STO-AX

STO-AX

STO-AX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 14, 2025	L1 Capital Long Short Fund	12.2%	-	AIR.PA, FTT.TO, HBM.TO, JD.L, LSF.AX, NKE, NXE.TO, QAN.AX, SGH.AX, STO.AX, VEA.AX	Australia, commodities, global, infrastructure, Long/Short, Mining, Trade Policy, value	Portfolio has exposure to copper through companies like Hudbay Minerals and added to copper exposure during April volatility. Declining grades at Chilean copper mines require more material movement, driving demand for mining equipment. Copper World project will increase Hudbay's copper production by more than 50%.	FTT.TO AIR FP QAN AU STO AU VEA AU HBM CN NXE CN FTT CN	View
2026 Q1	Apr 22, 2026	L1 Capital Long Short Fund	-0.2%	-0.2%	AZJ.AX, BSL.AX, CRH, JHX.AX, QAN.AX, RMV.L, STO.AX	AI, Australia, Copper, energy, gold, Iran War, Long/Short, volatility		RMV.L JHX.AX QAN.AX AZJ.AX BSL.AX STO.AX	View
2024 Q1	Apr 15, 2024	L1 Capital Long Short Fund	2.4%	10.8%	CBA.AX, CRH, CS.TO, CVE.TO, DOW.AX, FLTR.L, FRA.DE, IMD.AX, NXE.TO, QBE.AX, STO.AX, TECK.TO, WGX.AX	Australia, banks, Copper, energy, Long/Short, materials, technology, value	Manager expects copper market deficits to widen due to robust demand from electrification and constrained supply from insufficient new mines. Supply disruptions have highlighted tight market conditions with treatment charges falling significantly. Physical deficits are virtually unavoidable over the medium term.		View
2026 Q1	Apr 13, 2026	Devon Alpha Fund	8.7%	8.7%	AIA.NZ, COL.AX, CSTCF, FRE.NZ, GMG.AX, IFT NZ, JHX.AX, MQG.AX, NAB.AX, ORI.AX, SLC.AX, STO.AX, SUM.NZ, TRA.NZ, VSL.NZ	AI, Australia, Data centers, energy, Geopolitical, New Zealand, technology			View
2024 Q1	Mar 31, 2024	Devon Alpha Fund	5.4%	5.4%	CEN.AX, CNU.NZ, CSL.AX, FRE.NZ, GMG.AX, NEM, NZX.NZ, QBE.AX, RMD, SEK.AX, SFR.AX, SKC.NZ, SPK.NZ, STO.AX, VGL.NZ, WEB.AX, WOW.AX	Australia, energy, New Zealand, Resources, technology, Travel	Contact Energy's Tauhara geothermal development represents decarbonization efforts with 152MW capacity expected online in Q3 2024. The company is working to decarbonise their generation portfolio whilst rewarding shareholders with improved margins and returns.		View
2025 Q4	Feb 18, 2026	Harvest Lane Asset Management	3.3%	9.1%	ASK.AX, AUB.AX, BBT.AX, DSE.AX, MYX.AX, NWC.AX, PBH.AX, PEK.AX, SLH.AX, STO.AX, WA8.AX, XAM.AX, XF1.AX	Absolute return, activism, Australia, Merger Arbitrage, special situations, takeovers	The fund participated in merger arbitrage opportunities across multiple sectors, with notable activity in pharmaceutical deals including Mayne Pharma Group Limited where the bidder attempted to walk from the deal. The fund was publicly outspoken about Cosette Pharmaceuticals acting in bad faith when trying to exit their acquisition of Mayne Pharma. May saw three deals in the copper space within a week, with the fund thinking at least one was ripe for a contest. New World Resources Limited saw significant action with multiple bidders, starting as a friendly scheme and ultimately seeing nine bids total with Kinterra Capital emerging as the victor.	MYX AU XF1 AU STO AU	View
2023 Q4	Dec 31, 2023	L1 Capital Long Short Fund	2.4%	10.8%	AZJ.AX, BABA, BSL.AX, CNU.AX, CRH, CVE, FLTR.L, IMD.AX, NEM, NUF.AX, STO.AX, VEA.AX, WGX.AX	Australia, energy, gold, industrials, infrastructure, Long/Short, materials, value	Portfolio maintains significant Energy exposure despite underperformance in 2023. Manager sees positive macro outlook with oil above $70, elevated geopolitical tensions, improving supply/demand dynamics, and multi-decade low inventories. Key positions include Santos with potential structural options and Cenovus generating strong free cash flows.	AZJ.AX CNU.NZ IMD.AX NUF.AX WGX.AX NEM FLTR.L CRH CVE.TO STO.AX	View
2025 Q3	Oct 20, 2025	L1 Capital Long Short Fund	13.3%	-	CNU.AX, CRH, FRA.DE, HBM.TO, IMD.AX, LSF.AX, MIN.AX, NXE.TO, STO.AX, WGX.AX	AI, Australia, Copper, gold, Long/Short, Mining, uranium, value	Nuclear energy is experiencing a resurgence driven by AI data center power demands and policy support from governments and hyperscalers. Uranium markets face structural deficits as production has lagged consumption for decades while new nuclear capacity targets require 3-4x increases. Supply is concentrated in geopolitically sensitive regions with limited Western alternatives.	WTG AU MIN HBM NXE CN WTG AU MIN HBM NXE CN	View
2023 Q3	Sep 30, 2023	L1 Capital Long Short Fund	2.4%	10.8%	CVE, FLTR, IMD.AX, JHX.AX, NUF.AX, STO.AX, SVW.AX, WOR.AX	Australia, energy, LNG, Long/Short, oil, Santos, value	Energy remains a sector the fund is very constructive on, with analysis supporting potential for a more resilient market than investors expect. The fund believes the energy market will remain tight with solid demand growth and constrained supply growth, supporting oil prices well above industry break-even levels. OPEC+ supply discipline and declining U.S. shale drilling activity are key supply constraints.	WOR.AX JHX.AX SVW.AX CVE.TO STO.AX	View
2024 Q2	Jul 18, 2022	Auscap Asset Management	0.0%	0.0%	AAPL, AMZN, ANZ.AX, BHP.AX, CBA.AX, COL.AX, CSL.AX, FMG.AX, GOOGL, META, MIN.AX, MSFT, NAB.AX, NVDA, RIO.AX, RMD, STO.AX, WBC.AX, WDS.AX, WOW.AX	active management, Australia, banks, China, Iron Ore, mid cap, Passive investing, Sleep Apnea	China's steel consumption peaked in 2020 and is expected to decline to levels similar to other developed countries. With China accounting for 53.9% of world steel production and 50.8% of consumption, declining demand combined with new supply from Mineral Resources (50mtpa) and Simandou deposits (120mtpa) suggests a recipe for lower iron ore prices and declining earnings for the majors.	RMD	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	L1 Capital Long Short Fund	Santos Limited	Energy	Oil, Gas & Consumable Fuels	Bull	ASX	Australia, energy, merger, Oil & Gas, restructuring, undervalued, Value	View Pitch
Apr 28, 2026	Fund Letters	L1 Capital Long Short Fund	Santos Limited	Energy	Oil, Gas & Consumable Fuels	Bull	ASX	Australia, demerger, energy, Equity, LNG, Oil & Gas, Value	View Pitch
Apr 24, 2026	Fund Letters	L1 Capital Long Short Fund	Santos Limited	Oil & Gas E&P	Oil, Gas & Consumable Fuels	Bull	Australian Securities Exchange	Australia, commodity, dividends, energy, growth, LNG, Oil & Gas, Production	View Pitch

BSD Shareholders of STO-AX

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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