LongAGOJul 2026
Assured Guaranty Ltd.
Assured Guaranty is one of the insurance compounders the fund continues to favor. The investment case rests on the dual economics of insurance underwriting and the investment of…
Ayalon Trust Fund (4D) Global Stocks
Global classic value strategy combining long-term buy-and-hold compounders with micro-cap value and net-net stocks, while maintaining a 100% equity allocation and avoiding market timing.24 published ideas
Ayalon Trust Fund (4D) Global Stocks is managed by Ayalon Trust Funds Ltd., with investment consulting provided by Zelikovic Financial Investments IRA Ltd. The strategy emphasizes financially robust businesses purchased below estimated economic value, with a particular focus on compounders, family-controlled companies, serial acquirers, insurers and micro-cap value opportunities. The fund explicitly avoids expensive popular stocks and takes a long-term investment horizon of at least five years.
Ideas from Ayalon Trust Fund (4D) Global Stocks
LongMKLJul 2026
Markel Group Inc.
Markel is held as a long-term insurance and holding-company compounder. The letter describes the company as a Berkshire-like vehicle and highlights the role of renowned investor…
LongKNSLJul 2026
Kinsale Capital Group, Inc.
Kinsale is a specialty insurer focused on excess and surplus policies in areas that traditional insurers often avoid, particularly for small businesses. The fund highlights the…
LongPHOE.TAJul 2026
Phoenix Financial Ltd.
Phoenix Financial was added to the portfolio in 2025 as another insurance compounder. The manager was impressed by the company's capabilities both in insurance operations and in…
LongTPLJul 2026
Texas Pacific Land Corporation
Texas Pacific Land remains a highly profitable long-term holding supported by royalties from oil and water resources on its Texas acreage. The fund also sees a meaningful…
LongIBKRJul 2026
Interactive Brokers Group, Inc.
Interactive Brokers is viewed as one of the largest and most efficient brokerage businesses in the United States, with a highly automated platform and unusually high…
LongCSUJul 2026
Constellation Software Inc.
Constellation Software is a serial acquirer of vertical-market software companies and has historically compounded earnings at approximately 20% annually since its IPO. Its shares…
LongCSUJul 2026
Constellation Software Inc.
Constellation Software is a serial acquirer of vertical-market software companies and has historically compounded earnings at approximately 20% annually since its IPO. Its shares…
LongEXO.MIJul 2026
Exor N.V.
EXOR is treated as a long-term compounder because it is family owned, has demonstrated strong capital allocation and has a history of successful acquisitions. The letter argues…
LongBNJul 2026
Brookfield Corporation
Brookfield is viewed as a long-term compounder built around a growing asset-management franchise and a collection of operating subsidiaries. The letter highlights approximately…
LongPPLIJul 2026
People Incorporated
People Incorporated, formerly InterActiveCorp, is viewed primarily as a capital-allocation vehicle under Barry Diller. The fund believes the stock-price decline has overlooked…
LongKKRJul 2026
KKR & Co. Inc.
KKR is viewed as a long-term compounder within the highly profitable alternative asset-management industry. The company manages approximately $640 billion and has grown assets…
LongFFH.TOJul 2026
Fairfax Financial Holdings Limited
Fairfax is favored as an insurance compounder because a well-managed insurer can generate value through both underwriting profits and investment of its float. Fairfax has…
LongEXO.MIJul 2026
Exor N.V.
EXOR is treated as a long-term compounder because it is family owned, has demonstrated strong capital allocation and has a history of successful acquisitions. The letter argues…
LongBNJul 2026
Brookfield Corporation
Brookfield is viewed as a long-term compounder built around a growing asset-management franchise and a collection of operating subsidiaries. The letter highlights approximately…
LongPPLIJul 2026
People Incorporated
People Incorporated, formerly InterActiveCorp, is viewed primarily as a capital-allocation vehicle under Barry Diller. The fund believes the stock-price decline has overlooked…
LongKKRJul 2026
KKR & Co. Inc.
KKR is viewed as a long-term compounder within the highly profitable alternative asset-management industry. The company manages approximately $640 billion and has grown assets…
LongFFH.TOJul 2026
Fairfax Financial Holdings Limited
Fairfax is favored as an insurance compounder because a well-managed insurer can generate value through both underwriting profits and investment of its float. Fairfax has…
LongAGOJul 2026
Assured Guaranty Ltd.
Assured Guaranty is one of the insurance compounders the fund continues to favor. The investment case rests on the dual economics of insurance underwriting and the investment of…
LongMKLJul 2026
Markel Group Inc.
Markel is held as a long-term insurance and holding-company compounder. The letter describes the company as a Berkshire-like vehicle and highlights the role of renowned investor…
LongKNSLJul 2026
Kinsale Capital Group, Inc.
Kinsale is a specialty insurer focused on excess and surplus policies in areas that traditional insurers often avoid, particularly for small businesses. The fund highlights the…
LongPHOE.TAJul 2026
Phoenix Financial Ltd.
Phoenix Financial was added to the portfolio in 2025 as another insurance compounder. The manager was impressed by the company's capabilities both in insurance operations and in…
LongTPLJul 2026
Texas Pacific Land Corporation
Texas Pacific Land remains a highly profitable long-term holding supported by royalties from oil and water resources on its Texas acreage. The fund also sees a meaningful…
LongIBKRJul 2026
Interactive Brokers Group, Inc.
Interactive Brokers is viewed as one of the largest and most efficient brokerage businesses in the United States, with a highly automated platform and unusually high…
Letters covered
- Information Letter for Fiscal Year 2025, Updated for End of Q2 2026July 1, 2026
- Information Letter for Fiscal Year 2025, Updated for End of Q2 2026July 1, 2026
Source PDFs are not republished here; only extracted ideas and quotes.