RI-PA

RI-PA

RI-PA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Mondrian Global Equity Fund	-	-	BATS.L, CL, ENEL.MI, IMB.L, KO, PEP, PG, RI.PA, SRG.MI, WMT	Consumer Staples, defensives, global, Risk-adjusted, Utilities, value	Manager emphasizes defensive sectors trading at attractive valuations relative to cyclicals, with MSCI World defensives near historic lows compared to cyclically exposed sectors. Focus on risk-adjusted returns has led to increased exposure to undervalued defensive names.		View
2025 Q2	Jul 23, 2025	PM Capital Australian Companies Fund	5.3%	-	2282.HK, AIB.I, BIRG.I, CABK.MC, CGF.AX, CRN.AX, CSTCF, DGE.L, EDV.AX, FCX, FDV.AX, GQG.AX, HEIA.AS, INGA.AS, LLOY.L, NEM, RI.PA, SAN.PA, SHEL.L, SIE.DE, SPEC.L, TECK, WYNN	commodities, Copper, European Banks, gaming, gold, Onshoring, Trade Policy	European banks are significantly undervalued relative to US and Australian peers. Rising infrastructure and defence spending in Europe will stimulate industrial activity and credit demand. European banks trade on significantly lower valuation multiples than their US and Australian peers.	NEM FCX SIE.DE BIRG.I INGA.AS CABK.MC LLOY.L	View
2025 Q2	Jul 23, 2025	PM Capital Enhanced Yield Fund	1.3%	-	2282.HK, AIB.I, BIRG.I, CABK.MC, CGF.AX, CRN.AX, CSTCF, DGE.L, EDV.AX, FCX, FDV.AX, GQG.AX, HEIA.AS, INGA.AS, LLOY.L, NEM, RI.PA, SAN.PA, SHEL.L, SIE.DE, SPEC.L, TECK, WYNN	Banking, commodities, Copper, European Union, gaming, gold, Onshoring, tariffs	European banks are significantly undervalued relative to US and Australian peers. Rising infrastructure and defence spending in Europe will stimulate industrial activity and credit demand. A reviving European economy could create jobs and boost anaemic credit growth, aiding European banks.		View
2023 Q2	Jul 18, 2023	Sandhill Investment Management	-	22.3%	1928.HK, 2282.HK, AIB.I, BIRG.I, CABK.MC, CGF.AX, CRN.AX, CSTCF, DEO, EDV.AX, FCX, FDV.AX, GQG.AX, HEIA.AS, INGA.AS, LLOY.L, NEM, NEM.AX, RI.PA, SHEL, SIE.DE, SNY, SPEC.L, TECK, WYNN	Automation, commodities, Copper, European Banks, gaming, gold, Onshoring, value	European banks are significantly undervalued relative to US and Australian peers, trading at circa 8x earnings. Rising infrastructure and defence spending in Europe could stimulate industrial activity and credit demand, supporting a recovery that could take years to play out fully.	AIBG.L NEM SCCO LYG	View
2024 Q2	Jul 11, 2024	TEAM Asset Management	-	-	2282.HK, AIB.I, BIRG.I, CABK.MC, CGF.AX, CSTCF, DGE.L, EDV.AX, FCX, FDV.AX, GQG.AX, HEIA.AS, INGA.AS, LLOY.L, NEM, RI.PA, SAN.PA, SHEL.L, SIE.DE, SPEC.L, TECK, WYNN	Banking, commodities, Copper, European Union, gaming, gold, Onshoring	European banks are significantly undervalued relative to US and Australian peers. Rising infrastructure and defense spending in Europe will stimulate industrial activity and credit demand. European banks are the largest theme in the global strategy with holdings in Lloyds, CaixaBank, ING Groep, and Bank of Ireland trading at lower valuation multiples.	AIBG.I NEM FCX SIE.DE BIRG.I INGA.AS CABK.MC LLOY.L	View
2025 Q2	Jun 30, 2025	Latitude Global Fund	-	-	AZO, CPR.MI, DEO, DLTR, FIVE, MCK, NVO, RCO.PA, RI.PA, WMT	Aftermarket, Alcohol, Automotive, consumer, discount, retail, value	Dollar Tree represents a compelling opportunity following the sale of Family Dollar for $1bn, allowing focus on the core Dollar Tree banner with strong same-store sales growth. The business trades at attractive valuations with significant capital return potential.	DEO DLTR AZO	View
2023 Q1	May 31, 2023	GDS Investments	-	-	1928.HK, 2282.HK, A91.L, BIRG.I, CABK.MC, CGF.AX, CRN.AX, CSTCF, DGE.L, EDV.AX, FCX, FDV.AX, GQG.AX, HEIA.AS, INGA.AS, LLOY.L, MSCI, NEE, NEM, NEM.AX, NEX.PA, QUB.AX, RI.PA, SAN.PA, SHEL.L, SIE.DE, SPEC.L, TECK.TO, VK.PA, WOW.AX, WYNN	commodities, Copper, defense, European Banks, gaming, gold, Onshoring, tariffs	European banks are significantly undervalued relative to US and Australian peers. Rising infrastructure and defense spending in Europe will stimulate industrial activity and credit demand. A reviving European economy could create jobs and boost anaemic credit growth, aiding European banks.	FCX SIE.DE	View
2026 Q1	Apr 7, 2026	Rathbones	-	-	BF/B, RI.PA, TTE, UL	AI, energy, Geopolitical, inflation, infrastructure, Iran, portfolio			View
2026 Q1	Apr 21, 2026	Claret Asset Management	-	-	BF/B, MKC, RI.PA, UL	AI, credit, Geopolitical, interest rates, momentum, tariffs, Valuations, War			View
2023 Q1	Apr 14, 2023	Peak Asset Management	-	-	1928.HK, 2282.HK, AIB.I, BIRG.I, CABK.MC, CGF.AX, CRN.AX, CSC.AX, DGE.L, EDV.AX, FCX, FDV.AX, GQG.AX, HEIA.AS, INGA.AS, LLOY.L, NEM, RI.PA, SAN.PA, SHEL.L, SIE.DE, SPC.L, TECK, WYNN	commodities, Copper, Defense Spending, European Banks, gaming, gold, Onshoring, tariffs	European banks are significantly undervalued relative to US and Australian peers. Rising infrastructure and defence spending in Europe will stimulate industrial activity and credit demand. A reviving European economy could create jobs and boost anaemic credit growth, aiding European banks.	SIE.DE FCX NEM AIBG.I BIRG.I INGA.AS CABK.MC LYG	View
2024 Q1	Apr 11, 2024	Lexington Wealth Management	-	-	1928.HK, 2282.HK, A91.L, BIRG.I, CABK.MC, CGF.AX, DGE.L, FCX, HEIA.AS, INGA.AS, LLOY.L, NEM, NEM.AX, RI.PA, SHEL.L, SIE.DE, SNY, SPN.L, TECK, WYNN	commodities, defense, European Banks, gaming, infrastructure, Onshoring, undervalued, value	European banks are significantly undervalued relative to US and Australian peers. Rising infrastructure and defence spending in Europe will stimulate industrial activity and credit demand. A reviving European economy could create jobs and boost anaemic credit growth.		View
2025 Q1	Mar 31, 2025	Mondrian Global Equity Fund	-	-	ABF.L, DG.PA, ENEL.MI, LLOY.L, RI.PA, ROG.SW, SNY	defense, energy, Europe, Germany, infrastructure, valuation	European equities have significantly outperformed US markets in Q1 2025, almost fully unwinding three years of underperformance. The region trades at historically wide discount to US valuations despite many companies generating 60% of revenues outside Europe. Structural challenges exist but temporary drags like Ukraine conflict and restrictive fiscal policy may be easing.		View
2025 Q1	Mar 31, 2025	Mondrian International Equity Value Opportunities	-	-	ABF.L, DG.PA, ENEL.MI, LLOY.L, RI.PA, ROG.SW, SNY	defense, energy, Europe, fiscal policy, geopolitics, infrastructure, valuation	European equities have significantly outperformed US markets in Q1 2025, nearly unwinding three years of underperformance. The region trades at attractive valuations with forward P/E of 13.7x versus 20.5x for US markets. European companies generate nearly 60% of revenues outside the region, reducing dependence on local economic conditions.		View
2025 Q1	Mar 31, 2025	City Different Investments – Multi-Cap Core	-3.7%	-3.7%	2282.HK, AIB.I, BIRG.I, CABK.MC, CGF.AX, CRN.AX, CSTCF, DGE.L, EDV.AX, FCX, FDV.AX, GQG.AX, HEIA.AS, INGA.AS, LLOY.L, NEM, RI.PA, SAN.PA, SHEL.L, SIE.DE, SPEC.L, TECK, WYNN	commodities, Decoupling, European Banks, gaming, Onshoring, tariffs, undervalued, value	European banks are significantly undervalued relative to US and Australian peers, trading at circa 8x earnings. Rising infrastructure and defense spending in Europe could stimulate industrial activity and credit demand, supporting a recovery that could take years to play out fully.		View
2024 Q1	Mar 31, 2024	Tarkio Fund	-	-	2282.HK, AIB.I, BIRG.I, CABK.MC, CGF.AX, CSTCF, DGE.L, EDV.AX, FCX, FDV.AX, HEIA.AS, INGA.AS, LLOY.L, NEM, RI.PA, SAN.PA, SHEL.L, SIE.DE, SPEC.L, TECK, WYNN	commodities, Copper, European Banks, gaming, gold, Onshoring, tariffs	European banks are significantly undervalued relative to US and Australian peers. Rising infrastructure and defence spending in Europe will stimulate industrial activity and credit demand. A reviving European economy could create jobs and boost anaemic credit growth, aiding European banks.		View
2024 Q4	Dec 31, 2024	Vulcan Value Partners – Small Cap	-7.3%	1.3%	AMZN, CCK, CG, CRM, EG, ELV, FBHS, GOOGL, HEIA.AS, LYV, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH	Building Products, discount, Europe, Foodservice, Margin Of Safety, small caps, value	Small Cap is the most discounted portfolio in terms of price compared to intrinsic value estimates, providing the highest margin of safety. The manager believes the market is overly focused on short-term results and not properly recognizing long-term prospects of quality companies trading at discounts.		View
2024 Q4	Dec 31, 2024	Vulcan Value Partners – Large Cap	-0.1%	17.5%	AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.PA, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH	Alternative Asset Managers, global, healthcare, large cap, Margin Of Safety, technology, value	Manager emphasizes buying companies with stable values at attractive margins of safety. Price to value ratios remained relatively flat across strategies despite double-digit returns. Focus on allocating capital to companies with larger margins of safety as U.S. markets outperformed.		View
2024 Q4	Dec 31, 2024	Vulcan Value Partners – Small Cap	-2.5%	13.6%	AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.AS, KKR, LYV, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SW.ST, UNH	Alternative Asset Managers, Concentration, healthcare, insurance, international, value	Manager emphasizes buying companies with stable values at attractive margins of safety. Portfolio price-to-value ratios remained relatively flat despite double-digit returns as capital was reallocated from companies whose prices rose faster than values into more discounted opportunities.		View
2024 Q4	Dec 31, 2024	Vulcan Value Partners – Focus Plus	6.3%	26.1%	AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.AS, KKR, LYV, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH	concentrated, Intrinsic Value, large cap, long-term, Margin Of Safety, value	Everest Group is a global reinsurance and insurance business known for disciplined underwriting. The company underwrites aggressively in hard markets and builds capacity during soft markets, focusing on growing intrinsic value per share over long-term rather than managing short-term earnings.		View
2024 Q4	Dec 31, 2024	Vulcan Value Partners – Focus Plus	7.4%	27.5%	AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.AS, KKR, LYV, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH	Alternative Asset Managers, Cloud, Concentration, Discipline, insurance, large cap, value	Vulcan follows a disciplined value approach, reallocating capital from companies whose prices rose faster than values into companies whose prices did not keep up with values. They maintain attractive price to value ratios despite double-digit returns and focus on companies with stable values and margins of safety.		View
2024 Q4	Dec 31, 2024	Mondrian Global Equity Fund	-	-	BF-B, DGX.DE, DPW.DE, ENEL.MI, F, FDX, GM, HMC, MBG.DE, MRK, NEE, NESN.SW, PG, PWR, RI.PA, ROG.SW, SAN.PA, UL, UPS	Corporate Governance, Energy Transition, Europe, international, Japan, Utilities, valuation, value	US markets trade at historically high 60% premium to non-US markets, creating compelling value opportunities internationally. Japanese equities offer particularly attractive valuations with solid balance sheets and corporate governance improvements driving record buybacks.		View
2024 Q4	Dec 31, 2024	Mondrian International Equity Value Opportunities	-	-	BF-B, DG.PA, DPW.DE, ENEL.MI, F, FDX, GM, HMC, MBG.DE, MRK, NEE, NESN.SW, PG, PWR, RI.PA, ROG.SW, SNY, SPIE.PA, UL, UPS	Currency, Energy Transition, international, Japan, Utilities, value	US markets trade at historically high 60% premium to non-US markets, creating compelling value opportunities internationally. Valuation discrepancies exist across sectors where fundamentally similar companies trade at significant multiples differences based solely on listing location.		View
2023 Q4	Dec 31, 2023	Platinum International Brands Fund	-4.1%	-5.9%	1448.HK, 2186.HK, 7974.T, 9618.HK, AAPL, AMZN, BFIT.AS, GOOGL, HEIA.AS, META, MLCO, MSFT, NIEN, NVDA, PLNT, PNDORA.CO, RBI.VI, RI.PA, TSLA	Beverages, brands, China, consumer, Defensive, Valuations	The Fund holds positions in consumer-focused companies across various sectors, with particular emphasis on companies serving Chinese consumers despite ongoing economic weakness. The manager sees attractive valuations in Chinese consumer stocks due to weak sentiment.		View
2025 Q3	Nov 27, 2025	FPA Source Capital	4.6%	13.5%	C, CMCSA, GLEN.L, GOOGL, IFF, JDEPY, KMX, PRX, RI.PA, TE	Balanced, credit, equities, global, value	Source has 25.6% committed to private credit including called and uncalled capital as of quarter-end. The fund continues to look for opportunities to increase that exposure.	KMX IFF	View
2025 Q3	Oct 31, 2025	FPA Crescent Fund	5.5%	14.1%	7974.T, ADI, AMZN, C, CMCSA, FERG.L, GLEN.L, GOOGL, HOLN.SW, IFF, KMX, META, PRX.AS, RI.PA, SAF.PA, TEL, WFC	consumer, financials, global, technology, value	Alphabet continues to enhance its existing search offering with new AI features that have been well-received and are continually evolving. Recent concerns include competitive threats in search, stemming from competing AI models, as well as antitrust scrutiny in the US and Europe.		View
2024 Q3	Oct 30, 2024	FPA Crescent Fund	3.7%	12.8%	ADI, AMZN, AON, AVGO, C, CHTR, CMCSA, FBIN, GOOGL, HLF, HOLN.SW, IFF, JDEP.AS, JEF, KMX, META, RI.PA, SATS, TEL, VYX	Diversified, global, Long/Short, Opportunistic, risk management, value	JDE Peet's stock has declined over the past twelve months despite largely stable earnings. Record-high coffee bean prices and headwinds from the company's Russia business have led investors to view the glass as half-empty. The fund is hopeful that new management will prove up to the task of making entrepreneurial and cost-efficient investments to reinvigorate growth and put JDE Peets in a position to benefit from its position as the world's second-largest consumer coffee company.		View
2025 Q3	Oct 23, 2025	Semper Augustus	3.3%	19.7%	AHT.L, BF-A, BRK-A, CFR.SW, CMCSA, DASH, GOOGL, HEIA.AS, JPM, MA, MLM, NFLX, NSRGY, NVDA, PM, RI.PA, UBER	AI, Brand Loyalty, Concentration, Consensus, global, long-term, Value Investing	AI represents a transformative investment opportunity requiring massive capital deployment in semiconductors, data centers, and infrastructure. The manager discusses NVIDIA's central role in AI development through GPU technology, Google's AI capabilities, and the broader ecosystem of companies benefiting from AI infrastructure buildout including construction materials and equipment providers.	NESN SW PM GOOG	View
2025 Q3	Oct 17, 2025	Hosking Partners	3.4%	6.1%	0700.HK, BABA, BAC, BTU, C, CFG, CRDA.L, DGE.L, FCX, HBAN, JEF, KWR, LXS.DE, LYB, NVDA, PNC, RCO.PA, RI.PA, SYNT.L, WFC	AI, broadening, Capital Cycle, China, Japan, Mining, small caps, value	The strategy sees speculative excess in AI with hyperscalers dramatically increasing capital bases for datacentres, creating a classic capital cycle with real risk of over-build. Nvidia represents 8% of S&P 500 and 5% of MSCI ACWI, creating alarming concentration. The AI bet must pay off given the weight in global indices.	SAGA LN FCX US	View
2024 Q3	Oct 11, 2024	Horizon Investment	-	-	2282.HK, AIB.I, BIRG.I, CABK.MC, CGF.AX, DEO, EDV.AX, FCX, FDV.AX, HEIA.AS, INGA.AS, LLOY.L, NEM, RI.PA, SHEL, SIE.DE, SNY, SPEC.L, TECK.TO, WYNN	Automation, commodities, Copper, European Banks, gaming, gold, Onshoring	European banks are significantly undervalued relative to US and Australian peers, trading at circa 8x earnings. Expected to benefit from rising infrastructure and defense spending in Europe stimulating industrial activity and credit demand. Holdings include Lloyds Banking Group, CaixaBank, ING Groep, and Bank of Ireland.		View
2025 Q4	Jan 23, 2026	Brandes International Equity Fund	5.7%	39.1%	005930.KS, 1876.HK, 4503.T, 8306.T, BABA, BNP.PA, CX, DGE.L, DPW.DE, EBS.VI, ERJ, GRF.MC, GSK, HEI.DE, KER.PA, MNDI.L, NG.L, ORA.PA, OTEX.TO, RI.PA, TSCO.L, TSM	emerging markets, Europe, international, Outperformance, packaging, Utilities, value	International value stocks continue to trade within the least expensive valuation quartile relative to growth stocks since style indices inception. The valuation gap is evident across multiple metrics including price/earnings, price/cash flow, and enterprise value/sales. Historically, such discount levels often preceded attractive relative returns for value stocks over subsequent three- to five-year periods. Exposure to emerging markets helped returns, led by South Korean Samsung Electronics, Mexico's Cemex, and Erste Group Bank operating across emerging Europe. Leading contributors for the year included emerging market holdings such as Alibaba, Samsung, Taiwan Semiconductor, Brazil's Embraer and Mexico-based Cemex. The portfolio continues to have larger weighting to select emerging markets, particularly Mexico, South Korea, and Brazil. National Grid has strategically repositioned its asset base toward electricity networks, reducing exposure to gas and aligning with long-term energy transition trends. Over the past decade, roughly 75% of its regulated asset base is in electricity, expected to rise to 80% by 2029, supported by structural growth in electrification and renewable integration. The company's position as a critical enabler of decarbonization provides attractive risk-adjusted returns. Mondi is a leading European producer of corrugated packaging, containerboard, kraft paper, and uncoated fine paper with strong presence in Eastern and Western Europe. Secular trends such as sustainability, convenience, and the shift from plastic to paper underpin steady growth in fiber-based packaging. The company's cost leadership, strong positioning in high-barrier-to-entry kraft paper market, and integrated operations provide competitive advantage.	TSCO LN NG LN MNDI LN	View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Small Cap	1.3%	10.7%	CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYSG, SSCC, SWKS, TRU, UNH	AI, Buybacks, insurance, Margin Of Safety, Quality, small caps, technology, value	AI is in early stages of disrupting numerous businesses similar to the Internet in the 1990s. The manager notes AI stocks accounted for approximately 61% of the S&P 500's return in 2025. Unlike the dot-com era, some AI leaders are real businesses financing substantial AI investments with self-generated cash flow, though valuations for some are attractive while others may be overvalued. The manager emphasizes following value investing discipline by purchasing only companies from their MVP list with stable values at discounted prices. They focus on businesses with sustainable competitive advantages trading below intrinsic value estimates, with portfolios showing improved price-to-value ratios across all strategies despite positive absolute returns. Small Cap returns have lagged Large Cap for an extended period, with Small Cap Value performing even worse. The manager notes conversations with clients questioning continued Small Cap allocation, spotty sell-side coverage, and an ignored segment creating opportunities. Their Small Cap portfolio remains most discounted with weighted average price-to-value ratio in mid-50s. The manager owns more insurance-related businesses, highlighting opportunities in the sector. They discuss Ryan Specialty Holdings as a commercial excess and surplus insurance broker, and Everest Group as a leading reinsurance company trading at discount to tangible book value despite producing underwriting profits. Share repurchases are highlighted as value-creating when companies buy back stock below intrinsic value. Medpace used strong balance sheet and free cash flow to repurchase over 8% of shares at approximately 50% of estimated intrinsic value, giving shareholders 100% return on each dollar spent on buybacks.	FISV SWKS TRU KMX RYAN	View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Focus Plus	0.1%	7.1%	CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, SW, SWKS, TRU, UNH	AI, Buybacks, healthcare, insurance, small caps, technology, value	AI is in early stages of disrupting numerous businesses similar to the Internet in the 1990s. The manager believes AI is as real and transformational as the Internet, with approximately 61% of the S&P 500's return in 2025 coming from AI-related stocks. However, concerns exist about paying too much for AI businesses despite their real potential. The manager is finding tremendous opportunities in non-AI related companies that are steadily compounding their values but being ignored by the market. These 'old economy' companies are becoming increasingly discounted while AI stocks dominate returns, creating attractive value opportunities similar to the late 1990s dot-com era. Small Cap returns have lagged Large Cap for an extended period, with the manager noting conversations about whether to continue allocating to Small Caps. The Small Cap portfolio has a weighted average price to value ratio in the mid-50s, representing the most discounted portfolio. Sell-side coverage is spotty to nearly non-existent for many small cap holdings. Share repurchases are highlighted as a key value creation mechanism, with Medpace repurchasing over 8% of shares at approximately 50% of intrinsic value, effectively providing 100% returns on capital deployed. Companies are using strong balance sheets and free cash flow for opportunistic buybacks at discounted valuations.	MSFT CSGP CRM GOOG CBRE RYAN	View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Focus Plus	0.1%	6.2%	CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, SW.PA, SWKS, TRU, UNH	AI, healthcare, insurance, Quality, small caps, technology, value	Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Portfolio has improved price-to-value ratios across all strategies while delivering positive returns. Small Cap portfolio has weighted average price-to-value ratio in mid-50s, which manager considers incredible in current environment. Artificial Intelligence is disrupting numerous businesses similar to the Internet in the 1990s. AI stocks accounted for approximately 61% of S&P 500's return in 2025. Manager believes AI is as transformational as the Internet but warns against paying excessive valuations for AI-related companies, drawing parallels to dot-com bubble. Small Cap returns have lagged Large Cap for extended period, with Small Cap Value performing even worse. Manager sees this as opportunity, noting sell-side coverage is sparse and segment is ignored and unloved. Small Cap portfolio remains most discounted with weighted average price-to-value ratio in mid-50s. Manager focuses on MVP list of highest quality, most stable value companies in the world with sustainable competitive advantages. Lower quality companies have outperformed higher quality companies, especially in Small Cap, with companies having negative earnings accounting for 28% of Russell 2000 Value Index return. Medpace used strong balance sheet and free cash flow to repurchase over 8% of shares at approximately 50% of estimated intrinsic value. Every dollar spent on share repurchases gave 100% return because they were purchasing at half of estimated fair value, increasing estimated value per share by 29% in single quarter.		View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Large Cap	-1.5%	7.9%	CBRE, CRM, CSGP, EVER, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RI.PA, RYAN, SSNC, STLA, SW, SWKS, TRU, UNH	AI, Buybacks, healthcare, insurance, small caps, technology, value	Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Portfolio weighted average price to value ratio improved to low 60s while maintaining positive returns. Small Cap portfolio has weighted average price to value ratio in mid-50s, representing incredible opportunity in current environment. Artificial Intelligence is in early stages of disrupting numerous businesses, similar to Internet in 1990s. AI stocks accounted for approximately 61% of S&P 500's return in 2025. Manager acknowledges AI as transformational technology but warns against paying excessive valuations for AI-related companies, drawing parallels to dot-com bubble. Small Cap returns have lagged Large Cap for extended period, creating attractive opportunities. Small Cap Value has been particularly weak. Manager notes sell-side coverage of Small Caps is much less robust, leading to ignored and unloved segment. Small Cap portfolio remains most discounted with weighted average price to value ratio in mid-50s. Share repurchases highlighted as value-creating activity when companies buy back stock below intrinsic value. Medpace repurchased over 8% of shares at approximately 50% of estimated intrinsic value, increasing estimated value per share by 29% in single quarter. Every dollar spent on buybacks provided 100% return due to purchasing at half of fair value.		View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Small Cap	3.2%	9.5%	CBRE, CRM, CSGP, FISV, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, STLA, SW.PA, SWKS, TRU, UNH	AI, discount, insurance, Quality, small cap, value	Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Small Cap portfolio has weighted average price to value ratio in mid-50s, representing significant margin of safety in current environment. Artificial Intelligence is disrupting numerous businesses similar to the Internet in the 1990s. AI stocks accounted for approximately 61% of S&P 500 returns in 2025, creating market concentration risks reminiscent of dot-com era. Small Cap returns have lagged Large Cap for extended period, creating attractive opportunities. Manager notes sell-side coverage is sparse and segment is ignored and unloved, often indicating good allocation timing. Portfolio includes more insurance-related businesses including Everest Group reinsurance and Ryan Specialty excess and surplus insurance broker. These companies offer attractive risk-adjusted returns and capital allocation opportunities.	ITRN EG	View
2025 Q4	Jan 15, 2026	Contrarius Global Equity Fund	6.5%	54.4%	000660.KS, BIDU, COIN, DELL, DEO, FOXA, GOOGL, KER.PA, LULU, MDLZ, MU, NVDA, ORCL, PARA, RI.PA, SATS, TSLA, TSM, UHR.SW	AI, contrarian, disruption, global, Satellites, Space, technology, value	The fund views AI disruption as creating three investment buckets: AI winners (data centers, semiconductors, blockchain companies), AI-proof companies (luxury brands, spirits, entertainment), and AI-threatened businesses to avoid. This technological singularity is expected to cause dramatic changes beyond typical generational disruptions. The fund focuses on identifying companies with sustainable competitive advantages in this transformative environment. SpaceX has revolutionized space travel with reusable rockets and dominates launch services, carrying over 500,000kg of spacecraft mass in Q3 2025 alone. The company is uniquely positioned for emerging opportunities in interplanetary logistics, in-orbit data centers, and asteroid mining. EchoStar provides indirect exposure to SpaceX through strategic transactions at attractive valuations. Starlink has achieved significant scale with millions of active customers and is expanding into direct-to-cell services for smartphones. The satellite internet constellation aims to deliver high-speed, low-latency broadband globally, particularly to underserved areas. This represents a major growth opportunity in telecommunications infrastructure. EchoStar's transformation involved monetizing valuable spectrum licenses worth billions, resolving regulatory issues with the FCC. The company sold spectrum to AT&T and SpaceX for over $40 billion combined, demonstrating the significant value of these invisible wireless highways. Remaining spectrum assets provide additional monetization opportunities. The fund holds luxury brands like Kering, Swatch Group, and spirits companies as AI-proof investments. These companies with strong brand moats and pricing power are expected to endure and potentially thrive despite AI disruption. Their business models are considered resilient to technological changes affecting other industries.	SATS	View
2024 Q3	Sep 30, 2024	Oakmark International Fund	8.8%	0.0%	005930.KS, BABA, BAYRY, CFR.SW, DEO, FMS.DE, FR.PA, INF.L, RI.PA, RMS.PA, SAP, UHR.SW, WLN.PA	China, Europe, international, Luxury, Spirits, value	The fund holds positions in luxury goods companies including Kering, Richemont, and Swatch. Despite near-term challenges from weak macro developments in China affecting store traffic and new client recruitment, managers believe companies are making correct long-term decisions for brand health and see attractive upside potential.	RI.PA DGE.L KER.PA BABA	View
2024 Q3	Sep 30, 2024	Artisan International Fund	5.9%	14.6%	4091.T, 4541.T, 7182.T, 8308.T, 8316.T, AC.PA, AER, AI.PA, AMZN, ARGX, AZN, ENGI.PA, HEIA.AS, LIN, MRO.L, NG.L, RI.PA, UCB.BR, WIZZ.L	Banking, Energy Transition, Europe, healthcare, industrials, international, Japan	The fund purchased National Grid and Engie, both companies leading the energy transition. National Grid announced a £60 billion investment over five years to upgrade, expand, digitize and decarbonize the electric grid. Engie designs, builds and operates low-carbon power plants and uses AI to deliver power to customers more efficiently.		View
2024 Q2	Aug 31, 2024	Horos Asset Management	2.9%	9.8%	AAPL, AER, AMZN, ATYM.L, BF-B, DEO, ENO.MC, GOOGL, LBTYA, MEL.MC, MSFT, NH.MC, NPN, NVDA, PTON, RI.PA, SEM.LS, TLGO.MC, TSLA, ZM	AI, Concentration, Europe, Margin Of Safety, risk management, technology, value	The fund emphasizes investing with a high margin of safety and finding companies trading at attractive valuations. They focus on situations that offer substantial upside potential compared to current market prices, particularly in areas where other investors may be overlooking opportunities.		View
2025 Q1	Mar 31, 2025	Oakmark Global Fund	4.4%	4.4%	ABNB, AIG, BNR.DE, DEO, ETSY, GOOGL, KER.PA, KR, LYG, NVS, PHM, PUK, RI.PA, SYY	discount, Europe, financials, global, Quality, undervalued, value	The fund focuses on purchasing shares at discounts to intrinsic value estimates, with multiple examples of buying companies below fair value including Airbnb, Brenntag, Pernod Ricard, and Sysco. Management emphasizes finding above-average companies at below-average prices.	SYY RI.PA BNR.DE ABNB	View
2023 Q4	Jan 27, 2024	Baron Emerging Markets Fund	9.0%	16.2%	000858.KS, 005930.KS, 0700.HK, 1876.HK, B3SA3.SA, BABA, BAJFINANCE.NS, BHARTIARTL.NS, BIDU, HDFCBANK.NS, NU, PDD, RENT3.SA, RI.PA, SUZB3.SA, TRENT.NS, TSM, XP, YUMC	China, E-Commerce, emerging markets, Fed policy, Fintech, India, Rate Cuts, semiconductors	The fund added PDD Holdings, China's second largest e-commerce platform with 20% market share. PDD's competitive moat lies in its team purchase model facilitating bulk buying through direct partnerships with manufacturers. The company's international platform Temu has become one of the fastest growing apps globally, leveraging China's excess manufacturing capacity.	KAYNES.NS PDD TRENT.NS 005930.KS AIR FP\|ICLR\|LIN\|MRVL\|NOW\|TSM	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Oakmark Global Fund	Pernod Ricard SA	Consumer Staples	Distillers & Vintners	Bull	Euronext Paris	Aged Inventory, barriers to entry, Brown Spirits, Emerging markets, Family-owned, premium spirits, premiumization	View Pitch
Apr 13, 2026	Fund Letters	Brandes International Equity Fund	Pernod Ricard	Consumer Staples	Beverages	Bull	Euronext Paris	brand portfolio, defensive, Emerging markets, france, operating leverage, premium spirits, Value	View Pitch
Apr 13, 2026	Fund Letters	Oakmark International Fund	Pernod Ricard	Consumer Staples	Beverages	Bull	Euronext Paris	Brown Spirits, consumer staples, Emerging markets, france, market leader, Premium Beverages, premiumization, Spirits	View Pitch
Jan 10, 2026	Substack	Winter Gems	Pernod Ricard SA	Beverages	Distillers & Vintners	Bull	Euronext Paris	Absolut, competitive position, france, Jameson, Pernod Ricard, Spirits, Supreme Court, tariff, trade environment, US market	View Pitch
Nov 7, 2025	Substack	Winter Gems	Pernod Ricard SA	Consumer Staples	Beverages - Wineries & Distilleries	Bull		Beverages, Euronext Paris, Global Market, Pernod Ricard, Spirits	View Pitch
Oct 27, 2025	Substack	Winter Gems	Pernod Ricard	Consumer Staples	Beverages - Wineries & Distilleries	Neutral		Absolut, Glenlivet, Inventory Adjustments, Jameson, Pernod Ricard, premium brands, Redbreast, RTD Portfolio, tariffs, U.S. market	View Pitch
Oct 10, 2025	Substack	Winter Gems	Pernod Ricard	Consumer Staples	Beverages - Wineries & Distilleries	Bull		Euronext Paris, mid single digit growth, P/E rerating, Pernod Ricard, premium spirits, pricing recovery, strategic international brands, Undervalued Stock, visibility, volume growth	View Pitch

BSD Shareholders of RI-PA

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.

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