WINE-L

WINE-L

WINE-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 30, 2025	Rozendal Partners	-	23.0%	AFM.L, AST.JO, B4B.DE, BLU.JO, CCOLA.IS, COH.JO, HCI.JO, HL.L, KSPI.L, MTN.JO, NE, NPK.JO, OCE.JO, PRX.AS, SESG.PA, WINE.L	defense, emerging markets, global, Mining, Satellites, tariffs, Turkey, value	Completed investment cycle in three Turkish companies (Migros, Sabanci, Coca Cola Icecek) during hyperinflationary period. Turkey's unorthodox monetary policy created opportunities as negative real interest rates drove consumption boom. Exited positions as valuations reached fair value and real interest rates turned positive.		View
2025 Q3	Jul 30, 2025	MSA Capital	-	17.3%	ABF.L, DCC.L, FERG, FPE3.DE, MWG.L, TCX, UTDI.DE, WINE.L	Cyclical, Europe, long-term, Patience, Quality, value	The fund examines digital transformation through companies like Moltiply and Naked Wines. Moltiply successfully expanded from Italian mortgage brokerage to European price comparison platforms, acquiring Verivox in Germany. Naked Wines struggled with aggressive U.S. expansion during COVID but shows recovery signs under new management.	FERG LN WINE LN	View
2024 Q2	Jun 30, 2024	LMN Capital	-	0.5%	ABYY.DE, ARL.DE, BNTX, FMX, IBKR, MTX.DE, PYPL, TCX.TO, WINE.L	Concentration, Europe, Long Term, Owner Managed, value	Aareal Bank faced market stress due to exposure to US office properties, creating a mispricing opportunity. The bank held EUR 3.2 billion in US office loans representing 10% of total portfolio, with strong equity ratios and defensive positioning making the stress temporary rather than systemic.	MTX.DE FMSAUBD.MX AAREAL.DE	View
2025 Q4	Feb 3, 2026	MSA Capital	0.0%	0.0%	ABF.L, DCC.L, FERG.L, FPE3.DE, MWG.L, TCX, UTDI.DE, VWPL.L, WINE.L	AI, Buybacks, Conglomerates, Europe, underperformance, value	Multiple portfolio companies executed significant share repurchase programs in 2025, including Virgin Wines repurchasing 10% of shares, DCC buying back 12% through tender offer, Associated British Foods repurchasing 5%, and Naked Wines retiring 7% of share capital. Manager views these buybacks at low valuations as value-creating for shareholders. Manager emphasizes investing in companies trading below intrinsic value, with several holdings described as net-net situations where market cap trades below cash holdings. Focus on companies with reasonable business models, competitive advantages, and rational management available at reasonable prices. Market concerns about artificial intelligence impact on comparison portal business models led to significant price declines across the sector. Manager believes market is overreacting to AI buzzword and underestimates adaptability of successful platform businesses led by experienced entrepreneurs.	TCX US WINE US ABF LN DCC LN CHG GR VINO LN	View
2023 Q4	Dec 29, 2023	LMN Capital	-	17.3%	BNTX, IBKR, MELI, PYPL, SCHJF, TCX, WAF.DE, WINE.L	Concentration, E-Commerce, Europe, Fintech, small cap, software, value	Manager discusses multiple e-commerce investments including Mercadolibre as the leading marketplace in South America with excellent operational development, and About You as a current portfolio holding. Naked Wines represents online wine subscription model with direct-to-consumer approach.	WINE.L ACGL\|CHH\|FDS\|GWRE\|IBKR\|IDXX\|MTN\|SPOT\|TSLA	View
2024 Q2	Jul 23, 2024	TGV Compound Fund	0.0%	6.9%	071050.KS, ABF.L, DCC.L, FERG.L, MIDW.L, TCX, UTDI.DE, WINE.L	Concentration, ETFs, Europe, Quality, small caps, value	Manager discusses the structural risk from increasing ETF concentration, noting that just three companies (Apple, Microsoft, Nvidia) now account for 20% of the S&P 500, up from less than 6% in 2015. This trend pushes large-cap valuations higher while depriving smaller companies of liquidity. The manager considers this a structural risk with potential unintended consequences.	081660.KS MWG.L	View
2024 Q2	Jul 15, 2024	Colebrooke Partners	0.0%	0.8%	ASC.L, ATG.L, LIT.L, MIDW.L, MOON.L, MRL.L, NAH.L, THG.L, WINE.L, WISE.L, WOSG.L	Luxury, marketplaces, Portfolio Management, small cap, UK Equities, value	ATG operates leading auction platforms across art/antiques and industrial/commercial verticals, benefiting from network effects where scale aggregates more bidders and auction houses. The business follows the 'Marketplace Playbook' with value-added services like ATG Ship and ATG Pay improving take rates while enhancing the offering to auction houses.	WOSG.L ATG.L	View
2024 Q4	Jan 20, 2025	Colebrooke Partners	5.9%	-	ATG.L, ECEL.L, MIDW.L, MOON.L, NAH.L, THG.L, WINE.L, WOSG.L	Building Materials, concentrated, small caps, Uk, undervalued, value	Eurocell operates as a vertically integrated PVC profiles manufacturer and building plastics distributor with over 200 branch locations. The company serves windows and doors installers, small builders, and roofing contractors in the UK market. Management targets £500m sales with 10% operating margins through branch network expansion, improved windows and doors proposition, and garden rooms offerings.	ASC.L ECEL.L	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	TGV Compound Fund	Naked Wines plc	Consumer Staples	Food Distributors	Bull	LSE	Consumer Discretionary, deep value, direct-to-consumer, e-commerce, founder return, turnaround, UK, Wine Subscription, working capital	View Pitch
Apr 28, 2026	Fund Letters	LMN Capital	Naked Wines plc	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	LSE	deep value, e-commerce, founder return, Online Subscription, recovery, turnaround, Wine Retail, working capital	View Pitch

BSD Shareholders of WINE-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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