RIG

RIG

RIG

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Brandes Core Plus Fixed Income Fund	1.3%	4.0%	BAC, CHTR, F, GS, GTN, KSS, OGN, RIG, SABR, TOL, UVSP	Corporate Bonds, Credit Risk, duration, Fed policy, fixed income, Treasury, Yield Spreads	The Fed cut rates by 25 basis points in September despite upgrading GDP estimates and predicting inflation will remain above target. The manager questions whether this was data-driven or politically motivated, noting it's historically rare to cut rates when core CPI is at 3% absent a market crisis. Markets expect two more cuts by year-end with fed funds settling at 3% by end of 2026.		View
2026 Q1	Apr 28, 2026	Pabrai Wagons Fund	14.2%	14.2%	AMR, CSU.TO, EDEL.NS, HCC, NE, RIG, RYSAS.IS, TAVHL.IS, VAL	Airports, Coal, emerging markets, energy, Logistics, Offshore Drilling, software, value			View
2026 Q1	Apr 15, 2026	Open Insights Capital	47.7%	47.7%	INTU, OXY, PTON, RIG, TEAM, VAL	commodities, Conflict, Drilling, energy, geopolitics, Iran, oil		PTON VAL OXY	View
2025 Q1	Mar 31, 2025	Brandes Core Plus Fixed Income Fund	2.6%	2.6%	ADT, BAC, C, CCI, F, GS, JPM, NFLX, PBI, RIG, RRC, SCHW, TNL, USB	Corporate Bonds, credit spreads, duration, Fed policy, fixed income, tariffs, Treasuries	Trump administration introduced tariffs during the quarter that were more draconian than market expectations. The manager references historical context of Hawley-Smoot tariffs in 1930 and their negative economic impact. Tariff policy appears central to the current administration's approach and creates market uncertainty.		View
2025 Q3	Oct 21, 2025	Brandes Core Plus Fixed Income Fund	1.7%	5.7%	BAC, CHTR, F, GS, GTN, KSS, OGN, RIG, SABR, TOL, UVSP	credit, duration, Fed policy, fixed income, inflation, rates, Treasuries	The Fed cut rates by 25 basis points in September despite upgrading GDP estimates and predicting inflation will remain above target. The manager questions whether this was data-driven or politically motivated, noting it's historically rare to cut rates when core inflation is at 3% absent a market crisis. Markets expect two more cuts by year-end with fed funds settling at 3% by end of 2026.	SABR SABR	View
2025 Q3	Oct 16, 2025	Pabrai Wagons Fund	8.0%	-	AMR, AN, HMC.T, META, MSFT, PHM, RIG, TOL, WMC	Airports, Auto Dealers, Buybacks, Coal, Homebuilders, small caps, undervalued, value	The fund focuses on undervalued businesses with shrewd capital return policies through buybacks. Management teams are buying back stock at compelling valuations, which the manager believes could deliver higher returns than the Magnificent 7. Three businesses in the portfolio have committed to return capital to shareholders through buybacks or dividends.	TAVHL TI EDEL IN RIG US AMR US	View
2025 Q4	Jan 12, 2026	Pabrai Wagons Fund	0.0%	3.7%	AAPL, AMR, AMZN, AN, GOOGL, HMT.L, META, MSFT, NVDA, PHM, RIG, TOL, TSLA	Airports, Auto Dealers, Buybacks, Coal, global, Homebuilders, Oil Services, value	The fund focuses on businesses with enlightened managements that buy back their stock at compelling valuations. Three businesses in the portfolio that fit this mold have committed to return capital to shareholders through buybacks or dividends. The fund believes these businesses could deliver higher returns going forward than the Magnificent 7 through buybacks. The fund is invested in a handful of metallurgical coal businesses, with two near the bottom quartile of the cost curve and all led by exceptional managers. All three businesses have some of the best met coal reserves on the planet. The fund believes there will be no meaningful alternative to using met coal to produce steel for several decades. The fund trades at a trailing P/E of 11 compared to the S&P 500's trailing P/E of 30. The fund seeks to buy capital-light businesses with high returns on equity at no more than a bit more than tangible book value. The fund believes a metallurgical coal miner or offshore oil driller that earns even single digit returns can be a fantastic investment if purchased at a fraction of replacement cost. TAV operates 15 airports in 8 countries with guidance of 10-14% annual passenger growth across its airports, which may continue for decades. TAV has high operating leverage where if passengers grow 12%, cash flow may grow at more than 2x that. The fund believes it is led by an exceptional management team and is very cheap compared to other global airport operators. The fund is invested in a couple of U.S. homebuilders who have morphed into asset-light, efficient factories with shrewd capital return policies. The U.S. is structurally underbuilt with a deficit of 4-7 million homes. The high-quality, scale homebuilders have unique advantages that could allow them to capture a growing portion of this growing pie. Traditional car dealerships are hated by the market due to concerns with the rise of electric vehicles and the perception that EVs do not carry the same parts and repair content as traditional ICE vehicles. The fund believes the market's concerns are overblown and not valid. These are great businesses with high-margin recurring revenues that will continue for decades. The fund has a position in U.S. offshore oil services. Offshore accounts for 1/3 of global oil and gas production and breaks even at levels far below fracking. Drillships are complex and expensive with no new supply in the pipeline. The fund believes supply-demand tightness can yield very high day rates for these ships.	TAVHL TI	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Aug 8, 2025	Seeking Alpha	Anna Sokolidou	Transocean Ltd.	Energy	Oil & Gas Drilling	Bull	NYSE	—	View Pitch

BSD Shareholders of RIG

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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