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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jun 30, 2025 | Baron Health Care Fund | -5.1% | -7.6% | 005930.KS, 012330.KS, BOL.PA, CNQ, FOXA, GOOGL, MSFT, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA | AI, global, large cap, risk management, semiconductors, value | The fund seeks opportunities where company value is misunderstood and price fairly compensates for risks. They carefully consider pricing and look for mispriced securities in expensive market conditions. | UHAL BOL.PA 005930.KS |
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| 2024 Q2 | Jun 30, 2024 | Peapack Private | - | - | 005930.KS, 012330.KS, BOL.PA, CNQ, FOXA, GOOG, MSFT, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA | AI, global, Media, risk management, semiconductors, value | The fund seeks opportunities where company value is misunderstood and the price fairly compensates for risks. They carefully consider the price paid for investments and look for mispriced assets. The portfolio is positioned to deliver strong risk-adjusted returns in tumultuous markets. | UHAL BOL.PA 005930.KS |
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| 2024 Q2 | Jun 30, 2024 | TMR Partners Long Only | - | - | 004800.KS, 005930.KS, 090430.KS, 329180.KS, 4527.T, 9022.T, CDI.PA, J36.SI, NWSA, VIV.PA | Discounts, Governance, Korea, Media, Unlisted Assets, value | Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai (+54%), Hyosung Corporation (+71%) and Samsung C&T (+28%). 68% of the KOSPI index still trading below book value and 61% without any sell-side coverage. | NWSA |
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| 2025 Q1 | May 6, 2025 | Brookfield Asset Management | - | - | 004800.KS, 005930.KS, 090430.KS, 329180.KS, 4527.T, 9022.T, CDI.PA, J36.SI, NWSA, VIV.PA | discount, Governance, Korea, Media, NAV, value | Building exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai (+54%), Hyosung Corporation (+71%) and Samsung C&T (+28%). 68% of KOSPI index still trading below book value with 61% without sell-side coverage. | NWSA |
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| 2026 Q1 | May 5, 2026 | Palm Harbour Capital | -0.6% | -0.6% | BWO.OL, CNVRG.PS, DAN.MI, IBST.L, PRT.MI, UMG.AS, VAR.OL, VIV.PA | energy, Europe, gaming, long-term, small caps, undervalued, value | View | ||
| 2025 Q1 | Apr 30, 2024 | AVI Global Trust | - | - | 4527.T, AKER.OL, ENT.L, IAC, NWSA, VIV.PA | activism, Corporate Governance, discount, Japan, Take-private, value | Toyota Industries take-private deal represents seismic shift in Japanese corporate governance. Foreign shareholders increasing presence, corporate governance reform pressures mounting, and cross-shareholding unwinding accelerating. This transaction dissolves symbolic resistance to governance reform and opens floodgates for broader market transformation. | GXI.DE 6201.T |
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| 2024 Q1 | Apr 12, 2024 | Firebird US Value Fund | - | - | 004800.KS, 028260.KS, 090430.KS, 267250.KS, 4527.T, 9301.T, CDI.PA, CHRY.L, CORD.L, DIE.BR, ENT.L, GXI.DE, HVPE.L, J36.SI, NWSA, OCI.L, PGHN.SW, REA.AX, VIV.PA | discount, Engagement, Holdings, Korea, NAV, value | Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai, Hyosung Corporation and Samsung C&T. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA |
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| 2024 Q4 | Mar 5, 2025 | Palm Harbour Capital | - | - | 9404.T, BOL.PA, EOAN.L, GSMI.PS, IGT.MI, LTO.MI, MDIA3.SA, ODET.PA, OWIL.L, PPA.AT, PRT.MI, TKA.VI, UMG.AS, VIV.PA | Europe, gaming, global, inflation, Media, Politics, small caps, value | Fund focuses on overlooked securities trading at significant discounts to intrinsic value with above average returns on capital. Portfolio trades at weighted average P/E of 8.5x with 98% upside to estimated NAV. | ODET.PA |
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| 2026 Q1 | Mar 31, 2026 | AVI Global Trust | -5.0% | -5.0% | 005930 KS, NWSA, UMG.AS, VIV.PA | Asia, discount, Geopolitical, Media, value | VIV.PA NWSA |
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| 2023 Q4 | Mar 31, 2023 | Caledonia Investment | - | - | 004020.KS, 009540.KS, 028260.KS, 090430.KS, 4527.T, 9301.T, C011.HK, CDI.PA, ENT.L, GXI.DE, MC.PA, NWSA, REA.AX, VIV.PA | discount, Governance, Holdings, Korea, NAV, value | Building exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA |
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| 2023 Q1 | Mar 31, 2023 | Airlie Australian Share Fund | 3.5% | 3.5% | 000660.KS, 004800.KS, 005930.KS, 009540.KS, 028260.KS, 090430.KS, 4527.T, 9301.T, C6L.SI, CDI.PA, ENT.L, G.DE, LVMH.PA, NWSA, REA.AX, VIV.PA | Discounts, Engagement, Holdings, Korea, NAV, value | Building exposure to Korea due to ongoing corporate governance reform agenda and rich array of deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai, Hyosung Corporation and Samsung C&T. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA |
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| 2025 Q4 | Feb 4, 2026 | AMG Yacktman Fund | 6.2% | 19.8% | 000660.KS, 005930.KS, 012330.KS, AAPL, CNQ, FOXA, GOOGL, MSFT, MU, NFLX, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA, WBD | AI, Electric Vehicles, free cash flow, long-term, Media, semiconductors, South Korea, value | Yacktman builds the portfolio based on evaluating normalized free cash flow and business fundamentals, comparing price to arrive at forward rate of return based on current market valuation. The approach focuses on risk-adjusted returns and owner's mindset investing with long-term focus on underlying business performance. Samsung was late relative to competitors in HBM design wins with NVIDIA but was awarded HBM qualification with NVIDIA in 2025 and ramped production quickly. Memory chips are ubiquitous in AI data centers and broad array of IOT devices from cars to refrigerators to wearables. South Korea is launching broad value-up reforms modeled after Japan's program, shifting governance standards from company-centric to shareholder value creation focus. The country may eventually be re-rated by MSCI from Emerging Market to developed market, with investor access and index flows beginning to close the 30-year Korean discount. Samsung has three primary lines of business including memory, foundry, and phones. The company has long been a leader in memory including NAND, DRAM, and now HBM. Samsung has focus on U.S. foundry with massive fab outside Austin in Taylor, Texas. Hyundai Mobis benefitted from share gain and electrical vehicle penetration by Hyundai and Kia, continuing strong capital allocation discipline. The company is one of the top global auto parts suppliers. Warner Bros. Discovery has been a relatively small position along with other sizeable media holdings. After legacy Warner Bros. merged with Discovery, the company embarked on multi-year deleveraging process and management transition. Netflix and Paramount-Skydance bidding process has re-rated the company price. | View | |
| 2023 Q4 | Feb 12, 2024 | Hinde Group | 13.6% | 48.4% | 000660.KS, 002790.KS, 004020.KS, 005930.KS, 009540.KS, 028260.KS, 090430.KS, 4527.T, 9301.T, C8H.L, CORD.L, DIE.BR, ENT.L, HVPE.L, J36.SI, LVMH.PA, MC.PA, NWSA, OCI.L, PGHN.SW, REA.AX, VIV.PA | discount, global, Holdings, Korea, NAV, value | Building exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA IBKR |
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| 2024 Q4 | Dec 31, 2024 | Marlton Partners | 13.2% | 24.6% | ALHG.PA, API.L, AVAX-USD, BOL.PA, CAN.L, HAVAS.AS, JARA.L, JGC.L, MCG.JO, ODET.PA, PRSR.L, PSH.L, SOL-USD, TPOU.L, TURN, VIV.PA, VPLAY-B.ST | activism, catalysts, Investment Trusts, Liquidations, NAV Discount, real estate, special situations, value | Marlton focuses on asset-covered situations trading at discounts to net asset value with hard catalysts to unlock value. The fund systematically identifies candidates offering periodic exit opportunities at or near NAV across UK Investment Trusts and US Closed-End Funds. Portfolio includes liquidating REITs, controlled conglomerates, and various corporate actions. | API.L JARA.L JGC.L BOL.PA PRSR.L |
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| 2025 Q3 | Nov 13, 2025 | Palm Harbour Capital | - | - | 111770.KS, AMZN, ATYM.L, CAL.MI, CNVG.PS, DAN.MI, ESP.MI, GOOGL, INDF.JK, LOMA.BA, META, MSFT, NVDA, RHI.L, UMG.AS, VIV.PA | AI, Asia, Copper, Europe, LatAM, small caps, value | Investor attention remains heavily concentrated on artificial intelligence and a narrow group of related equities, sidelining much of the broader market. The concentration of capital in AI-related stocks is even greater than the technology sector's concentration in 2000. Questions remain about profitability models and sustainability of current AI investment levels. | View | |
| 2025 Q3 | Nov 13, 2025 | AVI Global Trust | - | 12.4% | 004800.KS, 005930.KS, 090430.KS, 329180.KS, 4527.T, 9301.T, C6L.SI, CDI.PA, ENT.L, NWSA, VIV.PA | discount, Governance, Korea, Media, NAV, value | Building exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai (+54%), Hyosung Corporation (+71%) and Samsung C&T (+28%). 68% of KOSPI index still trading below book value and 61% without sell-side coverage. | NWSA 028260 KS |
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| 2023 Q3 | Oct 23, 2023 | Biondo Investment Advisors | - | - | FOXA, GOOGL, MSFT, NVDA, PEP, PG, SCHW, SSNLF, UHAL, UMG.AS, VIV.PA | AI, large cap, Media, semiconductors, technology, value | Samsung announced its first design win with Nvidia for high bandwidth memory chips this quarter, validating its position in the HBM chip market after being late to the artificial intelligence party. Alphabet has participated in the AI frenzy despite longer-term risks to its advertising revenue. | UHAL BOL.PA 005930.KS |
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| 2024 Q3 | Oct 16, 2024 | East72 Dynasty Trust | 6.3% | 0.0% | 0012.HK, BOL.PA, CATG.AX, CGI.TO, DIE.BR, ELF.TO, EXO.AS, FLOW.AS, HAL.AS, HWG.L, MFF.AX, MFG.AX, MME.PA, OXY, RBT.PA, SBMO.AS, SFL.MI, TE.PA, VIRTU, VIV.PA, VPK.AS, WAF.DE | Dredging, Energy Transition, European Holdings, Family Control, Maritime, value | Significant exposure to alternative energy through Vopak, parts of Boskalis, SBMO plus Anthony Veder Group totaling about €4billion worth of exposure. HAL Trust has strong emphasis on offshore wind and LNG across multiple holdings. The energy transition is driving structural demand for dredging services, offshore wind farms, and LNG infrastructure. | HAL.AS |
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| 2025 Q4 | Jan 5, 2026 | East72 Dynasty Trust | -2.3% | 8.2% | 1928.HK, AVAP.L, AVOL.SW, CG, DGL.AX, DIE.BR, ELF.TO, EXO.MI, FFH.TO, FIH.TO, GOOGL, META, MFF.AX, NNI, RBT.PA, TSLA, UHR.SW, VIRT, VIV.PA | Aircraft, Controlled, Discounts, Europe, Holdings, Travel, value | Manager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. Strong underlying environment with 5-7% growth in international passengers, near 100% capacity utilization, and limited aircraft availability. Avation represents asymmetric opportunity trading at 18% discount to NAV despite improved financial position. International travel showing robust 5-7% growth with domestic passengers up 2-3%. Travel retail through Avolta benefits from solid growth and concession wins, while aircraft leasing capitalizes on passenger growth trends. | AVAP LN DIE BB HANA LN |
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| 2025 Q4 | Jan 20, 2026 | Palm Harbour Capital | 4.9% | 16.0% | 001910.KS, 047440.KS, 086280.KS, 6345.T, ASLI.L, ATYM.L, BSRT, BWO.OL, CIR.MI, CNVRG.PS, DAN.MI, DITO.PS, FLRY3.SA, GLO.PS, KRI.AT, LOMA.BA, MDIA3.SA, PTEC.L, SGF.MI, TEL.PS, TRE.OL, VIV.PA, WOSG.L, WWI.OL | Argentina, Broadband, Cash Generation, Copper, global, Governance, Steel, value | Fund focuses on cash-generative businesses trading at sensible valuations with weighted average P/E of 8.1x and FCF/EV yield of 15%. Manager emphasizes being index-agnostic and disciplined in approach amid market conditions reflecting elevated greed and extreme short-termism. Atalaya Mining contributed 84 bps as copper producer benefited from sustained production growth and favorable pricing environment with reportedly the largest annual copper price increase in over a decade. Company showed operational leverage with lower unit costs and stronger cash flows. Loma Negra was top contributor at 122 bps following President Milei's landslide electoral victory and $40 billion US financial support package. Manager maintains positive view on Argentina's leading cement producer with significant upside potential as economic normalization takes hold. Detailed analysis of Converge ICT, Philippines fiber-optic broadband company with extensive network coverage. Company positioned to benefit from low broadband penetration and regulatory changes while transitioning from capex-heavy expansion to cash generation phase. Danieli contributed 63 bps as Italian steel plant maker exceeded expectations with strong Plant Making division performance and major contract wins including €500 million order from Steel Authority of India. Company benefits from potential recovery in Steel Making division. | BRSL VIV FP 284740 KS KRI GA 6345 JP RHIM LN DAN IM 012030 KS ATYM LN LOMA |
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| 2025 Q4 | Jan 20, 2026 | Highwood Value Partners | 5.7% | 10.2% | 2333.HK, ALIM-B.ST, BOL.PA, BORR, BUR.L, FEVR.L, GETB.L, JZC.L, MOT.L, ODET.PA, PROT.OL, RYA.L, STDRL.OL, SYY, TAP, TGO.PA, UMG.AS, VIV.PA, VWS.CO | Capital Cycle, Concentration, energy, Europe, Litigation Finance, special situations, value | Manager emphasizes concentrated value investing approach, buying companies at significant discounts to fair value. Portfolio trades at 48 cents on the dollar of estimated intrinsic value with median P/E of 7.5x. Focus on fundamental bottom-up analysis with 5+ year holding periods. Burford Capital represents the largest position as a litigation finance leader. The business generates returns by funding commercial litigation claims and managing third-party capital. YPF case represents major catalyst with clear judgment in favor. Borr Drilling is a special situation in shallow water drilling rigs. The capital cycle investment thesis centers on industry oversupply working through the system, with rig rates recovering from current levels toward long-run averages as old rigs retire. | RYAAY FEVR LN GETB LN BORR NO BUR LN |
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| 2025 Q4 | Jan 13, 2026 | AVI Global Trust | 0.0% | -0.9% | 000660.KS, 004800.KS, 005930.KS, 028260.KS, 207940.KS, 4527.T, 6727.T, 9531.T, AVGO, CHRY.L, FRAS.L, J36.SI, NVDA, NWSA, VIV.PA | Biotechnology, Discounts, Holding Companies, Korea, NAV, semiconductors, technology, value | Samsung Electronics has made material progress in improving HBM competitiveness, with latest HBM4 chips achieving top performance scores in Nvidia and Broadcom testing. The company is positioned to capture 30%+ global HBM market share in 2026 versus mid-teens in 2025. Global supply shortage for both HBM and traditional memory chips is creating strong pricing power. Samsung Biologics manufactures antibodies on behalf of global pharmaceutical companies, generating 90% of revenues from large-scale antibody production. The company generates EBIT margins of 50% versus peers at 20-25% and operates one of the world's largest biomanufacturing facilities. Biologics is positioned to compound earnings at mid-teens rates through to 2032. Starling Bank's banking-as-a-service platform Engine won a deal with Scotiabank's digital bank, marking Engine's first North American client. The deal is viewed as transformational in the context of the business's existing revenues. Management painted an optimistic picture for Engine's sales pipeline at a recent fintech conference. | 028260 KS CHRY LN |
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| 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 |
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| 2023 Q2 | Jul 7, 2023 | East72 Holdings | 6.3% | 0.0% | BOL.PA, GOOGL, MANU, MMB.PA, NWSA, UHR.SW, UMG.AS, VIV.PA | Complex Structures, Europe, Family Companies, Logistics, Media, value | Extensive analysis of Universal Music Group as an exceptional business with strong economics, dominant market position, and high-quality annuity characteristics. Discussion of Vivendi's media assets including Canal+ and Havas, with focus on international expansion particularly in Africa and Asia. | ODET.PA BOL.PA |
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| 2023 Q2 | Jun 30, 2023 | Evermore Global Value Fund | 0.0% | 0.0% | BOLLORE.PA, BWLPG.OL, CADELER.OL, CLMT, DHT, ENOVIS, ESAB, EXO.PA, GNK, HAUTO.OL, HEMNET.ST, IAC, INWIT.MI, KBCPF, KKR, LIFCO-B.ST, MTG.ST, NETI, UMG.AS, VIV.PA, VPLAYB.ST | Catalyst-driven, Energy Transition, Family-controlled, global, shipping, special situations, Streaming, value | Fund has significant exposure to shipping companies including dry bulk operators like Genco Shipping & Trading and offshore wind installation vessel operators like Eneti and Cadeler. The shipping sector benefits from favorable industry fundamentals including low order books, environmental regulations leading to slower speeds and increased scrapping, and geopolitical disruptions creating longer shipping routes. | View | |
| 2025 Q1 | Apr 16, 2025 | East72 Dynasty Trust | 0.5% | 0.5% | 0165.HK, 2588.HK, AVLT.SW, BOL.PA, BORR, CFR.SW, CG, FFH.TO, FLOW.AS, HAL.AS, LPE.PA, MFG.AX, MMB.PA, NVO, ODET.PA, PAH3.DE, SRAD, VIE.PA, VIRT, VIV.PA | Aircraft Leasing, Controlled Companies, European Holdings, Luxury, Regional Aviation, Trade Policy, Value Investing | The fund features extensive analysis of the aircraft leasing industry, particularly focusing on regional aircraft and ATR turboprops. The manager discusses the trillion-dollar industry with limited public market exposure and highlights Avation PLC as a unique specialist lessor with significant optionality through ATR purchase rights. | AVAP.L VIV.PA |
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| 2023 Q1 | Mar 31, 2023 | East72 Holdings | 6.3% | 0.0% | 0001.HK, 2074.SZ, 8TRA.DE, AML.L, BAIN.PA, BOL.PA, CFR.SW, EXO.MI, GOOGL, IVG.MI, IWG.L, LBRDK, LIF.TO, MC.PA, MFG.AX, MSGS, NWSA, P911.DE, PAH3.DE, PSHZF, QS, RACE, UHR.SW, VIV.PA, VOW3.DE | Autos, Battery, Dynasties, Europe, gaming, IPO, Luxury, value | The fund invests in luxury companies with dynastic control, including SBM (Monaco's luxury gaming and hospitality), Richemont, and Swatch Group. These companies benefit from the ultra-rich demographic and have pricing power. The manager views luxury as a defensive growth sector with strong moats. | VOW3.DE BAIN.PA |
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| 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 |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 15, 2026 | Fund Letters | AVI Global Trust | Vivendi | Entertainment | Entertainment | Bull | Euronext Stock Exchange | Bolloré, capital allocation, Catalogue Investments, discount to NAV, Media Conglomerate, Music rights, Music streaming, Pershing Square, Royalty Advances, takeover target, UMG, value unlock | View Pitch |
| Apr 13, 2026 | Fund Letters | East72 Dynasty Trust | Vivendi | Communication Services | Media | Bull | Euronext Paris | Asset Redeployment, Bolloré, Corporate Raider, discount to NAV, European Media, holding company, Sum-of-the-Parts, Telecom Italia Divestment, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | East72 Dynasty Trust | Vivendi SE | Communication Services | Media | Bull | Euronext Paris | conglomerate discount, Corporate Restructuring, Equity, france, media, Publishing, spin-off, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | AVI Global Trust | Vivendi | Communication Services | Media | Bull | Euronext Paris | france, holding company, Listed Assets, media, NAV discount, Post-Split, spin-off, Universal Music Group, Value | 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. | ||||||||