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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 | - | - | 005930.KS, 6208.T, 7248.T, AD.AS, AEO, BKNG, CON.DE, LIGHT.AS, NOV, SOL.MI, STLA, UHR.SW, VLGEA, VTSC.DE | Automotive, Europe, Fundamental Analysis, Industrial, small caps, value | Fund focuses on fundamental company analysis to estimate intrinsic value and achieve margin-of-safety by paying much less than intrinsic value. Portfolio trading at 44% discount to estimated intrinsic value with weighted free cash flow yield of 8%. | STLA LIGHT.AS APA|C|FFIV|KHC|NOV|UNH VTSC.DE SOL.MI |
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| 2025 Q1 | May 2, 2025 | Tweedy, Browne Value Fund | 6.3% | 6.3% | 0220.HK, 0700.HK, 086280.KS, 2551.T, 3405.T, 4091.T, 4955.T, 7203.T, 7958.T, 9635.T, AKE.PA, ATE.PA, BA.L, BRK-A, CCC.L, CNHI, D05.SI, DGE.L, DHL.DE, FDX, FMC, FRE.DE, GOOGL, HEIA.AS, HUSQ-B.ST, INCH.L, IONS, JNJ, KEMIRA.HE, KOF, KRN.DE, LAS-A.TO, MEGA.MX, MGCL.T, NA.TO, NESN.SW, NOVN.SW, P911.DE, PETS.L, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SKF-B.ST, SOL.MI, SOP.PA, TEP.PA, TFC, TKTT.PA, TREL-B.ST, TTE, TXGN.SW, U11.SI, UHAL, USB, VRTX, WFC, WPK.TO, ZURN.SW | defense, Europe, healthcare, Hedging, industrials, international, value | Tweedy Browne maintains their disciplined deep value approach, seeking securities trading at meaningful discounts to conservative estimates of intrinsic value. They emphasize their bottom-up, fundamentally driven investment process focused on businesses with sound balance sheets and enduring competitive advantages. | View | |
| 2024 Q1 | Apr 15, 2024 | Tweedy, Browne International Value II | 2.4% | 8.3% | 6302.T, AALB.AS, BA.L, BRK-A, ENVS, FMC, FRE.DE, HEIA.AS, MUV2.DE, NA.TO, NESN.SW, NOVN.SW, RHM.DE, RMS.PA, ROG.SW, SAF.PA, SCR.PA, SOL.MI, TEP.PA, TREL-B.ST, WPK.TO | defense, Diversified, global, industrials, international, value | Defense companies led industrial returns with strong performance from BAE Systems, Safran, and Rheinmetall AG. The aerospace and defense sector was among the leading industries during the quarter. | View | |
| 2024 Q1 | Apr 15, 2024 | Tweedy, Browne Worldwide High Dividend | 6.4% | 9.8% | 6302.T, AALB.AS, BA.L, BRK-A, FMC, FRE.DE, HEIA.AS, MUV2.DE, NA.TO, NESN.SW, NOVN.SW, NVTA, RHM.DE, RMS.PA, ROG.SW, SAF.PA, SCR.PA, SOL.MI, TEP.PA, TREL-B.ST, WPK.TO | defense, dividends, global, High Dividend, value | Aerospace & defense businesses led results during the quarter, driven primarily by BAE Systems, Safran, and Rheinmetall AG. Defense companies were among the top contributors to fund performance. | View | |
| 2025 Q4 | Mar 13, 2026 | Baumann Capital | - | - | AHT.L, AI.PA, LIN, SOL.MI, WIT.MI | AI, Europe, healthcare, Home Health, Industrial Gases, infrastructure, Quality | SOL Group operates one of Europe's leading industrial gas franchises serving 50k customers across 32 countries, with a network of 39 air-separation units and 50+ filling plants that took almost a century to assemble. The business creates regional oligopolies due to expensive logistics of moving gases, with high switching costs from buried pipelines and bulk tanks installed at customer sites. Vivisol has grown from 140k patients in 2010 to 750k by 2024, representing 13% compound annual growth driven by Europe's aging population and healthcare systems moving chronic care from hospitals to patients' homes. The business provides home respiratory therapy, ventilation support, and infusion treatments with 80% recurring revenues and renewal rates above 95%. The fund focuses on super-durable, quality businesses with sustainable competitive advantages, excellent management with aligned interests, and reasonable entry valuations. The manager emphasizes businesses designed to last like Roman aqueducts, with high barriers to entry and exceptionally resilient business models that can compound for decades. The manager acknowledges AI as a main risk requiring early spotting to avoid losing money, particularly challenging for software investments. The strategy tilts towards businesses unlikely to see their daily unit economics negatively affected by AI over the next decades, favoring infrastructure and business services players over software. | View | |
| 2023 Q4 | Dec 21, 2023 | Citadel Value Fund | - | - | 005930.KS, 6201.T, 7932.T, AD.AS, AEO, BKNG, CON.DE, DEW.L, LIGHT.AS, MPAC.L, NOV, SOL.MI, STLA, TGS.OL, UHR.SW, VLGEA, VTSCY, ZWACK.BD | Automotive, Europe, semiconductors, small caps, technology, value | Fund emphasizes fundamental value investing approach with focus on margin of safety and intrinsic value estimation. Portfolio trading at 36% discount to estimated intrinsic value with 7% free cash flow yield. Manager discusses risk as permanent capital loss rather than volatility. | 005930.KS |
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| 2023 Q4 | Feb 22, 2024 | Tweedy, Browne International Value II | 2.4% | 8.3% | 0010.HK, 1169.HK, 4324.T, 4401.T, 6277.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DGE.L, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NOVN.SW, PGR, RNO.PA, ROG.SW, RTE.PA, SAF.PA, SEE, SOL.MI, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | industrials, inflation, international, Japan, small caps, value | The fund continues to focus on companies meeting investment criteria with competitive moats, pricing power, and strong balance sheets. They believe they are in the midst of a material shift in markets driven by persistent inflation and interest rates, where price matters again and they are highly optimistic about the future for price-sensitive strategies. | View | |
| 2023 Q4 | Feb 22, 2024 | Tweedy, Browne International Value II | 4.8% | 8.3% | 0010.HK, 1169.HK, 4324.T, 4401.T, 6297.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DEO, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NVS, PGR, RNO.PA, ROG.SW, RTE.PA, SAF.PA, SEE, SOL.MI, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | industrials, inflation, international, Japan, rates, value | The fund continues to focus on companies purchased at significant discounts to intrinsic value estimates. The managers believe they are in the midst of a material shift in markets driven by persistent inflation and interest rates, where price matters again and they are highly optimistic about price-sensitive strategies like theirs. | View | |
| 2023 Q4 | Feb 22, 2024 | Tweedy, Browne Value Fund | 2.8% | 7.6% | 0010.HK, 1882.HK, 4324.T, 4401.T, 6277.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DEO, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NOVN.SW, PGR, ROG.SW, SAF.PA, SCOR.PA, SEE, SOL.MI, TEP.PA, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | global, industrials, inflation, interest rates, value | The fund continues to focus on companies meeting their investment criteria that they believe have competitive moats, pricing power, and strong balance sheets, purchased at prices representing attractive value. They believe they are in the midst of a material shift in markets driven by persistent inflation and interest rates, where price matters again. | View | |
| 2023 Q4 | Feb 22, 2024 | Tweedy, Browne Worldwide High Dividend | 6.4% | 9.8% | 0010.HK, 1169.HK, 4324.T, 4401.T, 6297.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DEO, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NOVN.SW, PGR, RNO.PA, ROG.SW, SAF.PA, SEE, SOL.MI, TEP.PA, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | dividends, global, High Dividend, industrials, value | The fund focuses on high dividend yield value investing with an average-weighted dividend yield of 3.84% on fund stocks alone versus 1.97% for the MSCI World Index. The fund specifically targets companies with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 27, 2026 | Fund Letters | Citadel Value Fund | SOL Group | Materials | Industrial Gases | Bull | Borsa Italiana | Europe, Healthcare services, home care, Industrial Gases, Italy, Medical Gases, Respiratory Services, Value | View Pitch |
| 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. | ||||||||