AIR-PA

AIR-PA

AIR-PA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	Platinum Global Fund (Long Only)	-1.0%	-	005930.KS, 051910.KS, 0700.HK, 1789.HK, 6479.T, AIR.PA, CCJ, CS, IFX.DE, IGLTA.NS, MCHP, PDD, SLB, SUZB3.SA, TCOM, TSM, UBS, UPM.HE, VAL, WIZZ.L, ZTO	Banking, China, energy, global, special situations, value	Energy holdings were the strongest contributors with oil field services companies Schlumberger and Valaris up nearly 20% and nuclear/uranium stocks like Cameco up 29%. Both sectors are emerging from deep recessions with nuclear arguably emerging from a 40-year hibernation in the West.		View
2025 Q2	Aug 7, 2025	Stenham Asset Management	8.4%	9.2%	AFG, AIR.PA, AMZN, CME, GE, MA, MSFT, SAF.PA, TMO, TSM, UNP, V	aerospace, AI, Cloud, Exchanges, global, payments, technology	Cloud computing stood out as a bright spot with continued AI adoption driving strength across hyperscalers. Microsoft's Azure business significantly exceeded expectations with AI revenues growing 175% year-over-year. The AI business is already generating $14bn annualized revenue after only 2 years, compared to 8 years for cloud to reach the same milestone.	CME CME GE SAF FP AIR FP MA V AMZN MSFT	View
2025 Q2	Jul 9, 2025	ClearBridge Investments International Growth ADR Strategy	-	-	8035.T, AEM, AIR.PA, ARGX, AZN, BAESY, CFRUY, CRH, EONGY, LVMUY, MHVYF, MUFG, NRI, NVO, PUBGY, SAF.PA, SMEGF, TCEHY, TKOMY, TSCDY, TSM	AI, defense, energy, Europe, growth, international, Japan	NATO members pledged to increase defense spending to 5% of GDP, with Germany, France and the U.K. committing to raise defense outlays as the U.S. pulls back from its lead military role. Companies tied to increasing defense spending in Europe and Japan were among the Strategy's leading contributors including Mitsubishi Heavy Industries, Safran, Airbus, and BAE Systems.	MC FP AEM CN EOAN GR TSCO LN 7011 JP	View
2025 Q2	Jul 4, 2025	ClearBridge Investments Large Cap Value	-	-	AAPL, ADBE, AIR.PA, AVGO, ETN, ICLR, LIN, LLY, META, MMC, MRVL, MSFT, NFLX, NOW, NVDA, TGT, TMO, TSM, UNH, V	AI, Cloud, diversification, growth, large cap, semiconductors, technology	The Strategy broadened AI semiconductor exposure through new positions in Broadcom and Marvell Technology. Broadcom enables better participation in custom silicon chips for AI computing, working with large technology companies to develop custom silicon expected to grow alongside robust demand for Nvidia's GPUs. Marvell designs chips and networking equipment that power AI technologies and has a strong interconnect business, though its AI revenue ramp has been slower than peers.	ADBE ICLR TGT LIN AIR FP NOW MRVL AVGO TSM	View
2025 Q2	Jul 31, 2025	Arnott Capital	-	4.0%	8136.T, 9984.T, 9987.HK, AIR.PA, DIDIY, LLY, NVO	aerospace, AI, China, global, Housing, Long/Short, thematic, uranium	AI adoption is accelerating with corporate deployment moving from board discussions to implementation phase. Meta demonstrates strong returns from AI investment with customers deploying tools at scale. Corporate adoption shows 30-50% of internal work now handled by AI agents at major companies, suggesting we are in 1997 rather than 1999 bubble territory.	9992.HK DIDI	View
2025 Q2	Jul 29, 2025	ClearBridge Investments Large Cap Growth Strategy	-	-	AAPL, ADBE, AIR.PA, AVGO, ETN, GWW, ICLR, LIN, LLY, META, MMC, MRVL, MSFT, NFLX, NOW, NVDA, TGT, TMO, TSM, UNH, V	AI, diversification, growth, large cap, positioning, risk management, semiconductors, technology	The Strategy broadened AI semiconductor exposure through new positions in Broadcom and Marvell Technology. Broadcom enables better participation in custom silicon chips for AI computing, working with large technology companies to develop custom silicon alongside Nvidia's GPUs. Marvell designs chips and networking equipment for AI, cloud computing and 5G infrastructure with strong interconnect business.	ICLR LIN AIR FP NOW MRVL TSM	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	Jul 14, 2025	L1 Capital Long Short Fund	12.2%	-	AIR.PA, FTT.TO, HBM.TO, JD.L, LSF.AX, NKE, NXE.TO, QAN.AX, SGH.AX, STO.AX, VEA.AX	Australia, commodities, global, infrastructure, Long/Short, Mining, Trade Policy, value	Portfolio has exposure to copper through companies like Hudbay Minerals and added to copper exposure during April volatility. Declining grades at Chilean copper mines require more material movement, driving demand for mining equipment. Copper World project will increase Hudbay's copper production by more than 50%.	FTT.TO AIR FP QAN AU STO AU VEA AU HBM CN NXE CN FTT CN	View
2023 Q2	Jul 14, 2023	GDS Investments	-	-	1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CABK.MC, CIP.AX, COL.AX, CS1.AX, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN	AI, Banking, commodities, Copper, Europe, gold, Macau, Onshoring, value	Portfolio heavily weighted toward copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following supply disruptions at major mines. Several high-profile supply issues this year have shifted market expectations from surplus to deficit heading into 2026.		View
2023 Q2	Jul 14, 2023	Peak Asset Management	-	-	1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CABK.MC, CIP.AX, COL.AX, CS1.AX, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN	Banking, commodities, Copper, Europe, gold, Macau, Mining, value	Portfolio heavily weighted toward copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following supply disruptions at major mines. The Grasberg mine accident and other supply issues shifted market expectations from surplus to deficit heading into 2026.		View
2024 Q2	Jul 12, 2024	Lexington Wealth Management	-	-	1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CABK.MC, CIP.AX, COL.AX, CS1.AX, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, KKR, LLOY.L, MIN.AX, MSCI, NEE, NEM, NEX.PA, NST.AX, QUB.AX, SPEC.L, TECK, VK.PA, WYNN	Banking, commodities, Copper, cyclicals, Europe, gold, value	Fund maintains heavy exposure to copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following supply disruptions at major mines. The Freeport Grasberg mine accident significantly reduced output and shifted market expectations from surplus to deficit heading into 2026.		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
2025 Q2	Jun 30, 2025	Bell Global Equities Fund	5.3%	1.1%	6146.T, AAPL, AIR.PA, AMD, AMZN, ANET, AON, AVGO, BF-B, BJ, CSCO, GOOGL, LULU, META, MSFT, NESN.SW, NVDA, NVO, ORCL, TSM	AI, Cloud, global, growth, Quality, semiconductors, technology	Oracle's cloud-infrastructure revenue soared 50% year-on-year driven by AI demand, with management forecasting continued acceleration. DISCO Corp benefited from robust demand from advanced semiconductor foundries and stabilisation in EV-related power devices, with market responding favourably to capacity expansion plans linked to generative AI and next-generation communications.	NFLX AIR.PA BJ LULU 6146.T ORCL	View
2025 Q2	Jun 30, 2025	City Different Investments – Multi-Cap Core	12.3%	8.1%	1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CABK.MC, CIP.AX, COL.AX, CS.AX, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MIN.AX, MSCI, NEE, NEM, NEX.PA, NST.AX, QUB.AX, SXS.L, TECK, WYNN	Banking, Casinos, commodities, Copper, global, gold, value	Fund maintains heavy exposure to copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following supply disruptions at major mines. The Grasberg mine accident significantly reduced output and shifted market expectations from surplus to deficit heading into 2026.		View
2024 Q2	Jun 30, 2024	Zeno	-	-	AER, AIR.PA, BA, DHR, GE, GEHC, GEV, HEI, HON, PH, SAF.PA, TDG	aerospace, Aftermarket, Concentration, Market Power, value	GE Aerospace represents the global leading provider of jet engines with approximately 70% market share of commercial engines. The business model consists of low margin engine sales followed by high margin aftermarket services that generate 3.5x the revenue of initial engine sales. The aftermarket dynamic creates one of the largest and most defensible profit pools in the aerospace ecosystem.	GE	View
2024 Q2	Jun 30, 2024	Tarkio Fund	-	-	1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CNI.AX, COL.AX, CS1.AX, CXB.MC, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN	commodities, Copper, cyclicals, European Banks, gold, Macau, value	Portfolio heavily weighted towards copper producers including Teck Resources, Freeport-McMoRan and Grupo Mexico. Copper prices rose 5% in September following major accident at Freeport's Grasberg mine, shifting market expectations from surplus to deficit heading into 2026. Several high-profile supply issues this year have supported copper fundamentals.		View
2023 Q2	Jun 30, 2023	Platinum International Fund	-0.9%	-	005930.KS, 0700.HK, 2318.HK, 2338.HK, 6479.T, 8002.T, AIR.PA, ALLFG.L, BAX, CATL, GOOGL, INDIGO.NS, MCHP, RH, SUZB3.SA, TRU, TSM, UPM1V.HE, ZTO	AI, China, Energy Transition, global, rates, technology, value	The extraordinary bounce in technology sector driven by artificial intelligence developments, particularly ChatGPT and NVIDIA's revenue guidance. While AI has extraordinary potential, current investor enthusiasm and valuations of favoured names lead to wariness about obvious plays like NVIDIA.		View
2025 Q1	Jun 12, 2025	WisdomTree	-	-	AIR.PA, FCT.MI, HAG.DE, HO.PA, IVSO.ST, KIT.OL, KOG.OL, LDO.MI, RHM.DE, RNK.DE, RR.L, SAAB-B.ST, SAF.PA	defense, Europe, growth, Industrial, Military, NATO, Procurement	Europe's defense budgets are rising sharply with 2024 outlays jumping 17% to €326bn. NATO scenarios imply Europe could spend €800-950bn annually by 2030, more than double 2024 levels. Brussels mandates 65% of new procurement be sourced inside Europe, creating a generation-long demand curve for military contractors.		View
2025 Q1	Jun 10, 2025	Miller Wealth Management	-	-	1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CNI.AX, COL.AX, CS1.AX, CXB.MC, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN	AI, commodities, Copper, European Banking, gold, Macau, Onshoring, value	Fund maintains heavy exposure to copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following major accident at Freeport's Grasberg mine, shifting market expectations from surplus to deficit heading into 2026. Several high-profile supply issues this year have supported copper fundamentals.		View
2024 Q1	Apr 4, 2024	The Compounding Tortoise	-	-	1928.HK, 2282.HK, AIR.PA, ALD.AX, AZN.AX, CIP.AX, COL.AX, CS.AX, CXBK.MC, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MRL.AX, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN	Banking, commodities, Copper, cyclicals, global, gold, Mining, value	Fund maintains heavy exposure to copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following supply disruptions at major mines. The Freeport Grasberg accident shifted market expectations from surplus to deficit heading into 2026.		View
2026 Q1	Apr 29, 2026	Cambiar International Equity Fund	-3.4%	-3.4%	3064.T, AIR.PA, COLOB.CO, EDP.LS, PUB.PA, RYA.L, SAP, SWM	AI, energy, international, Quality, value			View
2026 Q1	Apr 12, 2026	Hardman Johnston Global Equity	-6.5%	-6.5%	AIR.PA, ALB, ASML, AVGO, EL, FTI, PRX, SLB, TSM, VRT	AI, energy, Geopolitical, global, Oil Services, semiconductors, technology			View
2024 Q1	Mar 31, 2024	Platinum Global Fund (Long Only)	5.7%	5.7%	005930.KS, AIR.PA, AVGO, GOOGL, INTC, META, MU, TCOM, TRU, TSM, UBS, UPM.HE, WIZZ.L, ZTO	AI, global, semiconductors, technology, Travel	Fund holds companies benefiting from AI investment including TSMC, Micron, Meta, and Alphabet. Manager takes measured approach, investing in reasonably-valued businesses that perform well if AI spending continues but have strong non-AI businesses as foundation. Overall AI exposure is roughly 14% of portfolio.		View
2023 Q1	Mar 31, 2023	Platinum International Fund	5.4%	5.4%	000338.SZ, 005930.KS, 051910.KS, 2318.HK, 6479.T, 700.HK, 9961.HK, AIR.PA, ALLFG.L, ASML, BAYN.DE, BEZ.L, BKNG, BMW.DE, GLEN.L, ICE, IFX.DE, MCHP, MU, SLB, STJ.L, TRU, UPM1V.HE, WIZ.L	Banking Crisis, China, contrarian, global, interest rates, value	Travel-related investments were key contributors to performance as the travel sector continued its post-COVID boom. Wizz Air gained 56% and Booking Holdings rose 32% over the quarter.		View
2023 Q1	Mar 31, 2023	Platinum Global Fund (Long Only)	9.7%	9.7%	005930.KS, 0700.HK, 2057.HK, 2338.HK, 6588.HK, 6954.T, AIR.PA, ALLFG.L, BKNG, BMW.DE, EBS.VI, EQNR, IFX.DE, INF.L, ISP.MI, MCHP, MU, NXPI, SLB, STJ.L, TCOM, TRU, UPM.HE, WIZZ.L	Banking, China, Europe, Recovery, semiconductors, Travel	European ultra-low-cost airline Wizz Air was the largest contributor with 56% gains as air travel demand and pricing continued rising post-COVID. Gains also seen in Booking Holdings, Trip.com and Airbus as the travel sector recovery continued.		View
2025 Q4	Feb 5, 2026	ClearBridge Investments All Cap Growth	-	-	AAPL, AIR.PA, DXYN, FCX, GOOGL, HLT, LIN, LLY, MSFT, NFLX, NTRA, ORCL, TMO, VRTX, WBD	aerospace, AI, growth, healthcare, Hospitality, Pharmaceuticals, technology, volatility	AI continues to represent a powerful long-term opportunity, though early beneficiaries such as semiconductors and infrastructure have already seen significant gains. The team is focused on ensuring proper exposure within the AI complex while also positioning for potential market leadership broadening. Eli Lilly rose strongly after striking a deal with the U.S. government to offer its GLP-1 treatments to Medicare and Medicaid patients while readouts on the company's oral GLP-1 treatment indicated a broader market than expected. Long-term demand for commercial aircraft to support air travel is increasing, with much of the growth from China and other parts of Asia, while aging of the existing fleet provides a robust pipeline of replacement demand for years to come. Hilton has a long runway for growth supported by continued mid- to high-single-digit net unit expansion. The company has strong margins and free cash flow conversion, enabling consistent return of capital through share buybacks.		View
2025 Q4	Dec 31, 2025	Green Ash Partners	-	-	6954.T, 9984.T, AENA.MC, AIR.PA, AMZN, ASML, AXP, FER.MC, FTC.L, FWONK, GE, MA, MSFT, NG, PNG.TO, SAF.PA, SATS, TSLA, TSM, V	Hedge, Leverage, Monopolistic, Quality, SpaceX, special situations	The fund has high conviction exposure at close to 20% of NAV to SpaceX through holdings in Echostar and Filtronic, both publicly listed proxies for SpaceX. The manager published a white paper on these holdings titled SpaceX the Central Bank of the Space Economy and Its Public-Market Proxies. SpaceX represents an earlier stage monopolistic business with attractive growth rates and durable moats. The manager notes that the AI era helps accelerate deep dive research even further, emboldening their advantage in capturing market inefficiency time windows. AI enables the fund to significantly increase the velocity of deep dive research and associated capital allocation decisions. The fund focuses on high barriers to entry, monopolistic, high quality compounding stocks as an engine backing their approach. The manager specifically limits selections to monopolistic businesses, whether long established or earlier in their lifecycle where durable moats exist but are only identifiable through rigorous research.		View
2024 Q4	Dec 31, 2024	Oakmark International Fund	-8.5%	-4.6%	105560.KS, AC.PA, AIR.PA, BAYN.DE, FME.DE, GLEN.L, KER.PA	aerospace, Banking, Europe, international, Luxury, Restructuring, value	Luxury goods businesses continue to be negatively impacted by weak demand in China with poor top-line trends. However, Kering is making progress improving the product offering within its core Gucci brand. Looking out two to three years, margins have potential to be meaningfully higher than current levels.	105560.KS BAYN.DE AIR.PA	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
2023 Q4	Dec 31, 2023	Platinum International Fund	0.0%	4.2%	6479.T, AIR.PA, CATL, GJET.NS, ICE, IFX.DE, PDD, SSNLF, SUZB3.SA, TM, TU, UBS, UPM.HE, ZTO	China, defensives, Electric Vehicles, semiconductors, technology, value	Chinese EV producers have gained competitive advantage by focusing on lower-cost EVs. BYD and CATL are seen as drivers of continuous improvement across the supply chain. While politics may restrict Chinese companies' ability to export to US and European markets, their home market continues to grow strongly.		View
2023 Q4	Dec 31, 2023	WS Amati Global Innovation Fund	-	-	AIR.PA, AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT	defense, growth, India, small caps, tariffs, Trade Policy	India is the world's fastest-growing major economy, on track to overtake Germany as the world's third-biggest by 2028. India's resilience in the face of increased U.S. tariffs underscores the durability of its domestic consumer-driven economic growth. India's buoyant economy is set to receive a further boost from freer trade with non-U.S. partners, deepening domestic capital markets, stimulative tax reforms, and looser monetary policy.		View
2024 Q3	Oct 9, 2024	TEAM Asset Management	-	-	1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CABK.MC, CIP.AX, COL.AX, CS.AX, EDV.AX, EGLE, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MIN.AX, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN	Banking, commodities, Copper, cyclicals, Europe, gold, Macau, value	Portfolio heavily weighted towards copper producers including Teck Resources, Freeport-McMoRan and Grupo Mexico. Copper prices rose 5% in September following major accident at Freeport's Grasberg mine, shifting market expectations from surplus to deficit heading into 2026. Several high-profile supply issues this year have supported copper fundamentals.		View
2025 Q3	Oct 6, 2025	Brummer Multi-Strategy Fund	-	-	1928.HK, 2282.HK, AIR.PA, ALD.AX, AZN.AX, CABK.MC, CIP.AX, CS1.AX, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MIN.AX, NEM, NST.AX, QUB.AX, SXS.L, TECK, WYNN	Banking, commodities, Copper, cyclicals, Europe, gold, value	Fund maintains heavy exposure to copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following supply disruptions at major mines. The Freeport Grasberg accident shifted market expectations from surplus to deficit heading into 2026.		View
2023 Q3	Oct 5, 2023	Sandhill Investment Management	-	12.4%	1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CABK.MC, CIP.AX, COL.AX, CS1.AX, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN	Banking, commodities, Copper, cyclicals, Europe, gaming, gold, value	Portfolio heavily weighted toward copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following supply disruptions at major mines. The Freeport Grasberg accident shifted market expectations from surplus to deficit heading into 2026.		View
2025 Q3	Oct 30, 2025	Stenham Asset Management	0.8%	8.3%	AAPL, AFG, AIR.PA, AMD, AMZN, AVGO, CSU.TO, ENEN.DE, GOOGL, META, MSFT, NVDA, ORCL, SNPS, TSM, UMG.AS	AI, Cloud, energy, infrastructure, Quality, semiconductors, technology, valuation	The AI infrastructure boom remained the dominant theme driving markets to new highs. Oracle reported customer commitments of $455bn, surpassing expectations by over 200%. The fund holds picks and shovels of the AI opportunity including Microsoft, Amazon, and TSMC, focusing on companies with flexibility to reallocate capacity and disciplined approaches to AI infrastructure deployment.	SIE TSM SIE TSM	View
2024 Q3	Oct 27, 2024	Oaktree Capital Management	0.0%	0.0%	AIR.PA, BA	Aircraft Leasing, Asset-backed Finance, Banking, Credit markets, interest rates, private credit, regulation	Asset-backed finance represents the next frontier of private credit as banks retreat due to regulatory pressures and capital requirements. Alternative lenders are positioned to fill the financing void in the core ABF segment between investment grade and opportunistic lending. The $5.5 trillion ABF universe offers significant opportunities for experienced managers.		View
2025 Q3	Oct 21, 2025	Hardman Johnston Global Equity	5.0%	23.1%	6501.T, AIR.PA, AMZN, ASML, BAC, BSX, CBK.DE, CTVA, EL, GOOGL, HWM, IBN, IFX.DE, LLY, MA, MELI, META, MRVL, MSFT, NVDA, OLED, PRX.AS, PRY.MI, RHM.DE, SAF.PA, STAN.L, STM, TEAM, TMUS, TSM, UBER, VRTX	AI, Equity, Europe, financials, global, semiconductors, technology, Trade	Markets oscillate between fear and fear of missing out regarding AI technology. While AI has productivity potential, current valuations raise questions about whether capital investment will deliver justified returns. AI exposure extends beyond tech names to utilities through electrical grid hardening needs.	TSM ADYEN STAN	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 20, 2025	PM Capital Australian Companies Fund	18.5%	-	1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CNI.AX, COL.AX, CS.AX, CXBK.MC, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MRL.AX, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN	AI, commodities, Copper, European Banks, gold, Macau, Onshoring, value	Portfolio heavily weighted towards copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following major accident at Freeport's Grasberg mine, shifting market expectations from surplus to deficit heading into 2026. Several high-profile supply issues this year have supported copper outlook.		View
2025 Q3	Oct 20, 2025	PM Capital Enhanced Yield Fund	1.3%	-	1928.HK, 2282.HK, AIR.PA, AZJ.AX, CABK.MC, CNI.AX, COL.AX, CS.AX, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MIN.AX, NEM, NST.AX, QUB.AX, TECK, WYNN	AI, Banking, commodities, Copper, global, gold, Onshoring, value	Portfolio heavily weighted towards copper producers including Teck Resources, Freeport-McMoRan and Grupo Mexico. Copper prices rose 5% in September following major accident at Freeport's Grasberg mine, shifting market expectations from surplus to deficit heading into 2026. Several high-profile supply issues this year including challenges at other major mines.		View
2025 Q3	Oct 20, 2025	PM Capital Global Companies Fund	10.0%	-	1928.HK, 2282.HK, AIR.PA, ALD.AX, AZN.AX, CIP.AX, COL.AX, CS.AX, CXBK.MC, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MRL.AX, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN	AI, Banking, commodities, Copper, global, gold, value	Fund maintains heavy exposure to copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following supply disruptions at major mines. The Freeport Grasberg accident shifted market expectations from surplus to deficit heading into 2026.		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
2025 Q3	Oct 1, 2025	ClearBridge Investments Large Cap Growth Strategy	-	-	AAPL, ACN, AIR.PA, AVGO, CMG, COST, CRM, DDOG, FICO, GOOGL, INTU, ISRG, LLY, MA, MSFT, NFLX, NSC, NVO, ORCL, PH, PLTR, RTX, SBUX, TSM, UNH, UNP, VRTX, WDAY, ZTS	AI, Cloud, cyclicals, growth, healthcare, large cap, technology	The growth market has seen wide divergence between AI winners and AI losers since Liberation Day, with AI winners including cloud providers, chip makers and infrastructure software companies rallying strongly while capital flows out of perceived AI laggards in application software and services. The managers are adding new AI-indexed growth ideas in a disciplined way rather than chasing momentum.	VRTX US DDOG US ORCL US	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
2024 Q4	Jan 14, 2025	Horizon Investment	-	-	1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CNI.AX, COL.AX, CS1.AX, CXB.MC, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN	Banking, commodities, Copper, Europe, gold, Macau, value	Portfolio heavily weighted towards copper producers including Teck Resources, Freeport-McMoRan and Grupo Mexico. Copper prices rose 5% in September following major accident at Freeport's Grasberg mine, shifting market expectations from surplus to deficit heading into 2026. Several high-profile supply issues this year have tightened the market.		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
2023 Q3	Sep 30, 2023	Vanguard International Value Fund	-5.4%	6.3%	005490.KS, 005930.KS, 0700.HK, 1398.HK, 1821.HK, 2331.HK, 2688.HK, 6146.T, AIR.PA, ASML, BABA, BBDC4.SA, BP, CFR.SW, HOLN.SW, HSBA.L, MC.PA, MLCO, NOVOB.CO, PBR, ROG.SW, RYA.L, SHEL, TSM, ZEEL.NS	Developed Markets, Diversified, emerging markets, international, value	The fund employs fundamental, value-oriented investment process seeking undervalued stocks from non-U.S. markets. Investment advisors use fundamental research to construct portfolios of undervalued stocks in developed and emerging markets. ARGA's investment philosophy is based on the belief that investors overreact to short-term developments, leading to opportunities to generate gains from investing in good businesses at great prices.		View
2024 Q2	Aug 23, 2024	Third Point Partners	3.9%	14.0%	AAP, AAPL, AIR.PA, AMZN, BBWI, CPAY, FERG, FITB, GOOGL, ICE, JPM, LEN, MA, MSCI, MTB, NVDA, TSLA, TSM, V, VST	credit, energy, Event-Driven, Exchanges, Mortgages, payments, technology, volatility	Companies continue to invest in AI infrastructure and look for applications to their businesses. Apple's recently announced Apple Intelligence suite of AI-enabled smartphone features will drive meaningful new demand within Apple's installed base. The emergence of an AI layer on iOS will increasingly augment consumers' own agencies with those of the iPhone's AI features.	ICE CPAY AAPL	View
2024 Q2	Jun 30, 2024	Munro Global Growth Fund	0.0%	0.0%	000660.KS, AAPL, AIR.PA, AMAT, AMZN, ARM, ASML, CEG, CRH, FIX, MA, META, MSFT, NEE, NOW, NVDA, SN, TSM, V, WISE.L	AI, Data centers, energy, global, growth, semiconductors, technology	AI was a dominant theme driving performance across multiple Areas of Interest. High Performance Computing led by Nvidia saw significant earnings upgrades, while Connectivity benefited from device refresh cycles in smartphones and PCs. The fund sees AI as the beginning of a multi-year growth runway with hyperscalers continuing to accelerate capex spending.	SN TSM	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
2024 Q1	Apr 29, 2024	Stenham Asset Management	13.9%	13.9%	005930.KS, AAPL, AIR.PA, ALK, AMAT, ASML, BA, CLNX.MC, GE, NVDA, SAF.PA, TSM, UAL	aerospace, AI, semiconductors, technology, Travel	Semiconductor equipment providers ASML and Applied Materials benefited from long-term secular growth in chip manufacturing costs, rising from $1bn facilities a decade ago to $20bn today. The industry is supported by geopolitical tensions driving semiconductor sovereignty initiatives, with Samsung and TSMC committing $69bn in new US investments. AI demand is driving exponentially more advanced chips, with Nvidia's latest GPU processing 600x more operations than an iPhone chip.	CLNX.MC AIR.PA SAF.PA GE AMAT ASML	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	Hardman Johnston Global Equity	0.4%	0.4%	AIR.PA, AMZN, BAC, BN, BSX, ELAN, GOOGL, HWM, IFX.DE, LLY, MA, MELI, META, MRVL, PRX.AS, RHM.DE, STAN.L, TMUS, TSM, VRT	aerospace, AI, China, defense, Europe, global, semiconductors, Trade Policy	European defense spending is structurally higher following geopolitical shifts. Germany changed its Constitution to release fiscal debt brakes, enabling unlimited defense spending. Europe announced massive defense and infrastructure spending framework with financing mechanisms.		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	Feb 13, 2025	Arnott Capital	-	3.3%	AIR.PA, BA, LSEG.L	aerospace, AI, China, Japan, Long/Short, Macro, Opportunities, value	Commercial aviation industry disruption creates opportunities as Boeing faces production issues while demand recovers to pre-COVID levels. Airbus positioned to benefit from competitor weakness with strong order book and earnings growth potential. Aircraft leasing companies also benefit from increased demand and higher rates.	AIR.PA	View
2024 Q4	Jan 29, 2024	Stenham Asset Management	-3.3%	10.3%	AAPL, AIR.PA, AMZN, CDI.PA, CLNX.MC, CNI, CP, CSU.TO, GE, GOOGL, HLT, MA, MC.PA, META, MSFT, NVDA, RMS.PA, SAF.PA, TSLA, UNP	aerospace, Concentration, Europe, Luxury, payments, Quality, Railroads, valuation	Aerospace was the largest positive contributor to portfolio performance in 2024. Aftermarket engine holdings including General Electric and Safran outperformed as strong air travel demand and delivery delays extended aircraft operational lifecycles, driving robust engine maintenance demand and upward earnings revisions. Looking to 2025, while strong aftermarket growth is expected to persist, a gradual shift toward OE-driven growth is anticipated as supply chain pressures slowly subside.	HLT CNI CLNX.MC GE MC.PA	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Bell Global Equities Fund	Airbus SE	Industrials	Aerospace & Defense	Bull	Euronext Paris	Aerospace, backlog, cash flow, Commercial Aircraft, Defense, Europe, market share, Production Recovery	View Pitch
Apr 13, 2026	Fund Letters	Stenham Asset Management	Airbus SE	Industrials	Aerospace & Defense	Bull	Euronext Paris	Aerospace, backlog, Cyclical, Europe, manufacturing, supply chain	View Pitch
Apr 13, 2026	Fund Letters	Stenham Asset Management	Airbus SE	Industrials	Aerospace & Defense	Bull	Euronext Paris	Aerospace, Aircraft Manufacturing, backlog, Culture, Europe, growth inflection, market share, Safety	View Pitch
Apr 13, 2026	Fund Letters	Oakmark International Fund	Airbus	Industrials	Aerospace & Defense	Bull	Euronext Paris	Aerospace, Defense, Europe, manufacturing, Order Backlog, Production Scaling, Supply Constrained	View Pitch
Apr 13, 2026	Fund Letters	Arnott Capital	Airbus SE	Industrials	Aerospace & Defense	Bull	Euronext Paris	Aerospace, Aircraft Manufacturing, Commercial Aviation, duopoly, Europe, Industrials, market share, operating leverage, Production Ramp	View Pitch

BSD Shareholders of AIR-PA

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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