RYAAY

RYAAY

RYAAY

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q4	Feb 22, 2026	City Different Investments – Global Equity	-0.2%	31.6%	CROX, CVNA, IHS, MELI, RYAAY, TLN	Bottom-up, E-Commerce, energy, global, nuclear, technology, value	The fund holds Carvana, a vertically integrated e-commerce platform for used cars that eliminates traditional dealerships. MercadoLibre remains a core holding despite recent weakness, with the manager enthusiastic about its e-commerce and fintech strengths. E-commerce remains an important industry theme for the portfolio. Talen Energy, a major contributor for three consecutive years, owns nuclear facilities and expanded its relationship with Amazon Web Services to provide carbon-free energy for data centers. The global energy transition remains an important industry theme, with the fund investigating energy-related companies that have struggled recently. Talen Energy expanded its relationship with Amazon Web Services to provide carbon-free energy for data centers, highlighting the growing electricity demand from this sector. The fund sees potential benefits from rising electricity demand driven by data center growth.	IHS TLN CVNA	View
2025 Q4	Feb 10, 2026	PM Capital Australian Companies Fund	3.7%	28.9%	APO, BHP.AX, CGF.AX, CMCL.TO, FDV.AX, HEIA.AS, INGA.AS, NEM, NST.AX, RYAAY, SHL.DE, SMR.AX, WDS.AX	Australia, banks, commodities, Copper, financials, gold, Mining	Gold rose 12% over the period, reaching a record high in December. Monetary policy and geopolitical uncertainty continued to provide a positive backdrop for gold. Portfolio holdings Newmont gained 18% and Northern Star Resources gained 13%. Copper surged 17% as supply risks came back into focus following production disruptions and material downgrades to production guidance due to geotechnical issues at several large-scale mines. Recent supply disruptions acutely highlight how tight copper markets have become given the lack of new greenfield capacity coming online and record low inventories. Challenger Limited remained a standout on the back of regulatory reforms and interest rate normalization. The position rose 8% over the quarter and achieved a 57% return for the year ending 31 December 2025. Investors are increasingly pricing in the anticipated benefits of APRA's proposed capital requirement reforms. In steelmaking coal, Stanmore Resources remains resilient despite low commodity prices that have seen peers take measures to preserve cash. Stanmore has maintained consistent mine plans and capital expenditure programs and is therefore well positioned to benefit from any improvement in commodity prices.	WDS AU FDV AU CGF AU SMR AU CSC AU NEM US	View
2025 Q4	Jan 5, 2026	Greenfield Investment Management	0.0%	0.0%	BLDR, BNT.DE, CARR, CSU.TO, GOOGL, HEI.DE, INTC, JMHLY, MCK, OMC, POW.TO, RSHO, RYAAY, TAP, WCC	Airlines, Conglomerates, global, infrastructure, Pharmaceuticals, semiconductors, technology, value	Manager believes Heidelberg Materials will benefit from investment in and upgrading of infrastructure around the world. New bridges, highways, dams, tunnels, airports, ports, pipes, and railways require a lot of cement. McKesson investment viewed as similar to a royalty on Americans taking more pharmaceuticals over time. The pharmaceutical distribution company operates mainly in the United States and has climbed steadily despite earlier opioid crisis concerns. Manager follows value investing approach, buying companies at attractive valuations relative to earnings. Multiple examples given of purchasing stocks at low price-to-earnings multiples when they were out of favor.		View
2025 Q4	Jan 23, 2026	Alluvium Global Fund	-1.1%	-0.1%	005930.KS, AN, BABA, CHTR, DKS, GOOGL, GPI, HCA, HRB, LBRDA, LNR.TO, LYB, MCK, RHI, RYAAY, THO, UMG.AS, V	AI, Airlines, global, healthcare, technology, underperformance, value	The fund discusses the rapid adoption of AI technologies, particularly Alphabet's Gemini AI which gained 650 million monthly active users in six months. Questions remain about quantifying efficiency gains and monetary benefits versus the immense capital outlays by providers. Ryanair represents the fund's largest position at 9.4%, benefiting from earlier aircraft deliveries and upgraded traffic expectations. Management expects reasonable net profit growth with strengthening competitive positioning. The fund follows a value-oriented approach, buying more of poorly performing investments as they decline. The managers acknowledge the value investor's curse of buying too early and selling too early, citing examples of premature exits from gold miners and semiconductor companies.		View
2025 Q4	Jan 15, 2026	Baillie Gifford – International Alpha	-1.7%	17.5%	ADYEY, AMZN, APP, CRH, DASH, ELV, ENSG, FTAI, GOOGL, MA, META, MLM, MSCI, MSFT, NFLX, NVDA, RPRX, RYAAY, SCI, TSM	AI, global, growth, long-term, Quality, technology	AI spending and capabilities remain central to investment thesis across multiple holdings. Meta's elevated AI expenditure in 2026 creates execution risk but unlocks growth levers across its user base. Tencent's AI talent and research investments position it uniquely to leverage AI across gaming, advertising, and payments platforms. TSMC maintains dominant position capturing 70% of global foundry revenues with supply agreements across all key chip designers. Kokusai Electric benefits from recovery in memory markets and growing importance of batch ALD machines in AI memory chip manufacturing. Semiconductor cycle showing strength from Chinese and Korean manufacturers. Factory automation represents long-term structural growth opportunity. Keyence leads in sensors and machine-vision systems with 80% margins supported by direct sales model. Structural trends include rising automation, reshoring, and growing complexity in electric vehicle manufacturing providing long runway for growth. Sea's Shopee marketplace investing in service quality and faster shipping while expanding in Malaysia and Thailand to capture market share. Auto1 consolidating position as Europe's leading used car marketplace with 3% market share and growing direct-to-consumer Autohero brand providing margin expansion opportunity.	IOT QXO GAW AG1 GR AUTO LN TSM 6525 JP DG META SE	View
2023 Q4	Aug 1, 2024	Oakmark International Fund	8.8%	0.0%	RYAAY, WO6 GR	-			View
2024 Q2	Jul 21, 2024	Alluvium Global Fund	0.0%	0.0%	AEM, AN, GOOG, HRB, LBRDK, LNR CN, MCK, RHI, RRL AU, RYAAY, THO, TPR	-			View
2024 Q2	Jun 30, 2024	FMI International Equity	-7.4%	2.7%	RYAAY	-			View
2024 Q2	Jun 30, 2024	Lansdowne Partners European Fund	0.8%	7.9%	ASML NA, DG FP, EL FP, RYAAY, TEL2B SS	-			View
2024 Q4	Jan 31, 2025	Alluvium Global Fund	-	-	CHTR, CPRI, DKS, GOOG, GPI, HCA, HRB, LBRDA, LMT, LYB, MA, MCK, RYAAY, V	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	Freddie Lait	Ryanair Holdings plc	Industrials	Passenger Airlines	Bull	NASDAQ	Airlines, Capacity, Cost advantage, growth, Pricing	View Pitch
Jan 29, 2026	Fund Letters	Desmond Kingsford	Ryanair Holdings plc	Industrials	Airlines	Bull	NASDAQ	Airlines, cashflow, Cyclicality, Low cost, market share	View Pitch
Jan 28, 2026	Fund Letters	Erin Greenfield	Ryanair Holdings plc	Industrials	Airlines	Bull	NASDAQ	Airlines, balance sheet, Low cost, market share, Travel	View Pitch
Aug 7, 2025	Seeking Alpha	Mare Evidence Lab	Ryanair Holdings plc	Industrials	Airlines	Bull	NASDAQ	—	View Pitch

BSD Shareholders of RYAAY

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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