TDW

TDW

TDW

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	Moerus Capital Management LLC	15.9%	20.2%	1200 HK, 1821 HK, BBD, CCO CN, EFX CN, TDW, TPK LN, VAL	asset value, deep value, downside protection, Mean reversion, Replacement cost	The commentary highlights deep value opportunities in neglected global markets where asset values materially exceed market prices. Management stresses hard assets, replacement cost, and downside protection in inflationary or uncertain regimes. Mean reversion and corporate actions are key return drivers.	TDW VAL TPK LN BBD	View
2025 Q2	Aug 7, 2025	Robotti Value Investors	-	-	BLDR, TDW	cash flow, Discipline, fundamentals, Intrinsic Value, volatility	The letter contrasts narrative-driven markets with fundamental investing anchored in cash flows and intrinsic value. Management argues that volatility and speculation create recurring opportunities to buy undervalued public companies. Patience and discipline are positioned as the core edge.	IFP CN	View
2025 Q4	Feb 5, 2026	Black Bear Value Partners	0.1%	-12.6%	BLDR, FLG, HCC, LXS GR, PSK CN, TDW	Capital Investment Cycles, deep value, free cash flow, Mean reversion, Short Selling	The letter highlights a portfolio positioned for re-rating as multiple holdings near the end of capital investment cycles with permanent capital impairment viewed as remote. Black Bear emphasizes deep value opportunities in housing, energy, metallurgical coal, and foreign equities, while maintaining a substantial short book targeting speculative business models and over leveraged balance sheets. The manager expects normalized cash flows, capital returns, and mean reversion to drive significant upside as valuation meets reality.	LXS GR HCC FLG PSK CN TDW BLDR	View
2025 Q4	Feb 3, 2026	Robotti Value Investors	0.0%	0.0%	BLDR, HD, TDW	Consolidation, Cyclical, energy, gold, Homebuilders, Offshore, Recovery, value	Manager focuses on cyclical businesses emerging from prolonged downturns where consolidation has removed excess capacity and improved capital discipline. Years of underinvestment have shifted many businesses from persistent excess supply to recurring scarcity, creating structural improvements in earnings durability. Following years of underinvestment and restructuring, offshore energy services have experienced sharp supply-demand tightening. Companies like Tidewater emerged from restructuring with improved balance sheets and are positioned to benefit from consolidated fleets and restored pricing power. Building products distribution tied to homebuilders provides historical template for cyclical recovery. Following the 2009 housing collapse, capacity was rationalized and balance sheets repaired, with companies like Builders FirstSource emerging as ultimate winners despite multiple significant drawdowns. Continued rise in gold prices driven by sovereigns and institutions seeking safe allocation as the US increasingly uses dollar position as economic leverage tool. Growing demand for non-fiat monetary assets amid persistent inflation concerns and fiscal discipline challenges globally. Manager focuses on fundamental security analysis in abandoned corners of the market where scarcity of capital has driven consolidation and balance sheet repair. Gap between narrative and reality creates opportunities as entire industries are labeled permanently broken despite improving fundamentals.	TDW	View
2024 Q4	Dec 31, 2024	Moerus Capital Management LLC	-	16.0%	1821 HK, 1910 HK, 83 HK, AAL LN, BMA, DESP, EFX CN, JEF, NVDA, TDW, TURSG TI	-			View
2022 Q4	Dec 31, 2022	Moerus Capital Management LLC	-	13.3%	ARCO, BRX, DESP, EMAAR UH, GIVPY, IPCO CN, SPB, TDW, YRI SW	-			View
2023 Q4	Nov 30, 2023	Moerus Capital Management LLC	-	16.5%	ARCO, DESP, EDEL IN, EMAAR UH, NTCO3 BZ, NUVAMA IN, TDW, TECK/B CN, TURSG TI, UNC IN, WED CN, WG/ LN	-			View
2025 Q3	Oct 8, 2025	Black Bear Value Partners	-1.0%	-12.7%	BLDR, FLG, HCC, LXS GR, TDW	commodities, cyclicals, energy, Housing, Value Investing	The letter underscores contrarian value investing in out-of-favor sectors and companies. Cyclical pessimism and short-term earnings pressure are seen as temporary rather than structural. Recovery in fundamentals can drive meaningful re-rating over time.	HCC TDW LXS FLG BLDR	View
2024 Q3	Oct 20, 2024	Praetorian Capital Management	-2.3%	4.9%	AMRK, JOE, SII, TDW, U-U CN, VAL	-			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
Q4 2025	Jan 16, 2026	GDS Investments	-	-	ABNB, AMZN, CRWV, DEO, F, GE, GM, GOOGL, LEN, NVO, ORCL, RIVN, STZ, TDW, TREX, VAL, WMT, ZTS	AI, Buybacks, cyclicals, Electric Vehicles, Quality, Rotation, technology, value	AI-related infrastructure investment is beginning to unwind or recalibrate, with companies shifting from internal cash flows to debt financing. The manager expects a widening gap between pure AI infrastructure companies and those with diversified business models. Market rotation is expected away from speculative AI growth toward more traditional businesses. Share repurchases feature prominently across the portfolio as a signal of management confidence and value creation amplification. Multiple holdings have authorized significant buyback programs, including TDW ($500M), VAL ($600M ongoing), STZ ($4B), and others totaling billions in authorized repurchases. Rivian represents maybe the most exciting position in the portfolio, with the company developing its own autonomy platform and in-house chip (RAP1). The R2 model represents a pivotal moment, and partnerships with Volkswagen and Amazon have strengthened the balance sheet while expanding strategic options. The manager focuses on separating durable value from speculative excess, building positions in under-owned, under-valued businesses with strong balance sheets and leadership positions. The strategy involves finding high-quality businesses facing cyclical headwinds that have pushed market prices below intrinsic value.	RIVN TREX AMZN GOOG	View
2024 Q4	Jan 12, 2025	Praetorian Capital Management	-14.8%	-10.6%	AMRK, JOE, SII, TDW, VAL	-			View
2024 Q2	Jul 21, 2024	Praetorian Capital Management	-2.3%	4.9%	AMRK, JOE, NVDA, SII, TDW, VAL	-			View
2023 Q2	Jul 14, 2023	Third Avenue Small-Cap Value Fund	8.3%	0.0%	ITIC, TDW, TPH, WED CN, XHB	-			View
2024 Q2	Jun 30, 2024	Moerus Capital Management LLC	-	7.9%	388 HK, CMW AU, DESP, DOUG, GGAL, MEG CN, TDW, TECK/B CN, TURSG TI	-			View
2022 Q2	Jun 30, 2022	Third Avenue Small-Cap Value Fund	8.3%	0.0%	BATRA, FEPH, MSGE, TDW, WED CN	-			View
2023 Q2	May 31, 2023	Moerus Capital Management LLC	-	2.7%	CRE LN, DESP, LTM, NN NA, NTCO3 BZ, PCAR3 BZ, SPB, TDW, TECK/B CN, UNC IN, WED CN	-			View
2022 Q2	May 31, 2022	Moerus Capital Management LLC	-	16.1%	ARCO, CIB, CRE LN, IDFCFB IN, IPCO CN, ITAUCL CI, STAN LN, TDW	-			View
2025 Q1	Mar 31, 2025	Third Avenue Small-Cap Value Fund	-4.6%	-4.6%	BXC, FPH, TDW	-			View
2023 Q1	Mar 31, 2023	Third Avenue Small-Cap Value Fund	8.3%	0.0%	BATRA, FEPH, MSGE, TDW, WED CN	-			View
2022 Q1	Mar 31, 2022	Third Avenue Real Estate Value Fund	15.7%	0.0%	TDW, UGP	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	Bob Robotti	Tidewater Inc.	Energy	Oil & Gas Equipment & Services	Bull	New York Stock Exchange	buybacks, consolidation, Cyclicality, Free Cash Flow, Supply	View Pitch
Feb 21, 2026	Fund Letters	Adam Schwartz	Tidewater	Energy	Oil & Gas Equipment & Services	Bull	New York Stock Exchange	buybacks, Capital Scarcity, Free Cash Flow, Offshore energy, Supply Contraction	View Pitch
Jan 8, 2026	Fund Letters	Amit Wadhwaney	Tidewater Inc.	Energy	Oil & Gas Equipment & Services	Bull	New York Stock Exchange	Cyclicals, energy, Offshore, valuation, Vessels	View Pitch
Nov 29, 2025	Fund Letters	Adam Schwartz	Tidewater Inc.	Energy	Oilfield Services	Bull	NYSE	buybacks, energy, leverage, Marine, Offshore, Oilfield, Supply, valuation	View Pitch

BSD Shareholders of TDW

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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