ADYEN-AS

ADYEN-AS

ADYEN-AS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	Farrer 36 Asset Management	-	-	ADYEN.AS, ASAI3.SA, CMG, COST, IAC, PLNT, SE, WMT	digital transformation, E-Commerce, emerging markets, growth, payments, value	Manager invests in offline-to-online transitions where businesses eliminate physical presence costs while scaling globally. Sea Limited's e-commerce arm Shopee faces benign competitive environment going into 2025. Digital transformation supercharges growth as seen in advertising, travel, and gambling industries.	ASAI3.SA SE	View
2023 Q3	Sep 30, 2023	Baron Global Advantage Fund	-6.1%	9.4%	ADYEN.AS, ARGX, BAJFINANCE.NS, CPNG, CRWD, DAVA, DDOG, FVRR, MELI, NET, NVDA, RIVN, SDGR, SHOP, SNOW, TSLA, VEEV, WIX, ZI	AI, Biotechnology, E-Commerce, global, growth, small caps, technology	NVIDIA continues to exceed projections with 94% revenue growth and 192% EPS growth expected for 2023, driven by accelerating demand for Generative AI. The company raised guidance multiple times during the quarter, demonstrating the strength of AI adoption across industries.	VTWIX CPNG	View
2025 Q2	Aug 7, 2025	The Baird Chautauqua International Growth Fund	7.7%	13.1%	2423.HK, ADYEN.AS, COLOB.CO, CP.TO, CSU.TO, FFH.TO, HDB, LULU, MU, NVDA, NVO, OLED, REGN, RYA.L, SAF.PA, SE, TCS.NS, TEAM, WCN	China, growth, international, tariffs, technology, Travel, Valuations	President Trump imposed baseline 10% tariffs and reciprocal tariffs up to 50% on trading partners, creating market volatility. The U.S. and China de-escalated tensions with tariff reductions, but uncertainty remains about future trade deals and their economic impact.		View
2025 Q2	Aug 7, 2025	The Baird Chautauqua Global Growth Fund	9.1%	9.8%	0388.HK, ADYEN.AS, BEKE, COLO-B.CO, CP.TO, CSU.TO, FFH.TO, HDB, ILMN, LULU, MU, NVDA, NVO, OLED, REGN, RYA.L, SAF.PA, SE, TCS.NS, TEAM, WCN	AI, China, growth, semiconductors, tariffs, technology, Trade Policy, Travel	President Trump imposed baseline 10% tariffs and reciprocal tariffs up to 50% on trading partners, creating market volatility. The U.S. and China de-escalated tensions with tariff reductions, but uncertainty remains about future trade deals and their economic impact.	NVDA 2423 HK FFH CN SAF FP	View
2025 Q2	Jul 29, 2025	Rivemont	-	-	ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L	aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy	The US government's increasing focus on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. Major capital investment is flowing into domestic production capacity, particularly in aerospace and defense industries, with provisions in OBBBA incentivizing domestic investment through favorable tax treatment for factory construction and equipment.	GE ROK HWM BA	View
2025 Q2	Jul 27, 2025	Lakehouse Global Growth Fund	-	-	4443.T, ADYEN.AS, AMZN, GOOGL, HEM.ST, KXS.TO, MC.PA, MELI, PINS, SCHW, SE, SPOT, WIX	AI, E-Commerce, global, growth, Streaming, technology	Portfolio heavily weighted toward e-commerce leaders MercadoLibre and Sea Limited, both delivering strong growth. MercadoLibre grew net revenues 38% year-over-year to $22.4 billion with accelerating buyer growth. Sea Limited's Shopee platform emerged stronger with 30% revenue growth and improved profitability as regulatory pressures in Indonesia abated.	GOOGL SPOT MELI SE GOOG MELI SE	View
2025 Q2	Jul 24, 2025	WestEnd Capital	21.8%	8.6%	ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L	aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy	The US government's increasing focus on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. Major capital investment is flowing across aerospace and defense industries as companies prioritize supply chain visibility and resilience.	GE ROK HWM BA GE ROK HWM BA	View
2025 Q2	Jul 21, 2025	Sands Capital Global Growth Fund	21.7%	14.4%	ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, DASH, DOL.TO, DXCM, FLUT, GOOGL, HDFCBANK.NS, ICE, MELI, NFLX, NVDA, ONON, PNDORA.CO, SPOT, SQ, TITAN.NS, V	AI, E-Commerce, global, growth, semiconductors, software, Streaming, technology	Rapid progress in large language model capabilities remains the most important driver for AI businesses like NVIDIA. LLM performance has improved more than sevenfold over the past year, with key enablers including reasoning models, reinforcement learning without human feedback, and advances in pre-training. Microsoft reported a fivefold year-over-year increase in AI token processing, suggesting broader adoption across applications and users.	NET MELI AXON NFLX NVDA	View
2025 Q2	Jul 21, 2025	Sands Capital International Growth Fund	18.1%	19.4%	4956.T, 6273.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, DNP.WA, DOL.TO, EVT.DE, FLTR, GALDERMA.SW, HDFCBANK.NS, HEXAB.ST, IMCD.AS, MELI, ONON, PME.AX, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, TSM, WEGE3.SA	Asia, Automation, E-Commerce, Entertainment, Europe, growth, international, semiconductors, technology	The strategy holds significant positions in leading e-commerce platforms including MercadoLibre in Latin America and Sea in Southeast Asia. MercadoLibre delivered strong quarterly results driven by Argentina's higher contribution margins, while Sea posted strong results with gaming bookings up 51% year-over-year and expanding ecommerce margins.	EVD GR SE 2330 TT SPOT MELI	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	Polen Capital – Global SMID Company Growth	7.9%	1.9%	AAPL, ACN, ADP, ADYEN.AS, AON, AVGO, GOOGL, IDXX, MA, MSFT, NVDA, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS	AI, Cloud, cyclicals, Global Growth, Oracle, Quality, semiconductors	AI re-emerged as the dominant narrative driving much of the market's leadership in the second quarter. Oracle was positioned as a go-to cloud infrastructure provider for training generative AI models, experiencing significant revenue growth acceleration. The AI leadership extended to AI-adjacent infrastructure segments like utilities, select software businesses, and pockets within industrials.	IDXX SBUX ORCL GLOB IDXX SBUX ORCL	View
2024 Q2	Jul 12, 2024	Parnassus Growth Equity Fund	3.3%	21.0%	AAPL, ADYEN.AS, AMAT, AMZN, AVGO, AZN, CRM, GOOGL, INTU, LLY, MSCI, MSFT, NTRA, NVDA, ODFL, PANW, PCOR, TSM, V, WDAY	AI, financials, growth, healthcare, large cap, semiconductors, technology	AI-related narratives drove extreme market concentration with companies benefiting from soaring AI investment generating disproportionate returns. The fund's top contributors included companies benefiting from the surge in AI investment like Alphabet, Taiwan Semiconductor, and Applied Materials. Investor enthusiasm for companies expected to benefit from AI continued to drive performance.		View
2025 Q2	Jul 10, 2025	Generation Investment Management Global Equity	-	-	A, ADYEN.AS, ASSA-B.ST, CBRE, DHR, MELI, MSFT	AI, Esg, global, healthcare, long-term, sustainability	Generation is optimistic about AI's potential to boost efficiency across companies and cut carbon emissions through energy optimization. They recently hosted the first of three in-depth roadmaps on AI, exploring demand, supply and sustainability aspects. The conclusion was optimism about the technology's potential while being aware that overinvestment could occur in the infrastructure layer.	ASSA-B.ST A DHR ASSA AB	View
2024 Q2	Jun 30, 2024	Baron Global Advantage Fund	3.3%	6.9%	ADYEN.AS, ALAB, ARGX, ASML, CPNG, CRWD, DAVA, DDOG, FVRR, GLOB, INDI, MELI, NET, NVDA, RIVN, SHOP, SNOW, TMP, TSLA, WIX	AI, global, growth, healthcare, semiconductors, software, technology	The fund views AI as driving a new industrial revolution, with NVIDIA positioned as the AI generator creating tokens for every industry. The manager believes we remain early in AI adoption across industries and the race for Artificial General Intelligence continues with exponential demand growth for accelerated computing.	TXG NET SHOP CPNG CRWD NVDA	View
2024 Q1	May 8, 2024	Brookfield Asset Management	-	-	ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L	aerospace, AI, defense, Europe, industrials, Onshoring, technology, Trade Policy	The US government is increasingly focused on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. This is driving major capital investment across aerospace and defense industries with strong earnings growth expected to follow.	GE ROK HWM BA	View
2024 Q1	May 7, 2024	Deep Sail Capital Partners	13.8%	23.5%	ACHR, ADYEN.AS, AEIS, AFRM, ARM, CREX, RCM, TSLA	AI, Europe, growth, IoT, Long/Short, Microcap, SmallCap, technology	The AI revolution kicked off in 2023 with the release of ChatGPT has spurred a sizable uptick in investment and excitement over new products and new industries. This technological shift is contributing to market dynamics and investment opportunities.	SHEL.L	View
2024 Q1	May 15, 2024	Lakehouse Global Growth Fund	0.0%	0.0%	4443.T, ADYEN.AS, AMZN, CSU.TO, GOOGL, MELI, NOW, SCHW, SE, SPOT, V	AI, E-Commerce, global, growth, payments, software, technology	The fund sees mounting evidence of more rational competitive behavior from dominant players in Southeast Asia's e-commerce market, particularly as both Shopee and TikTok Shop raised take-rates meaningfully across several countries. This signals a more favorable industry structure ahead for the sector.	ADYEN NOW GOOGL	View
2026 Q1	May 14, 2026	Loomis Sayles Global Growth Fund	-13.1%	-13.1%	ABEV, ADYEN.AS, ARM, BA, NVS, SHOP.TO, TSLA	AI, Electric Vehicles, global, growth, healthcare, innovation, Quality, technology			View
2026 Q1	Apr 9, 2026	The Baird Chautauqua International Growth Fund	-13.0%	-13.0%	ADYEN.AS, ASML, CP, SE, TEAM, TSM	AI, China, energy, growth, international, semiconductors, software, Trade Policy			View
2026 Q1	Apr 9, 2026	The Baird Chautauqua Global Growth Fund	-9.5%	-9.5%	ADYEN.AS, ASML, MU, SE, TEAM, TSM	AI, energy, growth, inflation, international, semiconductors, software, Trade Policy			View
2026 Q1	Apr 29, 2026	American Century International Growth Fund	-5.2%	-5.2%	6201.T, ADYEN.AS, ASML, BNP.PA, CRH, ENI.MI, MC.PA, SAP	AI, Automation, Banking, energy, Geopolitical, growth, international		BNP.PA ENI.MI ADYEN.AS	View
2026 Q1	Apr 28, 2026	SGA – Global Growth	-13.8%	-13.8%	ADYEN.AS, ARM, AXP, CP, HDB, IT, MSFT, TSM, UNH	AI, Geopolitical, Global Growth, payments, Quality, semiconductors, valuation		AXP MSFT HDB ADYEY CP TSM ARM	View
2024 Q1	Apr 27, 2024	Parnassus Mid Cap Growth Fund	8.6%	13.3%	A, ADYEN.AS, ANSS, BALL, BMRN, CSGP, EFX, GWRE, KLAC, LRCX, LULU, MELI, NTR, PGR, PTC, SNPS, SQ, TEAM, TT, WDAY	AI, growth, healthcare, mid cap, semiconductors, software, technology	Artificial Intelligence helped lift earnings, particularly among technology stocks. The revolutionary potential of AI may drive a super-cycle in semiconductors, as AI technology will move from the data center to laptops and smartphones.		View
2026 Q1	Apr 25, 2026	Sands Capital International Growth Fund	-14.8%	-14.8%	000660 KS, ADYEN.AS, ASML, NU, SE, SHOP.TO, TSM	AI, geopolitics, growth, international, Japan, semiconductors, technology, valuation			View
2026 Q1	Apr 23, 2026	Polen Capital – Global SMID Company Growth	-15.7%	-15.7%	8035.T, ABT, ADYEN.AS, ASML, CSGP, META, NOW, NVDA, SHOP, SIE.DE, TSM	AI, disruption, energy, growth, semiconductors, software, volatility		ASML META 8035.T SIEGY ADYEN TSM	View
2025 Q1	Apr 19, 2025	Polen Capital – International Growth	0.0%	0.0%	ADYEN.AS, AON, GLOB, ICLR, LONN.SW, MELI, NVO, SAP, TME, TSM, UL	China, growth, healthcare, international, payments, Quality, technology	The fund maintains focus on high-quality, high-growth international businesses with competitive advantages. Portfolio holds companies with solid earnings growth prospects and weighted average earnings expected to grow at mid-teens rate over time. Quality growth approach can be rocky short-term but positions portfolio well for long-term outperformance.	TME LONN.SW ADYEY	View
2026 Q1	Apr 18, 2026	Baillie Gifford -International Concentrated Growth	-10.6%	-10.6%	ADYEN.AS, ASML, EXA.PA, MELI, SPOT, TSM, WISE.L	AI, concentrated, defense, growth, international, payments, semiconductors			View
2026 Q1	Apr 18, 2026	Baillie Gifford – US Equity Growth	-6.0%	-	6920.T, ADYEN.AS, AI.PA, ASML, LONN SW, MBLY, OR.PA, SIK.SW, SPOT, TSM	AI, growth, international, long-term, Quality, semiconductors, technology			View
2026 Q1	Apr 18, 2026	Baillie Gifford – International Alpha	-5.1%	-5.1%	005930 KS, 0700.HK, 1299 HK, 2454.TW, 2899.HK, 300750.SZ, 8316.T, 9984.T, ADYEN.AS, ASML, B3SA3.SA, DB1.DE, DSV.CO, EXPN.L, LUN.TO, MELI, PBR, RIO, RYA.L, SAP, SHOP.TO, TSM, TTE	AI, banks, Copper, energy, growth, international, semiconductors, volatility			View
2025 Q1	Apr 15, 2025	Polen Capital – Global SMID Company Growth	-5.5%	-5.5%	ABNB, ABT, ACN, ADYEN.AS, AMZN, AON, CSGP, GLOB, GOOGL, MELI, NOW, NVDA, NVO, OR.PA, ORCL, PAYC, SAP, SGE.L, SHOP, WTW, ZTS	AI, global, growth, healthcare, Quality, tariffs, technology, volatility	Trump tariffs announced in February created market volatility and uncertainty, with semiconductors down 19% and Magnificent 7 down 15%. Managers expect limited direct impact on their portfolio given focus on branded software and services businesses with pricing power, though acknowledge potential 2nd order effects from reduced consumer spending.	MELI ADYEN WTW NVO AMZN GLOB AON ABT	View
2025 Q1	Apr 15, 2025	Vision Capital	-6.2%	-6.2%	9618.HK, ADYEN.AS, AMZN, LULU, MELI, META, NU, NVDA, PLTR, PME.AX, SHOP, TSLA, TSM, TTD, WISE.L	Concentration, E-Commerce, global, growth, long-term, technology	The fund holds multiple e-commerce platforms including Amazon, Shopify, and JD.com as core positions. These companies create third-party marketplaces backed by world-class logistics, allowing sellers to reach massive audiences with unprecedented efficiency and scale. The manager views these as essential infrastructure enabling commerce in the digital economy.		View
2024 Q1	Apr 15, 2024	Harding Loevner International Equity	9.5%	11.5%	005930.KS, 0700.HK, ADYEN.AS, ALV.DE, ASML, BBVA, BHP, BNTX, D05.SI, HDB, IFX.DE, MELI, NESN.SW, OR.PA, ROG.SW, SAP, SHEL, SONY, SU.PA, TSM	AI, diversification, growth, international, Japan, Quality, semiconductors, technology	The fund has significant portfolio-level exposure to AI growth through a diverse set of fundamentally strong companies. AI beneficiaries fall into two categories: companies providing AI-enhanced goods and services, and companies developing underlying AI technology including semiconductor manufacturers and infrastructure providers.		View
2023 Q1	Apr 15, 2023	Torre Financial	16.7%	16.7%	7741.T, ADSK, ADYEN.AS, AMZN, APH, ASML, BALL, CCJ, CDNS, CMG, DHR, DOXI, FAST, FISV, GOOG, HXGN, LIN, MCHP, MELI, MSFT, NEE, OKTA, PGR, RGEN, WDAY	Adaptability, AI, global, growth, innovation, semiconductors, technology	AI marks a new wave of productivity advances, potentially more impactful than the last 40 years. The infrastructure for AI is mostly in place, unlike previous innovation cycles. AI will bring substantial changes to business models and could be an important driver for deflation.	ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK	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
2023 Q1	Apr 13, 2023	LVS Advisory – Event Driven	0.6%	0.6%	ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L	aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy	The US government is increasingly focused on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. This is driving major capital investment across aerospace and defense industries with strong earnings growth expected to follow.	0GEG LN DALN\|FND\|ROKU\|WOSG LN HWM AABA	View
2025 Q1	Mar 31, 2025	Loomis Sayles Global Growth Fund	-3.4%	-3.4%	ADYEN.AS, AMZN, BABA, DE, GOOGL, MELI, META, NFLX, NVS, ORCL, QCOM, SHOP, TSLA, V	E-Commerce, global, growth, healthcare, long-term, Quality, technology	The fund maintains significant exposure to e-commerce leaders including MercadoLibre in Latin America and Amazon globally. MercadoLibre continues to execute well with strong GMV growth and market share gains across commerce, payments, and financial services. Amazon's e-commerce business showed solid growth with 11% unit sales growth suggesting continued market share expansion.		View
2025 Q1	Mar 31, 2025	Sands Capital Global Growth Fund	-6.0%	-6.0%	ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, BLDR, DASH, EVD.DE, GOOGL, IOT, IRTC, ISRG, MELI, NFLX, NOW, NVDA, SHOP.TO, SPOT, SQ, TSM, V	AI, E-Commerce, global, growth, payments, semiconductors, technology	AI remains a foundational driver of long-term growth despite first quarter volatility. The emergence of DeepSeek triggered concerns about AI infrastructure spending sustainability, but hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Evidence shows scaling laws remain intact and real-world applications are emerging across portfolio holdings in fraud detection, content creation, and workflow automation.		View
2025 Q1	Mar 31, 2025	Sands Capital International Growth Fund	1.1%	1.1%	2914.T, 6098.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, FLUT, HDFCBANK.NS, HEXAB.ST, LONZA.SW, MELI, PNDORA.CO, RACE, SE, SHOP.TO, SIKA.SW, SPOT, TSM, WEG.SA	Asia, emerging markets, Europe, growth, international, tariffs, trade war	Portfolio includes leading e-commerce platforms like Sea's Shopee which grew gross merchandise volume 24% year-over-year while delivering positive EBITDA margin, and MercadoLibre which serves 100 million annual unique customers. Shopify continues to execute well with accelerating growth across gross merchandise value, revenue, and margins.		View
2025 Q1	Mar 31, 2025	Fortress – Caribbean Growth Fund	3.5%	3.5%	ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L	aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy	Global defense spending rose to $2.7 trillion in 2024 (+9.4%) and is expected to continue rising. The U.S. Department of Defense's 2025 budget request totals nearly $850 billion, with meaningful allocations aimed at strengthening industrial capabilities in areas like unmanned systems, hypersonics, and solid rocket motors.	GE ROK HWM BA	View
2024 Q1	Mar 31, 2024	Baron Global Advantage Fund	3.5%	3.5%	ADYEN.AS, ALAB, ARGX, ASML, BJFN.NS, CPNG, CRWD, ENDV, INDI, MELI, NET, NVDA, RIVN, SDGR, SHOP, SNOW, TSLA, VKTX, ZOMATO.NS, ZS	AI, cybersecurity, Electric Vehicles, global, growth, innovation, semiconductors, technology	Fund views AI as a multi-decade paradigm shift with NVIDIA at the epicenter. GenAI is showing rapid real-world adoption with revenues exceeding $3 billion. The manager believes AI will drive productivity gains and technological breakthroughs across industries from drug discovery to autonomous machines.	ALAB VKTX NVDA	View
2025 Q4	Feb 8, 2026	SGA – Global Growth	-0.3%	3.1%	1299.HK, 9983.T, ADYEN.AS, ALC, AMZN, AON, ARM, AVGO, BABA, CMG, CP, CRM, DHR, EXPN.L, GOOGL, HDB, INFY, INTU, IT, MELI, META, MSFT, NFLX, NOW, NVDA, SAP, SE, SNPS, SPGI, STE, TSM, UMG.AS, UNH, V, WM	AI, cyclicals, global, growth, Quality, valuation	AI capital expenditure growth is expected to moderate due to structural constraints including power availability, skilled labor shortages, and capital availability limits. Hyperscalers are approaching 90% of operating cash flows for CapEx spending, creating natural constraints on future growth rates. Quality factors including sales stability and high gross margins continued to underperform in 2025 as markets favored cyclical and momentum-driven assets. The portfolio's quality growth companies are trading at historically attractive relative valuations. Market leadership was dominated by momentum and cyclical assets while quality growth strategies faced headwinds. Extreme concentration and momentum effects created significant winners and losers independent of company fundamentals.	INFY NOW ARM MELI MSFT SE NFLX AVGO 9983 JP TSM GOOG	View
2025 Q4	Feb 8, 2026	SGA – International Growth	1.0%	9.6%	1299.HK, 6098.T, 9983.T, ADYEN.AS, ALC, AON, ARM, BABA, CP, DSY.PA, EXPN.L, FEMSAUBD.MX, GALD, GRAB, HDFCBANK.NS, HEIA.AS, HLN.L, INFY, LIN, MELI, OR.PA, SAP, SE, SGE.L, SHOP, SRT3.DE, STE, TEAM, TSM, UL, UMG.AS, WALMEX.MX, WCN, YUMC	AI, Cyclical, E-Commerce, growth, international, Quality, Southeast Asia, valuation	SGA continues to believe the most attractive long-term AI opportunities reside with businesses building long-term value through proprietary data and integrated workflows. The portfolio is positioned to capture AI value through companies providing essential intellectual property and manufacturing capability for the AI ecosystem, including TSMC, Arm Holdings, SAP, and Dassault Systemes. The portfolio focuses on high-conviction quality growth businesses anticipated to achieve consistent mid-teens earnings growth with reduced variability. Despite market headwinds favoring cyclical assets, SGA maintains conviction in quality companies with predictable revenue and cash flow generation that should become more sought after if market volatility increases. New positions were established in Sea Limited and Grab Holdings, both Southeast Asian consumer internet companies with integrated ecosystems. Sea operates Shopee e-commerce platform with integrated payments and logistics, while Grab provides super-app services for ride-hailing, food delivery, and digital payments across Southeast Asia.	TEAM ARM DSY FP SRT GR 9983 JP	View
2024 Q4	Dec 31, 2024	Lakehouse Global Growth Fund	-	45.7%	4443.T, ADYEN.AS, AMZN, GOOGL, HEMN.ST, MELI, NOW, SCHW, SE, WIX	E-Commerce, global, growth, Networks, technology	The fund maintains significant exposure to e-commerce through Amazon, which showed relative strength during the month due to sustained growth in e-commerce. Amazon was the biggest contributor to performance with an 11.0% gain.		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	Harding Loevner International Equity	-	1.8%	005930.KS, 6146.T, AAPL, ABEV, ADYEN.AS, AMZN, ASML, ATD.TO, FMSQY, GMAB, GOOGL, LVMUY, MELI, META, MSFT, NESN.SW, NVDA, NVO, OR.PA, TSLA, TSM	AI, Consumer Staples, growth, Health Care, international, Quality, semiconductors, Trade Policy	AI continues to drive growth in semiconductor equipment and chip manufacturing. Companies like TSMC and Disco Corp are positioned to benefit from increasing demand for AI chips requiring more complex die processing and advanced semiconductor manufacturing.		View
2024 Q4	Dec 31, 2024	Sands Capital Global Growth Fund	5.3%	15.7%	6861.T, ABNB, ADYEN.AS, AMZN, ASML, AXON, DASH, DOL.TO, DXCM, FLUT, GOOGL, MELI, NFLX, NKE, NVDA, PNDORA.CO, SHOP.TO, SPOT, SQ, V	AI, global, growth, innovation, long-term, technology	AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries. Sands Capital owns businesses that enable AI at the infrastructure layer like NVIDIA and those finding specific use cases like Axon Enterprise and ServiceNow. AppLovin built an AI advertising placement platform that reaccelerated its video game ad business.		View
2024 Q4	Dec 31, 2024	Sands Capital International Growth Fund	-4.1%	8.4%	2802.T, 6098.T, 6273.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, DOL.TO, FERG.L, FLTR, HDFCBANK.NS, HEXAB.ST, LONN.SW, MELI, PNDORA.CO, SE, SHOP.TO, SIK.SW, SPOT, TSM, VACN.SW, WEGE3.SA, ZAL.DE	AI, E-Commerce, Energy Transition, growth, innovation, international, semiconductors, technology	AI has rapidly evolved from a conceptual novelty to a transformative tool, reshaping industries and redefining how businesses create value. Many portfolio businesses are finding specific use cases to leverage AI, including AppLovin's AI advertising placement platform and ServiceNow's automation capabilities. The firm owns businesses that enable AI at the infrastructure layer, such as NVIDIA.		View
2024 Q4	Dec 31, 2024	Farrer 36 Asset Management	-	-	ADYEN.AS, APO, GLBE, GOOGL, SE, SHOP	E-Commerce, global, growth, payments, value	Cross-border e-commerce is a rapidly growing segment, growing at almost double the pace of domestic e-commerce. The market is set to hit almost eight trillion in GMV by 2030 growing at a CAGR of 30.5%. Global-e is positioned as the leading end-to-end ecommerce logistics service helping brands sell cross-border.	GLBE	View
2023 Q4	Dec 31, 2023	Farrer 36 Asset Management	-	-	ADYEN.AS, BX, GOOGL, IAC, SE, VZIO	consumer, global, Rate Cuts, small caps, technology, value	Portfolio skews toward mid- and small-cap space which has underperformed large caps. As interest rates are cut, small- and mid-caps tend to do better due to more floating-rate debt and increased risk appetite for smaller companies.	VZIO	View
2023 Q4	Dec 31, 2023	TMR Partners Long Only	-	-	ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L	aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy	The letter emphasizes the US government's increasing focus on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. This trend is driving major capital investment across aerospace and defense industries, with companies prioritizing supply chain visibility and resilience.	0GEG LN DALN\|FND\|ROKU\|WOSG LN HWM AABA	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
2023 Q3	Nov 1, 2023	NZS Capital – Growth	-	-	ADYEN.AS, APH, ASML, BALL, CCJ, CMG, DHR, DOX, FI, GOOGL, HXGBY, MCHP, NEE, OKTA, PGR, RGEN	AI, Automation, Energy Transition, growth, innovation, semiconductors, technology	AI marks a new wave of productivity advances, potentially more impactful than the last 40 years. The infrastructure for AI is mostly in place, unlike previous innovation cycles. AI will bring substantial changes to business models and could be an important driver for deflation.	ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK	View
2025 Q3	Oct 9, 2025	ClearBridge Investments International Growth ADR Strategy	-	-	0700.HK, 1211.HK, 3064.T, 8035.T, ADYEN.AS, AEM, ALC, ARGX, ARM, BBVA, BVI.PA, CLS.TO, CPG.L, DOL.TO, DTE.DE, HDB, HSBA.L, KBC.BR, KOF, L.TO, LSEG.L, MELI, NVO, NVZMY, PRY.MI, REL.L, SAN, SAP, SFTBY, SIK.SW, SONY, SPOT, STMN.SW, TRI.TO, UCB.BR, VNA.DE	AI, banks, Biotechnology, China, Europe, growth, international, value	European biotechs Argenx and UCB delivered solid contributions with robust sales growth and positive clinical trial results. Argenx benefited from strong Vyvgart autoimmune treatment sales and renewed pipeline confidence. UCB rose on strong uptake of recently launched treatments Bimzelx and Rystiggo, plus positive Phase 3 seizure disorder trials.	CLS CN UCB BB	View
2025 Q3	Oct 3, 2025	Vision Capital	-	15.6%	3690.HK, ADYEN.AS, AMZN, CRWD, JD, LULU, MELI, META, NET, NFLX, NOW, NU, PLTR, PME.AX, SHOP, SPOT, TSLA, TSM, TTD, ZS	AI, Cloud, Data Analytics, E-Commerce, global, growth, SaaS, technology	Palantir's AI-powered platform AIP is driving commercial customer growth and revenue acceleration. The company's Ontology provides a single source of truth for data-driven decision-making with AI agents. Information is the oil of the 21st century, and analytics is the combustion engine, positioning Palantir to reign supreme in the AI revolution as the ultimate operating system for data and decision-making.		View
2023 Q3	Oct 25, 2023	ClearBridge Investments International Growth ADR Strategy	5.7%	0.0%	1299.HK, ADYEN.AS, AMS.PA, ARGX, ASML, AZN, BNP.PA, CPU.AX, DB1.DE, DSNKY, Gold, ITX.MC, KER.PA, LIN, MC.PA, NVDA, NVO, OCLSY, REL.L, ROG.SW, SAFRY, SAND.ST, SAP, SMCAY, SU, TEP.PA	AI, growth, international, Japan, Pharmaceuticals, semiconductors, value	The strategy remains committed to a disciplined, valuation approach to portfolio construction that delivers diversification by investing across three types of growth companies: secular, structural and emerging. The managers believe the portfolio is well-positioned to deliver alpha as headwinds of restricted global liquidity and lower-quality leadership begin to dissipate.	SMCAY ARGX AZN ASML	View
2025 Q3	Oct 20, 2025	Baillie Gifford -International All Cap	1.0%	13.6%	000333.SZ, 005930.KS, 0388.HK, 0700.HK, 1299.HK, 300750.SZ, 4519.T, 4612.T, 4911.T, 6098.T, 6273.T, 669.HK, 6861.T, 7733.T, 7741.T, 7980.T, 8035.T, 8113.T, ABI.BR, ADYEN.AS, AHT.L, AI.PA, ASML, ASSA-B.ST, ATCO-A.ST, AUTO.L, B3SA3.SA, BHP, BIM.PA, BNZL.L, CABK.MC, CFR.SW, DSV.CO, EPIROCK-A.ST, EXO.MI, EXPN.L, FEMSAUBD.MX, GAW.L, GRG.L, HDB, IMCD.AS, INVEB.ST, ITRK.L, JMT.LS, LONN.SW, MC.PA, MELI, NEM.DE, PRX.AS, RADL3.SA, RCO.PA, RMV.L, ROG.SW, RYA.L, SCT.L, SEB-A.ST, SIK.SW, SOI.PA, SPOT, SPX.L, TRN.L, TSM, TTE, UBS, UL, UOB.SI, WALMEX.MX, WEIR.L, WISE.L	AI, Asia, Europe, growth, healthcare, international, semiconductors, technology	Artificial Intelligence remained a dominant theme during the quarter, with several perceived beneficiaries rallying. Rising demand for AI-related chips is pressuring customers to push into more advanced nodes and adopt EUV technology. The rapid adoption of AI applications and high-performance computing is driving unprecedented orders for leading-edge technologies.		View
2025 Q3	Oct 20, 2025	Baillie Gifford – US Equity Growth	3.4%	20.2%	300750.SZ, 6857.T, 9926.HK, ADYEN.AS, ASML, MELI, SHOP, SPOT	Biotech, E-Commerce, Energy Transition, global, growth, semiconductors, technology	The fund has meaningful exposure to the semiconductor value chain providing equipment critical to the digital age. Rising demand for AI-related chips is pressuring customers to push into more advanced nodes and adopt extreme ultraviolet lithography technology. Testing intensity grows as chip complexity and AI workloads scale.	ASML NA MELI SPOT ADYEY	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	Polen Capital – Global SMID Company Growth	7.9%	1.9%	AAPL, ACN, ADP, ADYEN.AS, AON, AVGO, GOOGL, IDXX, MA, MSFT, NVDA, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS	AI, Cloud, cyclicals, Global Growth, Quality, semiconductors, technology	AI re-emerged as the dominant narrative driving much of the market's leadership in the second quarter. Oracle was positioned as a go-to cloud infrastructure provider for training generative AI models, experiencing significant revenue growth acceleration. The AI leadership extended to AI-adjacent infrastructure segments like utilities, select software businesses, and pockets within industrials.	GLOB IDXX SBUX ORCL	View
2025 Q3	Oct 14, 2025	Lakehouse Global Growth Fund	-	-	4443.T, ADYEN.AS, AMZN, GOOGL, KXS.TO, MELI, PINS, SCHW, SE, WIX	global, growth, Networks, Quality, technology	The portfolio includes major e-commerce platforms like MercadoLibre and Amazon, which exhibit clear market leadership and superior underlying economics. These businesses are positioned to thrive regardless of economic conditions due to their network effects and loyalty advantages.	WIX IL	View
2025 Q3	Oct 13, 2025	The Baird Chautauqua International Growth Fund	5.2%	19.0%	2269.HK, 7269.T, ADYEN.AS, BABA, CP.TO, CSU.TO, FFH.TO, GMAB, GOOGL, LULU, MA, MU, NVO, OLED, PRX.AS, SAF.PA, TCS.NS, TEAM	Biotechnology, China, Fed policy, growth, international, tariffs, technology, Valuations	The resolution of Liberation Day tariffs through framework agreements with major trading partners reduced uncertainty, though establishing higher baseline tariffs. The U.S. reached deals with EU, Japan, and South Korea at 15% baseline tariffs, while negotiations with India failed resulting in 50% tariffs.		View
2025 Q3	Oct 13, 2025	The Baird Chautauqua Global Growth Fund	6.8%	17.2%	2269.HK, 7269.T, ADYEN.AS, BABA, CP.TO, CSU.TO, FFH.TO, GMAB, GOOGL, LULU, MA, MU, NVO, OLED, PRX.AS, SAF.PA, TCS.NS, TEAM	AI, China, Cloud, growth, international, technology, Trade Policy, Valuations	The quarter saw significant resolution of trade disputes with the U.S. formalizing agreements with EU, Japan, and South Korea establishing higher baseline tariffs but removing punitive reciprocal rates. While these agreements provided market relief, tariff impacts are beginning to filter into economic data with businesses citing higher input costs.	BABA	View
2024 Q3	Oct 1, 2024	QuadCap Wealth Management	-	-	ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L	aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy	The manager emphasizes the US government's increasing focus on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. This trend is driving major capital investment across aerospace and defense industries with strong earnings growth expected to follow.	GE ROK HWM BA	View
2024 Q2	Oct 7, 2023	NZS Capital – Growth	4.0%	22.0%	ADYEN.AS, APH, ASML, CDNS, CMG, CSGP, DOL.TO, FI, GOOGL, HEI, ISRG, LRCX, MELI, NFLX, NVDA, PCOR, TSM, TSMC, TT, WDAY	AI, growth, portfolio, semiconductors, software, technology, Valuations	AI enthusiasm drove semiconductor outperformance but created market narrowness concerns. Manager trimmed AI-exposed positions including Nvidia, ASML, Lam Research and Cadence due to uncertainty about sustainability of $200 billion annual AI spending. Portfolio positioned for wide range of outcomes including potential AI spending reduction.	TSM	View
2025 Q4	Jan 6, 2026	Tapasya Investment Fund	0.0%	23.5%	0700.HK, ADBE, ADYEN.AS, BABA, BLDR, CMG, CVNA, FNMA, GLBE, GOOG, IBKR, LULU, PRX.AS, UMG.AS	AI, Concentration, global, Homebuilders, long-term, Quality, technology, value	The manager extensively discusses whether we are in an AI bubble, noting that AI appears to be the most significant digital disruptor of our lifetime. While acknowledging extremely stretched valuations in AI-associated hardware and semiconductors, the fund avoids these sectors due to inability to forecast cash flows confidently. The fund employs value-based investing principles, focusing on concentrated investments in high-quality businesses at fair valuations. The manager notes they often underperform during periods of extreme sectoral valuation surges but expects long-term success from this approach. The anticipated recovery in the homebuilder sector has stalled due to persistent affordability issues driven by high home prices, despite lower interest rates and strong wages. The fund maintains conviction in Builder FirstSource despite the housing market recession.		View
2024 Q4	Jan 5, 2025	MPD Partners	-	-	ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L	aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy	The US government's increasing focus on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. Major capital investment is flowing into aerospace and defense industries as companies prioritize supply chain visibility and resilience.	GE ROK HWM BA	View
2025 Q4	Jan 22, 2026	Sands Capital International Growth Fund	-4.2%	10.9%	6861.T, ADDTECH-B.ST, ADYEN.AS, AJINOMOTO.T, ARGX, ASML, BAJFINANCE.NS, DNP.WA, DOL.TO, EL.PA, FLUT, HDFCBANK.NS, HEXA-B.ST, III.L, MELI, NU, PME.AX, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, STVG.MI, TSM, VACN.SW, WEGE3.SA	AI, defense, energy, growth, international, Robotics, Space, technology	AI spread across industries in 2025, reshaping business models and driving market leadership. The firm maintains meaningful AI exposure through hardware and software providers with clear economic models, while avoiding areas where prices assume years of success or sustainable profit remains uncertain. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term pull in logistics and warehouse environments. Focus on companies that make robots reliable, safe, and economically compelling rather than headline makers. Energy transition is blending with new power demand from data centers, transportation, and industry, straining grids and forcing aggressive investment in power infrastructure. Expecting multiyear investment cycle across the entire power value chain. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to cloud and AI tools spread. Security is no longer discretionary but a core operating requirement and foundation for trust. Space is becoming part of everyday life with satellites helping run internet, support defense, and guide transportation. Lower launch costs and improved satellite capabilities are creating growing businesses with steady, long-term revenue.	EL FP MELI RACE IM SPOT 2802 JP SE SHOP VACN SW 2330 TT GALD SW	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 15, 2026	Baillie Gifford -International Concentrated Growth	-6.7%	16.7%	0700.HK, 1211.HK, 1810.HK, 2413.T, 3690.HK, ADYEN.AS, ASML, ATCO-A.ST, BABA, BNTX, CPNG, DHER.DE, KER.PA, KINV-B.ST, MELI, MRNA, NU, NVDA, NVO, OCDO.L, OR.PA, PDD, RACE, RMS.PA, SAP, SE, SHOP, SPOT, TSLA, TSM, WISE.L	AI, concentrated, E-Commerce, growth, international, semiconductors, technology	Artificial intelligence continues to drive rapid operational progress across portfolio companies, with TSMC benefiting from AI-led demand and advanced nodes accounting for 74% of wafer revenue. ASML sees increasing lithography intensity driven by artificial intelligence. The managers view compute and generative AI as accelerating across industries as a key structural change driving economies over the next decade. E-commerce continues to reshape retail through greater convenience and lower costs, with portfolio companies like MercadoLibre, Shopify, and Sea Limited representing dominant positions in their respective markets. Despite near-term margin pressures from investments in logistics and fulfillment, the managers remain confident in the long-term digitization trend and competitive positioning of these platforms. The semiconductor sector shows strong momentum with TSMC reporting over 40% year-on-year revenue growth and ASML seeing substantial EUV demand with expectations for 15% sales growth in 2025. The managers emphasize the irreplaceable technology leadership and competitive moats of these companies as compute intensity rises globally. Digital media consumption continues progressing with Spotify demonstrating strong operating leverage, reaching 713 million users and 281 million subscribers while expanding operating margins to mid-teens levels. The platform's ecosystem depth and innovation strengthen its competitive position as media digitization advances.		View
2025 Q4	Jan 15, 2026	Baillie Gifford – US Equity Growth	-2.4%	17.2%	1299.HK, 6146.T, 6857.T, 6861.T, ADYEN.AS, ARGX, ASML, ATCO-A.ST, DSV.CO, GALP.SW, MELI, NU, OR.PA, RACE, RMS.PA, SE, SHOP, SPOT, TSM, WTC.AX	AI, E-Commerce, growth, international, semiconductors, technology	Artificial intelligence demand is driving structural growth in semiconductor testing equipment and memory chips. Advantest benefits from sustained AI data center investment with improved visibility, while SK Hynix leads in high-bandwidth memory (HBM) technology critical for AI infrastructure bottlenecks. The fund maintains significant exposure to semiconductor leaders across the value chain. TSMC and ASML delivered strong performance, while new position SK Hynix represents technological leadership in memory chips with two-year order book visibility driven by structural AI demand. Sea Limited showed strong growth with group revenues rising 40% year-on-year, led by Garena gaming and Shopee marketplace expansion. Management continues investing in logistics and fulfillment infrastructure despite near-term profitability pressures in Latin American operations. Spotify demonstrated continued operating progress with 11% user growth to 713 million and 12% subscriber growth to 281 million. Operating margins expanded to mid-teens with record quarterly free cash flow, supported by pricing optimization and advertising efficiency improvements.	GALD SW DSV DC RACE SE SPOT	View
2025 Q4	Jan 14, 2026	Lakehouse Global Growth Fund	0.0%	-8.5%	4443.T, ADYEN.AS, AMZN, CSU.TO, KXS.TO, MELI, PINS, TW, WIX, WK	global, growth, Networks, software, technology	The fund holds MercadoLibre, a leading Latin American e-commerce platform with network effects and loyalty advantages. The company represents one of the top holdings in the portfolio with strategic advantages in networks, loyalty, and intellectual property. Multiple holdings focus on enterprise software solutions including Workiva for compliance and reporting, Sansan for business networking, and Constellation Software for vertical software acquisitions. These companies benefit from loyalty and intellectual property moats. The fund holds Adyen, a global payment processing platform, and Tradeweb Markets, which operates electronic trading networks for fixed income markets. Both companies benefit from network effects and switching costs.		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
2024 Q3	Sep 30, 2024	Harding Loevner Global Equity	5.2%	15.6%	0700.HK, 1299.HK, ADYEN.AS, AMZN, B3SA3.SA, BBCA.JK, BKNG, CME, CPG.L, GOOGL, HDFCBANK.NS, HLN.L, KER.PA, META, NFLX, PINS, SLB, SONY, TW, WALMEX.MX	AI, China, global, growth, healthcare, momentum, Quality, semiconductors	The letter extensively discusses momentum investing challenges, noting that disciplined fundamental investors have been challenged by momentum concentrated in a few large stocks. The manager explains their deliberate resistance to incorporating momentum factors due to trading costs, volatility, and FOMO risks.		View
2024 Q3	Sep 30, 2024	Stenham Asset Management	3.7%	14.0%	ADYEN.AS, AMAT, ASML, CDI.PA, CLNX.PA, GOOGL, MC.PA, RMS.PA, TMO, UMG.AS	global, large cap, Luxury, payments, Quality, semiconductors	The luxury sector is undergoing normalization from post-pandemic euphoria, with polarization between high and lower desirability brands intensifying. China's stimulus measures provide relief as investors view them as commitment to addressing economic challenges. The fund initiated a position in Hermès, viewing it as uniquely positioned to balance desirability and exclusivity through structural undersupply of iconic products.	RMS.PA ADYEN.AS	View
2023 Q3	Sep 30, 2023	Stenham Asset Management	-4.8%	9.5%	ADYEN.AS, ASML, DHR, GE, GOOGL, MC.PA, SAF.PA, UMG.AS	aerospace, AI, global, Luxury, Music, payments, technology	The fund discusses AI disruption threats to portfolio companies like Universal Music Group and Alphabet. Music generative-AI was seen as a potential threat to UMG but legal and adoption hurdles were deemed high enough to prevent structural disruption. Alphabet faced ChatGPT competition but responded with AI products including Bard, driving share price recovery.	0GEG LN MC.PA ADYEN GOOGL UMG.AS	View
2024 Q2	Jul 18, 2024	Harding Loevner Global Equity	5.2%	15.6%	0700.HK, 1299.HK, ABBV, ADYEN.AS, ALC, AMZN, BKNG, CME, COST, DHR, GOOGL, ISRG, KER.PA, META, NFLX, OR.PA, PINS, SLB, SONY, TW	AI, competition, global, growth, innovation, Quality, semiconductors, technology	The race for artificial-intelligence solutions is driving innovation across sectors, with companies like Adobe, OpenAI, and others competing to develop generative AI capabilities. The manager expects software and services businesses to become primary beneficiaries as large companies embrace generative AI. Competition in AI is intense, with new capabilities being unveiled regularly by tech startups and incumbents.		View
2024 Q2	Jun 30, 2024	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	AAPL, ADYEN.AS, AMZN, DIS, FIVN, GOOGL, IGV, KMX, META, MSFT, NFLX, NVDA, SGRY, SHOP, UBER	AI, Cloud, growth, large cap, Long/Short, Media, technology	The artificial intelligence arms race kicked off by ChatGPT and Alphabet's Bard has generated tremendous demand for Nvidia's next generation graphic processors. AI advances helped improve targeting and measurement in Google's advertising businesses, including in YouTube's fast growing Shorts segment. Apple stock got a boost from research reports suggesting iPhone sales may see a boost from an upgrade cycle driven by the upcoming rollout of Apple's AI assistant.	FIVN ADYEN DIS AAPL GOOGL NVDA	View
2024 Q2	Jun 30, 2024	Loomis Sayles Global Growth Fund	3.5%	10.4%	0700.HK, ADYEN.AS, ALNY, AMZN, BA, CRSP, GOOGL, MELI, META, MSFT, NFLX, NVO, ORCL, SHOP, TSLA, VRTX	AI, Biotechnology, Cloud, global, growth, healthcare, Quality, technology	Google has been operating as an AI-first company for much of the past decade, with nearly 80% of advertising customers using at least one AI-powered search product. The company continues integrating generative AI functionality into search and providing AI services through its cloud business.		View
2024 Q2	Jun 30, 2024	American Century International Growth Fund	6.6%	0.0%	1299.HK, 4063.T, 6861.T, ADYEN.AS, AI.PA, AIR.PA, AKE.PA, ASML, AZN, CRH, EDEN.PA, IFX.DE, JHX, LSEG.L, MC.PA, NESN.SW, NVO, RELX.L, SAP, SRT3.DE, SU.PA, TM, TSM, UBS, UL	Asia, Energy Transition, Europe, healthcare, infrastructure, international, semiconductors, technology	The world's move away from fossil fuels creates opportunities across sectors. Increased demand for electric vehicles and large-scale renewable energy infrastructure projects creates inflection points for well-positioned businesses. AI investment is leading to significant increases in electricity demand to power data centers.		View
2024 Q2	Jun 30, 2024	Stenham Asset Management	-3.3%	12.3%	AAPL, ADYEN.AS, AIR.PA, AMAT, AMZN, ASML, GE, GOOGL, MC.PA, META, MSFT, NVDA, TSLA, TSM	Concentration, earnings, fundamentals, long-term, technology, valuation	The momentum factor is having the best start to the year in the last 30 years, with technical factors driving markets rather than fundamental factors. This dynamic has become more pronounced over time due to shrinking timelines for market participants.	AIR.PA ADYEN.AS	View
2023 Q3	Apr 10, 2023	Artisan Global Discovery	7.6%	13.1%	0669.HK, ADYEN.AS, AMD, ARGX, BSX, GXI.DE, LSCC, LSEG.L, ON, SWAV, TEAM, VEEV	Biotechnology, global, growth, Medical Devices, payments, software	Argenx is a commercial stage biotechnology company with an approved first-in-class therapy for autoimmune diseases. The company's platform antibody treatment Vyvgart has one indication in market for treating myasthenia gravis that is experiencing a successful launch, with FDA approval for subcutaneous injection version and positive results for CIPD treatment.	SWAV ADYEN TEAM ARGX	View
2025 Q1	Mar 31, 2025	Lakehouse Global Growth Fund	-	-	4443.T, ADYEN.AS, AMZN, GOOGL, MELI, SCHW, SE, TW, V, WIX	E-Commerce, Electronic Trading, global, growth, Networks, technology, Trade Policy	Portfolio includes major e-commerce platforms like MercadoLibre and Amazon, with Sea Limited's Shopee showing strong growth momentum. Shopee delivered 37% revenue growth and 28% GMV increase, demonstrating pricing power through improved take rates despite fee hikes.	TW SE	View
2023 Q4	Jan 31, 2024	Deep Sail Capital Partners	13.8%	23.5%	ADYEN.AS, AFRM, CREX, ESTC, TOI.TO, VIT-B.ST	AI, Europe, Long/Short, Quality, small caps, Vertical Software	Manager discusses AI as a potential bubble scenario for 2024, similar to the Dotcom bubble, with technology and AI stocks reaching insane valuations. Elastic benefited from the rising generative AI trend in Q3 earnings.	VIT-B.ST	View
2023 Q4	Jan 31, 2024	Harding Loevner Global Equity	5.2%	15.6%	ADBE, ADYEN.AS, AMZN, ASML, AVGO, CRM, GOOGL, ISRG, META, MSFT, NFLX, NOW, NVDA, PINS, SAP, SNPS, SU.PA, VRTX	AI, global, growth, innovation, Quality, semiconductors, software, technology	AI infrastructure boom of 2023 will serve as foundation for long-term productivity improvements across global enterprises. Companies will connect data sets to language models with AI agents to automate tasks and serve customers. First-mover advantages in language models will dissipate as open-source models proliferate, making proprietary data sets the source of lasting competitive advantage.	MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC AIR FP\|ICLR\|LIN\|MRVL\|NOW\|TSM	View
2023 Q4	Jan 24, 2023	Stenham Asset Management	11.1%	21.8%	ADBE, ADYEN.AS, AMAT, ASML, CSU.TO, MSFT, NVDA, PYPL, TMO	AI, Biotech, Cloud, large cap, payments, semiconductors, technology	Artificial Intelligence became the year's favourite buzzword, with the mere use of the term helping boost stock prices. Microsoft's cloud computing (Azure) and enterprise software stack firmly positions the company in this category as a picks and shovels company. Microsoft Azure's OpenAI services grew from ~250 entering the year to ~18,000 by Q3 2023.	ADYEN ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO ASML AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2023 Q4	Jan 16, 2024	NZS Capital – Growth	4.0%	22.0%	ADSK, ADYEN.AS, AMD, AMZN, ANSS, ASML, BALL, CCJ, DHR, GTLS, MRNA, MSFT, NEE, NVDA, RGEN, SHOP, SWAV, TSLA, TT, WDAY	AI, Cloud, Energy Transition, growth, innovation, semiconductors, technology	AI will have transformational impact on society and the economy, drawing focus outside of IT including healthcare. The FDA approved the first CRISPR/Cas9 gene-edited therapy, marking the precipice of curative therapies. AI is boosting digital transformation of scientific research and accelerating innovation in scientific discovery.	1102 TT	View
2023 Q4	Jan 15, 2024	Vision Capital	0.0%	0.0%	0700.HK, 3690.HK, ABNB, ADBE, ADYEN.AS, AMZN, ANET, CRM, CRWD, DDOG, DLO, ESTC, FVRR, GOOGL, HUBS, JD, LULU, MA, MDB, MELI, META, MNDY, MSFT, NET, NOW, NU, NVDA, OKTA, PAYC, PLTR, PYPL, SHOP, SQ, STNE, TEAM, TSLA, TTD, V, VEEV, WDAY, WISE.L, ZS	AI, Compounding, E-Commerce, growth, long-term, payments, SaaS, technology	Vision Capital maintains significant exposure to e-commerce companies including Amazon, MercadoLibre, Shopify, JD.com, Fiverr, Airbnb, and Meituan representing approximately 20% of the portfolio. The manager views these as top dogs supported by long-term tailwinds in the digital commerce transformation.	LULU AAPL\|MSFT\|NFLX\|NVDA\|UNH	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
2023 Q4	Jan 13, 2024	ClearBridge Investments International Growth ADR Strategy	5.7%	0.0%	0700.HK, 4911.T, 6098.T, 6273.T, 7741.T, 8035.T, 9449.T, ACN, ADYEN.AS, ASML, CLNX.MC, CRH, III.L, NVO, RELX, RTO.L, SAP, SEDG, SHOP.TO, TRI	AI, Europe, growth, international, Japan, semiconductors	Recognition of generative artificial intelligence opportunities for companies outside the U.S. Semiconductor equipment makers ASML and Tokyo Electron are considered enablers of AI, while enterprise software maker SAP and IT consultant Accenture are seen as facilitators of AI adoption. RELX and Thomson Reuters own large proprietary data sets and stand to become key beneficiaries of the processing power of large language models that drive generative AI.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 1, 2026	Fund Letters	American Century International Growth Fund	Adyen NV	Software - Infrastructure	Data Processing & Outsourced Services	Bear	Euronext Stock Exchange	Asia-Pacific, Cross-Border, earnings, financial services, Netherlands, Payments, Revenue Growth, technology platform	View Pitch
Apr 28, 2026	Fund Letters	Cooper Investors Global Equities Fund (Unhedged)	Adyen N.V.	Information Technology	Data Processing & Outsourced Services	Bull	Euronext Amsterdam	customer wins, Fintech, margin expansion, market volatility, payment processing, Talent Acquisition, Wallet Share Growth	View Pitch
Apr 13, 2026	Fund Letters	Stenham Asset Management	Adyen N.V.	Information Technology	Data Processing & Outsourced Services	Bull	Euronext Amsterdam	e-commerce, Fintech, growth, Netherlands, Payments, technology	View Pitch
Apr 13, 2026	Fund Letters	Stenham Asset Management	Adyen	Information Technology	Data Processing & Outsourced Services	Bull	Euronext Amsterdam	digital payments, e-commerce, Fintech, growth, market share, Netherlands, Payments, SaaS	View Pitch
Feb 17, 2026	Substack	Rijnberk Invest Insights	Adyen	Financial Technology	Payment Processing	Bull	Euronext Amsterdam	Adyen, cash generation, Enterprise adoption, Fintech, growth dynamics, market overreaction, payment processing, Platforms segment, Unified Commerce, wallet share	View Pitch

BSD Shareholders of ADYEN-AS

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.

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: