SFOR-L

SFOR-L

SFOR-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Third Avenue Value Fund	9.4%	12.7%	1418.T, 5233.T, 6856.T, 7270.T, 8283.T, BIRG.L, BMW.DE, BZU.MI, CKH.L, CMCL.L, CRE.L, DB, EZJ.L, HCC, IFP.TO, ORI, SFOR.L, TDW	Copper, diversification, Japan, Reinsurance, small caps, valuation, value	Manager emphasizes price-conscious investing approach, seeking securities at meaningful discounts to business value. Criticizes current U.S. mega-cap valuations and advocates for diversification away from expensive stocks toward undervalued opportunities.	CDRE.L CRE LN	View
2024 Q1	May 7, 2024	Third Avenue Value Fund	1.2%	0.0%	6856.T, BIRG.L, BMW.DE, BZU.MI, C6B.SI, CAPS.TO, DB, EZJ.L, G13.SI, HBR.L, HCC, IFP.TO, LUN.TO, MBG.DE, ORI, SFOR.L, SUBC.OL, TDW, VAL	Banking, Buybacks, contrarian, Copper, dividends, Europe, value	Fund focuses on buying significantly undervalued, well-financed businesses run by honest and competent people. Manager emphasizes price-conscious, fundamental value investing approach that has become less competitive due to industry shift toward growth strategies.	HBR.L BOIG.L	View
2025 Q4	Jan 22, 2026	Third Avenue Value Fund	7.4%	35.2%	0001.HK, 2603.TW, 6951.T, 6955.T, BIRG.L, BMW.DE, BZU.MI, CMA, CS, DB, HBR.L, HCC, IFP.TO, LUN.TO, SFOR.L, SSUB.OL, SUBCY, TDW, VAL	Banking, Copper, energy, Europe, Mining, Resource Conversion, value	Fund holds significant positions in copper miners Lundin Mining and Capstone Copper, viewing copper as indispensable to modern economies with exceptional supply challenges. Manager believes copper demand growth has evolved from Chinese construction to renewables, electric transportation, and data center construction, while supply increases remain elusive due to aging mines, declining ore quality, and decade-plus timelines for new projects. Warrior Met Coal was the single largest contributor to Fund performance during the quarter, benefiting from early completion of Blue Creek metallurgical coal mine eight months ahead of schedule. The completion portends far higher coal production, much lower capital spending, and likely return to significant cash distributions to shareholders. Manager discusses the materials-intensive nature of renewable energy infrastructure, noting the irony that mining companies producing materials for solar panels, wind turbines, electrical grids, and batteries were deemed global pariahs while renewable energy companies were market darlings. The build out of data centers and electrical infrastructure has become entwined with copper consumption growth. Fund holds offshore oil and gas service providers and one upstream producer, believing more offshore spending is required to maintain current production levels. Manager notes U.S. onshore production growth has slowed significantly due to lower drilling activity, exhaustion of Tier 1 acreage, and water challenges, potentially leading to future production declines that would enhance the importance of long-life offshore production. Manager highlights a profound divergence in U.S. sanctions activity, noting recent seizure of dark fleet oil tankers, arrest of Nicolas Maduro, U.S. claim of control over Venezuela's energy industry, and sanctions on Russia's largest oil producers. This marks a departure from decades of avoiding sanctions that would impact energy flows, with gunboat diplomacy and military embargos returning. Manager emphasizes resource conversion activity including share buybacks as a key component of their investment approach for undervalued, well-financed companies. The Fund focuses on companies where management teams can create shareholder value through buybacks, recapitalizations, special dividends, asset disposals, spin-offs, acquisitions, or sale of the business.		View
2024 Q2	Jul 19, 2024	Third Avenue Value Fund	1.2%	0.0%	6856.T, 7433.T, BIRG.L, BMW.DE, BZU.MI, CBG.L, CSAV.SN, CSTCF, DB, EZJ.L, HA, HBRG.L, HCC, LUMI.TO, SFOR.L, SUBCY, TDW, UGP, VAL	Balance Sheet, Banking, Financial Wherewithal, Japan, rates, value	The fund employs a balance sheet-focused value investing approach emphasizing financial wherewithal, seeking companies that can endure challenges without value-destructive activities. This approach has produced 220 basis points of outperformance relative to the MSCI World Index since inception 34 years ago.	CBG.L 7433.T	View
2023 Q1	Jun 27, 2023	GreenWood Investors	0.0%	16.6%	CTT.LS, LDO.MI, MEIP, SFOR.L, VRNOF	activism, Coinvestment, global, Micro Cap, Owner Operators, value	Verano remains free-cash-flow positive despite onerous double taxation and continues organic expansion in regulated states. Manager optimistic about sector potential as Biden administration may de-schedule cannabis, eliminating double taxation and increasing Verano's free-cash-flow yield from 5.5% to over 15%.	MEIP Salesforce Inc VRNOF	View
2025 Q1	Mar 31, 2025	Third Avenue Value Fund	2.9%	2.9%	5285.T, 6856.T, 6951.T, 7270.T, BIRG.L, BMW.DE, CBG.L, CSCU.TO, DB, EZJ.L, G13.SI, HBR.L, HCC, ORI, SFOR.L, SUBC.OL, TDW, VAL	defense, energy, Europe, inflation, Japan, tariffs, Trade Policy, value	The manager extensively discusses the global tariff war initiated on Liberation Day (April 2, 2025), describing it as an economic mistake with lasting negative implications. He analyzes the reciprocal tariff structure, challenges of eliminating trade deficits, and the breakdown of trust and predictability affecting corporate investment decisions.	6951.T	View
2023 Q4	Jan 31, 2024	Third Avenue Value Fund	1.2%	0.0%	ASHM.L, BIRG.L, BMW.DE, BOLSAA.MX, BZU.MI, CMA, CS.TO, DB, EZJ.L, HMC.T, HMT, HTHPF, SFOR.L, SUBCY, TDW, UGPA3.SA, VAL	Banking, Buybacks, Electric Vehicles, global, interest rates, value	The Fund carried a weighted average price to earnings ratio of approximately 8.2x as of year-end, positioning in attractive businesses without relaxing criteria for balance sheet strength or liquidity. The manager highlights how cheap stocks have become even cheaper while expensive stocks experienced valuation expansion.	BOLSAA.MX BMW.DE CMA S4C.L	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 SFOR-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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