investing heavily to increase efficiency and profits as they seek to catch up with their international competitors.		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	View
2025 Q4	Jan 15, 2026	ClearBridge Investments International Growth ADR Strategy	0.0%	0.0%	0700.HK, 8035.T, AZN.L, CLS.TO, EL.PA, ENR1.DE, GALD.SW, HEI.DE, III.L, ITX.MC, LIN, NVO, NWG.L, RACE, ROG.SW, RYA.L, SE, SIE.DE, SONY, TT, UCG.MI	AI, Asia, banks, Europe, growth, international, Pharmaceuticals, value	The Strategy saw strength in holdings supporting the buildout of AI workloads during the quarter, led by Siemens Energy (electrical equipment for data centers), Tokyo Electron (semiconductor equipment), and Celestica (cloud platform technology solutions). Data centers remain supportive for earnings revisions in industrial holdings. Health care was a focus of activity with repurchases of EssilorLuxottica and Galderma Group and addition of Roche. Roche reported positive Phase III data for giredestrant and fenebrutinib with peak sales opportunities of $5 billion each. The sector has been improving after U.S. policy pressures moderated. Increased non-U.S. defense spending is here to stay as NATO evolves from U.S. leadership to more European participation. There has been rebuilding of inventories in the European Union and efforts to maintain steady defense infrastructure supply. Japan has also increased defense spending under its new prime minister. Despite investor avoidance since COVID, Chinese innovation is rapid and happens at lower prices. The next five years will see companies consolidate and dominate higher value chain positions across pharmaceuticals, battery materials, solar energy and technology. Lower valuations and higher profitability make exposure necessary. Banks can benefit from funding AI and energy transitions through new profitable loans. Heidelberg Materials could see upside from implementing decarbonization technologies in cement production. The transition creates lending opportunities and operational improvements for industrial companies. Value has worked internationally because inexpensive stocks are direct beneficiaries of enormous stimulus measures in Germany, Europe and Japan. The Strategy increased structural growth exposure through European and U.K. banks where there is a step change in earnings. Bank valuations remain inexpensive with excess capital.	HEI GR ROG SW NWG LN AZN LN	View
2025 Q4	Jan 15, 2026	Baillie Gifford -International Concentrated Growth	-6.7%	16.7%	0700.HK, 1211.HK, 1810.HK, 2413.T, 3690.HK, ADYEN.AS, ASML, ATCO-A.ST, BABA, BNTX, CPNG, DHER.DE, KER.PA, KINV-B.ST, MELI, MRNA, NU, NVDA, NVO, OCDO.L, OR.PA, PDD, RACE, RMS.PA, SAP, SE, SHOP, SPOT, TSLA, TSM, WISE.L	AI, concentrated, E-Commerce, growth, international, semiconductors, technology	Artificial intelligence continues to drive rapid operational progress across portfolio companies, with TSMC benefiting from AI-led demand and advanced nodes accounting for 74% of wafer revenue. ASML sees increasing lithography intensity driven by artificial intelligence. The managers view compute and generative AI as accelerating across industries as a key structural change driving economies over the next decade. E-commerce continues to reshape retail through greater convenience and lower costs, with portfolio companies like MercadoLibre, Shopify, and Sea Limited representing dominant positions in their respective markets. Despite near-term margin pressures from investments in logistics and fulfillment, the managers remain confident in the long-term digitization trend and competitive positioning of these platforms. The semiconductor sector shows strong momentum with TSMC reporting over 40% year-on-year revenue growth and ASML seeing substantial EUV demand with expectations for 15% sales growth in 2025. The managers emphasize the irreplaceable technology leadership and competitive moats of these companies as compute intensity rises globally. Digital media consumption continues progressing with Spotify demonstrating strong operating leverage, reaching 713 million users and 281 million subscribers while expanding operating margins to mid-teens levels. The platform's ecosystem depth and innovation strengthen its competitive position as media digitization advances.		View
2025 Q4	Jan 15, 2026	Baillie Gifford – US Equity Growth	-2.4%	17.2%	1299.HK, 6146.T, 6857.T, 6861.T, ADYEN.AS, ARGX, ASML, ATCO-A.ST, DSV.CO, GALP.SW, MELI, NU, OR.PA, RACE, RMS.PA, SE, SHOP, SPOT, TSM, WTC.AX	AI, E-Commerce, growth, international, semiconductors, technology	Artificial intelligence demand is driving structural growth in semiconductor testing equipment and memory chips. Advantest benefits from sustained AI data center investment with improved visibility, while SK Hynix leads in high-bandwidth memory (HBM) technology critical for AI infrastructure bottlenecks. The fund maintains significant exposure to semiconductor leaders across the value chain. TSMC and ASML delivered strong performance, while new position SK Hynix represents technological leadership in memory chips with two-year order book visibility driven by structural AI demand. Sea Limited showed strong growth with group revenues rising 40% year-on-year, led by Garena gaming and Shopee marketplace expansion. Management continues investing in logistics and fulfillment infrastructure despite near-term profitability pressures in Latin American operations. Spotify demonstrated continued operating progress with 11% user growth to 713 million and 12% subscriber growth to 281 million. Operating margins expanded to mid-teens with record quarterly free cash flow, supported by pricing optimization and advertising efficiency improvements.	GALD SW DSV DC RACE SE SPOT	View
2025 Q4	Jan 11, 2026	Oldfield Partners Overstone Global Large Cap	6.3%	34.7%	005930.KS, ASML, BABA, BNZL.L, CNHI, EXO.MI, HEN3.DE, LLOY.L, MT, NVDA, PHG, RACE, STLA, TSM, UHR.SW	AI, diversification, global, Luxury, semiconductors, technology, value	AI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. The fund focuses on investing in companies with low valuations that are unloved, ignored, or out of favor but remain fundamental to the global economy. Despite persistent bubble discussions, opportunities continue to exist away from media headlines in companies trading at attractive valuations. New investment in Swatch represents exposure to luxury watch brands including Omega, Longines, Tissot, and others. The investment thesis is based on tangible assets including Swiss real estate and the potential for operating leverage when luxury demand recovers from current structural pressures.		View
2024 Q3	Sep 30, 2024	PGIM Jennison Global Opportunities Fund	2.0%	23.0%	AAPL, AMAT, AMZN, ASML, CDNS, CRWD, DIS, FICO, HUBSF, KYCCF, LLY, MELI, META, MSFT, NFLX, NVDA, NVO, PANW, RACE, RMS.PA	AI, consumer, global, growth, healthcare, technology	Apple's pace of execution in the Artificial Intelligence field and optimism about what they may introduce are major factors supporting the company's share price gains. The fund continues to focus on companies positioned to benefit from AI developments.		View
2024 Q3	Sep 30, 2024	American Century International Growth Fund	6.6%	0.0%	0669.HK, 6501.T, 6861.T, 6981.T, 7011.T, 9983.T, AI.PA, ASML, AZN, BVI.PA, CLNX.MC, ICLR, LSEG.L, NESN.SW, NVO, ONON, RACE, REL.L, SAP, SU.PA	Energy Transition, growth, healthcare, infrastructure, international, Pharmaceuticals, semiconductors, technology	Governments have committed to major infrastructure investment with fiscal stimulus programs enabling large-scale infrastructure projects to begin. There are now a large number of megaprojects underway around the world offering long-term growth opportunities to companies involved in building and adjacent products and services.		View
2024 Q2	Jul 31, 2024	PGIM Jennison Global Opportunities Fund	2.0%	23.0%	AAPL, AMD, AMZN, ATCO-A.ST, AVGO, DIS, ETN, FIS, HD, LILLY, MC.PA, MDB, META, MONC.MI, MSFT, NVDA, NVO, PANW, RACE, RMS.PA	AI, global, growth, healthcare, Luxury, technology	The fund benefits from artificial intelligence momentum across multiple holdings. NVIDIA continues to surpass expectations with strong results fueled by data center growth. Apple's share price increased significantly as the company's pace of execution in the AI field and optimism about what they may introduce are additional factors supporting the company's share price gains.		View
2023 Q2	Jul 26, 2023	Stenham Asset Management	4.7%	15.1%	AI, AMAT, AMZN, CHGG, CNI, CP, DHR, DUOL, GOOGL, KR, MA, MSFT, NVDA, RACE, TMO, UMG.AS	AI, global, infrastructure, large cap, Quality, semiconductors, technology	AI is this year's favorite buzzword with companies mentioning it on earnings calls to boost stock prices. The fund takes a picks and shovels approach, investing in infrastructure companies like semiconductors and cloud providers that benefit regardless of AI winners and losers. Historical technological revolutions show most companies fail, making infrastructure plays the most sustainable investment strategy.		View
2024 Q2	Jul 18, 2024	ClearBridge Investments International Growth ADR Strategy	5.7%	0.0%	1299.HK, 2348.HK, 4568.T, 7733.T, 8035.T, ABB, ACN, ALC, ATLKY, AZN, BBVA, BVI.PA, CP, LYG, MC.PA, MELI, NICE, NVO, RACE, SE, TSM, UCB.BR, UL	Asia, banks, Europe, growth, healthcare, international, technology	International IT stocks continued to diverge from their generative AI-driven U.S. counterparts, creating performance headwinds. TSMC benefited from renewed strength as the foundry of choice for Nvidia and other AI silicon developers. Accenture's AI projects are ramping up fast and will become increasingly meaningful as companies need to digitize operations and move to cloud.		View
2024 Q2	Jul 16, 2022	Ensemble Capital	0.0%	8.0%	AAPL, ADI, AMZN, BKNG, CMG, CSCO, DELL, FAST, GOOGL, ILMN, INTC, META, MSFT, NFLX, NVDA, NVR, RACE, TSLA, TXN, VEEV	AI, Biotechnology, Concentration, large cap, Mean reversion, semiconductors, valuation	The letter extensively discusses artificial intelligence as a transformative technology similar to the internet. The manager believes AI enthusiasm is correctly recognizing massive potential, but incorrectly assumes incumbent market leaders will capture all profits. AI is described as complementary to genomic sequencing, enabling automation of complex data analysis and accelerating discoveries in digital biology.		View
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 27, 2023	Stenham Asset Management	10.0%	10.0%	ADBE, ASML, CNI, CP, DHR, MA, MC.PA, MSFT, RACE, SAF.PA, UMG.AS, V	disruption, durability, infrastructure, long-term, Luxury, Quality, Railroads, technology	The recent rise of Artificial Intelligence represents rapid technological change that is calling into question the outlook for many businesses. ChatGPT set the record for fastest app to reach 1 million users in just 5 days, demonstrating the accelerating pace of technological adoption. The debates around whether AI will disrupt internet search and change our lives are driving shorter investment horizons as narratives change faster than investors can keep up.	ADMA ^VIX UMG.AS SAF.PA RACE MC.PA CNI ACP.WA	View
2023 Q1	Mar 31, 2023	East72 Holdings	6.3%	0.0%	0001.HK, 2074.SZ, 8TRA.DE, AML.L, BAIN.PA, BOL.PA, CFR.SW, EXO.MI, GOOGL, IVG.MI, IWG.L, LBRDK, LIF.TO, MC.PA, MFG.AX, MSGS, NWSA, P911.DE, PAH3.DE, PSHZF, QS, RACE, UHR.SW, VIV.PA, VOW3.DE	Autos, Battery, Dynasties, Europe, gaming, IPO, Luxury, value	The fund invests in luxury companies with dynastic control, including SBM (Monaco's luxury gaming and hospitality), Richemont, and Swatch Group. These companies benefit from the ultra-rich demographic and have pricing power. The manager views luxury as a defensive growth sector with strong moats.	VOW3.DE BAIN.PA	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 27, 2026	Fund Letters	Stenham Asset Management	Ferrari N.V.	Consumer Discretionary	Automobile Manufacturers	Bull	NYSE	automotive, Brand, heritage, Limited Production, Luxury goods, premium, Pricing power, Status	View Pitch
Apr 13, 2026	Fund Letters	Ensemble Capital	Ferrari N.V.	Consumer Discretionary	Automobile Manufacturers	Bull	NYSE	automotive, Brand Exclusivity, collectibles, High Net Worth, Hybrid, Italian, Luxury, Pricing power, SUV, Veblen Good	View Pitch
Apr 13, 2026	Fund Letters	Biglari Holdings	Ferrari N.V.	Consumer Discretionary	Automobile Manufacturers	Bull	NYSE	automotive, Brand, Competitive Advantage, Equity, High-performance, Italian, Luxury, premium, Sports cars	View Pitch
Apr 13, 2026	Fund Letters	Aquamarine	Ferrari N.V.	Consumer Discretionary	Automobile Manufacturers	Bull	NYSE	automotive, Brand Power, Exclusivity, Formula 1, global expansion, Luxury, premium, Racing	View Pitch
Feb 26, 2026	Fund Letters	Paul Schofield	Ferrari N.V.	Consumer Discretionary	Automobile Manufacturers	Bull	New York Stock Exchange	Brand, Luxury, Margins, Pricing, Scarcity	View Pitch
Feb 4, 2026	Twitter / X	@realroseceline	Ferrari N.V.	Automobiles	Automobile Manufacturers	Bull	New York Stock Exchange	Brand Power, Italy, luxury automobiles, Pricing power, Scarcity, Ultra-Wealth	View Pitch
Jan 21, 2026	Fund Letters	Tom Coutts	Ferrari N.V.	Consumer Discretionary	Automobiles	Bull	New York Stock Exchange	Autos, Brand, Luxury, Pricingpower, Scarcity	View Pitch
Jan 8, 2026	Substack	Coughlin Capital	Ferrari N.V.	Luxury Automobiles	Luxury Automobiles	Bull	New York Stock Exchange	Brand Equity, Capital Markets Day, China exposure, Electric Vehicles, Ferrari, luxury automobiles, luxury demand risk, Multiple compression, Scarcity, stock buybacks	View Pitch
Nov 1, 2025	Substack	Pillars and Profits	Ferrari	Consumer Discretionary	Auto Manufacturers	Bull		brand prestige, Electrification, Exor Portfolio, high margins, Italian Brand, Luxury Automotive, Model Expansion, operational efficiency, Shareholder Return	View Pitch
Oct 16, 2025	Substack	Coughlin Capital	Ferrari N.V.	Consumer Discretionary	Auto Manufacturers	Bull		brand prestige, Electric Vehicles, Ferrari, financial discipline, internal combustion engines, investment opportunity, Long-term Value, luxury automobiles, market reaction, Revenue Growth	View Pitch
Aug 13, 2025	Seeking Alpha	Intrinsic Analysis	Ferrari N.V.	Consumer Discretionary	Auto Manufacturers	Neutral	NYSE	—	View Pitch

BSD Shareholders of RACE

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.

RACE

RACE

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BSD Shareholders of RACE

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