UTG-L

UTG-L

UTG-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Third Avenue Real Estate Value Fund	6.8%	6.4%	AMH, BAM, BN, CBRE, DHI, FMCC, FNMA, FPH, FR, GRI.L, JLL, JM.SI, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WCC, WY	GSEs, Industrial, Manufacturing, Onshoring, real estate, REITs, Residential, value	Supply chain disruptions from Covid-19 have accelerated efforts to reshore critical industries including defense, pharmaceuticals, semiconductors, and materials. U.S. manufacturing investment has increased three-fold over five years to $230 billion annually, with nearly $2 trillion of reshoring initiatives announced since 2023.	J36.SI SKY WCC PLD JAR LN SKY WCC PLD	View
2026 Q1	May 4, 2026	Easterly – Global Real Estate Fund	1.0%	1.0%	EQIX, GMG.AX, HKL.HK, NTST, SGP.AX, UTG.L	Data centers, global, interest rates, Property, real estate, REITs		SGP.AX UTG.L EQIX NTST HKL.L	View
2025 Q4	Feb 4, 2026	Easterly – Global Real Estate Fund	-2.1%	5.9%	0012.HK, AMT, IRM, PLD, PW.L, UTG.L	Construction, fundamentals, global, interest rates, Property, real estate, REITs, supply	Global real estate fundamentals are improving with low supply and high construction costs conveying pricing power to landlords. REITs have historically delivered strong returns following Fed rate-hike cycles, and with rates stabilizing around 4-4.5%, REITs have shed a major headwind. Data centers are benefiting from durable secular drivers including digital infrastructure demand. The fund prefers this property type due to supply-demand imbalances that favor landlords and continued momentum in data center leasing with improving organic growth. Student housing is favored due to demographic tailwinds and post-pandemic recovery trends. However, demand from UK students was softer than expected, raising questions about affordability and management's forecasting ability.		View
2025 Q3	Oct 21, 2025	Third Avenue Real Estate Value Fund	6.7%	-	AC.PA, AMH, BKG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, FR, JLL, LEN, PHM, PLD, RYN, SUI, SVS.L, UHAL, UTG.L, WY	Commercial, global, Homebuilders, Mortgage, real estate, REITs, Residential, value	Fund holds 27.5% in North American commercial real estate companies including CBRE Group, JLL, Brookfield Corp, Prologis, First Industrial, Wesco, and U-Haul Holdings. These represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate that favor long-term investors with structural demand drivers, limited maintenance capex, and prospects to self-finance accretive reinvestment. Commercial banks are estimated to be lending significantly less to commercial real estate, with current pace at less than half of the previous 10-year average.	UTG CHMP ACCOR UTG CHMP AC ROG BOISE DBK OR HBR LUN CS	View
2025 Q4	Jan 30, 2026	Staude Capital – The Global Value Fund	-	-	AA4.L, DNA2.L, DNA3.L, ESP.L, HVPE.L, UTG.L	AI, earnings, global, inflation, Trade Policy, Valuations, value	US share markets are trading nearly as expensively as they ever have relative to history. The manager presents extensive analysis showing strong negative correlation between high valuations and future 10-year returns, with current forward P/E of 25.6 suggesting poor long-term prospects. Even using 3-year forward earnings estimates, markets still appear fully valued with limited upside potential. Artificial Intelligence continues to drive investor excitement and market performance. US company earnings are forecast to grow by 44% over the next three years, driven largely by expectations for AI companies to deliver on their lofty targets. The manager acknowledges AI as a key driver but questions whether even exceptional earnings growth can justify current valuations. Early studies show that approximately 90% of tariff costs are being borne by US consumers and companies, contrary to Trump administration narratives. Tariffs added 0.7% to US inflation in 2025, making typical households $600 poorer. The manager views this as a longer-term headwind to the US economy and questions the real negotiating leverage tariffs provide. The manager positions as a value investor focused on building a portfolio where they generate returns by actively unlocking value within holdings rather than relying on market movements. They do not own many assets that investors are most excited about currently, preferring to focus on discount capture strategies and undervalued opportunities.		View
2025 Q4	Jan 22, 2026	Third Avenue Real Estate Value Fund	-1.8%	11.3%	AMH, BKG.L, BRK-A, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WY	Commercial, Homebuilders, real estate, REIT, Residential, value	Fund maintains significant exposure to commercial real estate platforms including real estate services, asset management, industrial and logistics properties, and self-storage facilities. These holdings represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate with structural demand drivers and limited maintenance capital expenditure requirements. Fund holds positions in major U.S. homebuilders including Lennar Corp., D.R. Horton, PulteGroup, and Champion Homes. These companies are supported by near-record low levels of for-sale inventories, near-record high demand for affordable product, and industry dynamics favoring scaled players over time. Fund focuses on well-capitalized enterprises with discounted securities trading at more than a 20% discount to estimated Net Asset Value at year-end. The strategy targets strategic real estate at value prices with prospects to compound capital over time. Multiple portfolio companies engaged in share repurchase activities during the quarter, including Lennar Corp. completing an exchange offer that effectively acted as an accelerated share repurchase program, exchanging Millrose Properties shares for 5% of its outstanding A shares.	DBK GR BIRG ID 2330 TT HBR LN CS CN LUN CN HCC	View
2025 Q1	Mar 31, 2025	Third Avenue International Real Estate Value Fund	6.0%	6.0%	0016.HK, 3231.T, 8923.T, BYG.L, CTP.AS, G13.SI, GLV.L, INA.AX, MRL.MC, NSR.AX, SHUR.L, SUV.HK, SVI.TO, TAG.DE, UTG.L, WDP.BR	Currency, Dollar, international, Logistics, real estate, Regionalization, tariffs, value	Fund focuses on international real estate markets with deeply discounted valuations trading at 35% discount to real estate value. Portfolio emphasizes residential, industrial/logistics, and self-storage assets with pricing power and resilient cash flows. Limited new supply due to higher construction costs provides positive backdrop for long-term growth.	UTG.L WDP.BR CTP.AS	View
2025 Q1	Mar 31, 2025	Third Avenue Real Estate Value Fund	-0.5%	-0.5%	4.HK, AMH, BAM, BN, CBRE, DHI, FMCC, FNF, FNMA, FPH, GRI.L, INA.AX, JLL, LEN, PHM, RYN, SUI, SVS.L, UTG.L, WY	Commercial, demographics, Homebuilders, Mortgage, real estate, Student Housing, value	Fund initiated position in PulteGroup, recognizing demographic tailwinds from millennials entering prime home-buying years. Large-scale builders like Pulte, Lennar, and D.R. Horton have evolved to more defensive business models with land options versus ownership, strengthened balance sheets with net cash positions, and gained significant market share. These companies are positioned to maintain profitability and sustain share repurchases despite near-term headwinds.	UTG.L PHM	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 5, 2026	Fund Letters	Easterly - Global Real Estate Fund	Unite Group PLC	REIT - Diversified	Residential REITs	Bear	New York Stock Exchange	affordability, development pipeline, low leverage, market leader, Residential, student housing, UK, University	View Pitch
Apr 13, 2026	Fund Letters	Third Avenue International Real Estate Value Fund	Unite Group PLC	Real Estate	Specialized REITs	Bull	London Stock Exchange	Demographics, development, International Students, REIT, student housing, UK, Universities, Value	View Pitch
Apr 13, 2026	Fund Letters	Third Avenue Real Estate Value Fund	Unite Group	Real Estate	Specialized REITs	Bull	LSE	cap rate, Demographics, European REITs, NAV discount, Purpose-Built, REIT, Russell Group Universities, student housing, UK	View Pitch

BSD Shareholders of UTG-L

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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