WFG-TO

WFG-TO

WFG-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	Apr 30, 2024	Smead International Value Fund	0.7%	11.6%	BAWG.VI, CVE.TO, FRO, G.MI, IFP.TO, MEG.TO, OXY, PNDORA.CO, ROG.SW, TGA.JO, UCG.MI, WFG.TO, WHC.AX	Banking, energy, inflation, international, rates, value	The fund holds significant positions in energy companies including Meg Energy, Cenovus Energy, and Occidental Petroleum. Coal companies faced pressure from weakened demand factors including China's economic growth and increased coal and gas stock availability.	ROG.SW	View
2023 Q1	Mar 31, 2023	Alluvium Global Fund	-	-	BABA, CHTR, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LEA, LNR.TO, LUV, MCK, MU, RHI, ROG.SW, RYA.L, THO, UMG.AS, WBA, WFG.TO	Airlines, Cyclical, global, healthcare, Recovery, technology, value	Ryanair was the Fund's best performer over the quarter, up 21.9%. Now operating above pre-Covid levels, management's bold purchase of additional Boeing Max aircraft during the pandemic is proving prescient. Given strong traffic recovery and pricing, Ryanair raised its full year profit guidance by 25%.	LBRDK	View
2025 Q3	Nov 23, 2025	Robotti Value Investors	-	-	IFP.TO, NVDA, WFG.TO	AI, cash flows, Concentration, fundamentals, Lumber, technology, valuation, value	Manager discusses how AI has not rendered fundamental investing obsolete, arguing that while AI excels at information processing, value investing thrives in gray areas where human judgment matters more than data density. The current AI boom has created extraordinary market concentration reminiscent of the dot-com era.	IFP CN	View
2025 Q3	Oct 19, 2025	Smead International Value Fund	9.1%	28.5%	AMGN, APA, AXP, BAWG.VI, BMPS.MI, CVE.TO, DHI, FRO, LEN, MAC, MEG.TO, MRK, NVR, PNDORA.CO, SCR.TO, SPG, UCG.MI, UMG.AS, WFG.TO	Banking, energy, Europe, Mergers, oil, Scale, value	The fund owns MEG Energy which has been subject to a bidding war between Cenovus Energy and Strathcona Resources. Cenovus expects $400 million in annual cost savings from combining with MEG, representing about 45% of MEG's market cap. The oil business is seeing significant value creation through mergers and acquisitions as companies seek to scale operations.	UCG MEG SCR CVE	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	Smead International Value Fund	0.7%	11.6%	BARC.L, BAWG.VI, BKT.MC, BRK-A, CVE.TO, FRO, G.MI, MEG.TO, NWG.L, PNDORA.CO, SCR.TO, UCG.MI, WFG.TO	banks, Compounding, energy, Europe, returns, value	The fund focuses on finding businesses that produce strong double-digit returns where investors are not overpricing them. They seek companies trading at significant discounts to economic value, exemplified by their European bank holdings which continue to be appraised at substantial discounts despite improving fundamentals.		View
2025 Q4	Jan 21, 2026	Smead International Value Fund	8.2%	39.1%	BARC.L, BAWG.VI, BKT.MC, CVE.TO, GLEN.L, OXY, PNDORA.CO, ROG.SW, SCR.TO, TGA.JO, TVE.TO, UCG.MI, WFG.TO	banks, energy, Europe, oil, value	The fund employs a concentrated value approach focused on maximizing long-term returns. The managers contrast momentum investing (driven by stories and mythos) with value investing (analytical approach examining capital structure, returns on capital, and future growth). They believe value investing represents a more logical and analytical framework that will ultimately prevail. The managers challenge the mythos that American energy producers will drill regardless of price, noting that capex per rig has moved to higher levels coinciding with attractive entry points. They highlight that OPEC production increases have been muted relative to announcements, with Saudi Arabia being the only member capable of bringing back meaningful production at 2.1 million barrels per day. The fund sees Europe transitioning from mythos (over-regulated, poor decision-making) to logos (analytical capital allocation). European banks now believe they must earn their cost of capital and provide investor rewards through declining cost-to-income ratios, stock buybacks, and consolidation. Germany's removal of its debt brake for rearmament signals a future driven by returns and investment.		View
2024 Q2	Jul 15, 2024	Smead International Value Fund	0.7%	11.6%	CVE.TO, FRO, G.MI, IFP.TO, MEG.TO, OXY, PNDORA.CO, SCR.TO, UCG.MI, WFG.TO	banks, energy, Europe, Government Spending, inflation, technology, value	The fund is focused on the reserve life of oil and gas assets in places like Canada with investments like MEG Energy, Cenovus and Strathcona. In a world that is far less interested in investing in energy compared to AI, they believe that the assets' lives need to match the current long lead time capital cycle.		View
2023 Q4	Jan 16, 2024	Smead International Value Fund	0.7%	11.6%	BAWG.VI, CVE.TO, FRO, GOOS.TO, IFP.TO, IWG.L, MEG.TO, OXY, PNDORA.CO, SCR.TO, UCG.MI, WFG.TO	banks, Change, Europe, Geopolitical, oil, value	America transformed into an OPEC-sized producer of oil and gas products over the last 20 years. American producers decided to quit drilling new holes in spring 2020, leading to explosive returns for investors as stock buybacks and dividends rained in from operating cash flow. Oil and gas producers are now being rational with their capital allocation.	BAWG.VI	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
No pitches found.

BSD Shareholders of WFG-TO

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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