SAGA-L

SAGA-L

SAGA-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 10, 2025	Kernow Asset Management	-	-	CARD.L, FRAS.L, GFRD.L, MTRO.L, SAGA.L, SMDS.L, STB.L	Banking, contrarian, regulation, retail, Short Selling, UK Equities	Manager is long Metro Bank following regulatory signals that may allow exit from MREL band, potentially unlocking £500m in capital. Also long Secure Trust Bank after favorable UK car finance court ruling, though provisions may rise from £6m to £20m. Simultaneously short another bank where similar provision escalation would be terminal.	STB.L WHSM.L MTRO.L STB LN MTRO LN SMWH LN	View
2024 Q1	Apr 30, 2024	Kernow Asset Management	8.0%	22.7%	FRAS.L, GFRD.L, HSX.L, IP, ITV.L, MNDI.L, MTRO.L, SAGA.L, SMDS.L	Buybacks, contrarian, Long/Short, Mid Caps, UK Equities, value, water	Multiple UK companies are engaging in substantial share buybacks, including ITV returning £235m (10% of market cap) and Hiscox announcing a new US$150m buyback program. This demonstrates intelligent capital allocation amid compelling company valuations.	MTRO.L MNDI.L HSX.L ITV.L	View
2025 Q3	Oct 7, 2025	Kernow Asset Management	5.2%	12.1%	BRBY.L, CARD.L, DRX.L, FRAS.L, GFRD.L, KIST.L, MTRO.L, PETS.L, SAGA.L, W7L.L, WISE.L, WIZZ.L	contrarian, Copper, energy, Long/Short, Luxury, Travel, UK Equities, value	Drax has executed a herculean shift from fossil fuels to become the UK's largest renewable energy provider, supplying around 5% of the nation's power. The company faces burning questions about new favorable contracts for its assets, as current arrangements involving shipping Canadian forests to burn in Yorkshire upset environmentalists, fossil fuel loyalists, and trees alike. Despite policy uncertainty, Drax has demonstrated its ability to adapt.	DRX LN WISE LN SAGA LN	View
2024 Q3	Oct 30, 2024	Kernow Asset Management	-	16.0%	CARD.L, CMCX.L, FRAS.L, GFRD.L, HOL.L, HSX.L, HTG.L, MTRO.L, SAGA.L, VID.L, WISE.L	contrarian, infrastructure, Long/Short, small caps, Uk, value	Manager identifies significant value opportunities in UK equities, particularly noting Metro Bank and other holdings trading at attractive valuations. Emphasizes asymmetric return characteristics where investment thesis differs from consensus.		View
2024 Q4	Jan 8, 2025	Kernow Asset Management	8.0%	23.0%	CARD.L, CMCX.L, GFRD.L, HSX.L, MS, MTRO.L, PNN.L, SAGA.L, STAN.L, WISE.L	contrarian, Fintech, Long/Short, UK Equities, value, water	Wise continues to exceed expectations by adding wholesale clients like Morgan Stanley and Standard Chartered to its traditionally retail-focused FX business. This expansion is three years ahead of expectations and represents a significant competitive advantage through low-cost infrastructure that peers cannot match on price.	WISE.L	View
2025 Q4	Jan 12, 2026	Kernow Asset Management	0.0%	16.4%	CARD.L, CMCX.L, KIST.L, MTRO.L, SAGA.L, SMWH.L, STB.L, WISE.L	Banking, contrarian, Data centers, Long/Short, oil, Uk, value	The fund demonstrates classic value investing principles, buying companies trading below book value. Secure Trust Bank trades at half its book value, effectively allowing investors to buy £1 for 50p. The contrarian approach of buying when oil dropped 20% and others are selling exemplifies value discipline. Significant exposure to UK banking sector with Secure Trust Bank, Metro Bank Holdings, and CMC Markets representing major positions. Secure Trust Bank's division sale at premium to book value and new lending strategy announcement expected at Capital Markets Day are key catalysts. Despite oil dropping 20% in 2025 and Trafigura expecting further declines amid supply glut, the fund maintains contrarian positioning. Kistos doubled oil and gas production through Middle East acquisition, creating what the manager views as the most mispriced stock in the portfolio. Shorted Fermi, a £12bn AI data centre IPO, betting against the peak of AI data centre euphoria. The thesis relied on political shifts and tech breakthroughs reshaping the landscape. The stock dropped 70% within three months, validating the short position.	MICC LN FRMI LN CARD LN KIST LN STB LN	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of SAGA-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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