VWS-CO

VWS-CO

VWS-CO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 10, 2024	Generation Investment Management Global Equity	-	-	AMAT, AMZN, AVGO, BDX, CCC, GOOGL, MSFT, NTNX, NVDA, TWLO, VMW, VWS.CO	AI, Cloud, Data centers, energy, Esg, sustainability, technology	Discusses the power demands of Generative AI and its impact on data centers. Notes that AI requires significant electricity for training and inference, with cloud companies investing heavily in AI hardware. Examines sustainability implications of AI's energy consumption.	NTNX	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
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
2023 Q1	Apr 14, 2023	Generation Investment Management Global Equity	-	-	ADSY, AMZN, BABA, BAX, HSIC, MSFT, SCHW, SIKA.SW, TT, VWS.CO, ZAL.DE	AI, Esg, global, healthcare, Long Term, Quality, sustainability, technology	Generation focuses on healthcare companies that reduce costs, drive efficiency, improve clinical outcomes, and improve access to care. They highlight Henry Schein as an example of a company addressing growing healthcare costs and labor shortages while benefiting from digitalization trends in dental offices and the shift of care to more affordable settings.	HSIC	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
2024 Q3	Oct 14, 2024	Mayar Capital	7.7%	9.6%	005930.KS, 7974.T, ALO.PA, BFAM, CFR.SW, EA, GOOGL, HLCL.L, HWDN.L, JNJ, KER.PA, KVUE, MMM, PYPL, SAP, SOLV, UL, UPS, V, VWS.CO	Esg, global, Manufacturing, Patience, Recovery, value	Visa's business model as a payment network intermediary creates powerful network effects and generates impressive shareholder returns. The ongoing shift towards cashless payments has driven payment volume growth from $4.4 trillion in 2008 to $15.4 trillion in 2023. The company maintains high returns on invested capital averaging 65% over two decades while reducing share count by a third since IPO.		View
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	View
2025 Q4	Jan 18, 2026	Mayar Capital	4.5%	14.1%	005930.KS, 7476.T, 7974.T, BFAM, BKNG, BNNTF, CAP.PA, CFR.SW, CRDA.L, GOOGL, JNJ, KVUE, NESN.SW, NKE, OR.PA, PYPL, SOLV, TW.L, UL, UPS, V, VWS.CO	defense, fundamentals, global, Quality, Speculation, value	The fund maintains its disciplined value investing approach, focusing on boring companies with durable competitive advantages trading at reasonable prices. The manager emphasizes that fundamentals eventually win out despite current market speculation. The manager identifies significant red flags in circular financing fueling the AI boom, comparing it to vendor financing of the late 90s. Companies like Oracle, OpenAI, Nvidia and CoreWeave participate in arrangements that effectively fund their own customers' purchases. Strategy Inc. (formerly MicroStrategy) serves as a cautionary tale of speculative excess. The stock fell 60% as its premium to Bitcoin holdings evaporated, forcing the company to sell equity to cover preferred dividends rather than buy more Bitcoin.	NKE TW LN BKNG	View
2023 Q4	Jan 14, 2024	Generation Investment Management Global Equity	-	-	A, ACN, ADDYY, ADI, AMAT, AMZN, BAX, CBRE, CSL, DHR, GEBN.SW, HSIC, JLL, KGP, MELI, MSFT, NZYM-B.CO, SE, SIKA.SW, TMO, TT, TXN, VEEV, VLTO, VWS.CO, WAT	AI, Climate, Global Equity, healthcare, real estate, sustainability, technology	The release of GPT-4 showed the world the perils and promise of generative artificial intelligence. Companies linked to the generative AI revolution have added to returns, including Amazon, Microsoft and Applied Materials which provides equipment for semiconductor chip manufacture.	ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO	View
2025 Q4	Jan 13, 2026	Generation Investment Management Global Equity	-	-	ADYEY, AMZN, ASML, CRM, CSL, DHR, GOOGL, LEGN.PA, MCO, MELI, MSCI, MSFT, SIK.SW, SNPS, SPOT, SU.PA, TMO, TSM, VWS.CO, WDAY	AI, Energy Transition, global, long-term, Quality, sustainability, technology, valuation	Generation believes computing power demand will roughly triple if a third of internet users interact with AI services via voice for 20 minutes daily. They invest across the AI build-out from chip manufacturing (TSMC, ASML) to electrical equipment (Legrand, Schneider) to cloud companies. Roughly one third of the portfolio is involved in AI build-out in some capacity. Generation focuses on quality companies with strong pricing power, indispensable products, and long-term thinking management teams. They believe quality stocks have had one of their weakest relative performances in 15 years, creating attractive valuations. The portfolio has never been so cheaply valued relative to benchmark despite faster earnings growth. MercadoLibre serves as Latin America's core digital infrastructure, operating in 18 countries with strong positions in Brazil, Argentina and Mexico. The platform handled 1.8 billion shipments in 2024, roughly doubling from 2020 figures. Over half a million SMEs sell on the platform representing upwards of 70% of gross merchandise sales. Generation invests across the payments ecosystem including Visa, Mastercard, PayPal, and Adyen. Adyen processes EUR 1.4 trillion of payments with a single global platform approach. More than half of MercadoLibre users say Mercado Pago was their first digital payment method, demonstrating the financial inclusion benefits. The portfolio includes renewable energy companies like Vestas Wind Systems and energy efficiency companies like Legrand and Schneider Electric. Companies are setting science-based emissions targets with 67% of portfolio covered by validated targets. The transition faces political headwinds but technological and economic advances continue to accelerate.		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 Q1	Apr 22, 2023	Mayar Capital	7.7%	9.6%	005930.KS, 9627.T, AAPL, AMZN, BFAM, BNR.DE, CFR.PA, DBX, EA, GOOGL, HLCL.L, JNJ, LH, MA, PYPL, SAP.DE, UL, UPS, V, VWS.CO	consumer, global, long-term, Pharmaceuticals, Quality, technology, value	Manager emphasizes investing in great businesses with durable economic moats, favorable customer economics, consistent financial results, high returns on capital, and strong cash flow generation. Uses examples of Amazon, Google, and Apple to illustrate companies that have profoundly shaped our reality through superior customer service, information democratization, and product design excellence.	9627.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

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Mayar Capital	Vestas Wind Systems	Capital Goods	Heavy Electrical Equipment	Bull	NASDAQ Copenhagen	Capital Goods, Denmark, energy transition, Green Technology, Industrial Equipment, infrastructure, recurring revenue, renewable energy, Service Contracts, Wind Energy	View Pitch

BSD Shareholders of VWS-CO

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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