6758-T

6758-T

6758-T

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Aristotle International Equity Fund	10.7%	14.6%	4578.T, 6758.T, 7532.T, ACN, ALC, CCO.TO, EBS.VI, MC.PA, SAF.PA	aerospace, Asia, Europe, international, Luxury, nuclear, Quality, Trade Policy	Trade policy remained a focal point with President Trump introducing a universal 10% import tariff and reciprocal tariffs on dozens of countries. A 90-day pause on reciprocal tariffs was enacted for almost all countries, and the U.S. and U.K. finalized the Economic Prosperity Deal. Major economies experienced downward revisions to 2025 GDP growth projections due to trade policy uncertainty.	SAF.PA CCO.TO MC.PA ALC SAF FP MC FP ALC SW	View
2025 Q2	Jul 17, 2025	Platinum International Fund	0.3%	-	000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, ADI, ALLFG.L, AMZN, AS1R.HE, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, FOXF.L, GDNP.SW, GLE.PA, GOOGL, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WIZZ.L, ZTS	AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade	AI drives significant demand for semiconductors, data centers, and nuclear energy. Companies like Broadcom, NVIDIA, and TSMC are benefiting from AI capex spending. AI agents could reshape device interactions and potentially disrupt traditional platforms like Apple's iOS.	WIZZ LN CCO CN	View
2025 Q2	Jul 17, 2025	Platinum Global Fund (Long Only)	2.6%	-	000660.KS, 005930.KS, 055550.KS, 1109.HK, 2057.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 700.HK, 7203.T, 7974.T, 8035.T, 9618.HK, AMZN, ASML, AVGO, BARC.L, CCO, GLE.PA, GOOGL, INGOF, LRCX, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, TSM, UBER, UBS, UL, V, VAL, VEEV, WZZAF, ZTS	AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy	AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund discusses valuation methodologies for AI stocks using theoretical adjusted price to sales models. AI is driving increased demand for nuclear energy and data centers, benefiting holdings like Cameco.	WIZZ LN CCO CN	View
2025 Q2	Jul 17, 2025	Platinum Asia Fund	3.9%	-	000660.KS, 005930.KS, 009150.KS, 035420.KS, 0700.HK, 1109.HK, 2269.HK, 2318.HK, 6758.T, 7203.T, 7974.T, AMZN, AVGO, CCO, GOOGL, INGOA.NS, JD, MA, META, MOWI.OL, MSFT, NFLX, NVDA, NVS, ORSTED.CO, RCI, TSM, UBER, UBS, UL, V	AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy	Korea is experiencing corporate governance reforms through the Value-Up Program and Commercial Act amendments that should reduce the Korea discount. The country benefits from geopolitical alignment with the West in defense manufacturing and has competitive advantages in semiconductors, nuclear power, and cultural exports.	TSM 2202 HK MYOR IJ	View
2025 Q2	Jul 17, 2025	Platinum International Brands Fund	6.6%	-	000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 4543.T, 5401.T, 6141.T, 6503.T, 6758.T, 6954.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, AAPL, ADI, ALLFG.L, AMER, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, ELF, FLTR.L, FOXF.L, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, MEITUAN, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TCOM, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WING, WIZ.L, ZTS	AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy	AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund developed a TAPS valuation model for AI stocks, finding many trade at high valuations relative to growth rates. AI is driving increased energy demand, benefiting nuclear and power infrastructure companies.	IDXX WING GALD SW	View
2025 Q2	Jul 17, 2025	Platinum International Technology Fund	18.4%	-	000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8113.T, 8725.T, 8802.T, 9618.HK, ALLFG.L, AMRS.HE, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, GDNP.SW, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, LRCX, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, STJ.L, TSMC, UBER, UBS, UL, V, VAL, VEEV, WING, WIZZ.L, ZTS	AI, China, defense, Korea, nuclear, semiconductors, technology, Trade Policy	AI stocks are being valued using theoretical adjusted price to sales models. The fund holds AI enablers in semiconductors and large language models. AI is driving demand for nuclear energy and data centers, benefiting holdings like Cameco and semiconductor companies.	KLAC	View
2025 Q2	Jul 16, 2025	Harding Loevner International Equity	9.2%	14.8%	002352.SZ, 005930.KS, 0669.HK, 0700.HK, 1299.HK, 2057.HK, 2308.TW, 2318.HK, 2330.TW, 300760.SZ, 4507.T, 4519.T, 4684.T, 6146.T, 6301.T, 6383.T, 6690.HK, 6758.T, 6861.T, 6869.T, 8113.T, ADYEN.AS, AI.PA, ALC, ALFA.ST, ALV.DE, ASML, ASSA-B.ST, ATCO-A.ST, ATD.TO, BAP, BBVA, BHP, CNR, COLOB.CO, D05.SI, DSY.PA, EPI-A.ST, FMX, GFNORTEO.MX, GMAB, HDB, HLN.L, LIN, MELI, MFC, NESN.SW, NTES, NVS, NZYM-B.CO, OR.PA, RIO, ROG.SW, RYA.L, SAF.PA, SAP, SEB-A.ST, SHEL, SOON.SW, SU.PA, SY1.DE, TLKM	aerospace, AI, defense, Europe, Health Care, international	Health care equities have underperformed despite strong fundamentals due to political and regulatory uncertainty in the US and beyond. Policy risks include drug pricing reforms, Medicaid funding cuts, and reduced NIH funding. However, the sector's structural advantages remain intact with continued innovation like GLP-1 therapies.		View
2025 Q2	Jul 16, 2025	Harding Loevner Global Equity	10.2%	7.9%	0700.HK, 1299.HK, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, CPG.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPIA.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGS.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, V, VRTX, WALMEX.MX	AI, Cloud, Data centers, global, growth, semiconductors, technology	AI models released in 2024 have demonstrated marked improvement in performance against new benchmarks, including major strides in reasoning to solve complex problems. Many companies can now point to real products and applications as well as measurable effects on their businesses. Competition among big tech companies appears to be intensifying as more companies join the race to develop cutting-edge AI systems.	ADBE BKNG ADBE	View
2025 Q2	Jun 30, 2025	Thornburg International Equity Fund	10.8%	21.8%	0027.HK, 005930.KS, 3690.HK, 6758.T, 8306.T, ALC, AZN, BABA, BNP.PA, CP, CSU.TO, FCX, NVO, OR.PA, SU.PA, TTE	China, Europe, international, Japan, rates, semiconductors, Trade Policy, value	Trade tensions remain a significant theme with continuing negotiations between the U.S. and major trade partners including China. Contentious trade talks and tit-for-tat tariff and procurement walls persist between China and the European Union. Global economic growth is projected to slow to 2.9% in 2025 from 3.3% in 2024, driven by U.S. trade tariffs and policy uncertainty.		View
2024 Q2	Jun 30, 2024	Platinum International Technology Fund	3.0%	-	000660.KS, 005930.KS, 6758.T, AAPL, ADBE, ADI, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, CDNS, CSU.TO, GOOGL, LRCX, MCHP, META, MSFT, MU, NFLX, NTDOY, NVDA, NXPI, ORCL, QCOM, SAP, TSM, TXN, VEEV	AI, growth, semiconductors, software, technology	AI value chain businesses delivered strong returns with TSMC up 25%, Broadcom up 19%, and Oracle up 12%. The AI narrative boosted hopes for a new refresh cycle in PCs and smartphones, particularly benefiting Qualcomm and Apple. Fund maintains exposure to supply side oligopolies like TSMC and ASML that control unique technologies crucial for AI chip manufacturing.		View
2023 Q2	Jun 30, 2023	Mondrian International Equity Value Opportunities	-	-	6201.T, 6501.T, 6702.T, 6758.T, 7751.T, TM	Buybacks, Corporate Governance, dividends, earnings, inflation, Japan, value	Japanese equity market experiencing resurgence driven by corporate governance reforms led by Tokyo Stock Exchange. Mondrian maintains overweight position based on value opportunities, strong earnings growth, and shareholder returns despite historical challenges and false dawns.		View
2024 Q1	May 9, 2024	Polaris International Equity	5.8%	10.1%	000270.KS, 000660.KS, 005930.KS, 007700.KS, 055550.KS, 066570.KS, 2338.HK, 4502.T, 6758.T, 8002.T, ANTO.L, BPOP, DTG.DE, GNC.L, HNR1.DE, LUMI.TO, MEOH, MNDI.L, MUV2.DE, NOMD.L, NXT.L, OTEX, PUB.PA, SKG.L, TEP.PA, YAR.OL	Asia, cyclicals, Europe, international, materials, technology, value	The electrification of everything and resurgent Chinese economy drove demand, while supply constraints from declining production rates at productive mines and political disruptions created tight market conditions. This benefited pure copper players like Lundin Mining and Antofagasta PLC, both jumping over 20% for the quarter.		View
2026 Q1	Apr 25, 2026	Stewart Investors	-	-	005930 KS, 0700.HK, 2379.TW, 3323.T, 6758.T, HDFCBANK.NS, HTHT, TSM	AI, Asia, China, gaming, Quality, semiconductors, technology		HTHT 6758.T 2379.TW HDFCBANK.NS 0700.HK 3064.T TSM 005930.KS	View
2026 Q1	Apr 17, 2026	Polaris International Equity	5.1%	5.1%	000270 KS, 000660 KS, 005930 KS, 055550 KS, 2318 HK, 6758.T, 8002.T, BABA, BPOP, CAP.PA, DNB.OL, E, IAG.L, LUN.TO, MEOH, PUB.PA, RYA.L, TEP.PA, TTE, YAR.OL	diversification, energy, Geopolitical, international, materials, technology		RYA.L 000270.KS 8002.T DNB.OL 005930.KS 000660.KS TTE.PA ENI.MI LUN.TO MEOH YAR.OL	View
2024 Q1	Apr 15, 2024	Harding Loevner Global Equity	5.2%	15.6%	0700.HK, 1398.HK, 2607.HK, 4519.T, 6758.T, AAPL, ABBV, ACN, ADBE, ALC, AMAT, AME, AMZN, ASML, ATCO-A.ST, AVGO, B3SA3.SA, BBCA.JK, BHP, BKNG, CME, COST, CRM, CSCO, CSGP, DE, DHR, GLOB, GMAB, GOOGL, HDB, HON, ISRG, KER.PA, LLY, MELI, META, MSFT, NFLX, NKE, NOC, NOW, NVDA, OR.PA, PINS, RGEN, RIO, ROG.SW, ROK, SAP, SGSN.SW, SLB, SNPS, SU.PA, SY1.DE, TMO, TSLA, TSM, TW, UNH, VRTX	AI, global, growth, Quality, software, technology	The fund sold NVIDIA due to valuation concerns despite believing in AI's transformational impact. They are investing in more reasonably priced software companies positioned to benefit from AI, including Salesforce, Globant, and SAP. The managers see strong prospects for many holdings as AI applications proliferate but emphasize the importance of durable competitive advantages.		View
2026 Q1	Apr 13, 2026	Harding Loevner International Equity	1.1%	1.1%	005930 KS, 035420 KS, 2308.TW, 2371.T, 300750.SZ, 6146.T, 6758.T, ADYEN.AS, ASML, BA.L, HDFCBANK.NS, SE, SHEL, TSM	AI, diversification, energy, Geopolitical, international, Quality, semiconductors, technology			View
2025 Q1	Mar 31, 2025	Aristotle/Saul Global Equity Fund	1.2%	1.2%	3064.T, 6367.T, 6758.T, ADBE, AMGN, CCJ, D05.SI, GOOGL, HON, LEN, MCHP, MLM, MSFT, MUV2.DE, NCLH, TTE	AI, energy, global, Quality, Reinsurance, technology, Trade Policy, value	The artificial intelligence theme continued to influence market narratives during the quarter. Chinese startup DeepSeek gained international attention after launching a low-cost rival to leading generative AI models, challenging assumptions around infrastructure demands and potentially reducing the need for GPUs and energy-intensive data centers. This development raised new questions about the durability and configuration of global AI supply chains.	6367.T GOOGL ADBE CCO SONY MUV2.DE	View
2025 Q4	Feb 4, 2026	Aristotle International Equity Fund	5.5%	22.5%	005930.KS, 5401.T, 6594.T, 6758.T, 6954.T, 7532.T, ALL.AX, BAP, BN, CCO, D05.SI, EBS.VI, EXPN.L, MUV2.DE, ROG.SW, SAF.PA	Asia, Automation, Banking, Europe, gaming, international, Quality, value	FANUC Corporation demonstrates leadership in factory automation and industrial robotics, with operating margins expanding to 21% and strong robot sales growth in China exceeding 80% year-over-year. The company maintains dominant positions in CNC systems and continues deepening competitive advantages through collaboration with NVIDIA on AI-driven robotics and digital twin capabilities. Aristocrat Leisure represents a compelling investment in the global gaming market with over 70% recurring revenue from slot machines and digital platforms. The company benefits from an oligopolistic industry structure and strong market positions across North American commercial and tribal gaming markets, supported by proprietary content franchises. Erste Group Bank delivered strong operating performance driven by healthy loan growth, resilient net interest income, and solid fee income across Central and Eastern European markets. The bank's diversified retail-oriented model and leading market positions support continued growth as regional economies develop and demand for financial services expands. The U.S.-China trade relationship showed improvement with a one-year trade truce reached at the APEC summit, reducing China's effective tariff rate to 47% and deferring export controls on rare earth materials. However, new tensions emerged with Japan over Taiwan, highlighting ongoing geopolitical complexities affecting global trade flows.		View
2024 Q4	Dec 31, 2024	Harding Loevner Global Equity	-	14.5%	0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, 9962.T, AAPL, ABBV, ACN, ADBE, ADYEN.AS, ALC, ALFA.ST, AMAT, AMZN, ATCO-A.ST, ATKR, ATU.TO, AVGO, BBCA.JK, BKNG, CME, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, RGEN, ROG.SW, ROK, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TW, UNH, VRTX, WMMVY	AI, Data centers, geopolitics, global, growth, semiconductors, technology, Trade Policy	Artificial intelligence continues to drive significant investment and growth across multiple sectors. The manager discusses the sustained momentum in AI development, with companies like OpenAI, xAI, Anthropic raising billions for infrastructure spending. New large language models have launched showing significant improvements, particularly in creating chains of thought to simulate human reasoning. The runway for model development remains long, suggesting sustainable demand for increasingly powerful hardware.		View
2024 Q4	Dec 31, 2024	Polaris Global Equity	-5.8%	6.2%	000660.KS, 005930.KS, 066570.KS, 6758.T, ALSN, CFR, COF, CROX, CVS, ELV, GD, GILD, JAZZ, JPM, ML.PA, SAIC, SBH, SLM, TGLS, UNH	banks, financials, Geopolitical, global, inflation, value	Portfolio positioned as value-oriented with strong current earnings and cash flows, expected to benefit from higher-for-longer interest rates. Manager continues to find and add attractively priced companies to supplement compelling valuation profile.		View
2024 Q4	Dec 31, 2024	Polaris International Equity	-8.7%	0.5%	000660.KS, 005930.KS, 055550.KS, 066570.KS, 1878.T, 5871.TW, 6758.T, ANTO.L, BARRY.SW, BWY.L, FTK.DE, JAZZ, LTM, LUN.TO, MEOH, ML.PA, SAN.PA, SVEG.OL, SW, TGLS, U11.SI, VIPS, YAR.OL	Cocoa, Geopolitical, international, semiconductors, Trade Policy, value	Substantial geopolitical tensions in France, South Korea and other global economies, along with protracted Ukraine-Russia and Israel-Hamas conflicts. Political instability in Germany and France suffered poor performance. South Korean market sold off after martial law declaration and impeachment proceedings.		View
2025 Q3	Dec 15, 2025	Baumann Capital	-	-	005930.KS, 4188.T, 5401.T, 6701.T, 6723.T, 6758.T, 6967.T, AAPL, AI.PA, BOSCH, DRW3.DE, HLMA.L, HON, IFX.DE, KO, MSA, MU, NVDA, TSM	concentrated, Gas Detection, Japan, Primary Research, Quality, Safety, semiconductors	Semiconductor industry driving demand for gas detection equipment as TSMC builds new fabs globally to meet Nvidia GPU demand. Japan plans over 30 semiconductor projects by 2030, creating multi-decade volume tailwind for safety equipment. Each new fab requires thousands of fixed gas detectors with ongoing maintenance.		View
2023 Q3	Dec 10, 2023	Cooper Investors Global Equities Fund (Unhedged)	5.5%	5.4%	6758.T, 8035.T, 8113.T, ADYEN.AS, AHT.L, AJG, AON, APG, BKNG, BME.L, CDW, COST, CRM, DHR, ERF.PA, FER.MC, FERG.L, G24.DE, HDB, HLMA.L, HLN.L, IQV, LBRDK, LSEG.L, RELX.L, RTO.L, TSM, ULTA, UNP, URI, YUMC	China, cyclicals, Equipment Rental, global, infrastructure, Railroads, value	Global investor sentiment has soured further on China in recent months with the commercial real estate market implosion hitting headlines. The manager sees Value Latency emerging when markets are labeled 'uninvestable' as China now is for many investors. They highlight Yum China as an example of this opportunity.	SUNP IN AHT.L ANDURIL MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC	View
2025 Q3	Oct 20, 2025	Sands Capital International Growth Fund	-3.1%	15.7%	2914.T, 6758.T, ADYEN.AS, ARGX, ASML, BAJFINANCE.NS, CSU.TO, DOL.TO, FLUT, HDFCBANK.NS, HEXAB.ST, III.L, MELI, NU, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, TSM	AI, Asia, E-Commerce, Europe, growth, international, semiconductors, technology	AI-driven demand continues to support semiconductor and technology sectors, particularly in Taiwan and South Korea. TSMC benefits from strong AI-related demand and is expanding CoWoS capacity. However, AI concerns are growing around certain businesses like Constellation Software, with markets conflating AI disruption risks with operational performance.		View
2025 Q3	Oct 16, 2025	Polaris Global Equity	5.0%	18.5%	000660.KS, 005930.KS, 055550.KS, 5019.T, 6758.T, 8306.T, 8591.T, ABBV, ALSN, BARRY.SW, BPOP, CAP.PA, CG, CVS, DHL.DE, DTG.DE, ELV, GD, IAG.L, IPS.PA, JAZZ, LKQ, LNTH, LUN.TO, MEOH, MG, MKSI, MNDI.L, MPC, NEE, PUB.PA, SBH, SLM, UNH, UTHR, VIPS	AI, Energy Transition, financials, global, healthcare, semiconductors, Trade Policy, Valuations	The current two-speed economy is characterized by a narrow AI-driven boom versus subdued growth across most other industries. Just seven mega-cap U.S. tech stocks drove nearly 60% of the S&P 500 gains in 2025 to date. The frothy valuations in the AI tech sector should make investors cautious, as concentrated indices could face material correction if the AI boom busts.		View
2025 Q3	Oct 16, 2025	Polaris International Equity	4.8%	24.5%	000660.KS, 005930.KS, 055550.KS, 5019.T, 6758.T, 8306.T, 8591.T, BPOP, CAP.PA, DPW.DE, DTG.DE, IAG.L, JAZZ, LUN.TO, MEOH, MG, MNDI.L, PUB.PA, TEP.PA, VIPS	AI, Energy Transition, Europe, financials, international, Japan, semiconductors, Trade Policy	AI enthusiasm drove market gains with concentration in mega-cap tech stocks. Samsung and SK Hynix benefited from HBM memory progress and AI chip demand. The manager notes frothy AI valuations and warns of potential correction if the AI boom busts.		View
2025 Q3	Oct 14, 2025	Harding Loevner Global Equity	2.5%	10.6%	0700.HK, 1299.HK, 2308.TW, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, CPG.L, CSGP, D05.SI, DE, DHR, DPLM.L, ELV, EPI-A.ST, GLOB, GMAB, GOOGL, HDB, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY	AI, diversification, global, healthcare, momentum, technology, valuation	AI represents a real secular change reshaping industries but creates broad uncertainty in markets. The impact could be incremental or profoundly disruptive, making historical fundamentals less reliable. Markets reward companies perceived as central to AI buildout while penalizing those that don't fit the narrative.	TCEHY US GOOGL US TMO US ELV US VRTX US ACN US	View
2025 Q3	Oct 10, 2025	Thornburg International Equity Fund	5.5%	28.5%	0027.HK, 005930.KS, 3690.HK, 6758.T, 8306.T, ALC, AZN, BABA, BNP.PA, CP, CSU.TO, FCX, NVO, OR.PA, SU.PA, TTE	Bottom-up, Diversified, fundamentals, international, value	Technology-related industries showed strength, particularly in Northeast Asia and the U.S., where chip stocks rallied on AI optimism. Samsung Electronics was a leading contributor to portfolio performance for the quarter.		View
2025 Q4	Jan 23, 2026	American Century International Growth Fund	0.3%	15.6%	6758.T, 6954.T, 7532.T, AI.PA, AIR.PA, ASML, AZN, BABA, BVI.PA, GALDA.SW, GLE.PA, IBE.MC, RACE, REL.L, ROG.SW, SAP, SU.PA	AI, Automation, Europe, international, Japan, large cap, Pharmaceuticals	Artificial intelligence-related market uncertainty drove broad rotation into value and away from growth. While investment in data centers has created optimism, concerns persist about financing, supply chain and power constraints. Investors also continue to consider the impact of AI on traditional business models. Demand for AI-integrated processes and robotics has increased as businesses move to factory automation. Companies are poised to benefit from new applications in industries like agriculture. The fund initiated a position in FANUC, expecting revenue and earnings to accelerate as global automation demand grows. Companies in the pharmaceuticals industry have focused on new products in therapeutic areas with unmet needs, including cancer and skin conditions. These select companies with innovative product pipelines are positioned to benefit from an inflection in growth. The acceleration of digitalization is benefiting technology holdings exposed to cloud computing, automation, digital payments and IT services growth. Japan-based companies, in particular, are investing heavily to increase efficiency and profits as they seek to catch up with their international competitors.		View
2025 Q4	Jan 20, 2026	Polaris Global Equity	7.0%	26.8%	000270.KS, 000660.KS, 005930.KS, 1299.HK, 2318.HK, 5871.TW, 6758.T, 8001.T, 8002.T, 8591.T, 8729.T, ALSN, ARW, BABA, BARRY.SW, CAP.PA, CG, COF, DHL.DE, IAG.L, INGR, JAZZ, LIN, LNTH, LTM, LUN.TO, MG.TO, MKSI, ML.PA, MPC, NVS, NXT.L, SBH, SMWRQ, TSN, UTHR, VIPS, YAR.OL	AI, diversification, global, international, Outperformance, semiconductors, technology, value	AI demand drove performance across semiconductor and technology sectors, with memory chip suppliers benefiting from supply-demand constraints and expected price increases in 2026. Companies like SK Hynix, Samsung Electronics, and MKS Inc. delivered strong results driven by accelerating AI demand across semiconductor and advanced electronics end markets. Memory manufacturers in Korea were top contributors as supply-demand constraints benefit memory chip suppliers. The market expects memory price increases in 2026, further supporting performance of Samsung and SK Hynix. AI-driven demand across semiconductor end markets accelerated growth. The investment approach remains disciplined and focused on strong cash flows from quality companies selling essential products and services with good management teams creating shareholder value. The manager seeks situations where attractive valuations meet genuine business momentum, avoiding trends and distant promises. International equities outperformed after a decade of American dominance, driven by weaker U.S. dollar, more attractive valuations abroad, and slowing momentum in U.S. tech. This country and sector rotation validated the need for diversification instead of home bias, with attractive opportunities in targeted developed and emerging markets. Yara International benefited from partnerships for low-carbon ammonia projects in the U.S. and Middle East, positioning the company toward becoming an energy-transition and low-carbon fertilizer company while securing long-dated contracts. HD Hyundai Electric capitalized on increased demand to expand power infrastructure.	267260 KS UTHR JAZZ CAP FP MKSI 000660 KS	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 20, 2026	Harding Loevner International Equity	4.2%	27.6%	005930.KS, 0700.HK, 1299.HK, 1398.HK, 2330.TW, 6758.T, ALC.SW, ALFA.ST, ALV.DE, ASML, ATCO-A.ST, BBVA, D05.SI, MELI, NTES, NVO, NVS, ROG.SW, SE, SU.PA	AI, defense, emerging markets, international, semiconductors, technology, Valuations	AI represents a capital-expenditure regime with two distinct camps: demand-side hyperscalers investing in compute capacity, and supply-side physical enablers spanning chip foundries, memory makers, and infrastructure providers. The portfolio holds companies across this ecosystem including TSMC, Samsung Electronics, ASML, and power management providers like Delta Electronics and Schneider Electric. The semiconductor ecosystem is central to AI buildout, with the portfolio holding foundries like TSMC, memory producers like Samsung Electronics, and equipment suppliers including ASML, Disco Corp, and Lasertec. These companies represent the physical enablers of AI infrastructure despite potential cyclical risks if AI capex slows. EM exposure increased to roughly 30% of the portfolio, the largest weight ever, driven by compressed valuations and opportunities in companies like CATL, Delta Electronics, Naver, and Tencent. The manager sees attractive risk-reward profiles in EM companies where fundamentals remain robust despite underperformance. Added BAE Systems amid broader European defense sell-off, capitalizing on sustained higher defense budgets in Europe and modernization push in the US. BAE's intellectual property, government relationships, and program execution track record support resilient profitability even through periods of restrained spending. Portfolio includes e-commerce operators MercadoLibre and Sea Limited, as well as Naver which is South Korea's second-largest e-commerce business. These companies benefit from AI-based targeting and automated ad-generation tools that can expand revenue opportunities and improve monetization.	BA LN 035420 KS	View
2025 Q4	Jan 20, 2026	Harding Loevner Global Equity	1.9%	12.7%	0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300760.SZ, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, COMP.L, CSGP, D05.SI, DE, DHR, DPLM.L, EFX, ELV, EPI-A.ST, FN, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY	AI, global, international, semiconductors, technology, value	AI represents a capital-expenditure regime with two distinct camps: hyperscalers investing in computing capacity and physical enablers of the buildout. The US market is more dependent on AI continuing to surprise to the upside due to richer valuations and concentrated exposure. Global semiconductor ecosystem enables AI buildout, spanning chip foundries, memory-chip makers, and equipment manufacturers. International markets are more heavily tilted toward this manufacturing and infrastructure provider segment. International markets trade at roughly half the multiples of US stocks, offering more attractive valuations. Non-US markets start from cheaper valuations and possess more diverse growth opportunities unrelated to AI.	GOOG	View
2025 Q4	Jan 16, 2026	Janus Japan Opportunity Fund	3.6%	14.5%	1803.T, 4091.T, 4385.T, 4519.T, 6141.T, 6758.T	AI, Construction, Corporate Governance, E-Commerce, inflation, Japan, Pharmaceuticals	Artificial intelligence remains a global investment theme and Japan is no exception. Investor interest has largely focused on high-volatility stocks, although there has been a broader search for quality AI beneficiaries. This shift has expanded the opportunity set, allowing the fund to add positions in attractively valued, high-quality companies aligned with the theme. Inflation has continued to be a persistent feature in Japan and has prompted changes in both corporate and consumer behavior. Importantly, inflation has fed through to corporate earnings and equity performance. Companies that have successfully passed on higher costs to consumers have benefited from improved operating margins. The continued improvement in corporate governance and shareholder value is a tailwind for Japanese equities. A revision of the Corporate Governance Code is expected to address corporates' hoarding of cash, which should enhance capital efficiency and ultimately lead to higher dividends and share buybacks.		View
2025 Q4	Jan 15, 2026	Baillie Gifford – International Alpha	1.2%	19.6%	000333.SZ, 005930.KS, 0700.HK, 1299.HK, 1698.HK, 2318.HK, 2454.TW, 3064.T, 3656.T, 3690.HK, 3994.T, 4612.T, 600519.SS, 6098.T, 6273.T, 6758.T, 6861.T, 7309.T, 7733.T, 7974.T, 8035.T, 8113.T, 8729.T, ADYEN.AS, ASML, ATCO-A.ST, B3SA3.SA, BN.PA, BNTX, CFR.SW, CPA, CPNG, CRH, CSU.TO, DB1.DE, DEMANT.CO, DIM.PA, DSV.CO, DSY.L, EDEN.PA, EXPN.L, FBK.MI, G24.DE, GMKN.ME, HDB, ICICIGI.NS, IMCD.AS, KGP.L, KNEBV.HE, KSPI.L, LMN.TO, LUN.TO, MC.PA, MELI, MIPS.ST, MNDY, NEX.PA, NVO, NVZMY, PDD, RAT.DE, RIO, ROG.SW, RYA.L, SALM.OL, SAP, SDZ.SW, SE, SEB-A.ST, SHOP.TO, SIMO, SJ.TO, SPOT, TFII, TOI.TO, TPRO.MI, TSM, U11.SI, UL	E-Commerce, growth, international, Quality, semiconductors, technology, value	Samsung Electronics passed qualification with Nvidia for HBM3E chips and is in advanced discussions for next-generation products. The memory division reported record third-quarter sales driven by AI demand. Tokyo Electron was added as a new position, benefiting from increasing semiconductor complexity across various end markets. MercadoLibre faced share price volatility reflecting a tug-of-war between accelerating revenue growth and concerns over short-term margin pressure from defending market share in Brazil. Despite disappointing performance, the manager sees substantial growth runway and disciplined long-term management. DSV shares rebounded after geopolitical pressure on global trade. Third-quarter results exceeded expectations with margin improvement and upgraded guidance on DB Schenker acquisition synergies. Management accelerated integration timeline with most savings expected within two years. Lundin Mining was added as a new position, described as a high-quality copper-focused miner with low-cost assets and strong production growth potential. The manager sees an improving demand-supply balance in copper with current valuation not accounting for company quality.	2454 TT SALM NO 8035 JP LUN CN DSV 005930 KS TME	View
2025 Q4	Jan 11, 2026	Thornburg International Equity Fund	4.5%	34.2%	005930.KS, 4901.T, 6501.T, 6758.T, 8306.T, AZN, BABA, BNP.PA, BZ, CP, DPW.DE, LIN, NN.AS, ROG.SW, SU.PA, TTE	China, Europe, fundamentals, international, Japan, value	Trade tensions remained a significant theme with continuing negotiations between the U.S. and major trade partners including China, which is also in contentious trade talks and tit-for-tat tariff and procurement walls with the European Union. Technology-related industries showed strength, particularly in Northeast Asia and the U.S., where chip stocks rallied on AI optimism during the fourth quarter. The U.S. Federal Reserve cut its target rate 25 basis points in December. The Bank of Japan lifted its rate a quarter point while the ECB stood pat, creating rate differentials that played out in currency markets.		View
2024 Q3	Sep 30, 2024	Aristotle International Equity Fund	10.5%	13.3%	005930.KS, 3064.T, 4578.T, 6758.T, 7532.T, 9433.T, ACN, AHT.L, BN, CCO, DEO, GSK, HEIA.AS, NEM.DE, ROG.SW, RTO.L, SAF.PA, TTE	Asia, Diversified, Europe, international, Quality, value	MonotaRO operates a B2B e-commerce platform selling 20 million items to over 8 million customers, primarily in Japan. The company serves as a one-stop solution with transparent pricing and same-day shipment capabilities. Its unique profile with over 95% of sales online provides customers a distinct value proposition in the fragmented MRO market.	3064.T DGE.L 9681.T RTO.L BN.TO	View
2024 Q3	Sep 30, 2024	Harding Loevner International Equity	9.5%	11.5%	005930.KS, 1398.HK, 4507.T, 4519.T, 6758.T, 6869.T, 7974.T, ADYEN.AS, ALC.SW, ALV.DE, BNTX, COLOB.CO, HDB, HLN.L, MELI, NESN.SW, OR.PA, ROG.SW, SHEL.L, TSMC	China, Europe, financials, healthcare, international, Japan, momentum	The letter extensively discusses momentum investing as a factor that has challenged fundamental investors over the past 18 months. The manager explains their deliberate resistance to incorporating momentum into their investment process, citing concerns about trading costs, volatility, and lack of fundamental basis. They note that momentum concentrated in large market cap stocks has created FOMO-driven dynamics.		View
2025 Q1	Mar 31, 2025	Harding Loevner Global Equity	-2.1%	-2.1%	002230.SZ, 0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, COMP.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, UNH, VRTX, WMMVY	AI, Geopolitical, global, Policy Uncertainty, Quality, semiconductors, technology, Trade Policy	The letter extensively discusses heightened US policy uncertainty, particularly around trade policy, with early salvos in the new trade war hitting China, then re-targeting Canada, Mexico, and US allies in Europe and Asia. The manager notes that tariffs and policies aimed at forcing US self-sufficiency create business uncertainty and undermine investment appetite.		View
2025 Q1	Mar 31, 2025	Polaris International Equity	5.7%	5.7%	000660.KS, 005930.KS, 066570.KS, 6758.T, DG.PA, DNB.OL, DTE.DE, DUNI.ST, ENI.MI, FTK.DE, HNR1.DE, IAG.L, INCH.L, LOOM.ST, MEOH.TO, MG.TO, MUV2.DE, NXT.L, OTEX.TO, PUB.PA, SDZ.SW, SPOG.OL, SW, TTE.PA, VIPS	AI, energy, Europe, financials, international, semiconductors, tariffs, Trade Policy	The Trump Administration initiated far-reaching changes to reset decades of global trade agreements. Tariffs came to the forefront of every discussion in global markets, disrupting natural flow of trade and comparative advantage, leading to reduced economic efficiency and slower global growth.		View
2023 Q4	Jan 18, 2024	Polaris Global Equity	6.9%	12.7%	000270.KS, 000338.SZ, 000660.KS, 005930.KS, 6758.T, 7267.T, AD.AS, ALSN, AMC, BERY, BPOP, BWY.L, COF, ENI.MI, GD, HNR1.DE, IBOC, IPS.PA, JAZZ, KGX.DE, MSFT, MUV2.DE, NOV, NOVN.SW, NXT.L, PUB.PA, SBH, SDZ.SW, SKG.L, SLM, TW.L, WBS, YAR.OL	AI, Banking, financials, global, interest rates, value	Banking sector outperformed after Fed shifted narrative from rate increases to possible declines in 2024. Thirteen financial holdings recorded gains exceeding 15%, including U.S. banks and German reinsurers benefiting from hard market pricing and better investment returns.		View
2023 Q4	Jan 18, 2024	Polaris International Equity	5.8%	10.1%	000270.KS, 000660.KS, 005930.KS, 2338.HK, 6758.T, 7267.T, 8001.T, AD.AS, AMC.L, ANTO.L, BPOP, BWY.L, DG.PA, DTG.DE, ENI.MI, FTK.DE, HNR1.DE, IPS.PA, JAZZ, KGX.DE, LUN.TO, MEOH, MUV2.DE, NVS, NXT.L, PUB.PA, SDZ.SW, SKF-B.ST, SKG.L, TEP.PA, TW.L, YAR.OL	AI, consumer discretionary, industrials, international, rates, value	Manager emphasizes purchasing cash-flow generative companies at excellent values, noting that more appropriately priced cost of capital is particularly beneficial for value stocks. The gale force headwind of growth over value stocks for the past decade is shifting, especially in international markets.		View
2023 Q4	Jan 15, 2024	Cooper Investors Global Equities Fund (Unhedged)	5.5%	5.4%	6758.T, 8035.T, ADYEN.AS, AIT.L, AON, CDW, CRM, DHR, EUFI.PA, FER.MC, FTV, GEHC, GOOGL, HLN.L, LSEG.L, MSFT, RTO.L, URI, WDAY, YUMC	cyclicals, global, healthcare, technology, Turnarounds, value	The fund invested in Tokyo Electron during the semiconductor cycle trough in November 2022, benefiting from the industry recovery and emerging AI theme. The stock rallied 60% over the holding period as sentiment improved and earnings estimates recovered from cyclical lows.	ADYEN.AS LSEG.L GEHC	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Stewart Investors	Sony	Consumer Electronics	Entertainment	Bull	New York Stock Exchange	Content Creation, entertainment, Film, Gaming Console, Image-sensors, Japan, Music, PlayStation, Synergistic Operations	View Pitch
Apr 13, 2026	Fund Letters	Aristotle International Equity Fund	Sony	Communication Services	Interactive Media & Services	Bull	Tokyo Stock Exchange	Content IP, entertainment, Gaming, Japan, Music, Platform Owner, PlayStation, semiconductors, Streaming	View Pitch
Apr 13, 2026	Fund Letters	Aristotle International Equity Fund	Sony Group Corporation	Communication Services	Interactive Media & Services	Bull	Tokyo Stock Exchange	Consoles, entertainment, Gaming, Japan, media, PlayStation, restructuring, spinoff, technology	View Pitch
Apr 13, 2026	Fund Letters	Aristotle International Equity Fund	Sony Group Corporation	Communication Services	Interactive Media & Services	Bull	Tokyo Stock Exchange	Anime, autonomous driving, entertainment, Gaming, Image-sensors, Japan, network effects, PlayStation, semiconductors, Smartphone Technology	View Pitch
Oct 6, 2025	Substack	Toff Cap Monday Monitor	Sony	Information Technology	Consumer Electronics	Neutral		conglomerate restructuring, consumer electronics, financial services, independent entity, operational focus, shareholder value, Sony, Sony Financial Group, spin-off	View Pitch

BSD Shareholders of 6758-T

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
No investor data available.

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