7011-T

7011-T

7011-T

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	Platinum International Fund	-0.2%	-	000001.SZ, 005930.KS, 051910.KS, 6479.T, 7011.T, ALLFG.L, INDI.NS, MCHP, PDD, SUZB3.SA, UBS, UPM.HE, WIZZ.L, ZTO	AI, China, Corporate Governance, E-Commerce, global, Japan, value	Chinese e-commerce companies like PDD Holdings and ZTO Express are showing strong growth despite economic headwinds. PDD delivered strong earnings as Chinese consumers boosted online purchases and gained market share. ZTO Express is the leading delivery service in China, growing from 6 billion to 30 billion parcels annually over five years.		View
2025 Q2	Jul 22, 2025	American Century International Growth Fund	12.1%	-	3064.T, 7011.T, AI.PA, AIR.PA, ASML, AZN.L, BABA, CRH, CSL.AX, GLE.PA, IBE.MC, LSEG.L, NVO, ONON, PNDORA.CO, PRX.AS, RACE, SAP.DE, SHOP.TO, SONY	AI, Asia, defense, E-Commerce, Europe, growth, international, large cap	Artificial intelligence exposure has become a broad spectrum theme with investment in data center capacity reaching across sectors and industries. Alibaba's cloud computing segment has accelerated meaningfully aided by artificial intelligence-related demand. The company is well positioned to benefit from new AI-enabled products featuring complex analysis and efficient deep learning models.		View
2025 Q2	Jul 17, 2025	Hardman Johnston International Equity	17.4%	25.5%	6501.T, 7011.T, 7269.T, 8411.T, AIR.PA, ASML, AZN.L, CBK.DE, DTE.DE, GMAB, HDFCBANK.NS, ICICIBANK.NS, IFX.DE, LDO.MI, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ.SW, STAN.L, TEAM, TSM, UCB.BR	defense, Europe, industrials, international, Japan, semiconductors, technology	NATO countries agreed to invest 5% of GDP in defense by 2035, representing a step change in spending levels. European nations are taking security upon themselves as US military support is not guaranteed, particularly under a Trump administration. Defense is not solely a European theme, with Japan and South Korea also increasing spending targets against China and North Korea threats.	6501.T LDO.MI CBK.DE IFX.DE TSM 7011.T RHM.DE TSM 7269 JP RHM GR IFX GR DTE GR 8750 JP CBK GR	View
2025 Q2	Jun 30, 2025	Artisan International Fund	16.7%	27.6%	4091.T, 7011.T, AI.PA, AIR.PA, ARGX, BKIIF, DTE.DE, MLSPF, NG.L, RWE.DE, SSE.L, TSMC, UCB.BR	Asia, defense, Electrification, Europe, industrials, infrastructure, international, tariffs	NATO countries agreed to raise defense spending to 5% of GDP over the next 10 years, driving strong performance in aerospace and defense holdings. Companies like Babcock International, LIG Nex1, Hanwha Aerospace, and Airbus delivered exceptional returns on strong earnings and order books from increased global defense spending.	AI FP ARGX BB MOVE SW UCB BB 064350 KS 7011 JP BAB LN	View
2026 Q1	Apr 23, 2026	Polen Capital – International Growth	-14.4%	-14.4%	005930 KS, 1299 HK, 6861.T, 7011.T, AZN, ENR.DE, INPST.L, RHM.DE, SAAB-B.ST, TSM	AI, Concentration, defense, energy, growth, international, Quality, semiconductors		6861.T 005930.KS ENR.DE 1299.HK AZN 7011.T SAAB-B.ST RHM.DE TSM	View
2023 Q1	Mar 31, 2023	Orbis International Equity	-	-	012450.KS, 7011.T, RHM.DE	Asia, defense, energy, Geopolitical, Japan, Korea, nuclear	The breakdown of postwar international order and Ukraine war are driving global defense spending increases. Japan plans to double defense spending within five years, potentially becoming the third largest spender worldwide. South Korea has become a top ten defense exporter with exports growing from $3bn in 2020 to over $17bn in 2022.	012450.KS 7011.T	View
2024 Q4	Dec 31, 2024	Hardman Johnston International Equity	-3.3%	13.4%	7011.T, 7269.T, 8750.T, AIR.PA, ASML, AZN, DTE.DE, FTI, GMAB, GRFS, HDB, IBN, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ, STAN.L, TEAM, TSM, UCB.BR	emerging markets, Europe, financials, healthcare, international, stock selection, technology	TSMC performed strongly as AI processor demand supported sales growth despite underwhelming recoveries in legacy end markets. TSMC's dominance in leading edge semiconductor manufacturing expanded as competitors demonstrated shortfalls. The manager sees AI as a long-term play creating opportunities throughout its value chain globally.		View
2025 Q3	Oct 21, 2025	Hardman Johnston International Equity	8.5%	36.2%	6501.T, 7011.T, 7269.T, AIR.PA, ASML, AZN, CBK.DE, DTE.DE, HDB, IBN, IFX.DE, LDO.MI, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ, STAN.L, STM, TEAM, TSM, UCB.BR	AI, defense, emerging markets, Europe, healthcare, international, semiconductors, Trade Policy	The portfolio holds significant exposure to semiconductor companies including TSMC, Infineon, STMicroelectronics, and ASML. TSMC remains a key enabler of AI infrastructure with strong Q2 earnings and raised guidance. The analog semiconductor sector is showing signs of recovery after a cyclical trough, with evidence of growing customer backlogs and improved order signals.	SUZUKI PROS SDZ UCB	View
2025 Q3	Oct 19, 2025	American Century International Growth Fund	-	-	3064.T, 7011.T, AI.PA, AIR.PA, ASML, AZN.L, BABA, CRH, CSL.AX, GLE.PA, IBE.MC, LSEG.L, NVO, ONON, PNDORA.CO, PRX.AS, RACE, SAP.DE, SHOP.TO, SONY	AI, Asia, Europe, financials, growth, healthcare, international, large cap, technology	Artificial intelligence exposure has become a broad spectrum theme with investment in data center capacity reaching across sectors and industries. AI-related demand is accelerating cloud computing segments and enabling new AI-enabled products with complex analysis and efficient deep learning models.		View
2024 Q3	Oct 14, 2024	Upslope Capital Management	14.8%	18.1%	7011.T, 8697.T, ATR, BARN.SW, CHG.L, CME, CMPO, DPLM.L, FTT.TO, GRMN, HSY, KOG.OL, NVT, NWC.TO, TDY, WPK.TO	defense, Europe, Exchanges, Long/Short, Midcap, value, volatility	CME Group represents an attractive business that has been relatively out of favor versus peers due to exaggerated worries about new competition and the end of the interest rate hiking cycle. The financial exchange sector is comprised of durable, monopoly-like businesses with a history of predictable mean-reversion. CME is positioned to benefit from continued interest rate volatility and ever-expanding U.S. government debt issuance.	7011.T CMPO CME	View
2025 Q4	Jan 14, 2026	Hardman Johnston International Equity	4.3%	0.0%	0700.HK, 7011.T, AMZN, AZN, DTE.DE, GE, LDO.MI, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SDZ, SIE.DE, STAN.L, TMUS, VZ, WEIR.L	AI, Asia, defense, Europe, financials, healthcare, international, Mining	The portfolio maintains exposure to defense companies like Rheinmetall AG despite short-term volatility from Ukraine-Russia peace deal speculation. Management sees structural shift toward increased defense spending across NATO and Asia Pacific nations after years of underinvestment. Visible growth stretches years into the future with strong orders, high backlogs, and political will to invest in national security. The manager acknowledges AI's long-term potential to drive productivity gains while remaining cautious about concentration risk. Companies involved in AI development remain attractively valued relative to growth trajectories, though excitement has stretched beyond IT sector into energy and utilities. The challenge is avoiding portfolios that appear diversified but are overly concentrated around AI themes. Sandoz Group benefits from strong biosimilar growth with streamlined U.S. regulatory guidance moving closer to EU model. This regulatory shift reduces development costs, enabling reinvestment into pipeline expansion and acceleration of future programs. The company plans to launch generic semaglutide in Canada in 2026 as a test case for larger global opportunities. The global mining cycle remains supportive with capex momentum improving after years of troughing, underpinned by elevated commodity prices. Weir Group was initiated as a new position, benefiting from high aftermarket exposure and secular demand drivers in copper and gold. The company is well positioned whether capex flows to greenfield or brownfield projects. Standard Chartered's Wealth Management platform has taken share from competitors and benefits from expanding assets under management. This business contributes to rising fee income that diversifies the bank away from traditional net interest income. Rising wealth in key Asian, Middle Eastern, and African markets with strong demographic growth supports the trajectory.	DTE GR NEX FP WEIR LN MELI 7011 JP RHM GR STAN LN AZN SDZ SW	View
2024 Q3	Sep 30, 2024	Hardman Johnston International Equity	5.7%	17.2%	1299.HK, 3690.HK, 7011.T, 7269.T, 8750.T, 8795.T, AIR.PA, ASML, AZN, DTE.DE, FTI, GMAB, GRFS, HDFCBANK.NS, ICICIBANK.NS, MC.PA, MELI, NEX.PA, NOD.OL, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, STAN.L, TEAM, TSM, UCB.BR	AI, defense, Energy Transition, Equity, international, Japan, semiconductors, volatility	Defense has generated strong returns for investors this year and is likely to continue to perform given the international focus on increased spending in a more volatile and uncertain world. The Japanese government is significantly expanding its defense budget to counter national security threats, benefiting companies like Mitsubishi Heavy Industries.	NEXN.PA NVO ASML NOD.OL PRX.AS MELI PRY.MI 7011.T	View
2024 Q3	Sep 30, 2024	American Century International Growth Fund	6.6%	0.0%	0669.HK, 6501.T, 6861.T, 6981.T, 7011.T, 9983.T, AI.PA, ASML, AZN, BVI.PA, CLNX.MC, ICLR, LSEG.L, NESN.SW, NVO, ONON, RACE, REL.L, SAP, SU.PA	Energy Transition, growth, healthcare, infrastructure, international, Pharmaceuticals, semiconductors, technology	Governments have committed to major infrastructure investment with fiscal stimulus programs enabling large-scale infrastructure projects to begin. There are now a large number of megaprojects underway around the world offering long-term growth opportunities to companies involved in building and adjacent products and services.		View
2025 Q1	Mar 31, 2025	ClearBridge Investments International Growth ADR Strategy	-	-	1211.HK, 4091.T, 6273.T, 7011.T, 7733.T, 7936.T, AIR.PA, ARGX, BBVA, CP, DB1.DE, DTE.DE, ISP.MI, LLOY.L, NVO, NWG.L, SE, TT, UCB.BR, UCG.MI	banks, China, defense, Europe, growth, infrastructure, international, technology	Defense spending is expected to increase dramatically in the EU and Japan, boosting revenues for aerospace contractors like Airbus and Mitsubishi Heavy Industries. Germany is leading substantial increases in defense spending as Europe shoulders greater responsibility for security. Military spending in Japan could increase from 1% to 3% of GDP.		View
2025 Q1	Mar 31, 2025	Artisan International Fund	9.3%	9.3%	012450.KS, 0700.HK, 079550.KS, 1299.HK, 3690.HK, 7011.T, 7182.T, AI.PA, ARGX, BABA, DTEGY, S63.SI, SAF.PA, TME, UCB.BR, VNA.DE	China, defense, Europe, financials, tariffs, technology	Increased positions in defense companies like Hanwha Aerospace and LIG Nex1 to benefit from rising global tensions and shifting geopolitical alliances. European countries passed legislation and removed impediments to higher defense spending following President Trump's call for NATO members to raise defense spending to 5% of GDP.		View
2025 Q1	Mar 31, 2025	Hardman Johnston International Equity	6.9%	6.9%	7011.T, 7269.T, 8750.T, AIR.PA, ASML, AZN, DTE.DE, GMAB, HDB, IBN, IFX.DE, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ.SW, STAN.L, TEAM, TSM, UCB.BR	AI, defense, Europe, industrials, international, semiconductors, tariffs, technology	Germany changed its Constitution to release fiscal debt brakes enabling unlimited defense spending, while Europe announced massive defense and infrastructure spending framework. Japan is committed to achieving 2% of GDP defense spending with speculation of upward revision to 3% and beyond.		View
2024 Q4	Jan 15, 2025	Upslope Capital Management	-7.3%	9.4%	7011.T, 8697.T, ATR, AXON, BARN.SW, CHG.L, CME, CMPO, CRL, DPLM.L, DSFIR.AS, GRMN, HSY, KOG.OL, NVT, NWC.TO, QQ.L, TDY, VFC, WPK.TO	Cyclical, defense, Europe, healthcare, Long/Short, turnaround, value	Multiple defense holdings including QinetiQ, Chemring, and Mitsubishi Heavy Industries positioned to benefit from accelerating UK, European, and Japanese defense spending. QinetiQ particularly well-positioned for AUKUS customers and evolving battlefield requirements.	QQ.L VFC CRL	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Polen Capital - International Growth	Mitsubishi Heavy Industries	Specialty Industrial Machinery	Industrial Conglomerates	Bull	New York Stock Exchange	AI infrastructure, Defense, Energy systems, Gas turbines, growth, industrial conglomerate, Japan	View Pitch
Apr 27, 2026	Fund Letters	Orbis International Equity	Mitsubishi Heavy Industries	Industrials	Aerospace & Defense	Bull	Tokyo Stock Exchange	Aerospace, carbon capture, Cyclical, Defense, energy, Gas turbines, Japan, Nuclear, Stealth Fighter, Value	View Pitch
Apr 13, 2026	Fund Letters	Hardman Johnston International Equity	Mitsubishi Heavy Industries, Ltd.	Industrials	Machinery	Bull	Tokyo Stock Exchange	Defense, energy transition, Gas turbines, infrastructure, Japanese, Nuclear, Pricing power	View Pitch
Apr 13, 2026	Fund Letters	Upslope Capital Management	Mitsubishi Heavy Industries Ltd.	Capital Goods	Industrial Conglomerates	Bull	Tokyo Stock Exchange	Defense Contractor, Energy systems, Gas turbines, industrial conglomerate, Japan Defense Spending, Japanese Industrial, market crash, Nuclear Power, Opportunistic, secular growth	View Pitch
Apr 13, 2026	Fund Letters	Hardman Johnston International Equity	Mitsubishi Heavy Industries, Ltd.	Industrials	Machinery	Bull	Tokyo Stock Exchange	Cyclical, Defense, energy, Equity, Gas turbines, Japan, Japanese Government, machinery, Nuclear	View Pitch

BSD Shareholders of 7011-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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