Jet2 plc

• AV Aegis Value Fund Portfolio Manager’s Letter ↗ Aegis Value Fund kept a large energy allocation, arguing depleted inventories, constrained supply and underinvestment support oil producers, while retaining precious-metals miners despite a correction. It held Cenovus, reduced Equinox, sold Amerigo on valuation and feedstock risk, and bought Radian, hotel REITs, Jet2 and Harley-Davidson at discounted valuations. 1st Half Ended June 30, 2026 ARG $948MATHOF $3.9BCLDT $803M +13
• HA Holland Advisors Interim Investor Letter – June 2026 ↗ Holland Advisors rotated out of lower-conviction holdings and added to established network businesses, including Amazon, Meta, Netflix, Nu Holdings, Wise and Block, following price weakness. The fund also initiated Constellation and AppFolio during the software sell-off, while retaining a heavily owner-manager-led, unlevered portfolio. six month period 2026 AMZN $2.9TMETA $1.6TNFLX $265B +3
• HA Holland Advisors Year End Investor Letter – December 2025 ↗ Holland Advisors argues that durable customer goodwill, founder-led capital allocation and shared scale economies identify businesses capable of sustained compounding. The fund cites Amazon, Wise, Nu Holdings, Wetherspoon’s and Jet2 as customer-first holdings, while viewing TSMC, Amazon and Meta as beneficiaries of AI investment. 2025 AMZN $2.9T

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