ADP

ADP

ADP

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	Carillon Eagle Growth & Income Fund	-	-	ABBV, ADP, CVX, ETN, MCD, MRK, NEE, RTX, TEL, UNH	-			View
2025 Q4	Feb 10, 2026	PRESCIENT GLOBAL FUNDS ICAV – Fairtree Global Equity Fund	1.7%	-	6723.T, AAPL, ADP, AMAT, AMZN, BABA, ELV, EVO.ST, FI, GOOGL, HAR.JO, IMP.JO, MC.PA, META, MSFT, NPN.JO, NVDA, PDD, PM, TSM	AI, emerging markets, global, rates, semiconductors, technology	AI-related stocks continued to show strength, with mega-cap technology and AI-related names benefiting early in the quarter. South Korean equities gained from improving sentiment around the global electronics and AI cycle, while semiconductor stocks maintained momentum. Semiconductor stocks performed well, particularly in South Korea where they benefited from improving sentiment around the global electronics and AI cycle. TSMC was a notable contributor to fund performance. The Federal Reserve delivered a further 50bp rate cut over the quarter, lowering the federal funds target range to 3.50%-3.75%. Lower global interest rates supported South African equities and contributed to improving macro conditions.		View
2024 Q4	Dec 31, 2024	ACATIS Investment	-	16.2%	ADP, GOOG, NVO, PLTR, UBER, VRTX, VU FP	Artificial Intelligence, Data centers, Nuclear Energy, Power Infrastructure, semiconductors	The report highlights the accelerating global investment cycle in artificial intelligence infrastructure, emphasizing semiconductors, data centers and energy supply as critical bottlenecks in scaling AI capabilities. Management argues that exponential growth in computing power requirements and model training costs is reshaping capital allocation toward chip manufacturing equipment, grid expansion and power generation, including nuclear solutions. In this environment, ACATIS positions portfolios to benefit from structural AI-driven capex while remaining selective on valuations amid heightened market concentration.	ADP VRTX GOOG PLTR	View
2023 Q4	Dec 1, 2024	Polen Capital – Global SMID Company Growth	3.5%	9.5%	ABT, ADP, ALGN, AMZN, AON, EL, NESN SW, NVO, SAP, WDAY	-			View
2022 Q3	Oct 26, 2022	Polen Capital – Global SMID Company Growth	3.5%	9.5%	ADBE, ADP, ADS, ADSK, AMZN, ICLR, OR	-			View
2025 Q4	Jan 9, 2026	Fundsmith Equity Fund	0.0%	0.0%	AAPL, ADP, AMZN, BF-B, CHD, COLPF, EL.PA, FTNT, GOOGL, IDXX, INTU, META, MSFT, NVDA, NVO, PEP, PM, TSLA, WKL.AS, ZTS	AI, Concentration, Index Funds, Performance, Quality, technology, valuation	Major tech companies are in an arms race to build AI capacity through massive capital expenditure on GPU chips and data centers. Whether this spending produces adequate returns remains an open question, with companies like Apple potentially benefiting by avoiding the race and leveraging others' infrastructure. Index funds now hold over 50% of US equity fund assets, creating momentum-driven buying that distorts markets. This passive investing creates a multiplier effect where $1 of flows can move stock prices by 5.5x, benefiting large index constituents regardless of fundamentals. Weight loss drugs are having a lasting impact on consumer behavior, directly affecting companies in snacks and alcoholic beverages. The manager sold positions in Brown-Forman and PepsiCo due to reduced appetites from these medications. The fund maintains focus on companies with high returns on capital (31% ROCE), strong margins (62% gross, 28% operating), and consistent cash conversion (94%). These quality metrics remain superior to broader market indices despite recent underperformance.		View
2025 Q4	Jan 7, 2026	ClearBridge Investments Dividend Strategy	0.0%	0.0%	AAPL, ADP, APD, AVGO, GOOGL, ITX.MC, KO, LHX, META, MMC, MSFT, NESN.SW, NVDA, ODFL, ORCL, TEL, TMUS, UL, UNP, XOM	AI, Concentration, diversification, dividends, large cap, semiconductors, technology, value	AI will radically change lives, labor markets and the economy, but investors already ascribe trillions of dollars of value to AI-related enterprises while aggregate AI-related revenues are minimal relative to embedded expectations. The landscape is evolving too swiftly to conclude today's favored players will be ultimate winners, with fundamental questions remaining about LLM commoditization and revenue sustainability. The strategy's average holding has grown its dividend at 10% over the last 12 months with similar growth expected in coming years. The fund maintains focus on dividend-paying companies as part of its core investment approach and diversification strategy. The ClearBridge Dividend Strategy trades at a significant discount to the broader market with a P/E ratio of 19.8x versus 24.7x for the S&P 500. The managers value securities based on free cash flow yields and gravitate toward those with asymmetric risk-reward profiles.		View
2024 Q4	Jan 13, 2025	Fundsmith Equity Fund	-	8.9%	AAPL, ADP, ATCOA SS, BF/B, DEO, IDXX, META, MKC, NKE, NVDA, NVO, OR FP, PM, TXN	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 26, 2026	Fund Letters	Dr. Hendrik Leber	Automatic Data Processing, Inc.	Industrials	Human Resource & Employment Services	Bull	NASDAQ	balance sheet strength, Dividend Growth, Hr Technology, Payroll, recurring revenue, Retention Rate	View Pitch
Feb 18, 2026	Seeking Alpha	Seeking Alpha	Automatic Data Processing, Inc.	Information Technology	Data Processing & Outsourced Services	Bull	NASDAQ Stock Market	AI disruption, Automatic Data Processing, Compliance, data network effects, Dividend Growth, generative AI, payroll processing, regulatory expertise, switching costs, trust barriers	View Pitch
Aug 13, 2025	Seeking Alpha	May Investing Ideas	Automatic Data Processing	Information Technology	Software - Application	Neutral	NASDAQ	—	View Pitch

BSD Shareholders of ADP

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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