Bell Global Emerging Companies Fund

Investor Summary

Led by Chief Investment Officer Ned Bell alongside Co-Portfolio Manager Joel Connell and Portfolio Manager Matt Saddington, the management team brings extensive experience in global small and mid-cap investing. The team was recently strengthened with the appointment of Andrew Gowen as Director of Research and Portfolio Manager, who contributes over 25 years of global equities experience. Bell Asset Management employs approximately 30 staff with 33% working as investment professionals, demonstrating strong research infrastructure.

Fund Strategy

The Bell Global Emerging Companies Fund employs an unconstrained, fundamental, bottom-up stock-picking approach focusing on 30-60 high-quality global small and mid-cap companies. The strategy integrates ESG considerations and targets companies with strong franchises, excellent management teams, robust balance sheets, and superior and consistent profitability. The fund seeks companies within the bottom 28% of the MSCI World Index with minimum market capitalization of US$1 billion, providing flexibility to capitalize on opportunities across developed and emerging markets. The investment objective is to outperform the MSCI World SMID Cap Index over rolling three-year periods after fees.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
7.6%	0.6%	-8.1%

Executive Summary

The Bell Global Emerging Companies Fund returned 0.6% in Q2 2026, underperforming the MSCI World SMID Cap Index which rose 11.4%, as momentum-driven markets continued to favor cyclical value and speculative areas over quality. The fund's Quality at a Reasonable Price approach faced an unusually difficult backdrop, with the top 100 stocks in the SMID Index contributing over 70% of total returns and non-profitable companies outperforming profitable peers by more than 50%. Despite this, underlying portfolio fundamentals remain resilient, with earnings expectations stable or upgraded. The average forward P/E multiple of holdings is now approximately 25% below where it was 12 months ago and 25% below their 10-year average, while the broader Index trades in line on both measures. The fund actively deployed capital into AI infrastructure beneficiaries including Screen Holdings (wafer-cleaning systems), Legrand (data center electrical infrastructure), and Organo (ultrapure water for chip manufacturing), all purchased at attractive valuations. Management believes the current dislocation has created one of the most compelling forward-looking risk-reward profiles they have seen, with initial signs in early July suggesting a potential broadening of market leadership.

Core Thesis

The Bell Global Emerging Companies Fund maintains a disciplined Quality at a Reasonable Price (QARP) approach focused on high-quality global small and mid-cap companies, despite facing significant headwinds from momentum-driven markets that have favored cyclical value and speculative areas over the past year.

Forward Outlook

Management remains constructive on the long-term AI infrastructure investment opportunity while emphasizing that selectivity and valuation discipline are becoming increasingly important as speculative enthusiasm intensifies. They believe the portfolio is considerably better positioned than recent returns suggest, with the current environment creating one of the most attractive forward-looking risk-reward profiles they have seen for a long time. The average forward P/E multiple of portfolio holdings is now approximately 25% below where it was 12 months ago and around 25% below their own 10-year average valuation multiple, while the broader SMID Index is trading broadly in line on both measures. Although quality investing has experienced periods of relative underperformance before, the magnitude of the current dislocation is among the most extreme they have observed, and previous periods of significant quality underperformance have ultimately been followed by attractive relative returns. Initial signs in early July suggest a potential unwind in narrow momentum leadership, though it is too early to conclude this represents a sustained change in market leadership.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 15 2026	2026 Q2	3064.T, 6146.T, 6254.T, 6368.T, 8697.T, ADSK, AMS.SW, BR, COR, DB1.DE, DKS, EVD.DE, EXPN.L, LPLA, LR.PA, MSCI, PGHN SW, STMN SW, TTI, VEEV, WMS	AI, global, Japan, momentum, Quality, semiconductors, SMID Cap, valuation	6146.T PGHN.SW LR.PA 6368.T	Bell Global Emerging Companies underperformed in Q2 2026 as momentum-driven markets favored speculation over quality, but the fund's disciplined approach has created compelling valuations. Portfolio holdings trade at 25% discounts to historical multiples while fundamentals remain strong. New positions in AI infrastructure plays like Screen Holdings, Legrand, and Organo offer differentiated exposure at attractive entry points. Management sees this as one of the most attractive risk-reward setups in years.
Apr 29 2026	2026 Q1	3064.T, 4307.T, 5803.T, 7741.T, BJ, BOOT, DB1.DE, EVT.DE, EXPN.L, GTT.PA, KEYS, ODFL, SFM, TER, TTI	AI, energy, Geopolitical, global, Quality, small caps, volatility	DB1.DE BOOT TEL 4307.T	Bell Global Emerging Companies Fund underperformed in March as Middle East conflict drove oil to $120 and created broad market volatility. Despite AI disruption fears pressuring quality stocks, the fund sees improving opportunities in global small-mid caps, which outperformed large caps by 400bps in Q1. Management remains confident their Quality at a Reasonable Price approach will benefit from current dislocations.
Jan 23 2026	2025 Q4	3064.T, 6146.T, AMS.MC, AUTO.L, BJ, BOOT, CHKP, CNM, COR, CPG.L, DB1.DE, GWW, LPLA, MSCI, ODFL, PCTY, SCI, TSCO, TTC, TTI.HK, VEEV, WKL.AS	global, industrials, Quality, SMID Cap, technology, value	ODFL GWW LPLA CPG LN 6146 JP 3064 JP TTC CNM TSCO COR AUTO LN VEEV	Bell Global Emerging Companies Fund's quality-focused approach faced style headwinds in December, declining 1.8% versus the index's -0.8%. Industrial and technology holdings drove positive performance while consumer discretionary lagged. The team strategically repositioned the portfolio for 2026, adding industrial distributor W.W. Grainger and wealth manager LPL Financial. Compelling valuations and earnings-driven market transition expected to favor quality companies ahead.
Nov 30 2025	2025 Q3	3064.T, 3769.T, 6146.T, ATD.TO, AUTO.L, BR, CHKP, CLH, COR, DB1.DE, DXCM, FBIN, JKHY, KEYS, MONC.MI, MSCI, PCTY, RMV.L, SCI, VEEV, WOLW.L	AI, Fintech, global, healthcare, payments, Quality, SMID Cap, technology	JKHY 3769 JP AUTO LN	Bell Global Emerging Companies Fund underperformed in November on AI disruption fears affecting several holdings. Strong fintech performance from Jack Henry and GMO Payment Gateway was offset by weakness in Autotrader and other digital platforms. The manager believes AI concerns are overstated for quality businesses and has added to positions at compelling valuations while exiting where disruption risks are genuine.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 15 2026

2026 Q2

3064.T, 6146.T, 6254.T, 6368.T, 8697.T, ADSK, AMS.SW, BR, COR, DB1.DE, DKS, EVD.DE, EXPN.L, LPLA, LR.PA, MSCI, PGHN SW, STMN SW, TTI, VEEV, WMS

AI, global, Japan, momentum, Quality, semiconductors, SMID Cap, valuation

6146.T
PGHN.SW
LR.PA
6368.T

Bell Global Emerging Companies underperformed in Q2 2026 as momentum-driven markets favored speculation over quality, but the fund's disciplined approach has created compelling valuations. Portfolio holdings trade at 25% discounts to historical multiples while fundamentals remain strong. New positions in AI infrastructure plays like Screen Holdings, Legrand, and Organo offer differentiated exposure at attractive entry points. Management sees this as one of the most attractive risk-reward setups in years.

Apr 29 2026

2026 Q1

3064.T, 4307.T, 5803.T, 7741.T, BJ, BOOT, DB1.DE, EVT.DE, EXPN.L, GTT.PA, KEYS, ODFL, SFM, TER, TTI

AI, energy, Geopolitical, global, Quality, small caps, volatility

DB1.DE
BOOT
TEL
4307.T

Bell Global Emerging Companies Fund underperformed in March as Middle East conflict drove oil to $120 and created broad market volatility. Despite AI disruption fears pressuring quality stocks, the fund sees improving opportunities in global small-mid caps, which outperformed large caps by 400bps in Q1. Management remains confident their Quality at a Reasonable Price approach will benefit from current dislocations.

Jan 23 2026

2025 Q4

3064.T, 6146.T, AMS.MC, AUTO.L, BJ, BOOT, CHKP, CNM, COR, CPG.L, DB1.DE, GWW, LPLA, MSCI, ODFL, PCTY, SCI, TSCO, TTC, TTI.HK, VEEV, WKL.AS

global, industrials, Quality, SMID Cap, technology, value

ODFL
GWW
LPLA
CPG LN
6146 JP
3064 JP
TTC
CNM
TSCO
COR
AUTO LN
VEEV

Bell Global Emerging Companies Fund's quality-focused approach faced style headwinds in December, declining 1.8% versus the index's -0.8%. Industrial and technology holdings drove positive performance while consumer discretionary lagged. The team strategically repositioned the portfolio for 2026, adding industrial distributor W.W. Grainger and wealth manager LPL Financial. Compelling valuations and earnings-driven market transition expected to favor quality companies ahead.

Nov 30 2025

2025 Q3

3064.T, 3769.T, 6146.T, ATD.TO, AUTO.L, BR, CHKP, CLH, COR, DB1.DE, DXCM, FBIN, JKHY, KEYS, MONC.MI, MSCI, PCTY, RMV.L, SCI, VEEV, WOLW.L

AI, Fintech, global, healthcare, payments, Quality, SMID Cap, technology

JKHY
3769 JP
AUTO LN

Bell Global Emerging Companies Fund underperformed in November on AI disruption fears affecting several holdings. Strong fintech performance from Jack Henry and GMO Payment Gateway was offset by weakness in Autotrader and other digital platforms. The manager believes AI concerns are overstated for quality businesses and has added to positions at compelling valuations while exiting where disruption risks are genuine.

QUARTER	THEMES	TAGS
2026 Q2	AI The fund views AI infrastructure as a structural investment opportunity, establishing positions in direct beneficiaries like Screen Holdings (wafer-cleaning systems), Organo (ultrapure water for chip manufacturing), and Legrand (data center electrical infrastructure). Management emphasizes selectivity and valuation discipline as speculative enthusiasm intensifies, noting that AI-related stocks represent just over 10% of the SMID Index but accounted for almost 70% of total Index returns over the year.	Semiconductors Data Centers Infrastructure Capex Hyperscalers
	Semiconductor Cycle The fund is actively deploying capital into semiconductor equipment and infrastructure plays, with Screen Holdings surging over 50% in June on the strength of the AI-driven semiconductor capex cycle. The managers believe Screen offers differentiated exposure to leading-edge semiconductor equipment demand that the market had partly overlooked, and see room for further upside to earnings estimates despite already trimming some profits.	Semi Equipment Wafer Cleaning Memory Foundries Capex
	Quality The fund's Quality at a Reasonable Price (QARP) approach has faced significant headwinds as markets favored momentum-driven, cyclical value, and speculative areas. Despite this, underlying fundamentals across the portfolio remain resilient, with earnings expectations stable or upgraded. The average forward P/E multiple of portfolio holdings is now approximately 25% below where it was 12 months ago and around 25% below their own 10-year average valuation multiple, creating what management views as a particularly compelling opportunity.	QARP Valuation ROE Balance Sheets Fundamentals
	Momentum Momentum continued to dominate market performance, outperforming by 7.5% in June alone, creating an unusually difficult backdrop for the fund's disciplined focus on high-quality businesses purchased at sensible valuations. The underweight to Momentum was the key detractor from relative performance. Management notes that the magnitude of the current dislocation favoring momentum over quality is among the most extreme they have observed.	Factor Market Leadership Speculation Concentration
	Private Credit Partners Group, a leading Swiss private markets manager, underperformed following reports of elevated redemption requests across its evergreen funds, prompting temporary withdrawal caps. While the market interpreted this as a sign of broader fundraising weakness, management believes these concerns are overstated, noting that institutional investors (approximately 80% of AUM) remain largely unaffected. The stock trades at approximately 14x forward earnings with a 7% dividend yield, its lowest valuation in more than 15 years.	Alternative Asset Managers Redemptions Fundraising Liquidity
	Inflation The energy-driven inflation shock stemming from Middle East geopolitical tensions split developed-market central banks, with the ECB hiking 25bps and lifting its 2026 inflation forecast to 3.0%, while the Federal Reserve under new Chair Kevin Warsh held rates but turned decidedly hawkish with 17 of 18 officials seeing inflation risks skewed to the upside and the inflation forecast lifted to 3.6%.	Central Banks Energy Rates Policy
	Oil Oil prices fell sharply as Middle East tensions eased, with the World Bank's Energy Price Index dropping 18% for the month and Brent crude declining 21%. The move came as supply expectations improved following President Trump's 14-point memorandum of understanding with Iran on June 18, authorizing the reopening of the Strait of Hormuz and lifting the US naval blockade.	Geopolitics Supply Middle East Commodities
	Water The fund initiated a position in Organo, a Japanese water treatment engineering company that designs, constructs and maintains pure and ultrapure water facilities for chip manufacturing. Management came away from a recent CEO meeting confident that guidance is conservatively framed, with the company's mid-term plan through 2031 assuming no meaningful new client wins despite memory manufacturers in Taiwan already approaching Organo for ultrapure water solutions. Capacity, rather than demand, is currently the primary constraint.	Ultrapure Water Semiconductors Infrastructure Japan
2026 Q1	AI AI disruption narrative has been a key driver of market behavior with periods of indiscriminate selling extending beyond pure software into adjacent sectors. The market's treatment of stocks with any perceived AI competitive exposure has remained largely indiscriminate, though the fund believes the reality will prove more nuanced over time.	Disruption Software Technology Sentiment
	Quality The fund continues its Quality at a Reasonable Price approach despite challenging environment for quality-oriented investing. They are observing attractive dislocations across high-quality businesses with durable competitive positions, strong balance sheets and long-term growth potential.	Value Balance Sheets Competitive Long-term
	Small Caps Global SMID Caps outperformed Large Caps by over 400 basis points in Q1 2026 following several years of underperformance. The fund sees good reasons for this trend to continue, supported by more attractive relative valuations and stronger earnings growth potential across the SMID universe.	Outperformance Valuations Earnings Growth
	Geopolitical The escalation of conflict in the Middle East acted as a key catalyst for heightened volatility. The forced closure of the Strait of Hormuz proved most destabilizing, leading to stranded oil shipments and heightened concerns around supply shock, with crude prices surging to approximately US$120 per barrel.	Middle East Oil Volatility Supply
2025 Q4	Industrial Gases SOL Group operates one of Europe's leading industrial gas franchises serving 50k customers across 32 countries, with a network of 39 air-separation units and 50+ filling plants that took almost a century to assemble. The business benefits from high switching costs, local oligopolies due to transport economics, and regulatory barriers that make replication extremely difficult.	Industrial Gases Infrastructure Oligopoly Barriers
	Homecare Vivisol has grown from 140k patients in 2010 to 750k by 2024, representing 13% CAGR driven by Europe's aging population and healthcare systems moving chronic care from hospitals to homes. The business benefits from high switching costs for patients and 95%+ contract renewal rates with national health systems.	Homecare Demographics Healthcare Recurring
	AI Manager maintains cautious stance on AI impact, preferring businesses with high barriers to entry that are unlikely to see their unit economics negatively affected by AI over the next decades. Views infrastructure and business services as more durable than software companies in an AI-driven world.	AI Disruption Software Infrastructure
2025 Q3	AI Several portfolio holdings faced pressure from perceived AI disruption risk throughout the year. The manager believes market fears are significantly overstated for many businesses and has added to positions as valuations became compelling. Where serious disruption concerns developed, positions were exited, such as Gartner due to structural threats to its business model from AI-driven competition.	Disruption Valuation Competition Technology Research
	FinTech Jack Henry, a leading US fintech company, was a strong positive contributor after delivering solid quarterly results. Demand for its core processing platforms remains robust as banks modernize their technology stacks. The company benefits from a highly recurring revenue model and sticky customer base, positioning it well for steady earnings growth.	Banking Processing Recurring Modernization Growth
	Payments GMO Payment Gateway rallied after posting strong earnings and reaffirming confidence in long-term targets calling for operating profit growth averaging more than 20% per annum. The company remains a key beneficiary of Japan's structural shift to cashless payments, where market penetration still trails global peers, and continues driving upside through market share gains.	Cashless Japan Growth Market Share Digital

QUARTER

THEMES

AI

The fund views AI infrastructure as a structural investment opportunity, establishing positions in direct beneficiaries like Screen Holdings (wafer-cleaning systems), Organo (ultrapure water for chip manufacturing), and Legrand (data center electrical infrastructure). Management emphasizes selectivity and valuation discipline as speculative enthusiasm intensifies, noting that AI-related stocks represent just over 10% of the SMID Index but accounted for almost 70% of total Index returns over the year.

Semiconductors Data Centers Infrastructure Capex Hyperscalers

Semiconductor Cycle

The fund is actively deploying capital into semiconductor equipment and infrastructure plays, with Screen Holdings surging over 50% in June on the strength of the AI-driven semiconductor capex cycle. The managers believe Screen offers differentiated exposure to leading-edge semiconductor equipment demand that the market had partly overlooked, and see room for further upside to earnings estimates despite already trimming some profits.

Semi Equipment Wafer Cleaning Memory Foundries Capex

Quality

The fund's Quality at a Reasonable Price (QARP) approach has faced significant headwinds as markets favored momentum-driven, cyclical value, and speculative areas. Despite this, underlying fundamentals across the portfolio remain resilient, with earnings expectations stable or upgraded. The average forward P/E multiple of portfolio holdings is now approximately 25% below where it was 12 months ago and around 25% below their own 10-year average valuation multiple, creating what management views as a particularly compelling opportunity.

QARP Valuation ROE Balance Sheets Fundamentals

Momentum

Momentum continued to dominate market performance, outperforming by 7.5% in June alone, creating an unusually difficult backdrop for the fund's disciplined focus on high-quality businesses purchased at sensible valuations. The underweight to Momentum was the key detractor from relative performance. Management notes that the magnitude of the current dislocation favoring momentum over quality is among the most extreme they have observed.

Factor Market Leadership Speculation Concentration

Private Credit

Partners Group, a leading Swiss private markets manager, underperformed following reports of elevated redemption requests across its evergreen funds, prompting temporary withdrawal caps. While the market interpreted this as a sign of broader fundraising weakness, management believes these concerns are overstated, noting that institutional investors (approximately 80% of AUM) remain largely unaffected. The stock trades at approximately 14x forward earnings with a 7% dividend yield, its lowest valuation in more than 15 years.

Alternative Asset Managers Redemptions Fundraising Liquidity

Inflation

The energy-driven inflation shock stemming from Middle East geopolitical tensions split developed-market central banks, with the ECB hiking 25bps and lifting its 2026 inflation forecast to 3.0%, while the Federal Reserve under new Chair Kevin Warsh held rates but turned decidedly hawkish with 17 of 18 officials seeing inflation risks skewed to the upside and the inflation forecast lifted to 3.6%.

Central Banks Energy Rates Policy

Oil

Oil prices fell sharply as Middle East tensions eased, with the World Bank's Energy Price Index dropping 18% for the month and Brent crude declining 21%. The move came as supply expectations improved following President Trump's 14-point memorandum of understanding with Iran on June 18, authorizing the reopening of the Strait of Hormuz and lifting the US naval blockade.

Geopolitics Supply Middle East Commodities

Water

The fund initiated a position in Organo, a Japanese water treatment engineering company that designs, constructs and maintains pure and ultrapure water facilities for chip manufacturing. Management came away from a recent CEO meeting confident that guidance is conservatively framed, with the company's mid-term plan through 2031 assuming no meaningful new client wins despite memory manufacturers in Taiwan already approaching Organo for ultrapure water solutions. Capacity, rather than demand, is currently the primary constraint.

Ultrapure Water Semiconductors Infrastructure Japan

2026 Q1

AI

AI disruption narrative has been a key driver of market behavior with periods of indiscriminate selling extending beyond pure software into adjacent sectors. The market's treatment of stocks with any perceived AI competitive exposure has remained largely indiscriminate, though the fund believes the reality will prove more nuanced over time.

Disruption Software Technology Sentiment

Quality

The fund continues its Quality at a Reasonable Price approach despite challenging environment for quality-oriented investing. They are observing attractive dislocations across high-quality businesses with durable competitive positions, strong balance sheets and long-term growth potential.

Value Balance Sheets Competitive Long-term

Small Caps

Global SMID Caps outperformed Large Caps by over 400 basis points in Q1 2026 following several years of underperformance. The fund sees good reasons for this trend to continue, supported by more attractive relative valuations and stronger earnings growth potential across the SMID universe.

Outperformance Valuations Earnings Growth

Geopolitical

The escalation of conflict in the Middle East acted as a key catalyst for heightened volatility. The forced closure of the Strait of Hormuz proved most destabilizing, leading to stranded oil shipments and heightened concerns around supply shock, with crude prices surging to approximately US$120 per barrel.

Middle East Oil Volatility Supply

2025 Q4

Industrial Gases

SOL Group operates one of Europe's leading industrial gas franchises serving 50k customers across 32 countries, with a network of 39 air-separation units and 50+ filling plants that took almost a century to assemble. The business benefits from high switching costs, local oligopolies due to transport economics, and regulatory barriers that make replication extremely difficult.

Industrial Gases Infrastructure Oligopoly Barriers

Homecare

Vivisol has grown from 140k patients in 2010 to 750k by 2024, representing 13% CAGR driven by Europe's aging population and healthcare systems moving chronic care from hospitals to homes. The business benefits from high switching costs for patients and 95%+ contract renewal rates with national health systems.

Homecare Demographics Healthcare Recurring

AI

Manager maintains cautious stance on AI impact, preferring businesses with high barriers to entry that are unlikely to see their unit economics negatively affected by AI over the next decades. Views infrastructure and business services as more durable than software companies in an AI-driven world.

AI Disruption Software Infrastructure

2025 Q3

AI

Several portfolio holdings faced pressure from perceived AI disruption risk throughout the year. The manager believes market fears are significantly overstated for many businesses and has added to positions as valuations became compelling. Where serious disruption concerns developed, positions were exited, such as Gartner due to structural threats to its business model from AI-driven competition.

Disruption Valuation Competition Technology Research

FinTech

Jack Henry, a leading US fintech company, was a strong positive contributor after delivering solid quarterly results. Demand for its core processing platforms remains robust as banks modernize their technology stacks. The company benefits from a highly recurring revenue model and sticky customer base, positioning it well for steady earnings growth.

Banking Processing Recurring Modernization Growth

Payments

GMO Payment Gateway rallied after posting strong earnings and reaffirming confidence in long-term targets calling for operating profit growth averaging more than 20% per annum. The company remains a key beneficiary of Japan's structural shift to cashless payments, where market penetration still trails global peers, and continues driving upside through market share gains.

Cashless Japan Growth Market Share Digital

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jul 15, 2026	Fund Letters	Bell Global Emerging Companies Fund	6146.T	SCREEN Holdings Co., Ltd.	Semiconductor Equipment & Materials	Semiconductor Equipment	Bull	Japan Exchange Group (Tokyo Stock Exchange)	AI infrastructure, Capital equipment, Chip Manufacturing, Japan, semiconductor equipment, technology hardware, Wafer Cleaning Systems	Login
Jul 15, 2026	Fund Letters	Bell Global Emerging Companies Fund	PGHN.SW	Partners Group Holding AG	Asset Management	Asset Management & Custody Banks	Bull	-	alternative investments, asset management, Institutional Investors, private equity, Private markets, Switzerland, Value	Login
Jul 15, 2026	Fund Letters	Bell Global Emerging Companies Fund	LR.PA	Legrand SA	Electrical Equipment & Parts	Electrical Components & Equipment	Bull	-	AI infrastructure, Building Infrastructure, data centers, electrical equipment, france, Power Distribution, Smart Building	Login
Jul 15, 2026	Fund Letters	Bell Global Emerging Companies Fund	6368.T	Organo Corporation	Pollution & Treatment Controls	Industrial Machinery & Supplies & Components	Bull	Japan Exchange Group (Tokyo Stock Exchange)	AI infrastructure, Industrial Engineering, Japan, recurring revenue, Semiconductor manufacturing, TSMC Supplier, Ultrapure Water, water treatment	Login
Apr 29, 2026	Fund Letters	Bell Global Emerging Companies Fund	DB1.DE	Deutsche Boerse AG	Financial Data & Stock Exchanges	Financial Exchanges & Data	Bull	-	Clearing Services, Cyclical Upside, Derivatives Trading, European markets, Financial Exchanges, market data, recurring revenue, risk management	Login
Apr 29, 2026	Fund Letters	Bell Global Emerging Companies Fund	BOOT	Boot Barn Holdings, Inc.	Apparel Retail	Specialty Retail	Bull	New York Stock Exchange	Apparel, Consumer Discretionary, growth strategy, same-store sales growth, Specialty retail, store rollout, Valuation De-rating, Western Wear	Login
Apr 29, 2026	Fund Letters	Bell Global Emerging Companies Fund	TEL	TE Connectivity Ltd.	Electronic Components	Electronic Components	Bull	New York Stock Exchange	AI infrastructure, double-digit growth, Electric Vehicles, Electrical Connectors, Factory Automation, Free Cash Flow, margin expansion, shareholder returns	Login
Apr 29, 2026	Fund Letters	Bell Global Emerging Companies Fund	4307.T	Nomura Research Institute, Ltd.	Information Technology Services	IT Services	Bull	New York Stock Exchange	AI implementation, Capital Markets Day, Consulting, cost optimization, Fixed-Price Contracts, international expansion, IT services, Japan	Login
Jan 23, 2026	Fund Letters	Ned Bell	ODFL	Old Dominion Freight Line, Inc.	Industrials	Trucking	Bull	NASDAQ	Cyclicality, Freight, Ltl, Margins, Pricingpower	Login
Jan 23, 2026	Fund Letters	Ned Bell	GWW	W.W. Grainger, Inc.	Industrials	Industrial Distribution	Bull	New York Stock Exchange	cashflow, Cycle, Industrial distribution, Margins, Pricing power	Login
Jan 23, 2026	Fund Letters	Ned Bell	LPLA	LPL Financial Holdings Inc.	Financials	Investment Banking & Brokerage	Bull	NASDAQ	Brokerage, capital returns, operating leverage, organic growth, wealth management	Login
Jan 23, 2026	Fund Letters	Ned Bell	CPG LN	Compass Group PLC	Consumer Discretionary	Hotels Restaurants & Leisure	Bull	New York Stock Exchange	compounding, Margins, Outsourcing, services, valuation	Login
Jan 23, 2026	Fund Letters	Ned Bell	6146 JP	Disco Corporation	Information Technology	Semiconductor Equipment	Bull	New York Stock Exchange	Equipment, Margins, Pricing power, Semi Conductors, technology	Login
Jan 23, 2026	Fund Letters	Ned Bell	3064 JP	MonotaRO Co., Ltd.	Industrials	Industrial Distribution	Bull	New York Stock Exchange	compounding, ecommerce, Industrial distribution, Logistics, marketshare	Login
Jan 23, 2026	Fund Letters	Ned Bell	TTC	The Toro Company	Industrials	Machinery	Bull	New York Stock Exchange	Industrials, infrastructure, machinery, Pricingpower, resilience	Login
Jan 23, 2026	Fund Letters	Ned Bell	CNM	Core & Main, Inc.	Industrials	Industrial Distribution	Bull	New York Stock Exchange	Distribution, growth, infrastructure, Municipal, Water	Login
Jan 23, 2026	Fund Letters	Ned Bell	TSCO	Tractor Supply Company	Consumer Discretionary	Specialty Retail	Bull	NASDAQ	consumer, Cyclicality, resilience, Ruralretail, Store growth	Login
Jan 23, 2026	Fund Letters	Ned Bell	COR	Cencora, Inc.	Health Care	Health Care Distributors	Bull	New York Stock Exchange	cashflow, Distribution, healthcare, pharmaceuticals, scale	Login
Jan 23, 2026	Fund Letters	Ned Bell	AUTO LN	AutoTrader Group PLC	Communication Services	Digital Media	Bull	New York Stock Exchange	Autos, Digital Marketplace, network effects, Platforms, Pricing power	Login
Jan 23, 2026	Fund Letters	Ned Bell	VEEV	Veeva Systems Inc.	Health Care	Health Care Technology	Bull	New York Stock Exchange	Health care software, life sciences, recurring revenue, SaaS, Stickiness	Login
Nov 30, 2025	Fund Letters	Ned Bell	JKHY	Jack Henry & Associates, Inc.	Information Technology	Application Software	Bull	NASDAQ	banking, Fintech, Modernisation, Recurring, Software	Login
Nov 30, 2025	Fund Letters	Ned Bell	3769 JP	GMO Payment Gateway, Inc.	Information Technology	Transaction & Payment Processing Services	Bull	New York Stock Exchange	Cashless, Fintech, growth, Margins, Payments	Login
Nov 30, 2025	Fund Letters	Ned Bell	AUTO LN	Auto Trader Group plc	Communication Services	Advertising	Bear	New York Stock Exchange	advertising, AI, marketplace, network, valuation	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jul 15, 2026

Fund Letters

Bell Global Emerging Companies Fund

6146.T

SCREEN Holdings Co., Ltd.

Semiconductor Equipment & Materials

Semiconductor Equipment

Bull

Japan Exchange Group (Tokyo Stock Exchange)

AI infrastructure, Capital equipment, Chip Manufacturing, Japan, semiconductor equipment, technology hardware, Wafer Cleaning Systems

Jul 15, 2026

Fund Letters

Bell Global Emerging Companies Fund

PGHN.SW

Partners Group Holding AG

Asset Management

Asset Management & Custody Banks

Bull

alternative investments, asset management, Institutional Investors, private equity, Private markets, Switzerland, Value

Jul 15, 2026

Fund Letters

Bell Global Emerging Companies Fund

LR.PA

Legrand SA

Electrical Equipment & Parts

Electrical Components & Equipment

Bull

AI infrastructure, Building Infrastructure, data centers, electrical equipment, france, Power Distribution, Smart Building

Jul 15, 2026

Fund Letters

Bell Global Emerging Companies Fund

6368.T

Organo Corporation

Pollution & Treatment Controls

Industrial Machinery & Supplies & Components

Bull

Japan Exchange Group (Tokyo Stock Exchange)

AI infrastructure, Industrial Engineering, Japan, recurring revenue, Semiconductor manufacturing, TSMC Supplier, Ultrapure Water, water treatment

Apr 29, 2026

Fund Letters

Bell Global Emerging Companies Fund

DB1.DE

Deutsche Boerse AG

Financial Data & Stock Exchanges

Financial Exchanges & Data

Bull

Clearing Services, Cyclical Upside, Derivatives Trading, European markets, Financial Exchanges, market data, recurring revenue, risk management

Apr 29, 2026

Fund Letters

Bell Global Emerging Companies Fund

BOOT

Boot Barn Holdings, Inc.

Apparel Retail

Specialty Retail

Bull

New York Stock Exchange

Apparel, Consumer Discretionary, growth strategy, same-store sales growth, Specialty retail, store rollout, Valuation De-rating, Western Wear

Apr 29, 2026

Fund Letters

Bell Global Emerging Companies Fund

TEL

TE Connectivity Ltd.

Electronic Components

Bull

New York Stock Exchange

AI infrastructure, double-digit growth, Electric Vehicles, Electrical Connectors, Factory Automation, Free Cash Flow, margin expansion, shareholder returns

Apr 29, 2026

Fund Letters

Bell Global Emerging Companies Fund

4307.T

Nomura Research Institute, Ltd.

Information Technology Services

IT Services

Bull

New York Stock Exchange

AI implementation, Capital Markets Day, Consulting, cost optimization, Fixed-Price Contracts, international expansion, IT services, Japan

Jan 23, 2026

Fund Letters

Ned Bell

ODFL

Old Dominion Freight Line, Inc.

Industrials

Trucking

Bull

NASDAQ

Cyclicality, Freight, Ltl, Margins, Pricingpower

Jan 23, 2026

Fund Letters

Ned Bell

GWW

W.W. Grainger, Inc.

Industrials

Industrial Distribution

Bull

New York Stock Exchange

cashflow, Cycle, Industrial distribution, Margins, Pricing power

Jan 23, 2026

Fund Letters

Ned Bell

LPLA

LPL Financial Holdings Inc.

Financials

Investment Banking & Brokerage

Bull

NASDAQ

Brokerage, capital returns, operating leverage, organic growth, wealth management

Jan 23, 2026

Fund Letters

Ned Bell

CPG LN

Compass Group PLC

Consumer Discretionary

Hotels Restaurants & Leisure

Bull

New York Stock Exchange

compounding, Margins, Outsourcing, services, valuation

Jan 23, 2026

Fund Letters

Ned Bell

6146 JP

Disco Corporation

Information Technology

Semiconductor Equipment

Bull

New York Stock Exchange

Equipment, Margins, Pricing power, Semi Conductors, technology

Jan 23, 2026

Fund Letters

Ned Bell

3064 JP

MonotaRO Co., Ltd.

Industrials

Industrial Distribution

Bull

New York Stock Exchange

compounding, ecommerce, Industrial distribution, Logistics, marketshare

Jan 23, 2026

Fund Letters

Ned Bell

TTC

The Toro Company

Industrials

Machinery

Bull

New York Stock Exchange

Industrials, infrastructure, machinery, Pricingpower, resilience

Jan 23, 2026

Fund Letters

Ned Bell

CNM

Core & Main, Inc.

Industrials

Industrial Distribution

Bull

New York Stock Exchange

Distribution, growth, infrastructure, Municipal, Water

Jan 23, 2026

Fund Letters

Ned Bell

TSCO

Tractor Supply Company

Consumer Discretionary

Specialty Retail

Bull

NASDAQ

consumer, Cyclicality, resilience, Ruralretail, Store growth

Jan 23, 2026

Fund Letters

Ned Bell

COR

Cencora, Inc.

Health Care

Health Care Distributors

Bull

New York Stock Exchange

cashflow, Distribution, healthcare, pharmaceuticals, scale

Jan 23, 2026

Fund Letters

Ned Bell

AUTO LN

AutoTrader Group PLC

Communication Services

Digital Media

Bull

New York Stock Exchange

Autos, Digital Marketplace, network effects, Platforms, Pricing power

Jan 23, 2026

Fund Letters

Ned Bell

VEEV

Veeva Systems Inc.

Health Care

Health Care Technology

Bull

New York Stock Exchange

Health care software, life sciences, recurring revenue, SaaS, Stickiness

Nov 30, 2025

Fund Letters

Ned Bell

JKHY

Jack Henry & Associates, Inc.

Information Technology

Application Software

Bull

NASDAQ

banking, Fintech, Modernisation, Recurring, Software

Nov 30, 2025

Fund Letters

Ned Bell

3769 JP

GMO Payment Gateway, Inc.

Information Technology

Transaction & Payment Processing Services

Bull

New York Stock Exchange

Cashless, Fintech, growth, Margins, Payments

Nov 30, 2025

Fund Letters

Ned Bell

AUTO LN

Auto Trader Group plc

Communication Services

Advertising

Bear

New York Stock Exchange

advertising, AI, marketplace, network, valuation

TICKER	COMMENTARY
6254.T	Among individual exposures, notable strength came from Japanese listed Screen Holdings, a new addition to the portfolio at the start of the month. The shares surged more than 50% through June, as the market aggressively re-rated the stock on the ongoing strength of the AI-driven semiconductor capital-expenditure cycle. Screen is the world's dominant supplier of wafer-cleaning systems – the machines that wash silicon wafers between fabrication steps. Cleaning is one of the most frequently repeated processes in chipmaking, performed hundreds of times per wafer, and Screen's tools sit in the fabrication facilities of virtually every leading logic, foundry and memory producer. We believe the company offers differentiated exposure to leading-edge semiconductor equipment demand that the market had partly overlooked during the early-2026 technology rally and accordingly initiated a position in early June. We see room for further upside to earnings estimates and the valuation multiple, although we already trimmed some profits by the end of the month as the upside potential had reduced following the sharp rally.
6146.T	Other positive contributors included Disco (Information Technology), Advanced Drainage Systems (Industrials) and Techtronic (Industrials).
WMS	Other positive contributors included Disco (Information Technology), Advanced Drainage Systems (Industrials) and Techtronic (Industrials).
TTI	Other positive contributors included Disco (Information Technology), Advanced Drainage Systems (Industrials) and Techtronic (Industrials).
PGHN.SW	Regarding laggards, Partners Group, a leading Swiss private markets manager, underperformed in June following reports of elevated redemption requests across its evergreen (semi-liquid) funds, prompting the firm to temporarily cap withdrawals in certain vehicles in line with standard liquidity provisions. While the market interpreted this as a sign of broader fundraising weakness, we believe these concerns are overstated. Management reaffirmed full-year 2026 guidance of USD 26-32 billion in gross new client demand, supported by a solid pipeline, and noted that institutional investors (-80% of AUM) remain a largely unaffected source of capital. While the elevated redemption activity across the private markets industry warrants monitoring, we believe much of the uncertainty is already reflected in the share price of Partners Group. The stock trades on approximately 14x forward earnings with a dividend yield of around 7%, its lowest valuation in more than 15 years and a 40%+ discount to its 10-year average P/E. Although performance fees, which typically account for -25-40% of revenue, can create earnings volatility, we believe the growth outlook remains intact, supported by management's long-term AUM target which implies -12% annual AUM growth. We continue to hold the position in the portfolio.
EVD.DE	Other detractors included CTS Eventim (Communication Services) and Autodesk (Information Technology), as well as our non-exposure to Sandisk (Information Technology).
ADSK	Other detractors included CTS Eventim (Communication Services) and Autodesk (Information Technology), as well as our non-exposure to Sandisk (Information Technology).
LR.PA	In addition to the purchase of Screen Holdings (covered in best performers above), we also established a position in Legrand, a French listed global specialist in electrical and digital building infrastructure. The company designs and manufactures products that distribute, control and manage power and data in buildings, such as switches, sockets, circuit breakers, cable management, lighting controls, UPS systems and connected/smart-home solutions. Their market presence for such operations spans across residential, commercial and industrial markets through electrical distributors within 90 countries. Its fastest-growing segment is data centres, which is expected to make up -30% of revenues in FY26, making it a key AI-infrastructure SMID-cap play alongside the large-caps of Schneider, ABB and Eaton. At the time of establishing a position the stock was trading at a discount to our target valuation with a P/E of -22x. Should the expected multiple expansion and low-teens earnings growth eventuate, we expect to see attractive upside in the name moving forward.
6368.T	Additionally, we initiated a position in Organo. Organo is a Japanese water treatment engineering company that designs, constructs and maintains pure and ultrapure water facilities. The company is a direct beneficiary of the AI-driven capex cycle: ultrapure water is mission-critical to chip manufacturing. Organo not only builds and operates fab water systems but also provides wafer cleaning solutions, giving it a growing recurring revenue base alongside its engineering backlog. Our conviction was further strengthened by a recent meeting with the CEO, from which we came away confident that guidance (particularly on revenue growth) is conservatively framed. Notably, the company's mid-term plan through to 2031 (anchored to a ¥260bn revenue target) assumes no meaningful new client wins, despite memory manufacturers in Taiwan already approaching Organo for ultrapure water solutions. Management indicated that capacity, rather than demand, is currently the primary constraint, reflecting its commitment to servicing TSMC's ongoing expansion. We view sell-side forecasts of approximately 14% revenue growth in FY27, fading to just 4% by FY29, as conservative. This appears inconsistent with the pipeline of large semiconductor projects, together with opportunities in pharmaceuticals and emerging markets such as India. With demand visibility underpinned by structural semiconductor investment, we saw an attractive opportunity to own a critical-infrastructure supplier to the AI buildout, at a valuation that does not reflect the optionality in its order book. Compared with many AI beneficiaries trading on elevated valuations, we believe Organo offers the potential for both earnings upgrades and valuation expansion as its growth opportunities become better reflected in market expectations.
MSCI	On the other side of the ledger, given that there were no full exits undertaken for the period, selling activity was subsequently centred around the trimming of existing positions. This included reducing position sizes for holdings such as MSCI (Financials), Japan Exchange (Financials) and Straumann (Health Care).
8697.T	On the other side of the ledger, given that there were no full exits undertaken for the period, selling activity was subsequently centred around the trimming of existing positions. This included reducing position sizes for holdings such as MSCI (Financials), Japan Exchange (Financials) and Straumann (Health Care).
STMN.SW	On the other side of the ledger, given that there were no full exits undertaken for the period, selling activity was subsequently centred around the trimming of existing positions. This included reducing position sizes for holdings such as MSCI (Financials), Japan Exchange (Financials) and Straumann (Health Care).

TICKER

COMMENTARY

6254.T

Among individual exposures, notable strength came from Japanese listed Screen Holdings, a new addition to the portfolio at the start of the month. The shares surged more than 50% through June, as the market aggressively re-rated the stock on the ongoing strength of the AI-driven semiconductor capital-expenditure cycle. Screen is the world's dominant supplier of wafer-cleaning systems – the machines that wash silicon wafers between fabrication steps. Cleaning is one of the most frequently repeated processes in chipmaking, performed hundreds of times per wafer, and Screen's tools sit in the fabrication facilities of virtually every leading logic, foundry and memory producer. We believe the company offers differentiated exposure to leading-edge semiconductor equipment demand that the market had partly overlooked during the early-2026 technology rally and accordingly initiated a position in early June. We see room for further upside to earnings estimates and the valuation multiple, although we already trimmed some profits by the end of the month as the upside potential had reduced following the sharp rally.

6146.T

Other positive contributors included Disco (Information Technology), Advanced Drainage Systems (Industrials) and Techtronic (Industrials).

WMS

Other positive contributors included Disco (Information Technology), Advanced Drainage Systems (Industrials) and Techtronic (Industrials).

TTI

Other positive contributors included Disco (Information Technology), Advanced Drainage Systems (Industrials) and Techtronic (Industrials).

PGHN.SW

Regarding laggards, Partners Group, a leading Swiss private markets manager, underperformed in June following reports of elevated redemption requests across its evergreen (semi-liquid) funds, prompting the firm to temporarily cap withdrawals in certain vehicles in line with standard liquidity provisions. While the market interpreted this as a sign of broader fundraising weakness, we believe these concerns are overstated. Management reaffirmed full-year 2026 guidance of USD 26-32 billion in gross new client demand, supported by a solid pipeline, and noted that institutional investors (-80% of AUM) remain a largely unaffected source of capital. While the elevated redemption activity across the private markets industry warrants monitoring, we believe much of the uncertainty is already reflected in the share price of Partners Group. The stock trades on approximately 14x forward earnings with a dividend yield of around 7%, its lowest valuation in more than 15 years and a 40%+ discount to its 10-year average P/E. Although performance fees, which typically account for -25-40% of revenue, can create earnings volatility, we believe the growth outlook remains intact, supported by management's long-term AUM target which implies -12% annual AUM growth. We continue to hold the position in the portfolio.

EVD.DE

Other detractors included CTS Eventim (Communication Services) and Autodesk (Information Technology), as well as our non-exposure to Sandisk (Information Technology).

ADSK

Other detractors included CTS Eventim (Communication Services) and Autodesk (Information Technology), as well as our non-exposure to Sandisk (Information Technology).

LR.PA

In addition to the purchase of Screen Holdings (covered in best performers above), we also established a position in Legrand, a French listed global specialist in electrical and digital building infrastructure. The company designs and manufactures products that distribute, control and manage power and data in buildings, such as switches, sockets, circuit breakers, cable management, lighting controls, UPS systems and connected/smart-home solutions. Their market presence for such operations spans across residential, commercial and industrial markets through electrical distributors within 90 countries. Its fastest-growing segment is data centres, which is expected to make up -30% of revenues in FY26, making it a key AI-infrastructure SMID-cap play alongside the large-caps of Schneider, ABB and Eaton. At the time of establishing a position the stock was trading at a discount to our target valuation with a P/E of -22x. Should the expected multiple expansion and low-teens earnings growth eventuate, we expect to see attractive upside in the name moving forward.

6368.T

Additionally, we initiated a position in Organo. Organo is a Japanese water treatment engineering company that designs, constructs and maintains pure and ultrapure water facilities. The company is a direct beneficiary of the AI-driven capex cycle: ultrapure water is mission-critical to chip manufacturing. Organo not only builds and operates fab water systems but also provides wafer cleaning solutions, giving it a growing recurring revenue base alongside its engineering backlog. Our conviction was further strengthened by a recent meeting with the CEO, from which we came away confident that guidance (particularly on revenue growth) is conservatively framed. Notably, the company's mid-term plan through to 2031 (anchored to a ¥260bn revenue target) assumes no meaningful new client wins, despite memory manufacturers in Taiwan already approaching Organo for ultrapure water solutions. Management indicated that capacity, rather than demand, is currently the primary constraint, reflecting its commitment to servicing TSMC's ongoing expansion. We view sell-side forecasts of approximately 14% revenue growth in FY27, fading to just 4% by FY29, as conservative. This appears inconsistent with the pipeline of large semiconductor projects, together with opportunities in pharmaceuticals and emerging markets such as India. With demand visibility underpinned by structural semiconductor investment, we saw an attractive opportunity to own a critical-infrastructure supplier to the AI buildout, at a valuation that does not reflect the optionality in its order book. Compared with many AI beneficiaries trading on elevated valuations, we believe Organo offers the potential for both earnings upgrades and valuation expansion as its growth opportunities become better reflected in market expectations.

MSCI

On the other side of the ledger, given that there were no full exits undertaken for the period, selling activity was subsequently centred around the trimming of existing positions. This included reducing position sizes for holdings such as MSCI (Financials), Japan Exchange (Financials) and Straumann (Health Care).

8697.T

STMN.SW

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Shares Sold

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Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

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No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Semiconductor Cycle

Quality

Momentum

Private Credit

Inflation

Oil

Water

AI

Quality

Small Caps

Geopolitical

Industrial Gases

Homecare

AI

AI

FinTech

Payments

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Ned Bell Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Bell Global Emerging Companies Fund