RHM-DE

RHM-DE

RHM-DE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 2, 2025	Tweedy, Browne International Value II	8.4%	16.4%	003550.KS, 086790.KS, 7202.T, 7270.T, 7716.T, ATE.PA, AZEG.BR, BAES.L, CVSG.L, DGE.L, NESN.SW, NOVN.SW, PETS.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE.PA, WFC	Currency, defense, dividends, Europe, international, small caps, value	Performance was driven by aerospace & defense companies including BAE Systems, Rheinmetall, and Safran amid ongoing geopolitical tensions and robust demand for defense spending. These companies benefited from increased order flow and strong fundamentals.		View
2025 Q2	Aug 2, 2025	Tweedy, Browne International Value II	12.0%	21.5%	003550.KS, 086790.KS, BAES.L, CNH, D05.SI, DGE.L, DHL.DE, IONS, KOF, NESN.SW, NOVN.SW, PRU.L, RHM.DE, ROG.SW, SAF.PA, TP.PA, TREL-B.ST, TTE.PA, U11.SI, WFC	Banking, Currency, defense, Europe, international, Pharmaceuticals, small caps, value	Performance was driven by aerospace and defense companies including BAE Systems, Rheinmetall, and Safran, benefiting from ongoing geopolitical tensions and robust demand for defense spending. These companies continue to see increased order flow and strong fundamentals amid global security concerns.	7202.T 7716.T AZEG.BR	View
2025 Q2	Aug 2, 2025	Tweedy, Browne Value Fund	5.1%	11.7%	066570.KS, 086790.KS, 7270.T, 7942.T, AKE.PA, ALT.PA, BAES.L, CVSG.L, DGE.L, KRA1V.HE, NESN.SW, NOVN.SW, PETS.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE.PA, WFC	Currency Hedging, defense, dividends, Europe, international, small caps, value	Defense contractors led performance with BAE Systems, Rheinmetall, and Safran benefiting from ongoing geopolitical tensions and robust demand for defense spending. The sector continues to see increased order flow and strong fundamentals amid global security concerns.		View
2025 Q2	Aug 2, 2025	Tweedy, Browne Worldwide High Dividend	9.8%	17.7%	003550.KS, 086790.KS, 7751.T, 7779.T, AKE.PA, ALT.PA, BAES.L, CVS.L, DGE.L, KEMIRA.HE, NESN.SW, NOVN.SW, PETS.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE, WFC	Currency, defense, dividends, Europe, Hedging, international, small caps, value	Performance was driven by aerospace & defense companies including BAE Systems, Rheinmetall, and Safran, benefiting from ongoing geopolitical tensions and robust demand for defense spending. These companies contributed positively across all funds amid increased order flow and strong fundamentals.		View
2024 Q2	Aug 2, 2024	Tweedy, Browne International Value II	2.4%	8.3%	000858.SZ, 003550.KS, 005930.KS, 0700.HK, 3407.T, 4182.T, 6302.T, 6849.T, AZO, BA.L, BAC, BRK-B, CNHI, D05.SI, DGE.L, DHL.DE, FDX, FMC, FP.PA, FRE.DE, GOOGL, GSK.L, HEIA.AS, INCP.L, IONS, JNJ, KEMIRA.HE, MEGACPO.MX, NESN.SW, NOVN.SW, NVST, PGR, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE, U11.SI, UBI.PA, VRTX, WFC, WPK.TO, ZURN.SW	Europe, financials, industrials, international, small caps, value	The fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger cap counterparts. The fund remains heavily weighted to industrial and financial segments which represent solid value in an environment of escalating equity valuations.		View
2024 Q2	Aug 2, 2024	Tweedy, Browne International Value II	4.8%	8.3%	000858.SZ, 0700.HK, 2357.PS, 3405.T, 4182.T, 601009.SS, 6277.T, 6302.T, 6849.T, AALB.AS, BAC, CNHI, D05.SI, DEO, FRE.DE, GOOGL, IONS, KEMIRA.HE, KOF, NVS, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SCOR.PA, TEP.PA, U11.SI, UBI.PA, VRTX, WFC	Asia, Diversified, Europe, international, small cap, value	The fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger counterparts.		View
2024 Q2	Aug 2, 2024	Tweedy, Browne Value Fund	2.8%	7.6%	000858.SZ, 005930.KS, 0700.HK, BA.L, BAC, BIDU, BRK-B, CNHI, D05.SI, DEO, DHL.DE, FMC, FRE.DE, GOOGL, GSK, HEIA.AS, IONS, JNJ, KEMIRA.HE, KOF, NESN.SW, NVS, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SCOR.PA, TEP.PA, TTE, U11.SI, VRTX, WFC, ZURN.SW	Asia, Diversified, Europe, financials, industrials, international, small caps, value	The fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger cap counterparts.		View
2024 Q2	Aug 2, 2024	Tweedy, Browne Worldwide High Dividend	6.4%	9.8%	000858.SZ, 2357.PS, 3405.T, 4182.T, 601919.SS, 6277.T, 6302.T, 6849.T, 700.HK, AALB.AS, BAC, CNHI, D05.SI, DEO, FRE.DE, GOOGL, IONS, KEMIRA.HE, KOF, NOVN.SW, RHM.DE, ROG.SW, RRI.PA, RUI.PA, SAF.PA, SCOR.PA, U11.SI, UBI.PA, VRTX, WFC	dividends, financials, global, industrials, small cap, value	The fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger counterparts.		View
2025 Q2	Jul 8, 2025	Mawer International Equity Fund	6.9%	17.5%	267270.KS, BA.L, BDX, FTT.TO, PNG.V, RHM.DE, TVK.TO, UNH	Canada, defense, diversification, Geopolitical, infrastructure, Trade Policy	Defense contractors benefited significantly from heightened geopolitical risks and rising defense spending. Rheinmetall surged over 40% in the quarter, BAE appreciated considerably, and South Korea-based LIG Nex1 saw substantial share price gains due to its strength in precision-guided missile systems.		View
2024 Q2	Jul 31, 2024	VGI Partners	0.0%	0.0%	AMZN, CFR.PA, CME, DB1.DE, DIS, GEHC, GIS, LMT, LSEG.L, MA, PHG, PINS, RHM.DE, SAP, SIE.DE, SLB, SPOT, VG1.AX, WMT, XM	Concentration, Exchanges, global, healthcare, Quality, spinoffs, technology	VGI holds significant positions in financial exchanges including CME Group, Deutsche Börse, and London Stock Exchange Group. These exchanges benefit from increased volatility, growing Treasury markets, and transformation into data analytics businesses with recurring revenue streams.	GEHC AMZN CME	View
2025 Q2	Jul 29, 2025	Rivemont	-	-	ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L	aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy	The US government's increasing focus on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. Major capital investment is flowing into domestic production capacity, particularly in aerospace and defense industries, with provisions in OBBBA incentivizing domestic investment through favorable tax treatment for factory construction and equipment.	GE ROK HWM BA	View
2025 Q2	Jul 28, 2025	Minotaur Global Opportunities Fund	-	-	4519.T, 5253.T, 9992.HK, MNSO, NVDA, RHM.DE, WIZZ.L	AI, defense, global, mispricing, Pharmaceuticals, technology, value	AI is deeply integrated into Minotaur's investment process through their proprietary software Taurient, which helps surface opportunities, amplify research capabilities, and interrogate edge cases faster. The fund views AI as a research multiplier and early-warning system that makes their process harder to replicate.	1896.HK	View
2025 Q2	Jul 27, 2025	Jackson Peak Capital	-	-	BABA, ENR.DE, HEI.DE, IWM, LDO.MI, META, PLTR, RHM.DE, TTAN	AI, defense, Europe, Long/Short, SPACs, tariffs, volatility	Focus on companies leveraging AI to enhance core operations as large language models become enterprise-ready. Researching software companies that could benefit from AI instead of being cannibalized by it. META and BABA represent this thesis.	TTAN	View
2025 Q2	Jul 24, 2025	WestEnd Capital	21.8%	8.6%	ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L	aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy	The US government's increasing focus on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. Major capital investment is flowing across aerospace and defense industries as companies prioritize supply chain visibility and resilience.	GE ROK HWM BA GE ROK HWM BA	View
2025 Q2	Jul 23, 2025	Macro ops	9.9%	32.6%	AMTM, APM.TO, IDR.TO, IPI, MP, NICU.TO, RHM.DE, RKLB, UBER, VLE.TO	crypto, defense, Futures Trading, Mining, risk management, Trifecta Lens	European Defense thesis continues to play out with Rheinmetall rising 33% during the quarter. National Defense thematic includes positions like Amentum Holdings and represents 23% of portfolio exposure through Aerospace & Defense sector allocation.		View
2025 Q2	Jul 2, 2025	Ghosh Capital	17.3%	25.3%	AMZN, APH, ASTS, AVGO, BA, CSU.TO, GOOGL, GSAT, HOOD, KNEAT.TO, LMT, MDA.TO, MELI, MSFT, NU, RHM.DE, RKLB, SATS, TOI.TO, V	AI, Canada, global, Satellites, Space, technology, value	Deep dive on MDA Space, a 56-year-old Canadian space technology company building satellites, space robotics, and providing geointelligence. The company trades at attractive valuations compared to US space peers despite having longer operating history and actual profitability. Major growth drivers include large constellation wins for Globalstar and Telesat.	MDA.TO GOOGL KNEA.TO MELI TOI.TO MDA CN	View
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	View
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	View
2025 Q1	Jun 12, 2025	WisdomTree	-	-	AIR.PA, FCT.MI, HAG.DE, HO.PA, IVSO.ST, KIT.OL, KOG.OL, LDO.MI, RHM.DE, RNK.DE, RR.L, SAAB-B.ST, SAF.PA	defense, Europe, growth, Industrial, Military, NATO, Procurement	Europe's defense budgets are rising sharply with 2024 outlays jumping 17% to €326bn. NATO scenarios imply Europe could spend €800-950bn annually by 2030, more than double 2024 levels. Brussels mandates 65% of new procurement be sourced inside Europe, creating a generation-long demand curve for military contractors.		View
2024 Q1	May 8, 2024	Brookfield Asset Management	-	-	ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L	aerospace, AI, defense, Europe, industrials, Onshoring, technology, Trade Policy	The US government is increasingly focused on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. This is driving major capital investment across aerospace and defense industries with strong earnings growth expected to follow.	GE ROK HWM BA	View
2025 Q1	May 2, 2025	Tweedy, Browne International Value II	7.4%	7.4%	BA.L, CNHI, DGE.L, DHL.DE, GOOGL, HEIA.AS, IONS, KOF, NA.TO, NESN.SW, NOVN.SW, PRU.L, RHM.DE, ROG.SW, SAF.PA, TREL-B.ST, TTE, TXGN.SW, U11.SI, ZURN.SW	defense, Europe, Hedging, international, tariffs, value	Tweedy Browne maintains disciplined deep value approach, seeking securities trading at meaningful discounts to conservative estimates of intrinsic value. The firm remains particularly cautious given elevated valuation multiples and speculative enthusiasm in certain market segments.		View
2025 Q1	May 2, 2025	Tweedy, Browne International Value II	8.5%	8.5%	086280.KS, 2531.T, 4091.T, 7988.T, AKE.PA, BA.L, CCC.L, CNHI, DGE.L, DHL.DE, HEIA.AS, IONS, NESN.SW, NOVN.SW, PRU.L, RHM.DE, ROG.SW, SAF.PA, TTE, U11.SI	Currency, defense, Europe, international, tariffs, value	Tweedy Browne maintains disciplined deep value approach, seeking securities trading at meaningful discounts to conservative estimates of intrinsic value. The firm remains particularly cautious given elevated valuation multiples and speculative enthusiasm in certain market segments.		View
2025 Q1	May 2, 2025	Tweedy, Browne Value Fund	6.3%	6.3%	0220.HK, 0700.HK, 086280.KS, 2551.T, 3405.T, 4091.T, 4955.T, 7203.T, 7958.T, 9635.T, AKE.PA, ATE.PA, BA.L, BRK-A, CCC.L, CNHI, D05.SI, DGE.L, DHL.DE, FDX, FMC, FRE.DE, GOOGL, HEIA.AS, HUSQ-B.ST, INCH.L, IONS, JNJ, KEMIRA.HE, KOF, KRN.DE, LAS-A.TO, MEGA.MX, MGCL.T, NA.TO, NESN.SW, NOVN.SW, P911.DE, PETS.L, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SKF-B.ST, SOL.MI, SOP.PA, TEP.PA, TFC, TKTT.PA, TREL-B.ST, TTE, TXGN.SW, U11.SI, UHAL, USB, VRTX, WFC, WPK.TO, ZURN.SW	defense, Europe, healthcare, Hedging, industrials, international, value	Tweedy Browne maintains their disciplined deep value approach, seeking securities trading at meaningful discounts to conservative estimates of intrinsic value. They emphasize their bottom-up, fundamentally driven investment process focused on businesses with sound balance sheets and enduring competitive advantages.		View
2025 Q1	May 2, 2025	Tweedy, Browne Worldwide High Dividend	7.2%	7.2%	0220.HK, AAPL, ARKM.PA, BA.L, CNHI, D05.SI, DGE.L, DHL.DE, FMC, GOOGL, HEIN.AS, HTO.PA, INCH.L, JNJ, KEF1V.HE, KO, MSFT, NESN.SW, NOVN.SW, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TFC, TREL-B.ST, TTE, U11.SI, USB, ZURN.SW	defense, dividends, Europe, industrials, international, value	Tweedy Browne maintains disciplined deep value approach, seeking securities trading at meaningful discounts to conservative estimates of intrinsic value. The firm remains particularly cautious given elevated valuation multiples and speculative enthusiasm in certain market segments. Their bottom-up, fundamentally driven investment process focuses on businesses with sound balance sheets and enduring competitive advantages.		View
2025 Q1	May 2, 2025	Macro ops	13.9%	13.9%	IDR, LLY, RHM.DE, VLE.TO	defense, energy, Europe, gold, Mining, oil, value	European defense spending expected to increase from 2% to 3% of GDP driven by Trump administration demands, creating EUR 100B in additional annual spending through 2028. Rheinmetall positioned as primary beneficiary as largest German defense company and leading Ukraine partner.	VLE.TO IDR RHM.DE	View
2025 Q1	Apr 9, 2025	Mawer International Equity Fund	9.9%	9.9%	AAPL, AJG, ALA.TO, AON, ASM, BA.L, BN.TO, BNS.TO, DB1.DE, GIB.A.TO, HO.PA, ICE, IFC.TO, LDO.MI, MMC, NVDA, RHM.DE, RY.TO, TD.TO, TSLA, TSM, X.TO	AI, defense, Europe, Geopolitical, gold, tariffs, Trade Policy	Defense-related holdings delivered stellar returns with Rheinmetall more than doubling during the quarter, while Thales, BAE, and Leonardo also experienced strong performance. A rapidly evolving geopolitical landscape and rising defense spending in Europe have significantly increased demand expectations. All four companies benefit from the critical importance of their products and decades of consolidation and underinvestment in areas where they hold key competitive advantages.		View
2026 Q1	Apr 6, 2026	Minotaur Global Opportunities Fund	-8.2%	-8.2%	000660 KS, 7211.T, GTLB, INTU, MU, PANW, RHM.DE	AI, cybersecurity, defense, Geopolitical, global, Memory, software, technology		INTU GTLB MU	View
2024 Q1	Apr 26, 2024	Mawer International Equity Fund	6.9%	16.0%	AMZN, ASMIY, ASML, BA.L, BWXT, CTS.TO, ESL.TO, GOOGL, MSFT, RHM.DE, SCT.L, SFTC.TO, TEP.PA, TSM	AI, defense, Equity, global, semiconductors, technology	Technology companies positioned to benefit from artificial intelligence and semiconductor demand performed strongly. TSMC, ASML, and ASM International benefited from explosive growth in demand expectations for the semiconductor industry. Value-added resellers are positioned to benefit from exploration and deployment of artificial intelligence technologies by their customers.		View
2026 Q1	Apr 25, 2026	Fidelity Freedom 2055 Fund	-0.5%	-0.5%	000660 KS, 005930 KS, CRH, CRM, CVX, HEI.DE, NWG.L, RHM.DE, TSM	asset allocation, commodities, diversification, inflation, target date, technology			View
2026 Q1	Apr 23, 2026	Polen Capital – International Growth	-14.4%	-14.4%	005930 KS, 1299 HK, 6861.T, 7011.T, AZN, ENR.DE, INPST.L, RHM.DE, SAAB-B.ST, TSM	AI, Concentration, defense, energy, growth, international, Quality, semiconductors		6861.T 005930.KS ENR.DE 1299.HK AZN 7011.T SAAB-B.ST RHM.DE TSM	View
2025 Q1	Apr 2, 2025	Ghosh Capital	8.0%	8.0%	APH, CBZ, COST, CSU.TO, ETL.PA, GOOGL, HOOD, HRB, KNT.L, KPG.AX, MDA.TO, MELI, MNDY, PNG.TO, RELY, RHM.DE, SPGI, TEAM, TOI.TO, VIE.PA	defense, growth, infrastructure, Nationalism, small caps, Valuations, value	Countries like Canada and Europe are taking defense seriously due to Trump's policies requiring more global defense contributions. This creates a wall of money for consistent defense spending as nationalist policies spread worldwide.	KPG.AX	View
2024 Q1	Apr 15, 2024	Tweedy, Browne International Value II	2.4%	8.3%	6302.T, AALB.AS, BA.L, BRK-A, ENVS, FMC, FRE.DE, HEIA.AS, MUV2.DE, NA.TO, NESN.SW, NOVN.SW, RHM.DE, RMS.PA, ROG.SW, SAF.PA, SCR.PA, SOL.MI, TEP.PA, TREL-B.ST, WPK.TO	defense, Diversified, global, industrials, international, value	Defense companies led industrial returns with strong performance from BAE Systems, Safran, and Rheinmetall AG. The aerospace and defense sector was among the leading industries during the quarter.		View
2024 Q1	Apr 15, 2024	Tweedy, Browne International Value II	4.8%	8.3%	AZO, BAE.L, BRK-A, CNH, D05.SI, DGE.L, DHL.DE, FMC, GOOGL, IONS, JNJ, NESN.SW, NOVN.SW, RHM.DE, ROG.SW, SAF.PA, SCR.PA, TREL-B.ST, TTE, U11.SI	Currency, defense, Diversified, industrials, international, value	Aerospace & defense businesses led results during the quarter, driven primarily by BAE Systems, Safran, and Rheinmetall AG. These companies benefited from increased defense spending and strong performance in the defense sector.		View
2024 Q1	Apr 15, 2024	Tweedy, Browne Value Fund	2.8%	7.6%	BA.L, BRK-A, CNHI, DEO, FDX, FMC, GOOGL, HEIA.AS, IONS, JNJ, NESN.SW, NWLI, RHM.DE, RUI.PA, SAF.PA, SCRYY, TP.PA, TTE, U11.SI, WFC	defense, financials, global, healthcare, industrials, value	Aerospace & defense businesses led results during the quarter, driven primarily by BAE Systems, Safran, and Rheinmetall AG. These holdings were among the top contributors to fund performance.		View
2024 Q1	Apr 15, 2024	Tweedy, Browne Worldwide High Dividend	6.4%	9.8%	6302.T, AALB.AS, BA.L, BRK-A, FMC, FRE.DE, HEIA.AS, MUV2.DE, NA.TO, NESN.SW, NOVN.SW, NVTA, RHM.DE, RMS.PA, ROG.SW, SAF.PA, SCR.PA, SOL.MI, TEP.PA, TREL-B.ST, WPK.TO	defense, dividends, global, High Dividend, value	Aerospace & defense businesses led results during the quarter, driven primarily by BAE Systems, Safran, and Rheinmetall AG. Defense companies were among the top contributors to fund performance.		View
2023 Q1	Apr 13, 2023	LVS Advisory – Event Driven	0.6%	0.6%	ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L	aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy	The US government is increasingly focused on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. This is driving major capital investment across aerospace and defense industries with strong earnings growth expected to follow.	0GEG LN DALN\|FND\|ROKU\|WOSG LN HWM AABA	View
2023 Q1	Mar 31, 2025	Minotaur Global Opportunities Fund	-	-	BMBL, F, IPX.AX, MDB, RHM.DE, TSLA, WTC.AX, Z	AI, defense, Europe, Onshoring, Shorts, technology, volatility	The fund uses AI technology called Taurient to combat confirmation bias and improve selling decisions. AI helps validate or invalidate investment theses through automated reports, enabling quicker reactions when positions no longer have merit. The technology has guided successful exits from MongoDB and Zillow positions.	RHM.DE IPX.AX	View
2025 Q1	Mar 31, 2025	Fidelity Freedom 2045 Fund	0.1%	0.1%	ALAB, BA.L, DECK, GE, IMPUY, MRVL, NVDA, PDD, RHM.DE, SAN, SE, TSLA, XOM	asset allocation, diversification, geopolitics, policy, target date, tariffs	The fund emphasizes strategic asset allocation and diversification to help navigate different market environments and risks. Recent years have amplified portfolio diversification based on the view that participants will experience multiple market environments throughout their lifetime, and that regimes can change abruptly. The fund's glide path reflects long-term views on participant needs, diversification and capital markets.		View
2025 Q1	Mar 31, 2025	Fidelity Freedom 2055 Fund	0.0%	0.0%	ALAB, BA.L, DECK, GE, IMPUY, MRVL, NVDA, PDD, RHM.DE, SAN, SE, TSLA, XOM	asset allocation, diversification, geopolitics, Policy Uncertainty, target date, tariffs	The fund emphasizes strategic asset allocation and diversification to help navigate different market environments and risks. Recent years have amplified portfolio diversification based on the view that participants will experience multiple market environments throughout their lifetime, and that regimes can change abruptly. The fund's glide path reflects long-term views on participant needs, diversification and capital markets.		View
2025 Q1	Mar 31, 2025	Minotaur Global Opportunities Fund	-	-	ATI, BMBL, CRS, F, HWM, IPX.AX, MDB, RHM.DE, TSLA, WTC.AX, Z	AI, China, defense, Europe, Shorting, Trump, volatility	The fund uses AI through their Taurient system to combat confirmation bias and improve selling decisions. AI helps generate Thesis Validation/Invalidation Reports for every stock position, enabling quick reactions when investment theses are challenged. This AI superpower has guided successful exits from MongoDB and Zillow short positions.	RHM.DE IPX.AX	View
2025 Q1	Mar 31, 2025	Thornburg International Equity Fund	9.9%	9.9%	0027.HK, 6098.T, 6146.T, 6501.T, 8306.T, BNP.PA, CP, EOAN.DE, LIN, NN.AS, NVDA, ORA.PA, RHM.DE, ROG.SW, SAF.PA, SONY, TSM, TTE	active, international, Opportunities, positioning, tariffs, volatility	The manager views volatility as a powerful ally for long-term investors, creating windows of opportunity during market turbulence. They have been actively capitalizing on select opportunities during recent market swings, emphasizing that volatility is not inherently negative but rather creates periods when patience and discipline can lead to positive outcomes.		View
2025 Q1	Mar 31, 2025	Fortress – Caribbean Growth Fund	3.5%	3.5%	ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L	aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy	Global defense spending rose to $2.7 trillion in 2024 (+9.4%) and is expected to continue rising. The U.S. Department of Defense's 2025 budget request totals nearly $850 billion, with meaningful allocations aimed at strengthening industrial capabilities in areas like unmanned systems, hypersonics, and solid rocket motors.	GE ROK HWM BA	View
2023 Q1	Mar 31, 2023	Orbis International Equity	-	-	012450.KS, 7011.T, RHM.DE	Asia, defense, energy, Geopolitical, Japan, Korea, nuclear	The breakdown of postwar international order and Ukraine war are driving global defense spending increases. Japan plans to double defense spending within five years, potentially becoming the third largest spender worldwide. South Korea has become a top ten defense exporter with exports growing from $3bn in 2020 to over $17bn in 2022.	012450.KS 7011.T	View
2025 Q4	Mar 2, 2026	TYME Advisors	-	-	AAPL, AVAV, AVGO, BA.L, CBOE, FNV, GOOGL, MRK, NDAQ, NVDA, PLTR, RHM.DE, RTX, TPG, WPM	Alternatives, defense, Exchanges, gold, Japan, Long/Short, Quality, royalties	The entire world is rapidly rearming off an extremely low base of defense spending. This exposure focuses on companies that make armaments for nation state security and materially outperformed for the year. Gold is positioned as a superior store of value with reliable scarcity and the highest stock-to-flow ratio of any physical commodity. The manager created a magnified gold exposure called Gresham's Wrath that generates income while providing 1.5X exposure to gold prices. Exchanges operate as essential high-margin toll roads for the economy with immense operating leverage. They benefit from trading volume flowing directly to profits with minimal extra cost and have natural inflation hedging through transaction values. High Quality US Large Companies exposure filters out junk companies by avoiding high external financing, wealth destroyers, and value traps. This approach seeks superior long-term returns with lower downside risk. Precious metal royalty and streaming companies provide diversified exposure to precious metals by benefiting from both price appreciation and production growth without operational mining risks. They offer asymmetric optionality and inflation protection.		View
2025 Q4	Feb 5, 2026	Richie Capital Group	0.0%	0.0%	7203.T, 7974.T, AAPL, AMZN, AZN, BHP.AX, FMG.AX, GOOGL, HD, IBE.MC, LLY, META, MSFT, NFLX, NVDA, RHM.DE, RIO.AX, ROG.SW, SPOT, XRO.AX	AI, earnings, equities, fixed income, Global Markets, inflation, rates	AI stocks showed mixed performance with investor worries about high valuations offset by stellar quarterly earnings from AI-linked companies including Alphabet, NVIDIA and Microsoft. Semiconductor giants SK Hynix and TSMC posted record-high profits driven by accelerating AI adoption. However, concerns about an AI bubble created drag on global tech stocks in early December. The Fed cut interest rates at October and December meetings, bringing total reductions to three in 2025 and lowering the target range to 3.50%-3.75%. The Bank of Japan raised its key rate to a 30-year high at 0.75%. The ECB held rates steady despite elevated eurozone inflation remaining above the 2% target. U.S. inflation slowed to 2.7% in November from 3% in September. Eurozone inflation rose to 2.2% in November, remaining above the ECB's 2% target for three consecutive months. Japan's core inflation rose 3.0% in November, well above the central bank's 2% target.		View
2025 Q4	Feb 11, 2026	Tweedy, Browne Worldwide High Dividend	2.4%	21.7%	005930.KS, BAE.L, CNHI, DHL.DE, GOOGL, IONS, J36.SI, KEMIRA.HE, MEGACPO.MX, NESN.SW, NOVN.SW, RB.PA, RHM.DE, ROG.SW, SAF.PA, TFC, TTE, U11.SI, USB, ZURN.SW	defense, dividends, global, industrials, Pharmaceuticals, value	Health care holdings including pharmaceutical and biotechnology companies added meaningfully to returns. Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady and growing earnings, and business models that continue to generate cash through a wide range of economic conditions. The Worldwide High Dividend Yield Value Fund shared many attribution themes with a slightly different emphasis. Financials and industrials contributed meaningfully, consistent with the Fund's dividend-focused orientation. The fund maintains an average-weighted dividend yield on fund stocks of 3.94%. Defense-related holdings such as BAE Systems and Rheinmetall, which had been standout performers for much of the year, fell back a bit in the 4th Quarter. While these businesses currently benefit from secular growth in defense spending around the world, share prices have moved ahead of underlying fundamentals. The gap in valuation between US and non-US equities still remains quite significant and should serve us well going forward given the non-US-centric postures of our fund portfolios. We believe fervently that a diversified portfolio of well-capitalized, competitively advantaged companies purchased at attractive valuations offers the best defense against market uncertainty.		View
2024 Q4	Dec 31, 2024	Artisan International Fund	-	10.6%	2579.T, 4091.T, AER, AI.PA, AMZN, AON, ARGX, AZN, BA.L, BUD, FLTR, LIN, MRO.L, NG.L, NVO, RHM.DE, SHOP, UCB.BR, UCG.MI	Biotechnology, Cloud, defense, Energy Transition, healthcare, Industrial Gases, international, value	Healthcare holdings delivered robust performance with UCB's Bimzelx approval for chronic inflammatory skin conditions adding $1.8 billion in peak sales potential. Argenx advanced VYVGART to phase 3 trials for myositis treatment, potentially adding $2 billion to peak sales. The VYVGART franchise grew 20% with total peak sales projected to exceed $10 billion.		View
2024 Q4	Dec 31, 2024	Apis Flagship Fund	-	13.2%	ACHR, CLS, MRNA, PLUG, RHM.DE, SONO, TLN	defense, energy, global, Korea, Long/Short, small caps, technology, value	Manager maintains conviction in small-cap strategy despite underperformance versus large-cap indices. Believes compelling growth and valuation advantages will normalize in their favor. Portfolio demonstrates strong stock-picking ability in small-cap names across regions.	SOON.SW PLUG 2238.HK TLN 4046.T 3533.TW 267250.KS	View
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
2023 Q4	Dec 31, 2023	TMR Partners Long Only	-	-	ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L	aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy	The letter emphasizes the US government's increasing focus on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. This trend is driving major capital investment across aerospace and defense industries, with companies prioritizing supply chain visibility and resilience.	0GEG LN DALN\|FND\|ROKU\|WOSG LN HWM AABA	View
2024 Q4	Dec 30, 2024	Munro Global Growth Fund	10.4%	37.2%	AMAT, AMZN, ASML, AVGO, AXON, CEG, CRH, GEV, GOOGL, KLAC, MA, META, MSFT, NOW, NVDA, RHM.DE, TSM, UBER	AI, growth, large cap, semiconductors, technology, US	Artificial intelligence continued to be a dominant theme for the quarter, with contributors from GE Vernova and Broadcom. Broadcom has emerged as the designer of choice for custom-designed semiconductor chips (ASICs) used as alternatives for GPUs as they are more specialized and efficient for targeted workloads. The company's CEO confirmed customers are rapidly pursuing development of a 1 million XPU cluster of chips.	AXON AVGO	View
2024 Q3	Dec 18, 2024	Munro Global Growth Fund	0.0%	0.0%	000660.KS, AMZN, APP, AVGO, AXON, CEG, CRH, FIX, GEV, META, MSFT, NVDA, ONON, RDDT, RHM.DE, SE, SN, TSLA, TSM, VRT	AI, defense, energy, growth, infrastructure, productivity, semiconductors, Trump	The emergence of large language models sees companies attempting to apply AI to nearly every industry. Unlike previous technology revolutions, AI is unique in that machine learning technologies can be applied to so many different industries. The potential for a step change in labour productivity for the whole economy is real and likely to translate to higher corporate earnings over time.		View
2025 Q3	Oct 31, 2025	Tweedy, Browne International Value II	2.1%	18.8%	003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 6302.T, 6777.T, 7267.T, 7716.T, 7741.T, 7844.T, 7988.T, AZE.BR, BA.L, BIDU, BKG.L, BREE.L, BRK-A, CNH, DEO, FDX, GOOGL, GRAF.L, HEIA.AS, IONS, JNJ, JSG.L, KOF, NA.TO, NESN.SW, NVS, NVST, PETS.L, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SKF-B.ST, SOP.PA, SW.PA, TFC, TP.PA, TREL-B.ST, TTE, U11.SI, USB, VRTX, WFC	Currency, dividends, Europe, Hedging, international, Japan, value	The firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance.	AZE	View
2025 Q3	Oct 31, 2025	Tweedy, Browne Value Fund	3.8%	16.0%	003550.KS, 005930.KS, 0116.HK, 0590.HK, 2531.T, 4368.T, 6302.T, 6777.T, 7270.T, 7276.T, 7709.T, 7716.T, 7988.T, AKE.PA, AZE.BR, BA.L, BAB.L, BKG.L, BREE.L, CNHI, D05.SI, DGE.L, GRAF.L, HEIA.AS, IONS, JSG.L, NA.TO, NESN.SW, PETS.L, RHM.DE, RUI.PA, SAF.PA, SKF-B.ST, SOP.PA, SW.PA, TEP.PA	Currency, dividends, ETF, Europe, Hedging, international, Japan, value	The firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance.	IONS GOOG	View
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	View
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	View
2025 Q3	Oct 20, 2025	Antero Peak Group	2.7%	20.5%	AXON, CEG, COF, DASH, EVR, GE, GS, HWM, ISRG, JPM, MSFT, NDAQ, NFLX, NVDA, RHM.DE, RYCEY, SIEGY, TSM, VST, WELL	aerospace, AI, energy, financials, growth, large cap, semiconductors, technology	AI infrastructure buildout driving massive capital deployment across data centers, power generation, and semiconductor supply chains. Current data center power draw of 17 GW projected to reach 50 GW by 2028, equivalent to California's entire power grid. Oracle's backlog up $400B entirely from GPU demand, while hyperscale data centers require 100-200 MW each.	TSM RR GE NVDA MSFT TSM RR GE NVDA MSFT	View
2024 Q3	Oct 1, 2024	QuadCap Wealth Management	-	-	ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L	aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy	The manager emphasizes the US government's increasing focus on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. This trend is driving major capital investment across aerospace and defense industries with strong earnings growth expected to follow.	GE ROK HWM BA	View
2025 Q4	Jan 6, 2026	Ghosh Capital	-13.3%	12.6%	AEM, APH, AVGO, CWAN, GOOGL, HOOD, MSFT, MU, NVDA, RHM.DE, SII, WIX	Concentration, Leverage, Options, risk management, SaaS, technology, value	Manager learned hard lessons about position sizing and concentration risk after Kneat position at 30% of portfolio caused significant drawdown. Establishing strict rules around maximum position sizing regardless of conviction level. Used long-dated deep in-the-money options for leverage on Wix and Clearwater Analytics positions but found the inherent leverage made it difficult to hold positions through volatility. Planning to use options more sparingly going forward. Kneat remains largest holding despite poor Q2/Q3 results with net new ARR below expectations due to macro headwinds and deal delays. Company ended 2025 with highest number of new strategic customer wins in history, setting up for growth in 2026-2027.	WIX KSI CN	View
2024 Q4	Jan 5, 2025	MPD Partners	-	-	ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L	aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy	The US government's increasing focus on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. Major capital investment is flowing into aerospace and defense industries as companies prioritize supply chain visibility and resilience.	GE ROK HWM BA	View
2025 Q4	Jan 21, 2026	Platinum International Technology Fund	0.0%	13.0%	AMD, AMZN, ANET, ASML, AVGO, CPNG, ENR.DE, GEV, ISRG, LRCX, MA, MSFT, NVDA, RHM.DE, SAP, SHOP, TSM, UBER, VEEV, VRT	AI, Capex, Data centers, defense, energy, growth, semiconductors, technology	AI disruption is reshaping consumer internet companies and hyperscalers as OpenAI's growth shifts attention from traditional platforms. The industry remains in an arms race to secure capacity for training larger models, funded by big tech balance sheets. AI agents threaten existing paradigms in consumer tech and could cannibalize advertising revenues while potentially making platforms commoditized. Around a third of the Fund is invested in companies benefiting from AI datacenter buildout including Nvidia and Vertiv. The manager expects big tech capex growth of ~35% year-on-year is too conservative, with TSMC AI wafers revenue growing ~60% YoY and advanced packaging capacity growing ~70% YoY. Lower interest rates and AI's role in US-China competition could prolong this cycle. Semiconductor names like TSMC and Lam Research were key contributors this quarter, reflecting expectations that new capacity will be needed in 2026 to support AI compute growth. TSMC is viewed as a key bottleneck in the AI value chain as the only company who can make leading edge AI chips at scale. The fund initiated positions in Siemens Energy and GE Vernova, both sitting in an oligopoly supplying combined-cycle gas turbines to utilities and data centers. With US power shortages and rising electricity prices, both companies are expected to add capacity, driving volumes and margins above consensus. Five percent of the Fund is invested in defense companies such as Rheinmetall and Exosense. The manager sees the beginning of a decade-long capex cycle driven by multi-polar geopolitics, the emerging need to integrate disparate hardware systems, and the growth of AI applications in unmanned system platforms.	2330 TT VEEV TSM UBER J	View
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	View
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	View
2025 Q4	Jan 12, 2026	Munro Global Growth Fund	-0.7%	12.2%	300750.SZ, AMZN, CEG, CIEN, CRH, GALDA.SW, GEV, GOOGL, MA, MSFT, MSI, NVDA, ORCL, RHM.DE, TSM, UBER, VRT	AI, Cloud, Data centers, global, growth, semiconductors, technology	AI continues to drive significant investment opportunities with Alphabet's Gemini 3 model leap-frogging competitors and validating custom chip investments. The AI scaling laws are hitting physical power constraints, requiring distributed data center solutions that benefit networking infrastructure providers like Ciena. Data center infrastructure is experiencing unprecedented demand driven by AI workloads requiring massive compute power. Hyperscalers are scaling across multiple locations due to power constraints, creating opportunities for networking and infrastructure providers. Google Cloud demonstrated strong momentum with a record $50 billion sequential increase in backlog to $158 billion, driven by unique TPU offerings and AI workload demand. Cloud providers are differentiating through custom silicon and AI-optimized infrastructure. TSMC continues benefiting from compute demand and plays a critical role in chip manufacturing regardless of whether hyperscalers use Nvidia products or custom solutions. The semiconductor cycle remains supported by AI infrastructure buildout.	CIEN GOOGL	View
2024 Q3	Sep 30, 2024	Tweedy, Browne Value Fund	2.8%	7.6%	BRK-B, DGE.L, DHL.DE, FDX, FMC, GOOGL, HEIA.AS, ISNS, JNJ, NESN.SW, NVST, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE, U11.SI, UHAL, WFC	Diversified, global, risk management, valuation, value	The fund continues to focus on securities trading at discounts from conservative estimates of their respective intrinsic values. Portfolio positioning reflects areas where investors may still uncover undervalued securities. The managers emphasize their value investing approach throughout the commentary.		View
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	View
2023 Q2	Aug 8, 2023	VGI Partners	0.0%	0.0%	7733.T, AMZN, CFR.SW, CME, DB1.DE, DIS, DSMNF, GEHC, ISRG, LSEG.L, MA, PHG, PINS, RHM.DE, SAP, SIE.DE, SLB, SPOT, VG1.AX, XM	Concentration, Exchanges, global, healthcare, Quality, technology, value	VGI holds significant positions in financial exchanges including CME Group, Deutsche Börse, and London Stock Exchange Group. They view these as critical market infrastructure with strong competitive moats and benefiting from increased interest rates through net interest income.	DSM.AS LSEG.L DB1.DE GEHC AMZN CME	View
2023 Q1	Apr 14, 2023	Mawer International Equity Fund	6.9%	16.0%	AMZN, BA.L, FBK.MI, GOOGL, HO.PA, MC.PA, MSFT, REL.L, RHM.DE, SHB-A.ST, TD.TO, WKL.AS	Banking, Bonds, Canada, defense, Europe, global, technology	Defense companies performed well in the quarter reflecting expectations for structurally higher defense spending by NATO countries. Holdings in defense companies such as Rheinmetall, Thales, and BAE Systems had strong returns.		View
2025 Q1	Apr 13, 2025	Munro Global Growth Fund	-7.3%	-7.3%	AMZN, AVGO, AXON, BSX, CEG, CRH, FWONK, GOOGL, LLY, MA, META, MSFT, NFLX, NOW, NVDA, ORCL, RHM.DE, TSM, UBER	AI, Cash, defense, global, growth, tariffs, technology, volatility	Despite DeepSeek concerns, hyperscalers continue aggressive AI infrastructure spending with combined capex approaching $350 billion in 2025. The fund maintains conviction in multi-year structural earnings growth for AI enablers, while increasing exposure to AI application companies like Axon and ServiceNow that are showing strong adoption.	NVDA RHM.DE	View
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
2024 Q4	Jan 21, 2025	Tweedy, Browne International Value II	-5.3%	2.5%	BAC, D05.SI, DEO, DHL.DE, EPD, FDX, FMC, GOOGL, HEIA.AS, IONS, JNJ, KOF, NESN.SW, NVS, RHM.DE, ROG.SW, TX.SW, UOB.SI, VRTX, WFC	financials, industrials, international, Japan, valuation, value	The fund maintains rigorous valuation requirements that have excluded dominant technology companies from portfolios. Management believes they are positioned in parts of the global equity market that represent real value, particularly in smaller and medium-sized European, Asian, and Japanese equities.		View
2024 Q4	Jan 21, 2025	Tweedy, Browne International Value II	-9.9%	-2.4%	3405.T, ATE.PA, BA.L, CNHI, D05.SI, DGE.L, DHL.DE, FMC, GOOGL, INCH.L, IONS, JNJ, KEMIRA.HE, NESN.SW, NVS, RHM.DE, ROG.SW, SAF.PA, TTE, UOB.SI, WPK.TO	financials, industrials, international, Japan, valuation, value	The fund maintains its value investing approach, seeking securities trading at significant discounts to intrinsic value estimates. The manager notes their rigorous valuation requirements have kept them out of dominant technology companies that have driven market returns.		View
2024 Q4	Jan 21, 2025	Tweedy, Browne Value Fund	-5.8%	1.4%	BRK-A, CNHI, DGE.L, DHL.DE, FDX, FMC, GOOGL, HEIA.L, JNJ, NESN.SW, NVST, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TP.PA, TTE, U11.SI, UHAL, WFC	financials, global, Japan, technology, valuation, value	The fund maintains its value investing approach, seeking securities trading at significant discounts to intrinsic value estimates. Portfolio positioning focuses on parts of the global equity market that represent real value, particularly in smaller and medium-sized European, Asian, and Japanese equities.		View
2024 Q4	Jan 21, 2025	Tweedy, Browne Worldwide High Dividend	-8.7%	0.2%	005930.KS, 2531.T, 3105.T, 7203.T, ALTEN.PA, BAC, D05.SI, DEO, DHL.DE, EPD, FDX, FMC, GOOGL, HEIA.AS, IONS, JNJ, KOF, NESN.SW, NVS, P911.DE, RHM.DE, ROG.SW, TEP.PA, TX.SW, UOB.SI, UPI.HK, VRTX, WFC	dividends, financials, global, high yield, value	The fund remains positioned in parts of the global equity market that represent real value, particularly in smaller and medium-sized European, Asian, and Japanese equities. The managers believe their attractive positioning has not produced good relative returns but gives reason to believe they are close to an inflection point in equity markets.		View
2023 Q4	Jan 2, 2024	VGI Partners	0.0%	0.0%	AMZN, CME, DIS, GEHC, KVUE, META, RHM.DE, SHEL, SPOT, TECK	AI, Concentration, defense, global, Long/Short, Quality, Streaming, technology	Amazon's investments in artificial intelligence including chip company Annapurna and Anthropic provide material foothold in AI technology stack. AWS exposure to AI infrastructure requirements and continued LLM investment will contribute strongly to growth. Meta's AI investments in cloud infrastructure and recommendation engines have been important in improving engagement and growing user base.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Polen Capital - International Growth	Rheinmetall AG	Aerospace & Defense	Aerospace & Defense	Bull		Aerospace, Ammunition, Defense, geopolitical, Germany, growth, Military	View Pitch
Apr 27, 2026	Fund Letters	Minotaur Global Opportunities Fund	Rheinmetall	Industrials	Aerospace & Defense	Bull	XETRA	Ammunition, backlog, cash generation, Defense, European, geopolitical, manufacturing, Margins, Military, vertical integration	View Pitch
Apr 13, 2026	Fund Letters	Munro Global Growth Fund	Rheinmetall AG	Industrials	Aerospace & Defense	Bull	XETRA	Aerospace, Armored Vehicles, Artillery, Cyclical, Defense, European, geopolitical, Germany, government contracts, Military	View Pitch
Apr 13, 2026	Fund Letters	Hardman Johnston International Equity	Rheinmetall AG	Industrials	Aerospace & Defense	Bull	XETRA	Aerospace, Ammunition, Defense, European, joint ventures, margin expansion, Military Equipment, NATO	View Pitch
Apr 13, 2026	Fund Letters	Minotaur Global Opportunities Fund	Rheinmetall	Industrials	Aerospace & Defense	Bull	XETRA	Aerospace, Ammunition, backlog, cash flow, Defense, Europe, Government, manufacturing, Military, Rearmament	View Pitch
Apr 13, 2026	Fund Letters	Macro ops	Rheinmetall AG	Industrials	Aerospace & Defense	Bull	XETRA	Aerospace & Defense, Defense, European, geopolitical, Germany, Government Spending, Military, NATO, Secular tailwind, Ukraine	View Pitch

BSD Shareholders of RHM-DE

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

Join for free and get access to the buyside

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

Follow Us On: