LongMRK.DEJun 2026
Merck KGaA
Merck is a relatively recent purchase whose Life Science division returned to growth, expanding by more than 8% in the March quarter. The fund sees green shoots in research…
Overstone International Value Fund
Concentrated international ex-US equity strategy using classic contrarian value investing and bottom-up fundamental research across market capitalisations.$41M AUM10 published ideas
Overstone International Value Fund is managed by Oldfield Partners LLP and invests in a concentrated portfolio of non-US equities. The strategy seeks long-term returns above the MSCI EAFE Index through classic contrarian value investing, with holdings selected through bottom-up fundamental research.
Ideas from Overstone International Value Fund
Long005930.KSJun 2026
Samsung Electronics Co., Ltd.
Samsung benefited from strong demand for high-bandwidth memory used in AI chips and from a shortage in DRAM. The fund notes that DRAM spot prices had risen almost ninefold over…
LongLLOY.LJun 2026
Lloyds Banking Group plc
Lloyds is one of three bank holdings that benefited from expectations that interest rates would remain higher for longer. The fund says the banks are generating double-digit…
LongALPHA.ATJun 2026
Alpha Bank S.A.
Alpha Bank is one of the fund’s three bank holdings and performed strongly in the quarter. The fund says the banks benefited from expectations for higher-for-longer interest…
LongSHB-A.STJun 2026
Svenska Handelsbanken AB
Handelsbanken is part of the fund’s bank basket that benefited from expectations for interest rates to remain higher for longer. The fund highlights double-digit returns on…
LongBP.LJun 2026
BP p.l.c.
BP was a detractor as Brent oil fell sharply, but the fund still sees attractive economics at current oil prices. It estimates BP offers a low-double-digit free cash flow yield…
LongSHEL.LJun 2026
Shell plc
Shell fell during the quarter as the Middle East ceasefire drove Brent oil down from its peak. The fund nevertheless believes Shell remains attractively valued at current oil…
LongPSI.TOJun 2026
Pason Systems Inc.
Pason provides technology to oil and gas rigs and is currently operating against a depressed rig-count backdrop. The fund believes the company can still double revenue over the…
Long0142.HKJun 2026
First Pacific Company Limited
First Pacific gives the fund exposure to operating businesses in the Philippines and Indonesia at both underlying-company and holding-company discounts. Indofood, more than one…
LongMT.ASJun 2026
ArcelorMittal S.A.
ArcelorMittal has historically faced pressure from Chinese imports in its European steel business. The fund sees an improving setup after the EU tightened trade measures by…
Letters covered
- Overstone International Value Fund 2Q 2026 CommentaryJune 30, 2026
Source PDFs are not republished here; only extracted ideas and quotes.