TECK

TECK

TECK

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	May 9, 2024	Greenlight Capital	1.1%	9.0%	CEIX, HPQ, LBTYA, PENN, ROIV, SOLB BB, TECK	-			View
2024 Q1	Apr 15, 2024	L1 Capital Long Short Fund	2.4%	10.8%	CRH, CS CN, CVE, DOW AU, FLUT, FRA GR, IMD AU, NXE CN, QBE AU, TECK	-			View
2024 Q4	Feb 11, 2025	Invesco Small Cap Value Fund	4.3%	24.5%	HUN, ICLR, LITE, MSM, MXL, ONTO, TECK, VST	-			View
2025 Q4	Feb 10, 2026	PM Capital Enhanced Yield Fund	0.8%	4.6%	2282.HK, 8570.PA, APO, BAER.L, BHP.AX, CABK.MC, CGF.AX, COL.AX, CRN.L, CS.AX, FCX, FDV.AX, FOXA, HEIA.AS, IMI.L, INGA.AS, LLOY.L, NEM, NSC, NST.AX, QUB.AX, RPRX, SHL.DE, SMR.AX, TECK, TSCO.L, UNP, WDS.AX, WOW.AX	Bonds, credit, fixed income, inflation, rates, Yield	Despite signs of re-emergence of higher inflation across major global developed economies including Australia in the December quarter, the fund delivered positive returns. Australian bond yields increased significantly with three year bonds rising over 60 basis points and 10 year bonds almost 50 basis points, representing a shift from rate cut expectations to multiple rate increase expectations in 2026. The fund increased exposure to fixed interest rates during the quarter as markets became overly optimistic about cash rate increases in 2026. Management believes multiple rate increases would put notable downward pressure on the economy given cost-of-living pressures and higher house prices remain issues.		View
2025 Q4	Feb 10, 2026	PM Capital Global Companies Fund	7.8%	38.3%	2282.HK, APO, BARC.L, BHP.AX, CABK.MC, CGF.AX, CRN.L, CS.AX, FCX, FDV.AX, FOXA, IMI.L, LLOY.L, NEM, NSC, NST.AX, SHL.DE, SMR.AX, TECK, UNP	Banking, commodities, Copper, Europe, gold, infrastructure, Railroads, value	Copper surged 17% over the quarter, driven by supply risks and production disruptions at major mines. Portfolio holdings Freeport McMoRan, Teck Resources, and BHP delivered strong performance. The fund maintains conviction in copper due to tightening supply, record prices, and geopolitical uncertainty. Gold gained 12% in the quarter, reaching record highs and delivering extraordinary 64% gains for 2025. Monetary policy uncertainty and geopolitical tensions provided positive backdrop. Portfolio holdings Newmont and Northern Star Resources contributed meaningfully to performance. Union Pacific's proposed merger with Norfolk Southern would create the first coast-to-coast rail network in the US, potentially unlocking rail's potential to capture long-distance freight. The unified network could benefit broader US supply chains and provide the next leg of growth for an industry that has relied on efficiency gains. European banking sector produced strong outperformance led by Bank of Ireland, Lloyds Banking Group, and CaixaBank. Sector returns supported by interest rate stabilization and yield curve steepening. The market is transitioning toward improving organic loan growth after fifteen years of stagnant credit activity.	CRN LN APO SHL GR UNP LLOY LN BIRG LN IMI LN TECK FCX	View
2023 Q3	Dec 10, 2023	White Falcon Capital Management	6.0%	8.5%	AMD, AMZN, NU, ROVR, TECK	-			View
2023 Q2	Dec 7, 2023	White Falcon Capital Management	6.0%	8.5%	AMD, AMZN, EPAM, NU, TECK, WPM	-			View
2025 Q3	Oct 14, 2025	Greenlight Capital	-3.6%	0.4%	COYA, EIX, GRBK, KD, LXS GR, PCG, TECK	AI, Bubble risk, energy, Utilities, valuation	Greenlight critiques the AI investment mania, arguing trillion-dollar spending plans lack financial grounding. The fund remains cautious on equity valuations and warns of potential capital destruction similar to past bubbles. Holdings like Pacific Gas & Electric and Teck Resources reflect contrarian positioning in undervalued and energy-related names.		View
2025 Q4	Jan 26, 2026	Davis Opportunity Fund	0.0%	22.0%	AMAT, AMZN, COF, CTRA, CVS, DGX, GOOGL, META, MKL, SOLV, TECK, UNH, USB, VTRS, WCC	active management, energy, financials, healthcare, Outperformance, selectivity, technology, valuation	Davis advocates for active management over passive indexing given stretched valuations in major indexes. They believe active managers can be selective at the security level and maintain rational diversification, contrasting with passive indexes where weightings are determined by share price momentum. The fund was opportunistic in healthcare throughout 2025, investing decisively in managed care insurers when operating costs surged unexpectedly. They believe these businesses traded at low multiples on depressed earnings with good recovery potential, as small margin improvements can translate into large percentage increases in earnings power. Holdings span social media, online search, cloud computing and e-commerce including select Magnificent 7 positions. They also own semiconductor companies at reasonable valuations, including picks and shovels businesses like Applied Materials with strong competitive positions and long track records of value creation. The portfolio looks different from major passive indexes in financials. Capital One Financial is a core holding with strong consumer finance, deposit-rich banking, and payment processing capabilities. It trades at only 13-14 times forward earnings despite attractive economics and is the fifth-largest holder of AI-related patents among major US companies. The fund owns stakes in energy and commodities companies that they have been quietly building. Coterra represents their energy business holdings, while Teck Resources reflects interest in select commodities like copper that serve as critical inputs to the electrification trend.	WCC COF UNH	View
2023 Q2	Jul 23, 2023	L1 Capital Long Short Fund	2.4%	10.8%	AKE CN, DOW AU, FLTR LN, JHX, TECK	-			View
2023 Q1	Mar 31, 2023	L1 Capital Long Short Fund	2.4%	10.8%	AAPL, BSL AU, CAPS, CS CN, CVE, DOW AU, FLTR LN, IDG GR, NMA GR, QBE AU, TECK	-			View
2022 Q4	Feb 24, 2023	L1 Capital Long Short Fund	2.4%	10.8%	CHR CN, CVE, FLTR LN, MDGL, MIN AU, ORG AU, QAN AU, QBE AU, SHOP, TECK	-			View
2022 Q4	Jan 17, 2023	Greenlight Capital	1.1%	9.0%	AAWW, ASC, CEIX, DNMR, GRBK, RHM GR, TECK, THC, TWTR	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 26, 2026	Fund Letters	Paul Moore	Teck Resources Limited	Materials	Copper	Bull	New York Stock Exchange	Copper, merger, Mining, scale, synergies	View Pitch

BSD Shareholders of TECK

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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