UCG-MI

UCG-MI

UCG-MI

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	15.9%	20.2%	0388.HK, 1200.HK, 1821.HK, BBDO, CBD, CCO, CPA, CS.TO, DC.TO, DESP, DOUG, EDELWEISS.NS, EFX.TO, FIH.TO, GGAL, TDW, TPK.L, UCG.MI, VAL, WPM	Brazil, Hong Kong, international, Offshore Drilling, Precious Metals, tariffs, value, volatility	Fund focuses on investing in depressed and unpopular businesses at attractive prices, seeking opportunities where low expectations are priced in. Manager emphasizes buying quality businesses at unusually depressed valuations when skies seem darkest.	TDW VAL TPK LN BBD	View
2025 Q2	Aug 27, 2025	Global High Dividend ADR	8.6%	17.3%	2899.HK, 8766.T, AVGO, BA.L, BTI, CVX, DUK, ET, IBE.MC, JCI, JNJ, JPM, MRK, MS, NVS, SGO.PA, SIE.DE, TSCO.L, UCG.MI, ZURN.SW	dividends, Dollar, Europe, financials, international, long-term, Quality, value	Global value has outperformed growth over the last one, three, five and seven years. Value remains more out of favor today over a trailing 10-year basis than during the peak of the Dot-Com Bubble. Key drivers include strong performance of financial companies benefiting from rising interest rates and industrial companies exposed to long-term secular tailwinds.		View
2024 Q1	Apr 30, 2024	Smead International Value Fund	0.7%	11.6%	BAWG.VI, CVE.TO, FRO, G.MI, IFP.TO, MEG.TO, OXY, PNDORA.CO, ROG.SW, TGA.JO, UCG.MI, WFG.TO, WHC.AX	Banking, energy, inflation, international, rates, value	The fund holds significant positions in energy companies including Meg Energy, Cenovus Energy, and Occidental Petroleum. Coal companies faced pressure from weakened demand factors including China's economic growth and increased coal and gas stock availability.	ROG.SW	View
2026 Q1	Apr 21, 2026	Smead International Value Fund	14.4%	14.4%	BARC.L, CVE.TO, FRO, PNDORA.CO, SCR.TO, UCG.MI	concentrated, energy, European Banks, international, Unconventional, value			View
2025 Q3	Dec 4, 2025	Global High Dividend ADR	5.0%	23.1%	BTI, C, DG.PA, ET, IBE.MC, JCI, JNJ, JPM, MO, MS, NVS, RIO, SIE.DE, UCG.MI	AI, dividends, Europe, financials, growth, international, technology, value	The strategy focuses on high-quality dividend-paying companies with strong balance sheets. 91% of portfolio companies increased dividends by an average of 10.9% year over year, with portfolio dividend income growing 9.2%. The managers remain committed to investing in companies with operational resilience to deliver progressive dividend growth over the long term.	DG FP	View
2024 Q4	Dec 31, 2024	Artisan International Fund	-	10.6%	2579.T, 4091.T, AER, AI.PA, AMZN, AON, ARGX, AZN, BA.L, BUD, FLTR, LIN, MRO.L, NG.L, NVO, RHM.DE, SHOP, UCB.BR, UCG.MI	Biotechnology, Cloud, defense, Energy Transition, healthcare, Industrial Gases, international, value	Healthcare holdings delivered robust performance with UCB's Bimzelx approval for chronic inflammatory skin conditions adding $1.8 billion in peak sales potential. Argenx advanced VYVGART to phase 3 trials for myositis treatment, potentially adding $2 billion to peak sales. The VYVGART franchise grew 20% with total peak sales projected to exceed $10 billion.		View
2024 Q4	Dec 31, 2024	Moerus Capital Management	-	16.0%	0388.HK, 1821.HK, 1910.HK, AAL.L, ARCO, BAJAJHLDNG.NS, BMA, CBD, DESP, DGX, EFX.TO, GGAL, IDFCFIRSTB.NS, JEF, MEG.TO, NTCO, STAN.L, TID, TSGYO.IS, UCG.MI	Argentina, Banking, contrarian, fundamentals, Hong Kong, international, Turkey, value	Three of the Fund's five largest positive contributors came from Argentina, including Grupo Financiero Galicia, Despegar.com, and Banco Macro. The manager built positions in Argentine banks at discounted prices reflecting extreme pessimism from macro chaos, believing they were well-positioned as international players fled the market. Early signs of improvement under the Milei administration, including fiscal surplus and deceleration in inflation, drove strong performance.		View
2025 Q3	Oct 19, 2025	Smead International Value Fund	9.1%	28.5%	AMGN, APA, AXP, BAWG.VI, BMPS.MI, CVE.TO, DHI, FRO, LEN, MAC, MEG.TO, MRK, NVR, PNDORA.CO, SCR.TO, SPG, UCG.MI, UMG.AS, WFG.TO	Banking, energy, Europe, Mergers, oil, Scale, value	The fund owns MEG Energy which has been subject to a bidding war between Cenovus Energy and Strathcona Resources. Cenovus expects $400 million in annual cost savings from combining with MEG, representing about 45% of MEG's market cap. The oil business is seeing significant value creation through mergers and acquisitions as companies seek to scale operations.	UCG MEG SCR CVE	View
2023 Q3	Oct 16, 2023	Smead International Value Fund	0.7%	11.6%	BAWG.VI, BKT.MC, BMW.DE, CVE.TO, FRO, GOOS.TO, IFP.TO, MEG.TO, NXT.L, OXY, P911.DE, PAH3.DE, PNDORA.CO, SMWH.L, TGA.L, UCG.MI, VOW3.DE, WFG.TO, WHC.AX	Banking, Coal, Currency, energy, interest rates, international, value	The fund views rising interest rates as a major risk affecting all asset classes, not just bonds. They believe the 30-year Treasury hitting 5% creates significant interest rate risk that most investors underestimate. The fund seeks to avoid this risk through specific positioning choices.		View
2024 Q3	Oct 15, 2024	Smead International Value Fund	0.7%	11.6%	BARC.L, BAWG.VI, BKT.MC, BRK-A, CVE.TO, FRO, G.MI, MEG.TO, NWG.L, PNDORA.CO, SCR.TO, UCG.MI, WFG.TO	banks, Compounding, energy, Europe, returns, value	The fund focuses on finding businesses that produce strong double-digit returns where investors are not overpricing them. They seek companies trading at significant discounts to economic value, exemplified by their European bank holdings which continue to be appraised at substantial discounts despite improving fundamentals.		View
2025 Q4	Jan 21, 2026	Smead International Value Fund	8.2%	39.1%	BARC.L, BAWG.VI, BKT.MC, CVE.TO, GLEN.L, OXY, PNDORA.CO, ROG.SW, SCR.TO, TGA.JO, TVE.TO, UCG.MI, WFG.TO	banks, energy, Europe, oil, value	The fund employs a concentrated value approach focused on maximizing long-term returns. The managers contrast momentum investing (driven by stories and mythos) with value investing (analytical approach examining capital structure, returns on capital, and future growth). They believe value investing represents a more logical and analytical framework that will ultimately prevail. The managers challenge the mythos that American energy producers will drill regardless of price, noting that capex per rig has moved to higher levels coinciding with attractive entry points. They highlight that OPEC production increases have been muted relative to announcements, with Saudi Arabia being the only member capable of bringing back meaningful production at 2.1 million barrels per day. The fund sees Europe transitioning from mythos (over-regulated, poor decision-making) to logos (analytical capital allocation). European banks now believe they must earn their cost of capital and provide investor rewards through declining cost-to-income ratios, stock buybacks, and consolidation. Germany's removal of its debt brake for rearmament signals a future driven by returns and investment.		View
2025 Q4	Jan 15, 2026	ClearBridge Investments International Growth ADR Strategy	0.0%	0.0%	0700.HK, 8035.T, AZN.L, CLS.TO, EL.PA, ENR1.DE, GALD.SW, HEI.DE, III.L, ITX.MC, LIN, NVO, NWG.L, RACE, ROG.SW, RYA.L, SE, SIE.DE, SONY, TT, UCG.MI	AI, Asia, banks, Europe, growth, international, Pharmaceuticals, value	The Strategy saw strength in holdings supporting the buildout of AI workloads during the quarter, led by Siemens Energy (electrical equipment for data centers), Tokyo Electron (semiconductor equipment), and Celestica (cloud platform technology solutions). Data centers remain supportive for earnings revisions in industrial holdings. Health care was a focus of activity with repurchases of EssilorLuxottica and Galderma Group and addition of Roche. Roche reported positive Phase III data for giredestrant and fenebrutinib with peak sales opportunities of $5 billion each. The sector has been improving after U.S. policy pressures moderated. Increased non-U.S. defense spending is here to stay as NATO evolves from U.S. leadership to more European participation. There has been rebuilding of inventories in the European Union and efforts to maintain steady defense infrastructure supply. Japan has also increased defense spending under its new prime minister. Despite investor avoidance since COVID, Chinese innovation is rapid and happens at lower prices. The next five years will see companies consolidate and dominate higher value chain positions across pharmaceuticals, battery materials, solar energy and technology. Lower valuations and higher profitability make exposure necessary. Banks can benefit from funding AI and energy transitions through new profitable loans. Heidelberg Materials could see upside from implementing decarbonization technologies in cement production. The transition creates lending opportunities and operational improvements for industrial companies. Value has worked internationally because inexpensive stocks are direct beneficiaries of enormous stimulus measures in Germany, Europe and Japan. The Strategy increased structural growth exposure through European and U.K. banks where there is a step change in earnings. Bank valuations remain inexpensive with excess capital.	HEI GR ROG SW NWG LN AZN LN	View
2024 Q2	Jul 15, 2024	Smead International Value Fund	0.7%	11.6%	CVE.TO, FRO, G.MI, IFP.TO, MEG.TO, OXY, PNDORA.CO, SCR.TO, UCG.MI, WFG.TO	banks, energy, Europe, Government Spending, inflation, technology, value	The fund is focused on the reserve life of oil and gas assets in places like Canada with investments like MEG Energy, Cenovus and Strathcona. In a world that is far less interested in investing in energy compared to AI, they believe that the assets' lives need to match the current long lead time capital cycle.		View
2024 Q2	Jun 30, 2024	Moerus Capital Management	-	7.9%	0388.HK, ARCO, BSBR, CWP.AX, DESP, DOUG, EXO.MI, GGAL, HMSO.L, IPCO, JEF, MEG.TO, NTCO, PCAR3.SA, SPB, STAN.L, STNG, TDW, TECK, TSGYO.IS, UCG.MI, WED.TO	Argentina, Corporate Activity, emerging markets, real estate, Turkey, value	Argentina-based investments were the largest positive contributor to performance, led by Grupo Financiero Galicia and Despegar.com. The manager built positions during extreme economic chaos including currency devaluation and 200%+ inflation, viewing this as a rare opportunity similar to the early 2000s crisis. Recent encouraging signs include deceleration in inflation and fiscal surpluses under the Milei administration.		View
2023 Q2	May 31, 2023	Moerus Capital Management	-	2.7%	AKER.OL, AUY, CCO, CFX.TO, CMW.AX, DESP, IPCO.TO, ITUB, JEF, LATAM, NN.AS, NTCO3.SA, NTR, PCAR3.SA, SPB, STAN.L, TDW, TECK, UCG.MI, WED.TO	Banking, Buybacks, energy, growth, inflation, Latin America, technology, value	Fund focuses on investing in depressed and unpopular businesses at attractive prices, avoiding popular mega-cap Growth stocks due to excessive valuations. Manager believes valuation and fundamentals will ultimately matter more in determining investment outcomes going forward.		View
2025 Q1	Apr 14, 2025	Smead International Value Fund	5.7%	5.7%	BARC.L, BRBY.L, CVE.TO, FRO, GLEN.L, MEG.TO, PNDORA.CO, SCR.TO, UCG.MI	banks, Canada, commodities, energy, international, value	The fund holds significant positions in Canadian oil and gas producers in the tar sands. Energy has been a major detractor through mid-2023 to March 2025. The manager believes these businesses have much less risky capital structures than perceived, with companies like Meg Energy having less than 50% of cash flow in net debt.		View
2025 Q1	Mar 31, 2025	ClearBridge Investments International Growth ADR Strategy	-	-	1211.HK, 4091.T, 6273.T, 7011.T, 7733.T, 7936.T, AIR.PA, ARGX, BBVA, CP, DB1.DE, DTE.DE, ISP.MI, LLOY.L, NVO, NWG.L, SE, TT, UCB.BR, UCG.MI	banks, China, defense, Europe, growth, infrastructure, international, technology	Defense spending is expected to increase dramatically in the EU and Japan, boosting revenues for aerospace contractors like Airbus and Mitsubishi Heavy Industries. Germany is leading substantial increases in defense spending as Europe shoulders greater responsibility for security. Military spending in Japan could increase from 1% to 3% of GDP.		View
2023 Q4	Jan 16, 2024	Smead International Value Fund	0.7%	11.6%	BAWG.VI, CVE.TO, FRO, GOOS.TO, IFP.TO, IWG.L, MEG.TO, OXY, PNDORA.CO, SCR.TO, UCG.MI, WFG.TO	banks, Change, Europe, Geopolitical, oil, value	America transformed into an OPEC-sized producer of oil and gas products over the last 20 years. American producers decided to quit drilling new holes in spring 2020, leading to explosive returns for investors as stock buybacks and dividends rained in from operating cash flow. Oil and gas producers are now being rational with their capital allocation.	BAWG.VI	View
2024 Q4	Jan 14, 2025	Smead International Value Fund	-6.2%	4.7%	7270.T, BARC.L, BG.VI, BRBY.L, CVE.TO, FRO, G.MI, GLEN.L, IFP.TO, MEG.TO, PNDORA.CO, ROG.SW, SCR.TO, UCG.MI, VOW3.DE, WFG.TO, WHC.AX	Autos, banks, Buybacks, energy, Europe, Japan, value	The letter extensively discusses share buybacks as a key investment strategy, comparing them to Pac-Man gobbling up shares. UniCredit reduced shares outstanding by 19.4% through buybacks, and Japanese companies including Subaru are implementing their first-ever buyback programs.	7270.T UCG.MI	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Global High Dividend ADR	UniCredit SPA	Financials	Banks	Bull	Borsa Italiana	Central Europe, consolidation, dividend yield, European Banking, Fiscal Expansion, Germany, Italy, M&A, pan-European, Value	View Pitch
Apr 13, 2026	Fund Letters	Smead International Value Fund	UniCredit SpA	Financials	Banks	Bull	Borsa Italiana	capital allocation, Depressed Valuations, European Banking, financial leverage, ROE improvement, Share Buybacks, value creation	View Pitch

BSD Shareholders of UCG-MI

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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