267270-KS

267270-KS

267270-KS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 8, 2025	Mawer International Equity Fund	6.9%	17.5%	267270.KS, BA.L, BDX, FTT.TO, PNG.V, RHM.DE, TVK.TO, UNH	Canada, defense, diversification, Geopolitical, infrastructure, Trade Policy	Defense contractors benefited significantly from heightened geopolitical risks and rising defense spending. Rheinmetall surged over 40% in the quarter, BAE appreciated considerably, and South Korea-based LIG Nex1 saw substantial share price gains due to its strength in precision-guided missile systems.		View
2026 Q1	Apr 18, 2026	Artisan International Fund	4.9%	4.9%	0016.HK, 010120 KS, 012450 KS, 267270.KS, 5803.T, NGG, RELX.L	AI, Asia, defense, Electrification, energy, Geopolitical, international		0016.HK 5803.T BFF.MI UBS 012450.KS 079550.KS SPIE.PA NGG	View
2025 Q3	Oct 28, 2025	abrdn Emerging Markets Fund	14.0%	27.2%	000333.SZ, 1810.HK, 2308.TW, 2330.TW, 267270.KS, 300750.SZ, 3690.HK, 3711.TW, 4904.TW, BABA, GFNORTEO.MX, GMEXICOB.MX, GODREJPROP.NS, HDFCBANK.NS, INDHOTEL.NS, INFY.NS, NTPC.NS, POWERGRID.NS, SBILIFE.NS, SLM.JO, TCS.NS	AI, China, emerging markets, Energy Transition, India, semiconductors, technology, Trade Policy	Chinese tech holdings, particularly AI-related names, rallied as investors anticipated benefits from wider AI trends supported by Beijing's localization drive. AI delivery has become critical to the US economy with the theme broadening across both sides of the Pacific. The fund maintains exposure to various sections of the AI supply chain from semiconductor manufacturing to data center-oriented names.		View
2025 Q4	Jan 29, 2026	abrdn Emerging Markets Fund	4.6%	32.0%	000660.KS, 005930.KS, 028260.KS, 0700.HK, 267270.KS, ADIB.AD, ALDAR.AD, ASX.TW, BABA, BBNI.JK, GMEXICOB.MX, KAP.L, MULT3.SA, RIO, TLKM.JK, TSM	AI, China, Copper, emerging markets, Memory, semiconductors, technology, Trade Policy	AI-driven tech rally continued in Taiwan, lifting local tech stocks at the epicenter of US AI infrastructure buildout. Memory chip producers benefited from confirmed chip shortages and price increases for DRAM and HBM chips. AI delivery has become a critical component of the US economy, with Beijing expected to build a rival AI ecosystem. Technology stocks rallied driven by semiconductors, specifically memory stocks, as confirmed chip shortages resulted in noticeable price increases for DRAM and HBM chips. This proved particularly beneficial for South Korean heavyweights and leading memory chip producers like SK Hynix and Samsung Electronics. China and Hong Kong were detractors as markets sold off amid softer growth and underwhelming government response. Despite deflation concerns, southbound flows have accelerated in 2025, suggesting greater risk appetite among Chinese investors that could drive a wealth effect supporting consumption. Trump's tariffs suggest goals of shifting manufacturing and raising revenue for tax cuts are prime. Market consensus sees a move towards breakdown in China-US trade, though pace and extent of decoupling remain uncertain. Trump has extended tariff pressure to India and Brazil, but agreements to reduce tariffs are expected. Copper miner Grupo Mexico rallied on rising copper demand driven by electrification and data center growth. The miner, with access to low-cost reserves, remains a long-term beneficiary. Copper and other minerals have gained from AI infrastructure development and energy transition.		View
2025 Q4	Jan 20, 2026	Polaris International Equity	8.7%	35.4%	000270.KS, 000660.KS, 005930.KS, 1299.HK, 2318.HK, 267270.KS, 5871.TW, 6758.T, 8001.T, 8002.T, 8591.T, 8729.T, BABA, BARN.SW, CAP.PA, DHL.DE, IAG.L, JAZZ, LIN, LTM, LUN.TO, MG.TO, ML.PA, NVS, NXT.L, VIPS, YAR.OL	Asia, diversification, Europe, industrials, international, Outperformance, technology, value	Memory chip suppliers SK Hynix and Samsung Electronics were top contributors as supply-demand constraints benefit memory manufacturers. The market expects memory price increases in 2026, further supporting performance of these Korean memory giants. AI demand drove strong performance in technology companies including Capgemini Group which benefited from cloud, data and AI demand. However, Alibaba faced profitability pressure due to significant AI spending despite revenue growth in its cloud division. HD Hyundai Electric capitalized on increased demand to expand and upgrade power infrastructure, completing construction of a new Korean power distribution equipment plant. European fiscal stimulus focused on defense and infrastructure spending supported regional performance. Yara International partnered with Air Products for low-carbon ammonia projects in the U.S. and Middle East, positioning toward becoming an energy-transition and low-carbon fertilizer company while securing long-dated contracts. Chinese e-commerce companies showed mixed results with Alibaba reporting impressive quarterly revenues and growth in cloud division and one-hour delivery business, while facing profitability pressure from aggressive discounting in instant retail space. Lundin Mining announced record third-quarter revenues, profiting from higher realized copper prices in an advantageous supply-demand environment. The Canadian miner also struck a strategic deal involving Eagle Mine and Humboldt Mill.	JAZZ 7267 JP CAP FP 005930 KS 000660 KS	View
2025 Q4	Jan 18, 2026	Distillate Capital International	0.0%	41.5%	005930.KS, 066570.KS, 1024.HK, 2319.HK, 2618.HK, 267270.KS, 601600.SS, 6594.T, 9618.HK, AEM, AUTO.L, BATS.L, CX, FMX, GIB.TO, MC.PA, RHHBY, RIO.AX	cash flow, fundamentals, international, Quality, valuation, value	U.S. equities are historically expensive by any measure and at a valuation level that has typically been associated with much more subdued future returns. The S&P 500 is near record multiples and trading at concerningly rich valuations primarily due to a short list of very large and expensive stocks. International stocks look very appealing even after significant outperformance in 2025. International stocks significantly outperformed their domestic counterparts in 2025, and the less expensive portions of the market did particularly well. International companies offer an important counterbalance to the richness of the broader U.S. market when selectively chosen and are beneficial from a diversification perspective. The strategy systematically filters out highly levered or fundamentally less stable companies and focuses on cash flow stability and low indebtedness thresholds. Quality metrics include fundamental stability scores and leverage ratios that differentiate the portfolio from broader market benchmarks.		View
2023 Q3	Apr 10, 2023	Apis Flagship Fund	-1.4%	13.3%	010120.KS, 1211.HK, 267270.KS, 3711.TW, 489.HK, 600104.SS, 9684.T, AMG.AS, AMZN, EVO.ST, ICPT, TSLA	China, Electric Vehicles, Grid Upgrade, Long/Short, small caps, Solar, technology, Valuations	China is flooding the global solar market with massive excess capacity, driving product prices down dramatically. Chinese companies have built capacity sufficient to add 750-1,000 TWh annually from solar alone, far exceeding global demand. This oversupply has created a collapse in solar module prices, particularly affecting European markets where Chinese dumping is occurring.		View
2023 Q4	Jan 31, 2024	Apis Flagship Fund	-1.4%	13.3%	010120.KS, 1211.HK, 267270.KS, 3711.TW, 489.HK, 600104.SS, 9684.T, AMG.AS, AMZN, EVO.ST, ICPT, TSLA	China, Electric Vehicles, energy, Grid Upgrade, Long/Short, small caps, Solar, technology	China is flooding the global solar market with massive excess capacity, driving product prices down dramatically. Chinese companies built far more capacity than needed, creating a bubble that threatens domestic solar manufacturers in Europe and the US. The fund is short multiple Chinese solar producers expecting prolonged low prices and competitive pressure.	010120.KS	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Apis Deep Value Fund	HD Hyundai Electric Co Ltd	Industrials	Electrical Components & Equipment	Bull	Korea Stock Exchange	backlog, Electrical infrastructure, Electrical Steel, Grid modernization, Korea, Transformers, U.S. expansion	View Pitch
Apr 13, 2026	Fund Letters	Apis Global Discovery Fund	Iljin Electric	Industrials	Electrical Equipment	Bull	Korea Stock Exchange	electrical equipment, Export, high-margin, Korea, Order Visibility, Re-rating, Transformers	View Pitch
Apr 13, 2026	Fund Letters	Apis Deep Value Fund	Iljin Electric Co Ltd	Industrials	Electrical Components & Equipment	Bull	Korea Stock Exchange	electrical equipment, Export Sales, growth, Korea, Order Backlog, Transformers	View Pitch

BSD Shareholders of 267270-KS

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
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