SWON-SW-2

SWON-SW-2

SWON-SW-2

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q2	Jul 6, 2023	Ennismore European Smaller Companies Fund	-	-5.9%	EVS.BR, IGG.L, MGAM.L, MZON.SW, NOVN.PA, STO.DE, SWON.SW, TINY.L, VOS.DE	dividends, Europe, Long/Short, materials, small caps, technology, value	The manager believes there is significant overvaluation in many short positions versus their sustainable earnings potential, while the long book has many unsustainably low valuations, especially in UK listed holdings which seem particularly cheap.	MGAM.L	View
2025 Q2	Jul 14, 2025	Emeth Value Capital	-	5.0%	ADBE, AMZN, BN, BRK-B, BYTZ.L, CDW, CTG.L, DHR, GOOGL, IBM, INTC, META, MO, MSFT, NOW, NSIT, ORCL, SWON.SW	Cloud, Enterprise, Leverage, Microsoft, Operating Leverage, software, technology	Manager explores various forms of leverage as force multipliers for extraordinary outcomes, including financial leverage, operating leverage through pricing power, and technology-enabled hyperscalability. Emphasizes one-sided operating leverage where downside is protected by durable cash flows while upside benefits from growth with operating leverage.	SWON.SW SWON SE	View
2023 Q2	Jun 30, 2023	Centerstone Investors Fund	-	-	NVDA, ORLY, SWON.SW	AI, Auto Aftermarket, Banking, China, international, value	The manager discusses the value trade taking a breather in Q2 2023 but expresses confidence that the era of US stock market dominance is waning. They highlight growing evidence supporting globally diversified value investing styles with valuation support, money flows, normalizing interest rates and improving fundamentals overseas.	SWON.SW AVGO\|BYD\|CRWD\|MELI\|MSFT\|NFLX\|NVDA\|NVO\|ORLY\|SPOT	View
2023 Q1	Apr 6, 2023	Ennismore European Smaller Companies Fund	-3.3%	-3.3%	CGM.PA, COA.L, COST.L, EVS.BR, FIE.DE, IGG.L, JUST.L, MOL.MI, MZHN.SW, STB.L, STO.DE, SWON.SW, UPGS.L, VOS.DE, WSU.DE	Absolute return, Europe, industrials, Long/Short, small caps, value	The fund holds significant positions in industrial companies including Vossloh AG (rail equipment), Costain Group (construction), and Washtec AG (car wash equipment). The manager sees value in companies with strong competitive positions and recurring revenue streams from services and spare parts.	WAF.DE	View
2025 Q1	Mar 31, 2025	Oakmark Fund- International Small Cap	8.2%	8.2%	ATE.L, DMET.ST, GXI.DE, IOS.DE, ISS.CO, LOOM.ST, LXS.DE, SMDS.L, SUN.SW, SWON.SW, TPK.L, ZGN.MI	consumer, Europe, industrials, international, small cap, value	The fund initiated a position in Ermenegildo Zegna, a global luxury fashion house and the world's largest luxury menswear specialist. Despite recent challenges from slowing Chinese demand affecting brands like Thom Browne, management is establishing Zegna as an absolute luxury brand and addressing operational issues. The current valuation does not reflect the long-term growth and normalized earnings profile.	IOS.DE GXI.DE ZEGN.MI	View
2024 Q4	Dec 31, 2024	Oakmark Fund- International Small Cap	-10.9%	-2.9%	1128.HK, ATG.L, BAER.SW, CPR.MI, ENX.PA, GIL.TO, LXS.DE, SJP.L, SOP.PA, STRS.TA, SWON.SW	Beverages, Europe, international, small cap, technology, value	The fund sees the U.K. wealth management industry as attractive and growing, with St. James's Place best positioned competitively to capture strong asset flows. Management has a credible plan to double earnings by 2030 through cost-cutting and strategic initiatives.	SOP.PA CPRI.MI ATG.L SWON.SW SJP.L	View
2025 Q3	Oct 31, 2025	Bireme Capital	-	-	AAF.L, AAPL, BOL.PA, DIS, HUM, ITRN, ORI, RICK, SWON.SW	Alpha Generation, Behavioral Finance, Cognitive Biases, Concentration, Global Equities, value	Bireme focuses on exploiting cognitive biases to identify mispriced value opportunities in global equities. The firm targets concentrated positions in undervalued securities where behavioral biases create systematic mispricings. Their approach has allowed them to avoid value traps and significantly outperform traditional value strategies.		View
2024 Q3	Oct 15, 2024	Baumann Capital	-	-	MSFT, SWON.SW	Concentration, Europe, infrastructure, IT Services, Quality, value	Manager focuses on UK infrastructure maintenance through Renew Holdings, emphasizing system-critical maintenance services for rail, energy, and environmental sectors. The UK government has committed over £600bn over five years for infrastructure repair due to climate change and population growth pressures.	RNWH.L	View
2024 Q4	Jan 10, 2025	Ennismore European Smaller Companies Fund	-	-6.5%	AAD.DE, ACAD.ST, COS.L, EVS.BR, IGG.L, MOL.MI, NOVG.SW, SMRO, STB.L, STEM.L, STO.DE, SWON.SW, ULP.L, VOS.DE	Europe, Germany, industrials, infrastructure, Long/Short, small caps, technology, value	Fund focuses on European smaller companies with net exposure of 25% in sub-GBP 250m market cap companies. Microcaps in Europe have underperformed by 33% over last 3 years but offer significant mispricing opportunities due to less broker research and institutional coverage.		View
2023 Q2	Jun 30, 2023	Oakmark Fund- International Small Cap	3.8%	0.0%	ADECN.SW, APPS.MC, ENX.PA, SOW.DE, SPNS, SWON.SW, VPLAY.ST	Europe, M&A, private equity, small caps, software, Staffing, value	Multiple private equity firms showed interest in portfolio companies during the quarter, with Software AG receiving a takeover bid from Silver Lake, Applus receiving interest from three PE firms including Apollo, and SoftwareOne getting an unsolicited offer from Bain. The manager views these bids as validation of value but believes the offers undervalue the companies.	SPNS ENX.PA VPLAY.ST SWON.SW APPS.MC SOW.DE	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Oakmark Fund- International Small Cap	SoftwareOne	Information Technology	IT Consulting & Other Services	Bull	SIX Swiss Exchange	Board Independence, Private Equity Bid, Software Services, Switzerland, undervalued, Value-Added Reseller	View Pitch
Apr 28, 2026	Fund Letters	Centerstone Investors Fund	SoftwareOne	Information Technology	IT Services	Bull	SIX Swiss Exchange	cloud services, Digital transformation, double-digit growth, new management, Software Reseller, takeover target, undervalued, Value-Added Reseller	View Pitch
Apr 13, 2026	Fund Letters	Emeth Value Capital	SoftwareOne Holding AG	Information Technology	IT Consulting & Other Services	Bull	SIX Swiss Exchange	Channel partner, cloud solutions, Enterprise software, IT services, Merger Synergies, Microsoft Partner, Software Reseller, Switzerland, turnaround, Value	View Pitch
Apr 13, 2026	Fund Letters	Oakmark Fund- International Small Cap	SoftwareONE Holding	Information Technology	Technology Distributors	Neutral	SIX Swiss Exchange	CEO change, cloud services, merger, Microsoft Reseller, revenue guidance, Switzerland, Technology Distributor	View Pitch

BSD Shareholders of SWON-SW-2

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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