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Hosking Partners

Sep 2025 → Jun 2026 · Publishes monthly · 4 funds

Our archive holds 9 letters from Hosking Partners, behind 7 investment theses and positions in 20 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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Hosking Partners’s own letters page
9
Letters
20
Companies
20
Moves
7
Theses

2 strategies

Hosking Partners publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

Also filed under Hosking Partners, Hosking Partners Active Ownership.

What they bought and sold · 20 moves

  • AddedTosei
    June 2026
    “We also increased our positions in other deep-value opportunities that we believe will benefit from the corporate reform underway in Japan, such as Tokyo Steel, Iwatani, Asahi Group, Ezaki Glico, and Tosei.”
    Read the letter
  • AddedSibanye Stillwater
    June 2026
    “The pullback in PGM basket prices gave us an opportunity to refocus our basket of miners, with increased investment into Sibanye Stillwater, funded by taking profits at its more highly rated peers.”
    Read the letter
  • TrimmedCorning
    June 2026

    Listed in Hosking Partners’s reported holdings.

    Read the letter
  • TrimmedKyocera
    June 2026
    “At the same time, we took profits in longer held positions, such as Kyocera and Mitsubishi, which have performed strongly.”
    Read the letter
  • AddedTokyo Steel
    June 2026
    “We also increased our positions in other deep-value opportunities that we believe will benefit from the corporate reform underway in Japan, such as Tokyo Steel, Iwatani, Asahi Group, Ezaki Glico, and Tosei.”
    Read the letter
  • AddedVornado Realty Trust
    June 2026
    “We meaningfully increased the strategy’s more recent position in New York real estate investment trusts (REITs) SL Green and Vornado, reflecting a growing scarcity of prime office space, which is exerting upward pressure on rents following a decade-plus build cycle that halted with COVID.”
    Read the letter
  • TrimmedSeagate Technology
    June 2026

    Listed in Hosking Partners’s reported holdings.

    Read the letter
  • AddedBE Semiconductor
    June 2026
    “We cautiously maintain exposure in specific stocks, as the companies continue to benefit from their essential role in the AI arms race and their ability to add capacity to meet demand remains constrained in the short term.”
    Read the letter
  • TrimmedApplied Materials
    June 2026

    Listed in Hosking Partners’s reported holdings.

    Read the letter
  • AddedEzaki Glico
    June 2026
    “We also increased our positions in other deep-value opportunities that we believe will benefit from the corporate reform underway in Japan, such as Tokyo Steel, Iwatani, Asahi Group, Ezaki Glico, and Tosei.”
    Read the letter
  • TrimmedBE Semiconductor Industries
    June 2026

    Listed in Hosking Partners’s reported holdings.

    Read the letter
  • AddedHikari Tsushin
    June 2026
    “This included adding to our largest Japanese holding, Hikari Tsushin, which is owned by all five multi-counsellors and whose shares have derated back to levels seen at the time of our initial purchase in late 2022.”
    Read the letter
  • TrimmedSK Hynix
    June 2026

    Listed in Hosking Partners’s reported holdings.

    Read the letter
  • AddedSL Green Realty
    June 2026
    “We meaningfully increased the strategy's more recent position in New York real estate investment trusts (REITs) SL Green and Vornado, reflecting a growing scarcity of prime office space, which is exerting upward pressure on rents following a decade-plus build cycle that halted with COVID.”
    Read the letter
  • TrimmedMitsubishi
    June 2026
    “At the same time, we took profits in longer held positions, such as Kyocera and Mitsubishi, which have performed strongly.”
    Read the letter
  • AddedAsahi Group
    June 2026
    “We also increased our positions in other deep-value opportunities that we believe will benefit from the corporate reform underway in Japan, such as Tokyo Steel, Iwatani, Asahi Group, Ezaki Glico, and Tosei.”
    Read the letter
  • AddedHikari Tsushin
    June 2026
    “This included adding to our largest Japanese holding, Hikari Tsushin, which is owned by all five multi-counsellors and whose shares have derated back to levels seen at the time of our initial purchase in late 2022.”
    Read the letter
  • AddedIwatani
    June 2026
    “We also increased our positions in other deep-value opportunities that we believe will benefit from the corporate reform underway in Japan, such as Tokyo Steel, Iwatani, Asahi Group, Ezaki Glico, and Tosei.”
    Read the letter
  • TrimmedLam Research
    June 2026

    Listed in Hosking Partners’s reported holdings.

    Read the letter
  • TrimmedTaiwan Semiconductor Manufacturing
    June 2026

    Listed in Hosking Partners’s reported holdings.

    Read the letter

Companies held · 20

Every company Hosking Partners has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 7

  • Studsvik AB
    June 2026

    Studsvik AB is a Swedish nuclear services company viewed as potentially important for long-term decarbonisation, energy security, and a long capital-cycle opportunity.

    Read the full thesis
  • Studsvik AB
    June 2026

    Studsvik AB is a Swedish nuclear services company held for its role in long-term decarbonisation, energy security, and a long capital cycle with limited recent investment.

    Read the full thesis
  • Sibanye Stillwater Limited
    June 2026

    Sibanye Stillwater Limited is being added to for its improving balance sheet, capital discipline under new management, and potential valuation re-rating.

    Read the full thesis
  • Hikari Tsushin, Inc.
    June 2026

    Hikari Tsushin, Inc. is held for its capital-efficient culture and long-term book value compounding.

    Read the full thesis
  • Babcock International Group PLC
    March 2026

    Babcock International Group PLC is a UK defence and civil nuclear engineering services company with unique assets, improved contract structures, strong management, and structural tailwinds supporting margin growth and capital returns.

    Read the full thesis
  • Star Mica
    March 2026

    Star Mica is a Japanese real estate company specializing in tenant-occupied condominiums, benefiting from a persistent pricing arbitrage, scale advantages, prudent capital allocation, and supportive market tailwinds to drive profitable, undervalued growth.

    Read the full thesis
  • Saga plc
    March 2026

    Saga plc is a UK over-50s services brand spanning cruises, insurance and financial products, with founder-led turnaround, brand loyalty, deleveraging and demographic tailwinds underpinning significant earnings recovery and valuation upside.

    Read the full thesis

Letter archive · 9

2026

2025

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