SUBCY

SUBCY

SUBCY

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Oct 25, 2023	Third Avenue Value Fund	1.2%	0.0%	BIRG.L, BMW.DE, CS.TO, DB, EZJ.L, HCC, SUBCY, TDW, UGP, VAL	Coal, contrarian, Cyclical, distressed, energy, Offshore, value	The fund focuses on identifying companies trading at distressed valuations without actual operating or financial distress. The manager emphasizes buying companies at low multiples when earnings are temporarily depressed, creating positive asymmetry where operating performance is more likely to improve than deteriorate.		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 Q3	Sep 30, 2024	Third Avenue Value Fund	1.2%	0.0%	6856.T, 7270.T, BIRG, BMW.DE, BZU.MI, CKHUY, CMA, CPSCF, DB, EZJ.L, LAZ, MBG.DE, SUBCY, TDW, TM, VAL, WMC	Autos, Buybacks, global, Offshore Energy, undervaluation, value	Manager discusses the persistent valuation chasm between cheap and expensive companies in U.S. equity markets, noting that multiples assigned to the least expensive quartile actually declined from 2014-2024. The fund continues to find attractive value in several automotive industry OEMs and other sectors despite the challenging environment for value investing.	7270.T	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 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
2024 Q4	Jan 28, 2025	Third Avenue Value Fund	-9.6%	-2.5%	6856.T, 7270.T, 7433.T, AAPL, AMZN, BIRG.L, BMW.DE, BZU.MI, CBG.L, CMA, CS.TO, DB, EZJ.L, GOOGL, HCC, HRB.L, LAZ, LUN.TO, MBG.DE, META, MSFT, NVDA, ORI, SUBCY, TDW, TSLA, UGP	Active Share, Autos, Concentration, global, small caps, value	The fund has significant exposure to traditional automakers BMW, Mercedes-Benz, and Subaru, which the manager views as extremely undervalued despite facing challenges from higher interest rates, electric vehicle transition, Chinese competition, and potential tariffs. The manager argues these companies are adapting well and trading at distressed valuations despite strong fundamentals.	7270.T MBG.DE BMW.DE	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 SUBCY

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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