AFX.DE Archives

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q2	Jun 30, 2023	Brown Capital Management International All Company Fund	4.8%	14.4%	ABCM, AFX.DE, AUTO.OL, COH.AX, MBLY, MELI, NVO, REL.L, SIM.CO, TEMN.SW	AI, Exceptional Growth Companies, growth, healthcare, international, technology	The fund is actively reviewing portfolio companies to gauge the impact of generative AI on their businesses. RELX has developed Lexis+ AI, a generative AI platform for legal work built on proprietary legal content. All portfolio companies could see productivity improvements from adopting generative AI models.	MBLY ABCM REL.L	View
2025 Q1	Mar 31, 2025	Brown Capital Management International All Company Fund	-1.5%	-1.5%	AFX.DE, AJB.L, COH.AX, GIVN.SW, ICLR, MELI, NVO	E-Commerce, growth, healthcare, international, Pharmaceuticals, technology	MercadoLibre operates the leading e-commerce platform in Latin America with significant barriers to entry through rapid-shipping solutions. The company ships about half of its orders with same-day or next-day arrival to more than 100 million unique buyers. Latin America remains a large market with low e-commerce penetration compared to developed markets.	NVO ICLR AFX.DE MELI AJB.L NZYM-B.CO COH.AX GIVN.SW	View
2024 Q4	Dec 31, 2024	Brown Capital Management International All Company Fund	-6.6%	-0.6%	3064.T, AFX.DE, AUTO.OL, CAMT.TA, GIVN.SW, NVO, RAA.DE, SHOP.TO, TEAM, WISE.L	growth, healthcare, international, software, tariffs	Trump's re-election brings potential tariffs of 25% on Canada/Mexico, 10-60% on China, and 10% on all US imports. The fund estimates 70% of holdings are service providers versus 50-60% for benchmarks, providing some protection. Less than 10% of portfolio companies are in heavily targeted countries.	WISE.L NVO GIVN.SW SHOP.TO TEAM	View
2025 Q3	Oct 7, 2025	Ennismore European Smaller Companies Fund	-	10.1%	ACAD.ST, AFX.DE, CPR.MI, EVS.BR, FQT.VI, GSC.DE, HWDN.L, JUST.L, MPG.MI, STO.DE, SYS1.L, TRI.PA	consumer discretionary, Europe, Long/Short, Market share, small caps, value	Howden Joinery has increased its UK kitchen market share from one-fifth to one-third since 2011, with management expecting continued share gains. The company consistently takes market share from weak competitors, especially during downturns, through its cost advantage and superior business model.	HWDN LN	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Brown Capital Management International All Company Fund	Carl Zeiss Meditec	Health Care	Health Care Equipment	Bull	XETRA	Aging demographics, China recovery, Equipment, Germany, healthcare, market leader, medical technology, Ophthalmology	View Pitch
Apr 13, 2026	Fund Letters	Brown Capital Management International All Company Fund	Carl Zeiss Meditec AG	Health Care	Health Care Equipment	Neutral	XETRA	Cyclical, Germany, Healthcare Equipment, medical technology, Ophthalmology	View Pitch
Feb 17, 2026	Substack	DB Silverfox	Carl Zeiss Meditec AG	Medical Technology	Ophthalmic Instruments & Microsurgery	Bull	Frankfurt Stock Exchange	Carl Zeiss Meditec AG, China risk, foundation ownership, long-term investment, management turbulence, margin compression, microsurgery, Ophthalmology, recurring revenue, Strategic realignment	View Pitch
Sep 23, 2025	Substack	DB Silverfox	Carl Zeiss Meditec AG			Bull		anti-usury, Carl Zeiss Meditec, ethical pricing, foundation ownership, human dignity, long-term sustainability, Ophthalmology, optical devices, R&D investment, vision restoration	View Pitch

BSD Shareholders of AFX-DE

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

AFX-DE

AFX-DE

Letters With This Ticker

Pitches With This Ticker

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