WGX-AX

WGX-AX

WGX-AX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	Apr 15, 2024	L1 Capital Long Short Fund	2.4%	10.8%	CBA.AX, CRH, CS.TO, CVE.TO, DOW.AX, FLTR.L, FRA.DE, IMD.AX, NXE.TO, QBE.AX, STO.AX, TECK.TO, WGX.AX	Australia, banks, Copper, energy, Long/Short, materials, technology, value	Manager expects copper market deficits to widen due to robust demand from electrification and constrained supply from insufficient new mines. Supply disruptions have highlighted tight market conditions with treatment charges falling significantly. Physical deficits are virtually unavoidable over the medium term.		View
2025 Q1	Mar 31, 2025	The Gabelli International Small Cap Fund	7.5%	7.5%	9449.T, AGI, CHG.L, EDV.L, GENI, IVG, LOOM.ST, LPE.PA, PRU.AX, SGDG.L, WGX.AX	defense, Europe, Germany, gold, international, small caps	Gold mining stocks performed strongly with Alamos Gold and Endeavour Mining rallying 45% and 36% respectively on the back of rising gold prices. The Fund holds several gold mining positions that benefited from strong gold price performance during the quarter.		View
2025 Q4	Feb 18, 2026	The Gabelli International Small Cap Fund	5.1%	39.6%	4617.T, 7012.T, AGI, CHG.L, EGO, EURN, GENI, MOLHF, PRU.AX, SFM.SW, TAMP.MI, WGX.AX	defense, Europe, gold, international, Japan, small caps	Gold equity holdings were the top contributors to performance, with multiple gold miners including Westgold Resources, Endeavour Mining, Eldorado Gold, and Perseus Mining driving returns. Gold is undergoing a longer-term revaluation as a monetary alternative amid elevated sovereign debt levels and shifting geopolitical alliances. Defense spending increases are supporting companies like Chemring Group and Kawasaki Heavy Industries. Japan plans to double defense spending by 2035, while European defense expenditures are rising due to security concerns. The fund added Japanese defense-related companies including Chugoku Marine Paints and Namura Shipbuilding. International equities benefited from investors diversifying from mega-cap U.S. technology companies. Dollar weakness supported returns, with the DXY Index declining about 9% during 2025. Valuations between U.S. and international markets had become stretched in favor of non-U.S. equities.	4617 JP	View
2024 Q4	Dec 31, 2024	The Gabelli International Small Cap Fund	-10.3%	-6.1%	8136.T, AGI.TO, CHG.L, CKN.L, DRW3.DE, EDV.L, GENI, GXI.DE, ITP.PA, LPE.PA, SIE.DE, TAM.MI, WGX.AX	Currency, Europe, international, Japan, small cap, value	International small cap equities have been out of favor in most markets, with the fund focusing on small capitalization companies in developed markets outside the U.S. The valuation discount has reached record levels compared to U.S. markets.		View
2024 Q4	Dec 31, 2024	L1 Capital Long Short Fund	-7.9%	-7.9%	000660.KS, CNU.AX, CRH, CVE, DEG.AX, DOW.AX, FLTR.L, FRA.DE, LSF.AX, LTMAQ, MEG.TO, NEM, NST.AX, NWG.L, QAN.AX, QBE.AX, RMV.L, TESCO.L, TSM, WGX.AX	Australia, cyclicals, Factor, gold, growth, Long/Short, Overvaluation, value	Fund maintains significant long positions in gold equities amid 26% gold price increase in 2024. Central bank demand driven by geopolitical tensions and de-dollarization trends. Gold offers hedge against U.S. fiscal concerns and inflation risks. Asian demand accelerating while Western ETF flows declining.		View
2023 Q4	Dec 31, 2023	L1 Capital Long Short Fund	2.4%	10.8%	AZJ.AX, BABA, BSL.AX, CNU.AX, CRH, CVE, FLTR.L, IMD.AX, NEM, NUF.AX, STO.AX, VEA.AX, WGX.AX	Australia, energy, gold, industrials, infrastructure, Long/Short, materials, value	Portfolio maintains significant Energy exposure despite underperformance in 2023. Manager sees positive macro outlook with oil above $70, elevated geopolitical tensions, improving supply/demand dynamics, and multi-decade low inventories. Key positions include Santos with potential structural options and Cenovus generating strong free cash flows.	AZJ.AX CNU.NZ IMD.AX NUF.AX WGX.AX NEM FLTR.L CRH CVE.TO STO.AX	View
2025 Q3	Oct 20, 2025	L1 Capital Long Short Fund	13.3%	-	CNU.AX, CRH, FRA.DE, HBM.TO, IMD.AX, LSF.AX, MIN.AX, NXE.TO, STO.AX, WGX.AX	AI, Australia, Copper, gold, Long/Short, Mining, uranium, value	Nuclear energy is experiencing a resurgence driven by AI data center power demands and policy support from governments and hyperscalers. Uranium markets face structural deficits as production has lagged consumption for decades while new nuclear capacity targets require 3-4x increases. Supply is concentrated in geopolitically sensitive regions with limited Western alternatives.	WTG AU MIN HBM NXE CN WTG AU MIN HBM NXE CN	View
2025 Q4	Jan 15, 2026	L1 Capital Long Short Fund	14.1%	46.8%	ALL.AX, AZJ.AX, BSL.AX, CRH, CTD.AX, FLT.AX, FTT.AX, JHX.AX, LLOY.L, LNW.AX, LSF.AX, MIN.AX, STLD, WGX.AX	Australia, gold, infrastructure, Long/Short, Steel, Travel, value	Gold price continued to rally, up 12% for the quarter and 65% for 2025, driven by large U.S. federal fiscal deficits, dollar devaluation, emerging market central bank accumulation, and global interest rate cutting cycle. Westgold Resources performed strongly with the company releasing a positive 3-year outlook demonstrating transformation into material scale producer. BlueScope Steel received multiple takeover proposals from Steel Dynamics, validating the strategic value of North American steel assets. Trump administration increased steel tariffs to 50% with no exemptions, materially improving profitability and resilience of U.S. steel producers. Steel market has become highly consolidated with competitive tension for independent assets. Aurizon benefited from proposed 10-year extension to regulatory arrangements for Queensland rail network access, enhancing long-term earnings certainty. Above-rail performance supported by robust coal volumes and BHP copper railings. Infrastructure remains a key portfolio exposure with positive outlook on U.S. economic growth and AI capital expenditure spending. Flight Centre shares rallied 30% on earnings-accretive acquisition of Iglu cruise agency and benefited from competitor issues. Travel sentiment and outbound travel from Australia to Europe and United States continues to improve, providing tailwinds to performance. Uranium continues to be a key portfolio exposure alongside infrastructure, gold, and U.S. cyclicals. The manager believes uranium provides some of the best opportunities globally as part of their quality value investment approach. Following significant outperformance of high P/E stocks over the past decade, the manager is finding more attractive opportunities in Value stocks. They believe low P/E stocks are well positioned to strongly outperform high P/E stocks over the coming 1-2 years, with portfolio having stronger than usual Value skew. Continued acceleration in AI-related capital expenditure attracted increased investor attention during the quarter. Estimated cumulative hyperscaler capex between 2025-2028 is substantial, expected to be double their available cash flows, necessitating increased debt funding. This heightened focus contributed to de-rating of speculative AI-exposed stocks. Mineral Resources benefited from lithium spodumene prices moving 92% higher during the quarter, recovering sharply due to upgraded demand outlook from stationary storage batteries and ongoing supply uncertainty from major Chinese operations. Company announced sale of 30% interest in lithium assets to POSCO for A$1.2b at 45% premium to consensus NAV.	FLT AU LLOY LN JHX AU LNW AU FTT CN AZJ AU MIN AU WGX AU BSL AU	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	L1 Capital Long Short Fund	Westgold Resources Limited	Materials	Metals & Mining	Bull	ASX	Australia, Free Cash Flow, Gold, Mining, production growth, turnaround	View Pitch

BSD Shareholders of WGX-AX

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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