VOW3-DE

VOW3-DE

VOW3-DE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 8, 2024	Middle Coast Investing	0.0%	0.0%	AAPL, ACLS, AER, AMZN, ARLO, ATKR, ATRO, AVGO, BKNG, DFS, FCNCA, FG, GOGO, LULU, NVDA, OMAB, PGR, SJM, TSM, VOW3.DE	Discipline, Portfolio Management, small caps, stock selection, value	Manager emphasizes buying quality companies at reasonable prices, gravitating toward cheaper, lower earnings-multiple stocks where price doesn't reflect potential value. Focus on finding stocks that will be worth more in 2-3 years than current market price suggests.	GOGO SJM ATRO LULU	View
2023 Q1	Mar 31, 2023	PM Capital Australian Companies Fund	0.2%	0.2%	AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, VOW3.DE	AI, Buybacks, gold, infrastructure, Japan, technology, Trump, US	Manager emphasizes AI as a key driver of American productivity surge and mega-cap technology outperformance. Notes that companies are making good on impressive revenue and margin growth from AI investments, though acknowledges a meaningful consumer application is still needed to justify extraordinary semiconductor chip investments.		View
2024 Q3	Dec 5, 2024	Goehring & Rozencwajg Associates, LLC	0.0%	0.0%	AMZN, CCJ, GOOGL, META, MSFT, ORCL, VOW3.DE	Copper, energy, gold, Natural Gas, natural resources, nuclear, oil, uranium	Nuclear power is experiencing a renaissance driven by data center energy demands and SMR technology. Microsoft, Google, Amazon, and Meta are all investing in nuclear power for their data centers. Small modular reactors offer superior energy efficiency (180:1 EROI vs 100:1 for traditional reactors) and enhanced safety features.		View
2023 Q3	Nov 10, 2023	East72 Holdings	6.3%	0.0%	CFR.SW, CHTR, LBRDK, MANU, PAH3.DE, SPHR, VIRT, VOW3.DE	Complexity, Conglomerates, Discounts, Europe, value	Extensive analysis of Virtu Financial as a liquidity provider in financial markets, discussing market making business model, regulatory challenges from SEC proposals, and competitive dynamics in off-exchange trading. Manager views current regulatory uncertainty as creating opportunity despite near-term headwinds.	VIRT DIEPA.BR	View
2023 Q3	Oct 18, 2023	Peak Asset Management	-	-	AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, VOW3.DE	AI, Buybacks, gold, infrastructure, Japan, technology, Trump, US	Manager emphasizes AI as a key driver of American productivity surge and mega-cap technology outperformance. Notes that companies are making good on impressive revenue and margin growth from AI investments, though acknowledges a meaningful consumer application is still needed to justify extraordinary semiconductor chip investments.		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	Lexington Wealth Management	-	-	AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, VOW3.DE	Europe, Federal Reserve, gold, infrastructure, Japan, technology, Trump	US mega-cap technology companies continue to invest extraordinary sums in semiconductor chips and AI capabilities, driving impressive revenue and margin growth. A key piece of the puzzle remains finding meaningful consumer applications to justify these investments. Markets view these companies as being as safe as government debt.		View
2024 Q4	Jan 9, 2025	TEAM Asset Management	-	-	AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, VOW3.DE	AI, gold, infrastructure, Japan, Mega Cap, technology, Trump, US	American productivity is set to surge higher driven by Artificial Intelligence capabilities. Companies are making good on impressive revenue and margin growth despite the need for meaningful consumer applications to justify extraordinary semiconductor chip investments.		View
2023 Q4	Jan 4, 2024	Sandhill Investment Management	-	29.9%	AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, VOW3.DE	AI, Buybacks, gold, infrastructure, Japan, technology, Trump, US	American productivity is set to surge higher driven by Artificial Intelligence capabilities. Companies are making good on impressive revenue and margin growth despite the need for meaningful consumer applications to justify extraordinary semiconductor chip investments.		View
2025 Q4	Jan 20, 2026	Harding Loevner International Small Companies Equity	-1.9%	15.1%	0005.HK, 0700.HK, AAPL, BHP.AX, BP.L, GSK, HSBA.L, LLY, MARS, MC.PA, MKC, MSFT, NESN.SW, OR.PA, PAN, SANOFI, SAP.DE, SHOP.TO, VOW3.DE, WEED.TO	AI, Consumer Staples, gold, growth, international, momentum, Quality, small cap	The fund emphasizes quality-growth investing that demands relentless skepticism toward market narratives and constant scrutiny of company fundamentals. They focus on financially strong, well-managed companies equipped with durable competitive advantages, operating in industries poised for long-term growth. The letter discusses how price momentum is a well-documented phenomenon where securities whose prices have risen are more likely to keep rising in the short run. When momentum takes hold, fundamentals usually fade from view while narratives are used to justify price moves. AI enthusiasm has lifted hardware and semiconductor stocks while weighing on shares of software and services holdings. The fund discusses AI infrastructure buildout and questions about the durability of demand across the AI supply chain, while also addressing concerns about AI disrupting IT services businesses. Gold is trading at its highest inflation-adjusted level in five decades, but it is a volatile commodity. Gold-mining companies have not had a great history of profitability other than when prices are unusually high, yet surging gold prices sparked a rally in mining stocks.	EVT GR HERDEZ MM 4527 JP 002891 CH CWK LN DIA IM	View
2025 Q4	Jan 13, 2026	Ennismore European Smaller Companies Fund	0.0%	10.7%	AAD.DE, BNTX, COST.L, DWNI.DE, EVS.BR, LSS.PA, PDX.ST, RNK.DE, SFQ.DE, SIKA.SW, STB.L, STO.DE, THEP.PA, TRI.PA, ULP.L, VETQ.PA, VOW3.DE	AI, defense, Europe, infrastructure, Long/Short, Quality, small caps, value	The fund focuses on European smaller companies with significant volatility in 2025 as investors turned attention towards large, liquid businesses. Despite brief revival of interest in small caps early in the year, the asset class faced headwinds from investor preference for large-cap themes like energy, defense, and AI. The fund employs a valuation-first investing framework with strong conviction in individual positions based on quality of businesses and embedded margin of safety. Top ten long positions trade at average EV/NOPAT multiple of thirteen times versus twenty-four times for short positions, implying nearly 50% valuation discount for comparable quality. Several portfolio companies benefited from upcoming infrastructure spending in Germany and the UK, with Vossloh and Costain Group seeing significant improvements in market perception. The fund anticipates positive triggers from launch of exceptionally large infrastructure projects in Germany. The defense industry continued to rally with valuations detaching from fundamentals in favor of narrative. The fund was slow to react to this theme, with short position in Renk Group costing performance as defense companies outperformed despite fundamental concerns. Artificial intelligence emerged as an intense focus theme for investors, creating headwinds for some portfolio companies. Moltiply Group faced investor concerns about AI impact, while the broader market showed exuberant behavior in speculative corners with focus on AI themes.	R3NK GR STO3 GR SFQ GR DWNI GR TRI FP EVS BB SIKA SW STB LN	View
2023 Q4	Jun 1, 2024	East72 Holdings	6.3%	0.0%	0001.HK, BC, C, DRR.AX, DXS.AX, EXOR, GOOGL, GS, ICE, IWG.L, JPM, MANU, MFG.AX, PAH3.DE, UBS, UHAL, VIRT, VOW3.DE, YBR.AX	Asset Management, Australia, Concentration, Hedging, Investment Banking, Sports Teams, value	Manager discusses significant investments in Goldman Sachs and JP Morgan which contributed positively to quarterly returns. Also analyzes Barrenjoey Capital Partners as a strategic investment representing exposure to Australian investment banking with potential for significant value creation.	MFG.AX MANU	View
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	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 27, 2026	Fund Letters	East72 Holdings	Volkswagen AG	Consumer Discretionary	Automobile Manufacturers	Bull	XETRA	battery technology, China JV, EV Technology, German Automotive, Lamborghini, Luxury Brands, Porsche, Spinoff Catalyst, Sum-of-parts, undervaluation	View Pitch

BSD Shareholders of VOW3-DE

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
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