RMV-L

RMV-L

RMV-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Aug 31, 2024	Kernow Asset Management	-	16.2%	CMCX.L, FRAS.L, GFRD.L, HSX.L, JET2.L, MTRO.L, RMV.L	contrarian, Long/Short, tax policy, United Kingdom, value, volatility	Global markets experienced extreme volatility in August with the VIX spiking from 12 to 65, its highest level since COVID-19. Japan dropped 12% in a single session, yet markets recovered within a week. The manager views this volatility as opportunity, increasing their CMC Markets position during the panic.	RMV.L JET2.L CMCX.L	View
2025 Q2	Aug 11, 2025	VGI Partners	-	-	000660.KS, 7282.T, A5G.L, AMZN, BIRG.L, CABK.MC, ENT.L, FLTR.L, LLOY.L, META, RMV.L, TSM	AI, Asia, Energy Transition, Europe, financials, gaming, semiconductors, technology	Portfolio benefited from large-scale ongoing investment into artificial intelligence infrastructure and hardware, particularly through semiconductor positions in SK Hynix and TSMC. AI represents a key structural growth trend the team continues to focus on.	ENT LN	View
2025 Q2	Jul 24, 2025	GCQ Flagship Fund	-	-	3994.T, ABNB, HEMN.ST, MC.PA, NFLX, RMV.L, UBER	active management, global, growth, Luxury, Quality, real estate, technology, value	GCQ focuses exclusively on high-quality businesses that pass strict industry and business quality checklists, emphasizing companies with secular growth, pricing power, high margins, and durable competitive advantages. The fund's performance has been broad-based across approximately eight high-quality, relatively uncorrelated industries rather than concentrated in any single theme.	HEMN.ST 3994.T RMV.L	View
2026 Q1	Apr 8, 2026	Vltava Fund	-	-	AJB.L, BKNG, NVO, RMV.L, URI	AI, Buybacks, Platform, private credit, real estate, Travel, value		RMV.L AJB.L BKNG	View
2025 Q1	Apr 30, 2025	Bell Global Equities Fund	-8.6%	-8.6%	4684.T, AAPL, ADP, AMZN, ASML, AUTO.L, AVGO, BJ, BNZL.L, DECK, EW, FI, GOOGL, ICLR, IT, META, MSFT, NVDA, NVO, OR.PA, PEP, RMV.L	Cloud, Global Equities, Quality, tariffs, technology, Trade Policy	President Trump's Liberation Day announcement introduced sweeping universal tariffs across all trading partners, triggering immediate flight to safety and market volatility. The announcement was later paused on April 9 to allow time for negotiations, leading to recovery in risk asset prices.		View
2026 Q1	Apr 22, 2026	L1 Capital Long Short Fund	-0.2%	-0.2%	AZJ.AX, BSL.AX, CRH, JHX.AX, QAN.AX, RMV.L, STO.AX	AI, Australia, Copper, energy, gold, Iran War, Long/Short, volatility		RMV.L JHX.AX QAN.AX AZJ.AX BSL.AX STO.AX	View
2026 Q1	Apr 20, 2026	Hertford Capital	-21.8%	-21.8%	ATOSS.DE, BCG.L, HEMNET.ST, HTWS.L, RMV.L, SCOUT24.DE, SMCR.ST, VEND.OL	AI, Classifieds, Europe, SaaS, small cap, software, valuation			View
2026 Q1	Apr 10, 2026	QV Investors	-	-	CJT.TO, HAL, IFC.TO, RMV.L, TIH.TO	AI, Canada, energy, Geopolitical, private credit, small cap, technology, value		IFC.TO TIH.TO RMV.L HAL CJT.TO	View
2025 Q1	Mar 31, 2025	L1 Capital Long Short Fund	1.3%	1.3%	BSL.AX, FLTR.L, FRA.DE, IMD.AX, JD.L, JHX.AX, LLOY.L, MIN.AX, RMV.L, VEA.AX	Australia, Europe, gold, infrastructure, Long/Short, Trade Policy, value, volatility	Gold sector rallied during the quarter as gold prices moved up ~19% amidst market and economic instability. The fund sees a favourable outlook for gold in the medium term supported by central bank buying and elevated macro and geopolitical risks. Gold equities continue to trade at exceptionally low valuations despite gold price increases.		View
2024 Q4	Dec 31, 2024	L1 Capital Long Short Fund	-7.9%	-7.9%	000660.KS, CNU.AX, CRH, CVE, DEG.AX, DOW.AX, FLTR.L, FRA.DE, LSF.AX, LTMAQ, MEG.TO, NEM, NST.AX, NWG.L, QAN.AX, QBE.AX, RMV.L, TESCO.L, TSM, WGX.AX	Australia, cyclicals, Factor, gold, growth, Long/Short, Overvaluation, value	Fund maintains significant long positions in gold equities amid 26% gold price increase in 2024. Central bank demand driven by geopolitical tensions and de-dollarization trends. Gold offers hedge against U.S. fiscal concerns and inflation risks. Asian demand accelerating while Western ETF flows declining.		View
2025 Q3	Nov 30, 2025	Bell Global Emerging Companies Fund	-	-	3064.T, 3769.T, 6146.T, ATD.TO, AUTO.L, BR, CHKP, CLH, COR, DB1.DE, DXCM, FBIN, JKHY, KEYS, MONC.MI, MSCI, PCTY, RMV.L, SCI, VEEV, WOLW.L	AI, Fintech, global, healthcare, payments, Quality, SMID Cap, technology	Several portfolio holdings faced pressure from perceived AI disruption risk throughout the year. The manager believes market fears are significantly overstated for many businesses and has added to positions as valuations became compelling. Where serious disruption concerns developed, positions were exited, such as Gartner due to structural threats to its business model from AI-driven competition.	AUTO LN 3769 JP JKHY	View
2023 Q3	Oct 6, 2023	Ennismore Global Equity Fund	8.3%	10.9%	9404.T, ADEV.OL, ADM.L, ATLC, AUTO.L, BAX, BSX, BZU.MI, CAR.AX, CUERVO.MX, DIE.BR, GOOGL, IDS.L, IRTC, MRO.L, PHIA.AS, REA.AX, RMV.L, SCHIBSTED-B.OL, STRX.L, TCX	Classifieds, European Equities, healthcare, Long/Short, Medical Devices, technology, value	The fund has significant exposure to online classifieds businesses through Schibsted and Adevinta, which operate property, car, and job listing platforms across Europe. These businesses have strong market positions but have been under-monetized due to poor operational management and fragmented technology platforms. New management teams are implementing verticalisation strategies and tech stack simplification to improve margins and monetization.		View
2025 Q3	Oct 20, 2025	Baillie Gifford -International All Cap	1.0%	13.6%	000333.SZ, 005930.KS, 0388.HK, 0700.HK, 1299.HK, 300750.SZ, 4519.T, 4612.T, 4911.T, 6098.T, 6273.T, 669.HK, 6861.T, 7733.T, 7741.T, 7980.T, 8035.T, 8113.T, ABI.BR, ADYEN.AS, AHT.L, AI.PA, ASML, ASSA-B.ST, ATCO-A.ST, AUTO.L, B3SA3.SA, BHP, BIM.PA, BNZL.L, CABK.MC, CFR.SW, DSV.CO, EPIROCK-A.ST, EXO.MI, EXPN.L, FEMSAUBD.MX, GAW.L, GRG.L, HDB, IMCD.AS, INVEB.ST, ITRK.L, JMT.LS, LONN.SW, MC.PA, MELI, NEM.DE, PRX.AS, RADL3.SA, RCO.PA, RMV.L, ROG.SW, RYA.L, SCT.L, SEB-A.ST, SIK.SW, SOI.PA, SPOT, SPX.L, TRN.L, TSM, TTE, UBS, UL, UOB.SI, WALMEX.MX, WEIR.L, WISE.L	AI, Asia, Europe, growth, healthcare, international, semiconductors, technology	Artificial Intelligence remained a dominant theme during the quarter, with several perceived beneficiaries rallying. Rising demand for AI-related chips is pressuring customers to push into more advanced nodes and adopt EUV technology. The rapid adoption of AI applications and high-performance computing is driving unprecedented orders for leading-edge technologies.		View
2025 Q4	Jan 15, 2026	Baillie Gifford -International All Cap	-	19.0%	005930.KS, 3317.T, 4519.T, 6869.T, 8035.T, ASML, AUTO.L, DSV.CO, EXO.MI, GAW.L, MC.PA, MELI, NMET.DE, RMV.L, ROG.SW, TSM	AI, growth, healthcare, international, Luxury, Quality, semiconductors, technology	AI continues to drive robust demand for advanced chips, particularly benefiting TSMC and related semiconductor equipment companies. However, AI tools and functionality create uncertainty for online platforms like Rightmove and Autotrader, as markets take a cautious stance on potential position erosion or increased investment needs. The impact appears mixed across sectors with clear benefits for chip manufacturers but concerns for consumer-facing platforms. Semiconductor companies were among the most significant contributors to performance, driven by robust demand for advanced chips used in artificial intelligence. TSMC benefited from AI chip demand, Samsung was supported by improving memory market conditions particularly high bandwidth memory, and related equipment companies like ASML, Tokyo Electron and Chroma also performed well during the quarter. The portfolio maintains a structural bias towards high-quality growth businesses, though this created headwinds during the quarter as quality stocks underperformed the broader international market by a margin rarely seen in recent years. The manager emphasizes focus on exceptional businesses with durable competitive advantages, strong balance sheets, and compelling long-term growth opportunities. LVMH contributed positively to performance in the quarter, supported by improving trends in Asia and the resilience of its leading brands after a period of weaker demand for luxury goods. The recovery suggests stabilization in the luxury sector following previous weakness.		View
2025 Q4	Jan 14, 2026	Spheria Global Opportunities Fund	-3.0%	2.9%	ACLR.SW, CARG, EXPD, HEM.ST, ITRK.L, JKHY, PAYC, RMV.L, SPNS, YETI	financials, global, industrials, Quality, small caps, technology	The fund maintains a consistent, valuation-aware approach focused on high-quality businesses with durable economics, proven cash generation and clear paths to value creation. This quality-oriented strategy faced challenges in 2025 as markets rewarded loss-making businesses and concept-driven stocks. Small caps are still yet to materially close the relative valuation gap that has opened up since shortly before the current interest rate cycle kicked off in early 2022. The fund targets global listed small cap and microcap companies.	PAYC JKHY	View
2024 Q3	Sep 30, 2024	L1 Capital Long Short Fund	2.4%	10.8%	BKR, CBA.AX, CNU.TO, CRH, CVE.TO, FLTR.L, FRA.DE, HAL, MEG.TO, MIN.AX, NWG.L, NXE.TO, OXY, QAN.AX, REA.AX, RMV.L, TSCO.L, WOR.AX, WOW.AX, XOM	Australia, Banking, energy, gold, Long/Short, Travel, United Kingdom, value	The fund continues to focus on quality, lower P/E stocks with strong cash flow generation and solid earnings growth outlooks. They see extreme crowding and overvaluation in domestic banks and several ASX20 stocks, while many cyclical stocks trade at both depressed P/E multiples and depressed earnings bases, providing opportunity for large, medium-term upside for patient investors.		View
2024 Q2	Jul 18, 2024	Harding Loevner International Small Companies Equity	9.1%	4.8%	1347.HK, AAPL, ACNB, ADVT.TW, ALTN.PA, AMZN, AWS, BCHT.DE, CYBR, GLOB, IBM, KIN.TO, LEM.SW, MSFT, NMET.DE, REP.MI, RMV.L, TMV.DE, VAIS.HE	competition, E-Commerce, international, Quality, small caps, underperformance	Allegro's success in defending against Amazon's entry into Poland demonstrates the opportunity for small-cap investors to identify situations where market fears about large new entrants are overestimated. Allegro leveraged smart parcel distribution strategy and network effects to maintain market position despite Amazon's significant resources.		View
2024 Q2	Jul 18, 2024	Harding Loevner Global Small Companies	7.8%	4.1%	AAPL, ACN, AMZN, ATKR, BECG.DE, BWA, ENS, FIVE, GOOGL, IBM, KWS.L, LLY, MSFT, OLLI, PFE, PLUS, RHHBY, RMV.L, XPEL, YOUGV.L	AI, barriers to entry, competition, global, Quality, small caps, technology	Global small caps underperformed large caps due to fewer AI-related stocks in the segment. The portfolio focuses on high-quality small companies with competitive advantages in growing, profitable niches that can withstand competition from larger, well-funded competitors.		View
2023 Q4	Jan 31, 2024	Harding Loevner International Small Companies Equity	9.1%	4.8%	002891.SZ, 036570.KS, 0522.HK, 0696.HK, 1269.TW, 1882.HK, 2175.T, 2371.T, 2395.TW, 2815.T, 3588.HK, 3654.TW, 4536.T, 4694.T, 4975.T, 500790.BO, 5031.KL, 6147.TW, 6199.T, 7956.T, 9962.T, ATE.PA, BC8.DE, BCHN.SW, BELN.SW, BGEO.L, BKT.MC, BOSN.SW, CEVI.ST, CHR.CO, CKN.L, CPA, CWK.L, CYBR, DALOG.KL, DIA.MI, DPLM.L, EVT.DE, FPE.DE, G24.DE, GFTU.L, GLOB, HERDEZ.MX, HFG.DE, HPG.HM, KWS.DE, KXS.TO, LDA.MC, LEHN.SW, LOTB.BR, MABANEE.KW, MEGACPO.MX, MFSL.NS, NEM.DE, PDIA.JK, PDXIF, PFV.DE, RAT.L, RENT3.SA, REP.MI, RMV.L, ROBR.PS, RUI.PA, SAB1L.VS, SBS.DE, SMNIF, SNG.BU, SNR.L, SQUP.DH, SXT, TECN.SW, THULE.ST, TMV.DE, TOM.OL, VAISF, YOUGF	AI, growth, international, Japan, Quality, small caps, Style Headwinds, technology	Japan represents the single-largest country weight in the international small-cap benchmark but has been a source of style headwinds for quality growth stocks. The manager discusses Japan's economic reforms, corporate governance improvements, and new TSE mandates that may benefit lower-quality companies in the short term but could increase the number of high-quality companies over time.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 24, 2026	Fund Letters	L1 Capital Long Short Fund	Rightmove plc	Internet Content & Information	Interactive Media & Services	Bull	London Stock Exchange	Digital, marketplace, network effects, Property, Real Estate, technology, UK	View Pitch
Apr 14, 2026	Fund Letters	QV Investors	Rightmove PLC	Internet Content & Information	Interactive Media & Services	Bull	New York Stock Exchange	AI innovation, Data Business, digital platform, market share, proprietary data, Real Estate, UK	View Pitch
Apr 13, 2026	Fund Letters	Kernow Asset Management	Rightmove PLC	Communication Services	Interactive Media & Services	Neutral	London Stock Exchange	competitive moat, market dominance, Online Platform, Pricing power, Property Portal, UK Real Estate	View Pitch
Apr 13, 2026	Fund Letters	GCQ Flagship Fund	Rightmove	Communication Services	Interactive Media & Services	Bull	London Stock Exchange	digital platform, market leader, Monopoly, network effects, Pricing power, Real Estate Portal, SaaS, UK	View Pitch
Apr 9, 2026	Fund Letters	Vltava Fund	Rightmove	Internet Content & Information	Interactive Media & Services	Bull	New York Stock Exchange	Digital Marketplace, Dominant Position, Free Cash Flow, high margins, Low Capital Intensity, network effects, Real Estate Portal, UK	View Pitch
Nov 2, 2025	Substack	Compound and Fire	Rightmove	Communication Services	Internet Content & Information	Bull		competitive position, growth, investment opportunity, market share, online portal, rate cuts, Real Estate, Rightmove, sector weakness, transaction volumes	View Pitch

BSD Shareholders of RMV-L

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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