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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q2 | Jul 6, 2023 | Citadel Value Fund SICAV | - | - | 5184 JP, BKNG, LIGHT NA, NOV, SOL, STLA, VTSC GR | Automotive, CashFlow, Intrinsic Value, Quality, valuation | Valuation: The letter emphasizes that the portfolio trades at a 44% discount to intrinsic value, supported by normalized earnings assumptions rather than optimistic growth. The funds weighted free cash flow yield of 8% and 3.4x EBITDA multiple reflect deep value positioning. Quality: Citadel reiterates its focus on fundamental company analysis, long-term normalized earnings power, and margin-of-safety discipline. The letter stresses that deep knowledge, accounting scrutiny, and conservative modeling reduce downside risk. Automotive: Stellantis emerges as a major new theme, with strong margins, cost synergies from platform integration, BEV leadership in key markets, and an ultra-strong balance sheet. The fund sees Stellantis 50% normalized FCF yield as exceptionally attractive. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||