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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Jun 11, 2024 | Horos Asset Management | 2.9% | 9.8% | ACX.MC, ALD.PA, ALNT.MC, APAM, ATYM.L, AUBAY.PA, CATOC.MC, FFH.TO, GEST.MC, IBG.MC, LNASF, MEL.MC, MIST, NPAPER.ST, NPN, REN.MC, SDE.TO, SEM.LS, TGS, TLGO.MC | active management, ETFs, Europe, financials, Market Efficiency, Steel, value | The letter extensively discusses value investing philosophy and its challenges in current markets. The manager argues that value investing remains viable despite recent underperformance, citing market inefficiencies and the distortive effects of passive investing. They emphasize their focus on fundamental analysis and finding undervalued companies trading below intrinsic value. | AUB.PA LNA.PA ACX.MC |
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| 2024 Q3 | Oct 14, 2024 | Ennismore Global Equity Fund | 0.8% | 5.8% | 9404.T, ADM.L, ASC.L, AUTO.L, BCG.L, DIERF, DKNG, FLTR, NNI, PM, RYAAY, STO.DE, TGS, WISE.L | active management, Fundamental Analysis, Long/Short, market inefficiency, mispricing, small caps, United Kingdom, value | The fund argues that markets have become less efficient due to the rise of passive investing, quantitative strategies, and retail trading driven by social media. They believe this creates opportunities for fundamental stock pickers, particularly in small and mid-cap companies where passive flows are limited. | FLTX |
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| 2025 Q4 | Jan 14, 2026 | Horos Asset Management | 0.0% | 0.0% | 0086.HK, AAPL, AMZN, ANE.PA, AYV.PA, AZM.MI, DIA.MC, ERG.MC, GEST.MC, GOOG, GOOGL, META, MSFT, NPSNY, NVDA, ONEX.TO, ORCL, TCEHY, TGS, TSLA | AI, Bubble, Concentration, Europe, gold, inflation, Passive investing, value | The manager discusses the massive investment in AI infrastructure by tech companies, warning of potential overinvestment and bubble dynamics. He compares the current AI race to a prisoner's dilemma where companies must invest aggressively to avoid being left behind, even at the risk of capital destruction. Private AI companies are raising capital at unprecedented valuations without products or disclosed business plans. The manager highlights how passive investing has reached nearly 65% of US equity assets, contributing to market distortions including reduced liquidity, increased volatility, and further concentration in mega-cap stocks. US equity index funds attracted around $650 billion in 2025 while actively managed funds saw record outflows approaching $1 trillion. The manager emphasizes their value investing approach, seeking companies that are temporarily undervalued due to setbacks or negative sentiment. He illustrates this with examples like AerCap and Naspers, where the market failed to recognize underlying value, allowing for opportunistic investments with significant upside potential. The manager discusses rising inflation expectations reflected in elevated long-term government bond yields despite central bank rate cuts. He notes that precious metals experienced explosive rallies as investors sought protection against potential currency debasement and sovereign debt concerns. Gold posted gains of around 65% in 2025, with silver rising over 145% and platinum nearly 125%. The manager attributes these gains to growing perception of potential deterioration in financial solvency of major economies and the risk of persistent inflation as governments deal with rising structural debt levels. | TCEHY SDE CN PLX FP ZEG LN ZIG LN NPSNY AER |
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| 2023 Q4 | Feb 13, 2024 | Horos Asset Management | 2.9% | 9.8% | AERCF, ALNT.MC, AMG, NHH.MC, SPTN.TO, TGS, VID.MC | Aircraft, catalysts, Coal, Europe, Inefficiencies, Portugal, Spain, value | The fund continues to focus on finding market inefficiencies and exploiting them through value investing principles. The manager emphasizes that value is often its own catalyst, citing Mohnish Pabrai's philosophy. The approach involves identifying undervalued companies trading at significant discounts to intrinsic value. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||