RR-L

RR-L

RR-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Gymkhana Partners	-	-6.0%	AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT	defense, domestic growth, India, small caps, tariffs, Trade Policy	India is the world's fastest-growing major economy, on track to become the third-largest economy by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth model, with goods exports to the U.S. representing only 2.2% of GDP. India's buoyant economic growth, monetary policy credibility, and fiscal discipline were rewarded with an S&P sovereign credit rating upgrade.		View
2023 Q3	Sep 30, 2023	EQUAM Global Value Fund	1.0%	12.3%	AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT	defense, emerging markets, India, small caps, Trade Policy, value	India is the world's fastest-growing major economy, on track to overtake Germany as the third-biggest by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth model, with goods exports to the U.S. accounting for only 2.2% of GDP. India's buoyant economic growth, monetary policy credibility, fiscal discipline, and reformist governance were rewarded with an S&P sovereign credit rating upgrade.	BFSA GR DFS LN	View
2025 Q2	Jul 9, 2025	Sequoia Fund	14.4%	19.7%	CACC, COF, CSU.TO, ERF.PA, FWONA, GOOGL, ICE, ICON, J, LBRDK, META, RR.L, SAP.DE, SCHW, UMG.AS, UNH	financials, global, Portfolio Management, technology, value			View
2024 Q2	Jul 9, 2024	Sequoia Fund	7.1%	20.8%	CHTR, CSU.TO, ELV, FWONA, GOOGL, ICE, LBRDK, RR.L, SCHW, TSM, UMG.AS, UNH	concentrated, long-term, Quality, value			View
2023 Q2	Jul 7, 2023	Ennismore Global Equity Fund	0.8%	2.4%	5122.T, 7974.T, ADM.L, ATLC, BZU.MI, DIE.BR, MONY.L, MRO.L, OCDO.L, ROO.L, RR.L, SBB-B.ST, SCHE.OL, SPR, TKA.DE, UPST	aerospace, AI, Japan, Long/Short, Spin-Offs, value	Detailed analysis of Melrose Industries and GKN aerospace business model, focusing on engine components with long-term revenue sharing partnerships. The aerospace engine business offers captive aftermarket revenues over 40-year cycles, with GKN positioned across multiple engine programs including CFM56, GTF, and next-generation RISE programs.	MRO.L	View
2025 Q2	Jul 31, 2025	Artisan Focus Fund	19.6%	17.4%	AMZN, APO, AVGO, AXON, CCI, ENBW.DE, EQIX, GE, GEV, GOOGL, MA, META, MSFT, NFLX, NOW, NVDA, RR.L, SAF.PA, TSM, VST	AI, alpha, Data centers, growth, infrastructure, Performance, semiconductors, technology	The fund extensively discusses AI infrastructure investment opportunities, particularly around training clusters, inference workloads, and agentic AI systems. They see continued robust investment through 2030 driven by scaling laws and expanding use cases. The transition from predictive models to autonomous agents is creating exponential compute demand.	AVGO NVDA	View
2025 Q2	Jul 30, 2025	Third Point Partners	7.5%	-	CASY, COOP, DSV.CO, ENR.DE, FTV, INF.L, KVUE, LSEG.L, LYV, NVDA, PCG, RKT, RR.L, TSM, VST, X	AI, credit, energy, Europe, M&A, Mortgage, technology, Trade Policy	Continued consumer and enterprise adoption of AI as well as relentless commitment to AI capex drove further gains in the technology sector. AI represents a massive downward shift in the cost curve, similar to fracking's impact on energy. The manager believes AI might do for credit in 2025/26 what fracking did in 2015/16, creating opportunities in stressed/distressed technology credits.	INF.L CASY RKT INF LN CASY RKT	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 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 1, 2025	LMN Capital	-	16.3%	ABYY.DE, BNTX, FMX, IBKR, MELI, MTX.DE, PYPL, RR.L, SPR.DE, STNE, TCX, UTDI.DE	Compounding, Europe, growth, long-term, Quality, value	The fund focuses on investing in companies trading below intrinsic value as one of three core investment criteria. The manager evaluates whether the price is clearly below intrinsic value, defined as the price a well-informed investor would pay to own the entire company. This value-oriented approach has contributed to the fund's strong performance with 17 out of 26 exited investments generating returns above 16% annually.	IBKR MELI	View
2025 Q1	Jun 30, 2025	Antero Peak Group	-1.9%	-1.9%	ADI, APO, AXON, CCI, CEG, CME, ENEN.DE, EQIX, GE, HWM, ISRG, KKR, KMI, LIN, LLY, MCO, MSFT, MSI, NDAQ, NVDA, PRMB, RR.L, SAF.PA, SPGI, TDG, TSM, VST, WMB	aerospace, AI, alpha, earnings, energy, growth, large cap, technology	Aerospace normalization theme was a strong contributor in Q1 with General Electric continuing clean execution as a pure play aerospace engine maker and Rolls-Royce seeing positive upward revisions. The team sees aerospace cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class.		View
2025 Q2	Jun 30, 2025	The Gabelli Dividend Growth Fund	6.3%	-	AMETEK, AMZN, AXP, BATRA, BK, BRK.A, CAT, CHWY, CNH, CR, CVS, CZR, DEERE, DTE.DE, ELAN, FOX, FRPT, IDXX, IVG.DE, MA, MFI.TO, MLI, MSFT, MSGS, NEM, NESN.SW, NFG, NFLX, NVDA, PETCO, RR.L, RSG, SBGI, SONY, TDS, TGNA, TMUS, TRATON.DE, TRUP, WBD, ZTS	AI, defense, gold, M&A, Pet Care, Sports, tariffs, Utilities	The Trump administration implemented sweeping tariffs on April 2nd (Liberation Day), creating significant market volatility. While initial tariff rates were very high, bilateral trade deals with the UK, China, Vietnam, and India reduced effective rates. The administration appears intent on rolling back globalization, with tariffs serving as both negotiation tactics and policy tools.	WCC KR	View
2024 Q2	Jun 30, 2024	Orbis International Equity	-	-	7974.T, AIBG.L, BIRG.L, RR.L	aerospace, Banking, contrarian, defense, gaming, international, value	Nintendo represents an idiosyncratic investment opportunity as it transforms from a cyclical hardware company to a multimedia juggernaut. The Switch platform enables more game development and digital monetization, while expansion into theme parks and movies strengthens the core business through IP licensing deals.	7974.T RR.L	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
2026 Q1	Apr 13, 2026	Kernow Asset Management	7.0%	7.0%	RR.L, STV.L	Airlines, Banking, contrarian, Long/Short, oil, United Kingdom			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
2025 Q1	Apr 10, 2025	Sequoia Fund	4.4%	4.4%	AHT.L, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, ICE, RR.L, SCHW, UMG.AS, UNH	concentrated, domestic, large cap, mid cap, value			View
2025 Q1	Mar 31, 2025	Artisan Focus Fund	-1.9%	-1.9%	CEG, ENR.DE, GE, MSFT, NDAQ, NVDA, RR.L, SAF.PA, TSM, VST	aerospace, alpha, energy, Focus, fundamentals, Manufacturing, risk management	Aerospace normalization theme was a strong contributor with General Electric continuing clean execution as a pure-play aerospace engine maker and revising earnings higher. Rolls-Royce saw positive upward revisions to free cash flow estimates of nearly 20%. The team remains positive on what they view as a structural shortage of aircraft, leading to an aging fleet and increasing value of engine and aftermarket assets.		View
2025 Q1	Mar 31, 2025	Brandes International Equity Fund	10.8%	10.8%	005930.KS, 1876.HK, 4502.T, BABA, BNP.PA, CA.PA, ERJ, GSK.L, HEI.DE, HEIA.AS, HEN3.DE, ISP.MI, ORA.PA, PUB.PA, RR.L, SAN.PA, STM, TSM, UHR.SW, WPP.L	aerospace, Beverages, emerging markets, Europe, financials, international, semiconductors, value	The fund emphasizes value investing philosophy with holdings trading at compelling valuation levels relative to benchmarks. International stocks and value stocks offer attractive return potential based on current valuations, with value stocks trading in the cheapest quartile relative to growth stocks historically.	RI.PA CAP.PA WMMVY	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
2024 Q1	Mar 31, 2024	Baron Health Care Fund	8.8%	8.8%	AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT	defense, emerging markets, India, Manufacturing, small caps, Trade Policy	India is the world's fastest-growing major economy, on track to overtake Germany as the third-biggest by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth model. India's goods exports to the U.S. account for just 2.2% of GDP, making the impact of 25-50% tariffs manageable.		View
2023 Q1	Mar 31, 2023	Peapack Private	-	-	AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT	aerospace, defense, emerging markets, India, small caps, tariffs, Trade Policy	India is the world's fastest-growing major economy, on track to overtake Germany as the third-biggest by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth, with goods exports to the U.S. accounting for just 2.2% of GDP. India's buoyant economic growth, monetary policy credibility, fiscal discipline, and reformist governance were rewarded with an S&P sovereign credit rating upgrade.		View
2023 Q1	Mar 31, 2023	Graham and Doddsville	-	-	AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT	Capital markets, defense, domestic growth, India, small caps, tariffs, Trade Policy	India is the world's fastest-growing major economy, on track to overtake Germany as the third-biggest by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth model, with goods exports to the U.S. accounting for only 2.2% of GDP. India's buoyant economic growth, monetary policy credibility, fiscal discipline, and reformist governance were rewarded with an S&P sovereign credit rating upgrade.		View
2024 Q4	Dec 31, 2024	Brandes International Equity Fund	-8.7%	7.2%	005930.KS, 1211.HK, 4502.T, 5108.T, 7201.T, BABA, BNP.PA, CAE.TO, EBS.VI, ERJ, GSK, HEI.DE, HEIA.AS, KGF.L, RR.L, SAN.PA, STM, UBS, UHR.SW, WPP.L	China, industrials, international, materials, semiconductors, value	The fund initiated a position in STMicroelectronics, a semiconductor supplier with diverse exposure to automotive, industrial, and personal electronics markets. While the auto semiconductor market weakness has pressured near-term results, the manager believes current challenges are cyclical and sees compelling long-term growth from electric vehicles, ADAS, and IoT adoption.	MKS.L STM	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
2023 Q4	Dec 31, 2023	WS Amati Global Innovation Fund	-	-	AIR.PA, AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT	defense, growth, India, small caps, tariffs, Trade Policy	India is the world's fastest-growing major economy, on track to overtake Germany as the world's third-biggest by 2028. India's resilience in the face of increased U.S. tariffs underscores the durability of its domestic consumer-driven economic growth. India's buoyant economy is set to receive a further boost from freer trade with non-U.S. partners, deepening domestic capital markets, stimulative tax reforms, and looser monetary policy.		View
2025 Q3	Oct 31, 2025	Castlebay Investments	-	-	AZO, BA.L, BATS.L, BRBY.L, DGE.L, DNLM.L, DOM.L, HSBA.L, IMB.L, ITRK.L, LSEG.L, NVO, NXT.L, REL.L, RKT.L, RR.L, SHEL.L, ULVR.L	Banking, Branding, Quality, ROE, underperformance, United Kingdom, valuation, value	The fund focuses on Quality companies with high returns on equity (35% vs market 12%) and superior operating margins (21% vs market 16%). The manager emphasizes investing only in Quality companies within their investment universe, avoiding lower quality businesses despite market performance.		View
2025 Q3	Oct 14, 2025	Sequoia Fund	1.6%	21.6%	COF, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, J, META, RR.L, SCHW, TSM, UMG.AS	financials, healthcare, Media, semiconductors, technology			View
2024 Q3	Oct 14, 2024	Sequoia Fund	7.1%	20.8%	CSU.TO, ELV, FWONA, GOOGL, ICE, RR.L, SAP.DE, SCHW, TSM, UNH	Concentration, financials, healthcare, industrials, technology			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
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 30, 2026	Sequoia Fund	0.4%	22.1%	ACN, AHT.L, ALGN, COF, CSU.TO, ELV, ERF.PA, GOOGL, ICE, JEC, META, MSA, RR.L, SCHW, TSM, UMG.AS, UNH	AI, Concentration, defense, healthcare, long-term, Quality, technology, value	Alphabet released Gemini 3 model that soared to top of AI leaderboards, demonstrating the company's full-stack AI capabilities. Google is successfully integrating AI into Search with AI Overviews and AI Mode, showing increased user satisfaction. Accenture faces questions about whether generative AI might upend the IT services industry, though the company's moats remain intact. UnitedHealth and Elevance faced multi-year fundamental pain from rising healthcare utilization and volatile medical costs. The managed care industry is under-earning across most business lines due to repricing challenges and regulatory constraints. Policy risk has increased with renewed scrutiny of industry business practices including prior authorizations and pharmacy benefit management. Rolls-Royce's Defense segment is benefiting from the new threat environment in Europe and resulting surge in defense spending. The company is the sole producer of nuclear power plants for new Dreadnought-class submarines and is developing systems for the Global Combat Air Programme next-generation stealth fighter. Universal Music Group's paid streaming revenue grew at high-single-digit rates driven entirely by subscriber growth. The company signed new agreements with streaming platforms that include wholesale price step-ups, providing incentive for retail price increases. UMG continues acquiring catalogs in developing markets to secure future growth drivers. MSA Safety benefits from growing focus on safety as regulation and employer behavior trend toward higher standards. The company is transitioning to technology-enabled safety equipment with connected portable gas detectors moving to subscription models. MSA is developing connected SCBA solutions for firefighters that should drive significant revenue growth over 5-10 years.	ELV UNH GOOG RR LN ALGN ACN MSA	View
2025 Q4	Jan 30, 2026	Artisan Focus Fund	-0.5%	19.9%	AAPL, ADI, AXON, CAT, COF, ENR.DE, GE, GS, HWM, ISRG, JPM, LLY, NDAQ, NVDA, ROK, RR.L, SHOP.TO, TSM, WELL, WFC	aerospace, AI, energy, financials, growth, industrials, semiconductors, technology	AI impacts on productivity should create abundant inflection points across nearly all S&P sectors in profitability and ROIC. When amortizing AI capex over the system that will use it, the returns appear massive and under-reported. S&P margins look structurally too low in most forecasts as labor efficiency gains may likely create an upward drift in margin ceilings. Aerospace is cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class. The Aerospace Normalization theme was the largest positive contributor in 2025 with General Electric, Rolls-Royce and Howmet all making meaningful contributions driven by fundamental strength. Power demand creates new secular growth opportunities, with data centers reaching deep into industrial portfolios. Caterpillar's co-located power capability at data centers represents significant revenue upside potential to the Energy & Transportation segment. Analog Devices represents the premium analog compounder as the cycle turns, with best-in-class economics including 70%+ gross margins and 45-50% EBIT targets. The team believes 2Q25 marked the restart of the semiconductor cycle with pricing and margin inflection underway. De-globalization theme involves redirection of capital on post pandemic priorities for security of energy and reliability of supply chains. Companies like Siemens Energy, GE Vernova, Constellation Energy and Vistra are positioned to benefit from this structural shift. Industrial automation represents a key secular trend with companies like Rockwell Automation positioned to benefit from digitization and AI-enabled transformation of enterprise operations. This includes factory automation and process optimization across manufacturing.	GE	View
2025 Q4	Jan 27, 2026	Buckley Capital	2.6%	21.4%	ALL, BFIT, DAVE, FTAI, GE, HLT, HWM, IHG.L, IWG.L, LNW, LQDA, MAR, PRTH, RR.L, RTX, SAF.PA, UTHR, VRNA, WLFC	aerospace, Europe, Fintech, gaming, Inflection, small caps, turnaround, value	Light & Wonder represents a high-quality duopoly business with Aristocrat in slot machine manufacturing and distribution globally. The company has engineered a remarkable turnaround over the last 5 years, transitioning from an overlevered business losing market share to an appropriately levered company now growing market share substantially. Basic-Fit is the dominant low-cost gym operator in Western Europe and represents the largest position. The company built a highly standardized, low-cost gym model delivering attractive price-to-value for members and high incremental returns on capital. 2026 is expected to be the inflection year as clubs opened since 2023 have reverted to pre-pandemic performance. Willis Lease Finance is a niche leader in commercial aircraft engine leasing, specializing in midlife engines. The aerospace backdrop is exceptionally strong with supply chain bottlenecks, engine reliability issues, and record order backlogs driving years of elevated demand. New engine production is effectively sold out for years. Dave is a high-growth, profitable neobank offering mobile digital banking services and small-dollar advances to customers often ignored by traditional banks. The company's Extracash product drives majority of revenues and represents a better option than payday loans or bank overdraft fees for consumers. Liquidia recently pre-announced very strong results and is expected to generate around $600-700m in sales this year and $1bn next year. The main issue continues to be lack of resolution around the patent infringement court case with competitor United Therapeutics, but the position is fully hedged. Priority Tech Holdings is exceptionally well-positioned within the financial services and payments industry, benefiting from high profitability, strong free cash flow returns, and a predictable business model. Over 90% of the company's business is either recurring or reoccurring, providing high predictability.	LQDA DAVE IWG LN LNW PRTH WLFC	View
2025 Q1	Mar 31, 2025	Prosper Global Macro	1.0%	1.0%	6501.T, 8306.T, ADBE, AM.PA, ANF, BN.PA, C, CBZ.DE, DHI, FNV, GOOGL, IAG.L, KGC, KOG.OL, LLY, NFLX, ROG.SW, RR.L	defense, gold, inflation, Multi-Asset, tariffs, TIPS, Trade Policy	Trump's tariffs of 25% on imports from Mexico and Canada, plus hikes on Chinese goods, triggered fears of trade war, recession, and stagflation. The manager views these tariffs as a strategy to create leverage for better trade balances, expecting volatility but anticipating rollback on many tariffs during April following concessions.		View
2023 Q4	Jan 31, 2024	Sequoia Strategy	7.1%	20.8%	AHT.L, BAC, CACC, COF, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, ICE, KMX, LBRDK, META, NFLX, RR.L, SAP, SCHW, TSM, UMG.AS, UNH	Concentration, financials, healthcare, Intrinsic Value, long-term, Quality, technology, value	Alphabet has been building world-class AI capabilities for over a decade through Google Brain and DeepMind. The company merged these organizations to accelerate development of Gemini, their state-of-the-art model. Management sees significant opportunity to bring world-class AI to their entire suite of products, while committing to grow profits in line with or faster than revenue.		View
2024 Q4	Jan 24, 2025	Sequoia Fund	-0.1%	19.8%	CHTR, COF, CSU.TO, ELV, EUFI.PA, FWONA, GOOGL, ICE, ICLR, J, KMX, LBRDK, LUMN, RR.L, SAP, SCHW, TSM, UMG.AS, UNH	aerospace, Concentration, healthcare, Long/Short, Quality, technology, value	The letter discusses AI extensively across multiple holdings. Alphabet is making strong progress in AI products with AI Overviews reaching over 1 billion users and Gemini reaching technical parity with OpenAI. Taiwan Semiconductor benefits from AI-driven datacenter demand with 30% revenue growth. Rolls-Royce sees AI-driven demand for backup power systems for datacenters.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Orbis International Equity	Rolls-Royce Holdings plc	Industrials	Aerospace & Defense	Bull	London Stock Exchange	Aerospace, Aircraft engines, AUKUS, contrarian, data centers, Defense, duopoly, Free Cash Flow, Nuclear Reactors, turnaround	View Pitch

BSD Shareholders of RR-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
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