VTY.L Archives

VTY-L

Letters With This Ticker

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	Aug 5, 2025	Asheville Capital Management	17.0%	13.4%	4433.T, 4480.T, 5584.T, APR.WA, BFIT.AS, INPST.WA, NU, VTY.L, WISE.L	Concentration, global, growth, Japan, Quality, technology, value	Timee operates as a marketplace for on-demand labor or spot work, connecting individuals seeking flexible shift-based jobs with employers needing short-term help across logistics, food service, and retail industries. The company has achieved strong network effects with an 88% job fill rate significantly exceeding competitors at 40-50%, creating a powerful feedback loop where employers stick with what works and workers follow demand.	TIMEE.T	View
2024 Q2	Aug 5, 2024	Maran Capital Management	1.0%	9.0%	CLAR, CTT.LS, PM, SLGDD, TPB, VTY.L	Buybacks, Cannabis, Concentration, Homebuilders, small caps, Tobacco, value	Turning Point Brands operates in the nicotine space with Stoker's oral tobacco and FRE nicotine pouches. The nicotine pouch market is experiencing explosive growth, with ZYN growing from 13 million cans in 2018 to 385 million in 2023. FRE has competitive advantages including PMTAs for higher dosage pouches that competitors lack.	TPB SLGDD	View
2025 Q2	Jul 21, 2025	Laughing Water Capital	13.1%	-	CDMO, CLAR, CTLP, GFL, HUBS, LFCR, NN, PAR, PLYA, SES.TO, THRY, VTY.L, WCN	Biotech, Buybacks, Canada, Oil Services, small caps, value, Waste management	SECURE Waste Infrastructure represents a transformation from cyclical oil services to recurring waste management with 80% of cash flows now recurring versus 60% previously cyclical. The company benefits from regulatory moats, geographic advantages, and stable demand from Western Canadian oil production. Management is aggressively repurchasing shares at attractive valuations.	VTY.L PAR NN LFCR SES.TO CLAR THRY VTY LN PAR NN LFCR SES CN CLAR	View
2025 Q2	Jul 15, 2025	Mayar Capital	6.5%	9.6%	005930.KS, 7974.T, AHT.L, BH, BNR.DE, CAP.PA, CRDA.L, HLCL.L, JNJ, JSG.L, KVUE, MA, NESN.SW, NKE, NVO, SOLV, UL, UPS, V, VTY.L	antifragility, global, long-term, Quality, Resilience, value	The manager emphasizes building antifragile portfolios that improve with stress rather than merely surviving it. The fund focuses on businesses with sound economics, conservative balance sheets, and reasonable valuations that can endure disorder and adapt to change. Portfolio companies average 86 years in age, demonstrating proven resilience through multiple wars, recessions, and crises.	NESN SW	View
2024 Q2	Jul 12, 2024	Longriver Investment Partners	1.3%	15.3%	0700.HK, 1810.HK, AAPL, AMD, AMZN, BABA, COST, FUTU, GAW.L, GOOGL, INTC, JD, META, MSFT, NVDA, PDD, TSLA, TSM, VTY.L	AI, Big tech, China, E-Commerce, global, semiconductors, technology	The GenAI investment cycle has sparked massive capital deployment by Big Tech companies, with Amazon, Meta, Alphabet and Microsoft increasing compute investment from $119bn in 2023 to an estimated $195bn in 2025. However, there remains significant uncertainty about where value will accrue in the AI stack and whether the massive investments will generate profitable returns.	PDD TSM	View
2026 Q1	May 4, 2026	Mayar Capital	-8.8%	-8.8%	005930 KS, 7974.T, BFAM, BLND.L, DASTY.PA, ICARF.WA, MITT, MSFT, PYPL, SAP, SOM.L, TOST, VTY.L, VWS.CO, XRO.AX	AI, Crisis, diversification, Geopolitical, global, Quality, software, value		7974.T TOST XRO.AX MIDD SAP MSFT	View
2025 Q1	May 20, 2025	Greenhaven Road Capital	-12.0%	-12.0%	BKTI, BUR, CLBT, DHR, HGTY, KFS, KKR, LFCR, LMB, PAR, VTY.L	Alternative Assets, Onshoring, small caps, tariffs, Trade Policy, volatility	President Trump's Liberation Day tariff policies created significant market volatility and uncertainty. The administration implemented massive tariffs overnight with erroneous methodology, changing policy approaches daily. The manager believes moderate tariffs and weaker dollar policies are more likely long-term outcomes than the reciprocal tariffs initially announced.		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
2024 Q1	May 14, 2024	Maran Capital Management	1.0%	9.0%	APG, CLAR, CTT.LS, DK, SLGD, VTY.L	Buybacks, Europe, growth, small caps, special situations, value	Manager emphasizes owning cheap stocks as hedge against market sell-offs. Portfolio companies may not screen cheap on trailing earnings due to various changes, but believes holdings are universally undervalued using correct methodologies including normalized earnings power, private market value, and asset value.	VTY.L CTT.LS CLAR APG	View
2025 Q1	Apr 25, 2025	Crossroads Capital	-7.6%	-7.6%	AAPL, CLMT, DAR, FTAI, GOOGL, MGNI, NFLX, NTDOY, NVR, VTY.L	Advertising, aerospace, gaming, Homebuilders, small caps, tariffs, Trade Policy, value	The administration announced reciprocal tariffs creating market uncertainty and forcing businesses into a holding pattern. Tariffs are viewed as regressive taxes that inject uncertainty rather than fix trade deficits. The fund positioned defensively against tariff-related disruption while maintaining conviction in long-term value creation.	MGNI VTY.L NTDOY CLMT FTAI	View
2025 Q1	Apr 24, 2025	Laughing Water Capital	-13.0%	-13.0%	CTLP, HGV, LFCR, NN, PAR, PLYA, THRY, VTY.L, XPOF	Biotechnology, Buybacks, Resilience, small caps, software, Spectrum, tariffs, value	Manager discusses Trump administration's tariff plans and their potential economic impact, noting uncertainty around implementation and suggesting much may be posturing. Believes Trump will likely declare victory on tariffs with minimal actual changes to avoid losing midterm elections.	PAR VTY.L NN LFCR CDMO XPOF	View
2026 Q1	Apr 20, 2026	Laughing Water Capital	-4.5%	-4.5%	LFCR, LQDA, LRN, NN, PAR, SES.TO, TBPH, VTY.L	Biotechnology, Concentration, small cap, special situations, value			View
2024 Q1	Apr 19, 2024	Longriver Investment Partners	13.9%	13.9%	2020.HK, 600519.SS, AHT.L, AMZN, BFF.MI, EVO.ST, GAW.L, GOOGL, META, NVR, PDD, TSM, VTY.L	AI, Asia, Capital Allocation, global, growth, Homebuilders, technology, value	Manager discusses AI as heralding profound change through deep learning's ability to find relationships across infinite parameters. AI dramatically lowers the cost of interpreting information and creating new content, opening doors to automating vast ranges of white-collar knowledge work requiring business reorganization.	VTY.L	View
2024 Q1	Apr 15, 2024	Mayar Capital	7.7%	9.6%	005930.KS, AHT.L, BFAM, BLND.L, BNR.DE, CAP.PA, CFR.SW, EA, GOOGL, JNJ, KVUE, LH, MMM, NTDOY, PYPL, SAP.DE, UL, UPS, VTY.L, VWS.CO	global, Quality, REITs, technology, value	The fund emphasizes buying great businesses at reasonable prices with a margin of safety. The manager discusses how conventional wisdom about higher risk equaling higher returns is often wrong, and advocates for conservative approaches that prioritize steady growth with risk mitigation over chasing outrageous returns.	BLND.L	View
2024 Q3	Nov 2, 2024	Maran Capital Management	1.0%	9.0%	AAPL, AMZN, CLAR, CTT.LS, GOOGL, HKHC, META, MSFT, NVDA, TPB, TPL, VTY.L	Concentration, conviction, long-term, Quality, small caps, value	Manager emphasizes owning quality, growing companies trading at fractions of their fair values, specifically one-third to one-half of intrinsic value. Uses private market lens to evaluate public companies, highlighting significant discounts to private transaction values.	TPB CLAR HKHC	View
2024 Q3	Nov 15, 2024	Crossroads Capital	4.2%	8.9%	ABR, CLMT, MGNI, NFLX, NTDOY, VTY.L, ZIP	Advertising, aerospace, catalysts, concentrated, gaming, Long/Short, value	Nintendo represents a major position with the Switch 2 launch expected early 2025, opening the ecosystem to third-party AAA games and higher-spending gamers. The company is building a Nintendo Cinematic Universe with one movie per year planned over five years. Strong earnings growth expected from new console cycle and expanded monetization.	MGNI VTY.L NTDOY	View
2023 Q3	Oct 31, 2023	Maran Capital Management	1.0%	9.0%	CLAR, CTT.LS, VTY.L	Buybacks, consumer, Outdoor, small caps, special situations, value	Manager emphasizes extremely cheap valuations across portfolio holdings, with stocks trading at significant discounts to private market values and normalized earnings. Multiple positions described as trading below reasonable fundamental metrics.	CTT.LS VTY.L CLAR	View
2025 Q3	Oct 16, 2025	Laughing Water Capital	-1.0%	-2.7%	CLAR, DISH, LFCR, NN, PAR, T, THRY, VTY.L	concentrated, fundamentals, Patience, Private Market, small caps, undervalued, value	Manager focuses on businesses trading below private market value with clear catalysts for value realization. Multiple portfolio companies are undergoing strategic reviews or have management incentivized to maximize shareholder value through potential sales.	VTY LN THRY US PAR US NN US LFCR US CLAR US	View
2025 Q3	Oct 14, 2025	Mayar Capital	-0.4%	9.1%	005930.KS, AHT.L, AOM.PA, BFAM, BNR.DE, CAP.PA, CRDA.L, GOOGL, JNJ, JSG.L, KER.PA, KVUE, NESN.SW, NVO, PYPL, SOLV, UL, UPS, VTY.L, VWS.CO	AI, contrarian, Discipline, global, Speculation, technology, value	The manager draws extensive parallels between the current AI boom and the TMT bubble, noting that technology companies will invest $7 trillion in AI capex over five years. He argues that AI companies trade at valuations assuming perpetual dominance, with minimal revenue and no clear path to profitability, creating a self-reinforcing cycle similar to the late-1990s telecom boom.	SOLV US	View
2023 Q4	Jan 15, 2025	Longriver Investment Partners	9.3%	10.0%	0700.HK, 600519.SS, 9988.HK, AHT.L, AMD, AMZN, BRK-B, EVO.ST, GAW.L, HD, HDB, KNSL, META, NFLX, NTES, PDD, SHOP, SQ, TSM, VTY.L, X	China, efficiency, global, Homebuilders, real estate, technology, value	2023 was remarkable for how decisively corporate leaders confronted bloat, with Meta's Year of Efficiency as the poster child. Zuckerberg reduced headcount by almost a quarter and operating expenses by fifteen percent, leading to exploding margins. Amazon under Jassy is also focusing on efficiency by reducing headcount, shutting down middling projects, and creating new business models like Amazon 3PL.	VTY.L AHT.L AMZN	View
2025 Q4	Jan 13, 2026	Laughing Water Capital	6.8%	3.9%	LFCR, LQDA, NN, PAR, SES.TO, THRY, UTHR, VTY.L, WCN	Biotechnology, contrarian, defense, Factor Investing, small caps, value	Manager discusses two biotech investments: Lifecore Biomedical, a CDMO with excess capacity in a supply-constrained market, and Liquidia Corp, which has FDA approval for Yutrepia to treat pulmonary arterial hypertension with superior delivery versus incumbents. NextNav represents a national security investment focused on creating a terrestrial backup to GPS, with bipartisan support and urgency driven by China and Russia having satellite-killing capabilities while the US lacks terrestrial backup systems. Secure Waste Infrastructure operates alongside oil fields in Western Canada with stable cash flows, high economic EBITDA margins above 30%, and management aggressively repurchasing shares at attractive valuations. Manager emphasizes focus on off-the-beaten-path small cap investments during times of uncertainty, noting that factors like size, growth, and momentum have driven recent market performance against their investment approach.	VTY LN SES CN NN LQDA LFCR	View
2024 Q2	Aug 31, 2024	Crossroads Capital	4.2%	8.9%	NTDOY, VTY.L	Concentration, gaming, Homebuilders, Long/Short, small caps, value	Nintendo represents a leading integrated hardware/software videogame platform business with popular franchises. The Switch platform aims to become indefinitely-lived like Apple's iPhone, with a growing user base rather than resetting with each console generation. Nintendo is aggressively leveraging world-class IP via movies, licensing, theme parks, and other sources of latent optionality.	VTY.L NTDOY	View
2023 Q2	Jul 30, 2023	Maran Capital Management	1.0%	9.0%	APG, CDRE, CLAR, CTT.LS, VTY.L	Concentration, Homebuilders, small caps, special situations, value	Manager focuses on concentrated portfolio of deeply researched companies that are typically smaller, off the beaten path, and generally less expensive than the market as a whole. Seeking asymmetric risk-reward profiles with large margins of safety and catalysts via special situations. Believes current portfolio is poised to deliver attractive results with companies whose stock prices have not kept up with improving fundamentals.	VTY.L CTT.LS CLAR CDRE APG	View
2024 Q2	Jul 29, 2024	Mayar Capital	7.7%	9.6%	005930.KS, 7974.T, ALO.PA, BFAM, BLND.L, BNR.DE, CAP.PA, CFR.SW, EA, GOOGL, HLCL.L, JNJ, KER.PA, KVUE, MMM, NESN.SW, PYPL, UL, UPS, VTY.L, VWS.CO, WIX.L	Compounding, Defensive, global, long-term, Quality, value	The fund follows a disciplined value investing strategy, focusing on buying great businesses at reasonable prices with a margin of safety. The manager emphasizes patience and long-term compounding over quick gains, maintaining a tortoise-like approach to investing.	VWS.CO	View
2023 Q2	Jul 17, 2023	Laughing Water Capital	2.5%	11.1%	APG, CDMO, CTLT, DGX, ENZ, HGV, LFCR, LH, NVR, TACT, THRY, VTY.L	Biotech, Buybacks, Homebuilders, small caps, software, value	Manager believes small cap stocks have been left behind by a market focused on mega-cap tech and AI exposure, creating an attractive opportunity set. The fund does not own any mega-cap tech stocks and has benefited from focusing on individual small businesses with idiosyncratic problems that management teams can solve over 3-5 years.		View
2024 Q2	Jul 17, 2022	Laughing Water Capital	2.5%	11.1%	APG, CDMO, CTLP, ERIC, HALO, HGV, LFCR, LMB, NN, THRY, VTY.L, XPOF	Biotechnology, contrarian, Franchising, momentum, quantitative, small caps, value	Manager focuses on contrarian investing in businesses trading at single digit multiples of free cash flow, believing good businesses led by incentivized people will not trade at these levels forever. The strategy targets hidden corners of the market with optical, operational, or structural problems that are likely temporary.	XPOF CTLP	View
2023 Q4	May 3, 2024	RIT Capital	0.0%	8.8%	BARN.SW, BLDR, CP, CPNG, GLNG, HELIOS.L, ICE, KDP, LEN, MA, TALEN, TMO, TPG, V, VTY.L	credit, global, healthcare, Japan, Multi-Asset, nuclear, private equity, value	The fund has exposure to AI through Scale AI, which specializes in labeling objects in photos and videos for self-driving cars, virtual/augmented reality, and U.S. Department of Defense applications. Scale AI has expanded its product offerings to assist in teaching computers how to generate content using AI. The company is positioned as a picks-and-shovels opportunity that can benefit from AI breakthroughs without committing to a specific foundational model.	TPG TALEN	View
2023 Q4	Apr 30, 2024	Crossroads Capital	4.2%	8.9%	AAPL, AMZN, AWE.L, CLMT, GOOGL, META, MSFT, NTDOY, NVDA, NVR, THC, TSLA, VTY.L, XLK	AI, China, Energy Transition, gaming, Homebuilders, small caps, technology, value	Manager discusses AI as a revolutionary technology driving data center infrastructure investment and creating bottlenecks in networking. Highlights Alphawave Semi's exposure to AI-driven demand with 60% of pipeline tied to AI applications.		View
2023 Q1	Apr 28, 2023	Maran Capital Management	1.0%	9.0%	APG, CDRE, CTT.LS, DK, DKL, RNGR, VTY.L	catalysts, energy, small caps, special situations, value	Ranger Energy Services provides onshore domestic oil services helping E&Ps service their wells once drilled. The company is well-run, unlevered, and should stay busy as long as oil stays above $50-60/barrel. Trading at attractive valuations with strong free cash flow generation and share buyback potential.	RNGR ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK	View
2025 Q1	Apr 22, 2025	Asheville Capital Management	-3.0%	-3.0%	4480.T, 9442.T, APR.WA, BFIT.AS, INPST.WA, NU, VTY.L, WISE.L	Concentration, Fintech, global, Japan, Quality, tariffs, value, volatility	Trump Administration's Liberation Day tariff announcement triggered significant market volatility and uncertainty. Tariff policies have injected uncertainty into global markets, potentially reshaping global trade, capital flows, and corporate strategy for years to come.	WISE.L 3154.T	View
2025 Q1	Mar 31, 2025	Mayar Capital	2.9%	2.9%	005930.KS, 7974.T, AHT.L, ALO.PA, BH, BLND.L, BNR.DE, CAP.PA, CFR.PA, EA, FOUR.L, GOOGL, HLCL.L, JNJ, JSG.L, KERY.PA, KVUE, LH, MA, NESN.SW, NKE, NVO, OR.PA, PYPL, SAP, SOLV, SOM.L, UL, UPS, V, VTY.L, VWS.CO	AI, Europe, global, Pharmaceuticals, Quality, risk management, technology, value	Capgemini reported 5% of Q4 bookings were generative AI-related, up from 2% earlier in the year. Management sees AI as transformative technology with potential to revolutionize every industry globally. The company is well-positioned to serve as industry's key technology partner in realizing AI benefits for businesses worldwide.	NKE NVO CAP.PA	View
2024 Q4	Feb 28, 2025	Greenhaven Road Capital	13.0%	27.0%	AAPL, AXON, BUR.L, CLBT, DHER.DE, HGTY, IWG.L, KKR, LFCR, MKTW, PAR, VTY.L	AI, Concentration, growth, small caps, value	AI will be beneficial to portfolio companies like Hagerty for claims processing and Cellebrite for investigation efficiency. Google Gemini demonstrates the technology's potential despite current flaws. The trajectory is clear for AI integration across various business applications.		View
2024 Q4	Jan 28, 2025	Maran Capital Management	6.4%	16.0%	APG, CLAR, CTT.LS, HKHC, TPB, VTY.L	activism, Europe, small caps, special situations, value	Maran completed its first major activism effort with SLGD merging with Horizon Kinetics, generating a 3.7x MOIC and 69% IRR. The firm frequently engages with companies through management conversations and formal board letters, with SLGD being their first board involvement. The experience expanded their capabilities and network for future activist approaches.		View
2023 Q4	Jan 25, 2024	Maran Capital Management	1.0%	9.0%	APG, CLAR, CTT.LS, SLGD, VTY.L	Buybacks, Concentration, Europe, small caps, special situations, value	The fund focuses on finding mispricing in smaller cap stocks and off-the-beaten-path companies. The manager believes their portfolio is full of companies with wide moats, strong balance sheets, low valuations, large share buybacks, and high inside ownership. The concentrated approach targets asymmetric setups with multi-fold upside potential.	VTY.L SLGD CTT CLAR	View
2023 Q4	Jan 25, 2024	Laughing Water Capital	2.5%	11.1%	ALC, APG, BVH, CDMO, DGX, ENZ, HGV, LFCR, LH, LMB, NN, RCL, THRY, VNDA, VTY.L, VZ	Buybacks, concentrated, long-term, small caps, value	Manager focuses on small and very small cap stocks despite recent underperformance. Notes that small caps have significantly underperformed large caps, with micro cap ETF returning only 8% in 2023. Believes this creates opportunity as small caps are only 4% expensive vs 20-year average while large caps are 88% expensive.	ANNX	View
2024 Q4	Jan 21, 2025	Asheville Capital Management	-	0.8%	4480.T, 7379.T, 9416.T, ACAST.ST, BFIT.AS, INPST.WA, NU, TPW.AX, VTY.L, WISE.L	capital efficiency, Concentration, global, ROIC, small caps, value	InPost dominates Polish e-commerce logistics with 50% market share and 80% customer preference. The company benefits from significant economies of scale and network effects with over 52,000 merchant integrations. International expansion shows strong momentum with 14-month payback periods on assets.	NU VTY.L INPST.WA	View
2023 Q4	Jan 18, 2024	Arquitos Capital Management	-15.5%	4.5%	ENDI, LFCR, LQDA, MNKD, NTP, UTHR, VTY.L	activism, Biotechnology, Buybacks, Homebuilders, Skin in Game, small caps, value	Liquidia won patent litigation against United Therapeutics for PAH treatment, with CEO making $1M share purchase before decision. Product expected to launch April 2024 with potential to capture significant market share from United Therapeutics through superior delivery technology.	NTP ENDP LFCR VTY.L LQDA	View
2024 Q4	Jan 16, 2025	Laughing Water Capital	18.6%	39.5%	CDMO, CTLP, HUBS, LFCR, NN, PAR, THRY, TTAN, VTY.L, VZ	Biotech, Concentration, small caps, software, Spectrum, technology, value	NextNav represents a next-generation GPS and wireless spectrum investment with significant upside potential. The company is awaiting FCC approval for its petition to update 900 MHz spectrum band rules, which would enable terrestrial GPS and 5G spectrum creation. Recent valuation markers suggest the spectrum could be worth approximately $40 per share if approved.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Maran Capital Management	Vistry Group PLC	Consumer Discretionary	Homebuilding	Bull	London Stock Exchange	asset monetization, multiple expansion, operating leverage, Partnerships Business, Real Estate, Share Buybacks, UK Housebuilding, Value	View Pitch
Apr 28, 2026	Fund Letters	Arquitos Capital Management	Vistry Group PLC	Consumer Discretionary	Homebuilding	Bull	London Stock Exchange	asset-light, homebuilding, Partnerships model, Real Estate, Share Buybacks, turnaround, UK, Value	View Pitch
Apr 28, 2026	Fund Letters	Maran Capital Management	Vistry Group PLC	Consumer Discretionary	Homebuilding	Bull	London Stock Exchange	activist, capital allocation, debt reduction, housing associations, Partnerships, Real Estate, Share Buybacks, UK Homebuilder, value unlocking	View Pitch
Apr 28, 2026	Fund Letters	Longriver Investment Partners	Vistry	Consumer Discretionary	Homebuilding	Bull	London Stock Exchange	capital efficiency, homebuilding, partnership model, secular tailwinds, Share Buybacks, UK Housing Crisis, Value	View Pitch
Apr 28, 2026	Fund Letters	Maran Capital Management	Vistry Group	Consumer Discretionary	Household Durables	Bull	London Stock Exchange	activist investor, affordable housing, asset-light, contrarian, Partnerships Business, Recession-resistant, Share Buybacks, UK Homebuilder	View Pitch
Apr 13, 2026	Fund Letters	Crossroads Capital	Vistry PLC	Consumer Discretionary	Homebuilding	Bull	LSE	affordable housing, Capital-light, Government, homebuilding, Partnerships, Roce, UK, Value	View Pitch
Apr 13, 2026	Fund Letters	Laughing Water Capital	Vistry Group PLC	Consumer Discretionary	Homebuilding	Bull	LSE	affordable housing, asset-light, government investment, insider buying, Partnerships Business, turnaround, UK Homebuilder	View Pitch
Apr 13, 2026	Fund Letters	Laughing Water Capital	Vistry Group PLC	Consumer Discretionary	Homebuilding	Bull	LSE	affordable housing, asset-light, Discount to book, government funding, recovery, UK housing	View Pitch
Apr 13, 2026	Fund Letters	Maran Capital Management	Vistry Group	Consumer Discretionary	Household Durables	Bull	London Stock Exchange	capital returns, earnings growth, NVR Comparison, Operating Profit Growth, Partnerships model, Share Buybacks, UK Housebuilder	View Pitch
Apr 13, 2026	Fund Letters	Crossroads Capital	Vistry Group PLC	Consumer Discretionary	Homebuilding	Bull	London Stock Exchange	asset-light, buybacks, defensive, homebuilding, JV, Partnerships, Real Estate, transformation, UK, Value	View Pitch
Apr 13, 2026	Fund Letters	Longriver Investment Partners	Vistry Group	Consumer Discretionary	Homebuilding	Bull	London Stock Exchange	affordable housing, asset-light, capital return, Equity, homebuilding, manufacturing, partnership model, turnaround, UK, Value	View Pitch
Apr 13, 2026	Fund Letters	Asheville Capital Management	Vistry Group PLC	Consumer Discretionary	Homebuilding	Bull	London Stock Exchange	affordable housing, Capital-light, high-ROIC, homebuilding, Housing shortage, Partnerships model, Share Buybacks, turnaround, UK, Value	View Pitch
Apr 13, 2026	Fund Letters	Crossroads Capital	Vistry Group PLC	Consumer Discretionary	Homebuilding	Bull	London Stock Exchange	affordable housing, Capital-light, government contracts, homebuilding, Partnerships, transformation, UK, Value	View Pitch
Jan 8, 2026	Substack	Triples Investing	Vistry Group PLC	Construction	Homebuilding	Bull	London Stock Exchange	affordable housing, business transformation, capital-light strategy, government relationships, homebuilding, housing associations, modular construction, Partnerships model, UK housing shortage, Vistry Group	View Pitch
Sep 29, 2025	Substack	Wonderstcks	Vistry Group			Bull		British house building, cash flow, Countryside Properties, housing developments, investment opportunity, land price volatility, NVR, Inc., partnership model, UK homebuilding, Vistry Group	View Pitch
Sep 29, 2025	Substack	Wonderstcks	Vistry Group Plc			Bull		affordable housing, capital-light strategy, construction sector, housebuilding, Partnerships model, Return on Capital Employed, Sustainability, UK government targets, urban regeneration, Vistry Group Plc	View Pitch

BSD Shareholders of VTY-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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