Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Sep 7, 2024 | Bonhoeffer Capital Management | 11.3% | 0.0% | AHELQ, AHT.L, ASB, BLDR, FFBB, NBN, TIGO, TVK.TO, UBAB, VTY.L | Banking, Consolidation, Distribution, Homebuilders, small caps, value | Holdings in car dealerships, branded capital equipment dealerships, building product distributors, automobile transportation logistics, and capital equipment leasing firms. Focus on high-velocity dealerships with superior inventory turns in markets around the world. | View | |
| 2025 Q2 | Sep 10, 2025 | Bonhoeffer Capital Management | 8.7% | - | ABG, ART.JO, ARW, ASO, BLDR, TIGO, TVK.TO, VTY.L | banks, Buybacks, Consolidation, Construction, deep value, Distribution, small cap, value | Holdings include car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors. The fund owns some of the highest velocity distributors in markets around the world, with distribution firms representing 49% of the portfolio. | View | |
| 2025 Q2 | Jul 21, 2025 | Renaissance Investment Management – International Small Cap Equity | - | - | 8252.T, ATAT, BBY.L, CLS, FINV, IFS, MITFY, NOMD, OMAB, PLYA, PSFE, SIMO, TIGO, TMVWY, VLRS | AI, China, Dollar, Europe, infrastructure, international, small cap, Trade Policy | International markets navigated significant trade tensions between the US and China, including Liberation Day tariffs followed by a ninety-day pause. Trade uncertainty may cause businesses to delay investments and capex, weighing on global growth in the second half of the year. | BBY LN CLS CN |
View |
| 2025 Q2 | Jul 20, 2025 | Brennan Asset Management | - | - | CHTR, CMCSA, CODI, GLV.L, LBRDA, MTRO.L, TIGO | Banking, Europe, international, M&A, tariffs, Telecom, Trade Policy, value | The Trump administration has implemented aggressive tariff policies with rates ranging from 20-200% across various countries and sectors. These tariffs are evolving from trade policy to countermeasures against any policy disagreements, creating substantial economic uncertainty and potential inflationary pressures. | CHTR CODI PTSB.L MTRO.L TIGO |
View |
| 2024 Q1 | Jun 16, 2024 | Bonhoeffer Capital Management | 11.3% | 0.0% | ABG, AHT, ARW, AZO, BLDR, ODFL, TIGO, WBD | Asia, Buybacks, Consolidation, Distribution, Electronics, small caps, Specialty Finance, value | The fund focuses on high-velocity dealerships and distributors across multiple sectors including auto dealerships, building products, and capital equipment. Arrow Electronics represents a major new investment in electronic components distribution with 15% global market share and strong consolidation opportunities. | ARW |
View |
| 2024 Q1 | May 7, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | AMG, BIO, CNX, DHER.DE, EQT, EXOR.MI, FBIN, FDX, FFH.TO, FIS, GLB.L, H, IAC, K, LYV, MLCO, PRX.AS, PVH, TIGO, WBD | Buybacks, global, Logistics, Media, Natural Gas, technology, value | Multiple portfolio companies are executing substantial share repurchase programs. CNX Resources continues share repurchase at a double-digit annualized pace, FedEx repurchased substantial stock with 6% annualized pace and authorized another $5 billion program, and FIS is using proceeds from asset sales to repurchase 10% of the company. | WBD FIS FDX CNX |
View |
| 2025 Q1 | May 20, 2025 | Bonhoeffer Capital Management | -3.4% | -3.4% | ABG, ARW, AXOS, BLDR, FFBB, MSBC, NBN, TIGO, TRVS.TO, UBAB, VTY.L | banks, Consolidation, deep value, Distribution, infrastructure, real estate, small cap, value | Holdings in car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors comprise 54% of portfolio. Focus on highest velocity distributors with strong inventory turns in markets worldwide. Distribution firms include Builders First Source, Asbury Automotive, Arrow Electronics, Ferrycorp, Terravest and Autohellas. | MSBC 161560.KS TTVS.TO |
View |
| 2025 Q1 | May 1, 2025 | Brennan Asset Management | - | - | AIBG.L, ARCO, BOI.L, CODI, GLV.L, GTX, LBRDA, MTRO.L, PLTR, SIRI, TIGO, TSLA | Banking, Europe, inflation, Ireland, tariffs, Trade Policy, value | Trump 2.0 administration imposed universal tariffs starting with 25% on Mexico and Canada, followed by Liberation Day with 10% universal tariffs and much higher reciprocal rates including 145%/125% on US/China trade. These tariff rates are the highest since the 1930s and have created massive market volatility and recession concerns. | PTSB.L |
View |
| 2025 Q1 | Apr 12, 2025 | Longleaf Partners Global Fund | -2.2% | -2.2% | ACI, BIO, CNX, DHER.DE, EXOR.MI, FDX, FIS, GLB.L, HFC, IAC, MAT, TIGO | Cash, global, healthcare, Logistics, Quality, tariffs, value | The fund maintains a price-to-value ratio under 60% which is highly attractive. The manager believes this is setting up to be a better environment for value stock picking where nimble companies on offense are rewarded rather than the biggest index companies continuing to go straight up. | GLB FDX CNX BIO TIGO IAC ACI |
View |
| 2025 Q1 | Mar 31, 2025 | Renaissance Investment Management – International Small Cap Equity | - | - | FINV, ITRN, KOF, MEOH, MTLS, NOMD, TGLS, TIGO, TSEM, VLRS, WBRBY, YUEIY | China, Europe, international, Manufacturing, small cap, tariffs, valuation | Trump implemented universal 10% tariffs and reciprocal tariffs on sixty nations, creating economic uncertainty that may slow global growth as companies hold back on investment plans. The rapid-fire conflicting statements from the administration have increased uncertainty about future trade policies. | View | |
| 2025 Q1 | Mar 31, 2025 | The Gabelli Global Content & Connectivity Fund | 3.7% | 3.7% | 9984.T, ATEX, DTE.DE, FYBR, GOOGL, META, PRX.AS, T, TDS, TIGO, TMUS, USM | Communications, Connectivity, content, global, Media, technology, Telecom | Fund holds significant positions in telecommunications companies including T-Mobile US, Deutsche Telekom, and wireless carriers serving Latin America. These companies benefit from 5G deployment, fiber expansion, and growing demand for high-speed internet services. | View | |
| 2024 Q3 | Dec 15, 2024 | Bonhoeffer Capital Management | 11.3% | 0.0% | ABG, AHT.L, ARW, BLDR, FFBB, LOTTE.KS, NBN, NOA.TO, TIGO, TVK.TO, UBAB, VST.L | Asia, banks, Buybacks, Consolidation, Construction, Distribution, growth, value | Holdings in car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors comprise 51.6% of portfolio. Focus on highest-velocity distributors with strong inventory turns in markets worldwide. Arrow Electronics exemplifies the model with modest earnings growth and aggressive buybacks. | View | |
| 2025 Q3 | Oct 21, 2025 | Renaissance Investment Management – International Small Cap Equity | - | - | CLS, CWK, FELTY, KOF, MRX, NOMD, RDWR, TIGO, TSEM, WBRBY | AI, China, emerging markets, Europe, international, semiconductors, small cap, Trade Policy | The emergence of an arms race in artificial intelligence has aligned China's government and its technology stocks with the goal of producing Chinese-made artificial intelligence infrastructure that can compete with American-made technology. Tower Semiconductor is capitalizing on high demand for data centers and artificial intelligence through increased capacity in Silicon Photonics and Silicon Germanium. | TSEM TSEM |
View |
| 2024 Q3 | Oct 16, 2024 | Longleaf Partners International Fund | 11.2% | 10.4% | 0700.HK, 1726.HK, 6498.T, AC.PA, CFR.SW, CUERVO.MX, DHER.DE, ERF.PA, GLB.L, HDB, JFC.PS, MLCO, PFD.L, PRX.AS, TCOM, TIGO, UBER | China, Concentration, Food, international, value, volatility | Chinese government introduced fiscal and monetary measures to support property sector and equity markets, exceeding market expectations. Beijing stepped in with counter-cyclical policy measures as 5% GDP growth target came under pressure. Companies in the region are beginning to re-rate as coiled springs with renewed market optimism. | View | |
| 2024 Q3 | Oct 16, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | 0700.HK, AMG, CNX, DHER.DE, ERF.PA, EXO.MI, FDX, FIS, GLB.L, IAC, K, MGM, ODFL, PRX.AS, SAIA, TCOM, TIGO, UBER, WMG | Buybacks, E-Commerce, gaming, global, Logistics, Natural Gas, value | The fund focuses on companies with durable competitive advantages trading at historically high valuation gaps versus the index. The price-to-value ratio remains in the high-60s%, indicating substantial room for price appreciation. Management emphasizes building a unique portfolio in a time of high valuations for the largest companies globally. | MGM FDX PRX.AS ERF.PA CNX K DHER.DE |
View |
| 2025 Q3 | Oct 10, 2025 | Ennismore Global Equity Fund | 0.9% | 8.4% | 4478.T, ACP.WA, AUTO.L, AZE.BR, BCG.L, CRDA.L, CSU.TO, DIE.BR, GD.TO, GNS.L, PDX.ST, SPX.L, TIGO, WISE.L | AI, Chemicals, Fintech, global, Long/Short, software, Specialty Retail, technology | The AI boom continued with greater fervour over the summer and September. OpenAI has signed roughly 20GW of data centre capacity deals in 2025, almost 20% of the world's installed base. The rush to build is pushing supply chains to breaking point, creating price pressure along the value chain and benefiting picks and shovels players. | WISE LN |
View |
| 2025 Q4 | Jan 19, 2026 | Hosking Partners | 7.2% | 33.5% | 000660.KS, 005930.KS, 055550.KS, AA, AAPL, BARC.L, C, FCX, HCC, IMPUY, MSFT, MU, SBSW, STX, SYF, TIGO | AI, contrarian, emerging markets, Japan, Mining, Platinum, technology, value | The strategy maintains a contrarian value approach, betting on mean reversion after a decade of growth dominance. Valuation spreads have reached extreme levels with enterprise value to sales ratios spanning 100-fold, creating opportunities in undervalued sectors. The AI capital paradox is creating opportunities as technology leaders face increasing capital intensity. McKinsey estimates $5.2 trillion in physical asset investments by previously asset-light firms, likely compressing returns on assets and valuations. South African platinum group metals were major contributors with Impala Platinum up 243%, Sibanye Stillwater up 360%, and Northam Platinum up 298%. The metals and mining sector weighting of 12% versus 2% index exposure drove significant outperformance. The strategy maintains triple-weight exposure to Japan at 14% versus 5% index weight, betting on corporate restructuring and activist investor pressure. Over 50 holdings target companies with depressed ROA ratios capable of dramatic improvement. | View | |
| 2025 Q4 | Jan 14, 2026 | Longleaf Partners Global Fund | 5.3% | 16.7% | ANGI, AVTR, BIO, CNH, CNX, DHER.DE, EXOR.MI, F, FI, GLAN.L, GRUMA.MX, IAC, JFC.PS, KHC, MAT, MGM, PHG, REGN, STLA, TIGO, UNH | Buybacks, FCF, global, Holdings, Media, Quality, value | The fund maintains a concentrated portfolio of undervalued stocks trading at low P/V ratios in the low-60s%. Management emphasizes finding defensive growers like consumer staples and timberland companies at better prices, similar to their successful positioning in 1999. They focus on companies with strong free cash flow generation and quality management partners. Multiple portfolio companies are actively repurchasing shares at attractive prices. MGM has repurchased over 40% of shares in five years, Glanbia added to buyback programs, and Exor executed efficient share repurchases via Dutch auction. The fund views these as value-creating capital allocation moves. Canal+ renewed exclusive UEFA Champions League rights for 2027-2031 at better economics than feared, reinforcing subscriber base quality. The company made operational progress across European and African platforms following the MultiChoice merger, though remains underfollowed as a French media company on London Stock Exchange. | AVTR BIO ANGI MGM KHC IAC TIGO GLB LN CAN LN |
View |
| 2024 Q3 | Sep 30, 2024 | The Gabelli Global Content & Connectivity Fund | 8.0% | 0.0% | 0700.HK, 9984.T, DTE.DE, FYBR, GOOGL, META, MSFT, PRX.AS, RCI, TIGO, TMUS, USM, VZ | AI, Connectivity, content, global, Media, technology, Telecommunications | The fund discusses artificial intelligence investments and their impact on portfolio companies. Meta Platforms is making AI investments to supplement and enhance its services, including developing its own large language model, LLaMA. Microsoft continues to be well positioned to capitalize on AI ecosystem development and is aggressively investing in artificial intelligence businesses. | View | |
| 2022 Q4 | Sep 3, 2023 | Bonhoeffer Capital Management | 11.3% | 0.0% | 036800 KS, 0QRV LN, BLDR, KT, TIGO, TIT IM | - | View | ||
| 2022 Q4 | Sep 2, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | AMG, CNX, GE, IAC, LUMN, TIGO, WBD | - | View | ||
| 2024 Q2 | Jul 23, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | AC.PA, AMG, BIO, CFR.SW, CNX, DHER.DE, ENT.L, ERF.PA, EXOR.MI, FDX, FIS, GLB.L, IAC, K, MAT, MGM, PRX.AS, TIGO, VIV.PA, WBD | Buybacks, Europe, free cash flow, global, Margins, technology, valuation, value | The fund trades at a low-60s% price-to-value ratio with holdings at roughly 10 times free cash flow on margins that can improve, while the FTSE Developed trades at 20 times potentially peak free cash flow. This positions investments for growth even in tougher economic times, especially on a relative basis. The valuation gap between the broader market and the portfolio is at a uniquely high level. | DHER.DE ERF.PA BIO FDX PRX.AS MILL.ST |
View |
| 2023 Q2 | Jul 19, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | AMG, CNX, ERF.PA, EXOR.MI, FDX, FI, FIS, GE, H, HAS, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, TIGO, WBD, WMG | Buybacks, concentrated, discount, global, Media, value | The fund holds significant positions in media companies including Warner Bros Discovery, Live Nation Entertainment, and IAC. Warner Bros Discovery remains dramatically undervalued despite near-term streaming uncertainty, while Live Nation benefited from strong concert demand acceleration in 2023. | NWBD.L TIGO IAC LLYVA |
View |
| 2023 Q2 | Jul 19, 2023 | Longleaf Partners International Fund | 11.2% | 10.4% | 0288.HK, 1999.HK, 4612.T, AC.PA, APPS.MC, BABA, CFR.TO, EXO.MI, FFH.TO, GLB.L, GRUMAB.MX, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MLCO, PFD.L, PRX.AS, TIGO | Asia, Buybacks, China, concentrated, Europe, international, value | Fund focuses on concentrated portfolio of 18-22 best ideas trading at discount to intrinsic value with compelling price-to-value ratio in mid-60s%. Management teams actively using buybacks, spin-offs and divestitures to crystallize value when persistent gaps exist between price and intrinsic value. | 4613.T 1999.HK LXS.DE AC.PA APPS.MC |
View |
| 2022 Q3 | Jul 12, 2022 | Bonhoeffer Capital Management | 11.3% | 0.0% | 005300 KS, ABG, BERY, TIGO, TIT IM | - | View | ||
| 2023 Q1 | Jun 23, 2023 | Bonhoeffer Capital Management | 11.3% | 0.0% | AHT.L, CNSL, TIGO, TIM.MI, TVK.TO | Consolidation, Distribution, energy, Korea, special situations, Telecom, value | Portfolio includes car dealerships, branded capital equipment dealerships, convenience stores, building product distributors, automobile transportation logistics, and capital equipment leasing firms. Key performance indicator is velocity or inventory turns. Holdings include some of the highest-velocity dealerships globally. Recovery seen in markets previously hit by COVID like South Africa and Latin America. | TVK.TO TIGO AHT.L CNSL 003550.KS |
View |
| 2023 Q1 | Apr 20, 2023 | Longleaf Partners International Fund | 11.2% | 10.4% | 0001.HK, 0288.HK, AC.PA, APPS.MC, BABA, CUERVO.MX, DOM.L, ERF.PA, EXOR.MI, FFH.TO, GLB, GRUMAB.MX, HDB, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MC.PA, MLCO, PFD.L, PRX.AS, TIGO | Asia, China, concentrated, Europe, international, Luxury, Travel, value | China is arguably the only economy of size that is easing on a regulatory, fiscal and monetary perspective, while the rest of the world is tightening. The region offers compelling upside from both an economic and valuation perspective as Asia emerges from three years of lockdown with consumer sentiment rebounding strongly. | KER.PA CFR.SW AC.PA TIGO |
View |
| 2023 Q1 | Mar 31, 2023 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | CLMB, CMP, ECVT, GLDD, GMED, HNRG, LFCR, LGF/B, NUVA, SSP, TIGO, VMD | - | View | ||
| 2024 Q4 | Mar 14, 2025 | Bonhoeffer Capital Management | 9.7% | - | ABG, ASO, BECN, BLDR, FFBB, NBN, TIGO, UBAB | Banking, Buybacks, Consolidation, deep value, Distribution, small cap, value | Holdings include car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors. The fund owns some of the highest velocity distributors in markets around the world. Asbury Automotive exemplifies this theme with its model to grow earnings through merger and acquisition or buy back shares if acquisition targets are not available for a reasonable price. | View | |
| 2024 Q4 | Jan 26, 2025 | Brennan Asset Management | - | - | ARCO, CHTR, CODI, LBRDK, LILAK, MCD, MEGA.MX, TIGO, TSLA | Banking, Buybacks, Capital Allocation, LatAM, Telecom, Valuations, value | Manager emphasizes owning multiple names that trade far below intrinsic value and could rise substantially while still trading at material discounts. Believes it would be a mistake to blindly abandon out-of-favor names and chase the highest priced businesses. Sees enormous value in several holdings that have been thrown out with the bathwater. | View | |
| 2023 Q4 | Jan 17, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | AMG, BIO, CNX, DHER.DE, ERF.PA, EXOR.MI, FBHS, FDX, FFH.TO, FIS, GE, K, LUMN, LYV, MAT, MGM, MLCO, PVH, TIGO, WBD | Banking, Buybacks, global, portfolio, Quality, returns, value | Manager emphasizes their differentiated approach to value investing, focusing on Business, People, Price rather than traditional value ETF strategies or quality at higher prices. They believe value is positioned for outperformance in the 2020s similar to previous decades when interest rates normalized. | View | |
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners International Fund | -11.2% | -2.0% | 035420.KS, AC.PA, CUERVO.MX, DHER.DE, DOM.L, ERF.PA, EXO.MI, GLB.L, HDB, JFC.PS, MLCO, PFD.L, PRX.AS, TIGO, VIV.PA | Asia, Europe, Food, international, Media, Travel, undervalued, value | Fund emphasizes investing in high-quality companies at heavily discounted valuations. Portfolio companies remain materially undervalued with P/V ratio in high-60s%, offering both downside protection and attractive prospective returns. Market inefficiencies create opportunities to invest in exceptional companies at deeply discounted prices. | View | |
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners Global Fund | -6.7% | 10.5% | 0700.HK, 4613.T, AC.PA, ACI, AMG, BIO, CFR.SW, CMCSA, CNX, ENT.L, ERF.PA, EXO.MI, FBIN, FDX, FFH.TO, FIS, H, HFC, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, RKT.L, TCOM, TIGO, WBD, WMG | Buybacks, global, inflation, Media, Natural Gas, Spin-Offs, Trump, value | Fund trades at low-60s% price-to-value ratio with sub-10x price/earnings power multiple, dramatically different than the market. Manager emphasizes fundamental, appraisal-driven research and finding mispriced value outside of the US at the moment. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Longleaf Partners Global Fund | Millicom | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | activist investor, cable, Emerging markets, Equity, infrastructure, Latin America, telecommunications, Wireless | View Pitch |
| Apr 27, 2026 | Fund Letters | Bonhoeffer Capital Management | Millicom International Cellular SA | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | Emerging markets, Fiber Rollout, Fintech, Latin America, Special Situation, Strategic Bidders, telecommunications, Tower Monetization | View Pitch |
| Apr 27, 2026 | Fund Letters | Longleaf Partners Global Fund | Millicom | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | cable, cash flow, Latin America, strategic interest, takeover target, telecommunications, undervalued, Wireless | View Pitch |
| Apr 27, 2026 | Fund Letters | Longleaf Partners International Fund | Millicom International Cellular S.A. | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | Activist Investment, cable, cash flow, Latin America, M&A Target, telecommunications, undervalued, Wireless | View Pitch |
| Apr 13, 2026 | Fund Letters | Brennan Asset Management | Millicom International Cellular S.A. | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | Cellular Towers, Colombia, duopoly, Emerging markets, Free Cash Flow, infrastructure, Latin America, M&A, Special dividend, telecommunications | View Pitch |
| Apr 13, 2026 | Fund Letters | Longleaf Partners International Fund | Millicom International Cellular S.A. | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | acquisition, dividend, Free Cash Flow, Latin America, leverage, operational efficiency, Share Buyback, telecommunications | View Pitch |
| Apr 13, 2026 | Fund Letters | Longleaf Partners Global Fund | Millicom International Cellular SA | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | Emerging markets, Free Cash Flow, high dividend yield, Latin America, Single Digit Multiple, telecommunications, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Longleaf Partners International Fund | Millicom International Cellular S.A. | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | cable, EBITDA growth, Free Cash Flow, Latin America, Operational Improvement, takeover target, telecommunications, Value, Wireless | View Pitch |
| Jan 16, 2026 | Fund Letters | Ross Glotzbach | Millicom International Cellular S.A. | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | buybacks, deleveraging, dividends, Freecashflow, Telecom | View Pitch |
| Dec 5, 2025 | Fund Letters | Margaret Webb | Millicom International Cellular SA | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | cashflow, Emerging markets, Margins, Telecom, turnaround | View Pitch |
| 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. | ||||||||