APD Archives

APD

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	ClearBridge Investments Large Cap Value	-	-	APD, AVGO, AXP, COP, EIX, INTC, ITW, LRCX, MCHP, MCK, NESN.SW, ORLY, PH, SBUX, SCHW, SHW, SRE, UPS, XPO	industrials, large cap, Quality, semiconductors, technology, Utilities, value	The strategy focuses on high-quality, less commoditized and less cyclical stocks with strong franchise characteristics. These businesses generate higher returns and compound value at more sustainable rates than deeper value peers, though they tend to lag in very strong markets.	PH AVGO SBUX ORLY APD SHW MCK INTC	View
2025 Q2	Jul 20, 2025	The London Company Income Equity	4.5%	9.1%	AAPL, APD, BRK.B, CB, CMCSA, CVX, D, GLW, MSFT, NSC, NTDOY, PGR, PM, UPS	Consumer Staples, dividends, healthcare, industrials, Quality, technology, value	AI infrastructure and applications drove strong performance for Microsoft during the quarter due to its leading position. The company's partnership with OpenAI remains strategically important despite recent tensions. AI provides strong optionality for Microsoft's entrenched operating system and productivity software businesses.	CB CB APD PM MSFT	View
2024 Q1	May 13, 2024	The London Company Large Cap	8.1%	14.6%	AAPL, APD, BRK.B, LIN, META, MLM, NSRGY, NVDA, PGR, SBUX	AI, dividends, large cap, momentum, Quality, value	The fund focuses on quality factors including profitable, financially stable companies with strong balance sheets, consistent free cash flow generation, and high returns on capital. Quality factors faced headwinds in Q1 as the market favored momentum and growth over quality characteristics.	SBUX APD NSRGY BRK.B MLM PGR	View
2024 Q1	May 13, 2024	The London Company Income Equity	10.4%	14.6%	AAPL, APD, FAST, FIS, MSFT, PGR, SBUX	dividends, income, large cap, Quality, technology, value	The Artificial Intelligence hype that powered 2023's market rally extended its momentum into 2024. The market failed to bestow the halo of artificial intelligence exposure on Apple, as the company's AI plans remain shrouded in development and mystery. Microsoft should benefit from the utilization of AI in various products.	MSFT SBUX AAPL FIS PGR	View
2024 Q1	Apr 15, 2024	Matrix Large Cap Value Strategy	0.0%	0.0%	ABBV, AEP, AMGN, APD, DUK, EBAY, FDX, JPM, NEE, PARA, PYPL, QCOM, RTX, SBUX, TSN, TXN, UNH	AI, dividends, financials, large cap, rates, technology, Utilities, value	Utilities were the worst-performing sector in 2023, creating opportunities to buy high-quality companies with predictable earnings and dividend growth. The sector has emerging growth potential as electricity demand for AI, data centers, and new technology is projected to rise rapidly through the end of the decade. Matrix increased utility exposure from 4% to 10.5% of the portfolio.	TSN AEP	View
2024 Q1	Apr 15, 2024	Matrix Dividend Income	0.0%	0.0%	ABBV, AEP, AMGN, APD, DUK, EBAY, FDX, JPM, NEE, PARA, PYPL, QCOM, RTX, SBUX, TSN, TXN, UNH	dividends, financials, large cap, Rate Cuts, technology, Utilities, value	Utilities were the worst-performing sector in 2023, creating opportunities to buy high-quality companies with predictable earnings and dividend growth. The sector has emerging growth potential as electricity demand for AI, data centers, and new technology is projected to rise rapidly through the end of the decade. Matrix increased utility exposure from 4% to 10.5% of the portfolio.	TSN AEP	View
2026 Q1	Apr 13, 2026	The London Company Income Equity	4.2%	4.2%	AAPL, APD, BRK/B, CVX, D, GLW, MSFT, NTDOY, QSR	dividends, energy, geopolitics, income, Iran, Quality, technology, value		QSR AAPL NTDOY MSFT APD CVX GLW	View
2026 Q1	Apr 13, 2026	The London Company Large Cap	2.4%	2.4%	APD, D, ENTG, EQH, FDX, GOOG, MLM, SBUX, SCHW, V	broadening, downside protection, energy, Geopolitical, large cap, Quality, technology		MLM D GOOG V APD FDX ENTG	View
2025 Q1	Apr 10, 2025	Aristotle Value Equity Fund	0.7%	0.7%	8411.T, ADBE, AIG, AMGN, AMP, APD, AWK, BX, GOOGL, HON, LEN, ML.PA, MSFT, SONY	AI, Cloud, energy, financials, industrials, technology, Trade Policy, value	Adobe faces competitive threats from generative AI platforms like OpenAI's Sora and Canva, but is actively embedding AI through Firefly across Creative Cloud applications. Firefly has generated $125 million in annualized recurring revenue with management expecting it to double by year-end. AI integration enhances Adobe's competitive moat through product functionality and increased switching costs.	GOOGL APD SONY ADBE	View
2024 Q1	Mar 31, 2024	Fenimore Small Cap Strategy	6.1%	6.1%	APD, BIP, BOC, CBZ, CIGI, CTAS, DFH, EXPO, FTDR, HEI, IEX, JKHY, MCHP, MLM, NOMD, PAYX, SYK, TROW, TT, VRSK	consumer, financials, Quality, small cap, value	The FAM Small Cap Fund rose 6.06% in the first quarter, outperforming the Russell 2000 Index by 88 basis points. The fund continues to focus on small and midsize businesses that meet strict investment criteria, with outperformance attributed to strength in financial and consumer holdings.		View
2024 Q1	Mar 31, 2024	Fenimore Dividend Focus Strategy	10.3%	10.3%	APD, BIP, BOC, CBZ, CIGI, CTAS, DFH, EXPO, FTDR, HEI, IEX, JKHY, MCHP, MLM, NOMD, PAYX, SYK, TROW, TT, VRSK	dividends, healthcare, industrials, mid cap, Quality, technology, value	The fund's holdings increased their cash dividends by 8.6% on average over the past 12 months. Top dividend growers included Microchip Technology at 25.7%, Cintas Corporation at 17.4%, and Verisk Analytics at 14.7%.		View
2023 Q1	Mar 31, 2023	Fenimore Dividend Focus Strategy	4.6%	4.6%	ADI, AJG, APD, BOC, CHH, DFH, ENTG, FHB, FND, FTDR, G, JKHY, MCHP, NVEI.TO, PAYA, PNFP, SYK, TROW, TSU.TO, ZBRA	Banking, dividends, mid cap, Quality, technology, value	The fund focuses on dividend-paying companies with 11 of 27 holdings increasing dividends in 2023 with an average growth rate of 11.3%. Microchip Technology led with a 41.5% quarterly dividend increase year-over-year.		View
2024 Q4	Dec 31, 2024	Impax US Sustainable Economy Fund	-0.8%	20.4%	AAPL, AMZN, APD, AVGO, DHI, ELV, GILD, GOOGL, HIG, HUBS, LII, MA, MSFT, NVDA, PGR, TEAM, TSLA, UNP, V, ZTS	AI, Biotechnology, Energy Efficiency, Esg, healthcare, large cap, sustainability, technology	The portfolio's energy efficiency tilt detracted from performance as Energy Efficiency-related companies lagged the market while Energy stocks outperformed. The fund maintains allocations to energy efficiency solutions as part of its sustainable economy focus.		View
2023 Q4	Dec 31, 2023	Mar Vista Strategic Growth Fund	5.5%	0.0%	ADI, AMT, AMZN, APD, CRM, DIS, FTNT, GOOGL, MCHP, MKL, MSFT, PEP, SBUX, TDG, VEEV	AI, Cloud, growth, large cap, Quality, semiconductors, technology, value	The market rally was fueled by AI dreams and enthusiasm for artificial intelligence potential, propelled by advances like ChatGPT, Microsoft Copilot, and Large Language Models. Microsoft is capitalizing on digital transformation with AI-powered solutions that enhance productivity.	ADI 0TDG LN AAPL\|MSFT\|NFLX\|NVDA\|UNH AMT	View
2023 Q4	Dec 31, 2023	Fenimore Dividend Focus Strategy	10.8%	19.7%	A, APD, BOC, CBZ, CHH, CIGI, CSV, CTAS, DFH, ENTG, FAST, G, MCHP, MKC, MLM, PAYX, STE, TROW, TT, VRSK	AI, dividends, mid cap, Quality, value	The fund's holdings increased their cash dividends by 9.5% over the past 12 months, well ahead of inflation. Every holding increased its dividend except for one, with top increases from Microchip Technology (33.8%), Cintas Corporation (17.4%), and Fastenal Company (12.9%).		View
2023 Q4	Dec 31, 2023	Fenimore Value Strategy	11.3%	16.1%	A, APD, BIPC, BOC, BROS, CBZ, CDW, CHH, CIGI, CSV, DFH, ENTG, EXPO, G, MKC, MKL, MLM, NOMD, PAYX, ROST, STE, TROW, TRRSF, TT, VRSK, WAT	dividends, financials, materials, mid cap, Quality, value	Fenimore invests exclusively in companies with durable value, including strong balance sheets, ample cash to reinvest in growth or pay dividends, strong competitive advantages, and capable, ethical management. The firm emphasizes high-quality businesses over short-term performers.		View
2025 Q3	Nov 5, 2025	ClearBridge Investments Large Cap Value	-	-	AMT, AMZN, APD, AVGO, CMCSA, CVS, DE, GOOGL, HLN.L, INTC, JNJ, MCHP, ORLY, PNC, SRE, TMO, TSM, UNH, USB, WEC	AI, healthcare, Outperformance, Quality, semiconductors, technology, Utilities, value	The massive surge in spending on artificial intelligence continues to bolster chip providers like Broadcom, whose custom-designed chips are gaining broader adoption with hyperscalers. Taiwan Semiconductor leads in advanced semiconductor manufacturing with dominant market share in leading-edge nodes being adopted by nearly all major AI companies. The Strategy neutralized the powerful AI trade by initiating positions in Taiwan Semiconductor and Amazon.com while increasing Alphabet position.		View
2025 Q3	Oct 27, 2025	13D Activist Fund	8.9%	2.7%	ABG, ALV, APD, BILL, EXEL, KVUE, MIDD, MRCY, PENN, PFGC, PSO.L, QRVO, RIOT, SWX, TRIP, TWLO, VSAT, VSTS, WK, YETI	activism, M&A, SMID Cap, technology, value	Activist activity and success have been flourishing with the Universal Proxy Card increasing campaign success rates from 73% to 88%. The fund expects significant alpha generation from activists like Jeff Smith, Scott Ferguson and Dan Loeb as markets rotate into value investing.	WK VSAT TRIP PFGC	View
2025 Q4	Jan 7, 2026	ClearBridge Investments Dividend Strategy	0.0%	0.0%	AAPL, ADP, APD, AVGO, GOOGL, ITX.MC, KO, LHX, META, MMC, MSFT, NESN.SW, NVDA, ODFL, ORCL, TEL, TMUS, UL, UNP, XOM	AI, Concentration, diversification, dividends, large cap, semiconductors, technology, value	AI will radically change lives, labor markets and the economy, but investors already ascribe trillions of dollars of value to AI-related enterprises while aggregate AI-related revenues are minimal relative to embedded expectations. The landscape is evolving too swiftly to conclude today's favored players will be ultimate winners, with fundamental questions remaining about LLM commoditization and revenue sustainability. The strategy's average holding has grown its dividend at 10% over the last 12 months with similar growth expected in coming years. The fund maintains focus on dividend-paying companies as part of its core investment approach and diversification strategy. The ClearBridge Dividend Strategy trades at a significant discount to the broader market with a P/E ratio of 19.8x versus 24.7x for the S&P 500. The managers value securities based on free cash flow yields and gravitate toward those with asymmetric risk-reward profiles.		View
2024 Q4	Jan 7, 2025	The London Company Income Equity	-2.3%	11.9%	AAPL, APD, BLK, BRK.B, LOW, MSFT, NSC, PGR, PM, TXN	dividends, downside protection, income, large cap, Quality, value	The fund focuses on high-quality companies with sustainably high and improving returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 23.1% pre-tax ROC versus 11.4% for the benchmark and lower leverage at 1.5x net debt/EBITDA versus 2.4x for the index.		View
2024 Q4	Jan 7, 2025	The London Company Large Cap	0.6%	15.3%	AAPL, APD, BLK, BRK-B, FI, GOOG, HD, NSC, PGR, V	downside protection, financials, large cap, Quality, technology, value	The fund focuses on high-quality companies with sustainably high returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 25.2% pre-tax ROC versus 14.7% for the Russell 1000. The strategy emphasizes companies that consistently generate free cash flow and maintain strong financial stability.		View
2024 Q3	Sep 30, 2024	Dodge & Cox Stock Fund	7.2%	16.3%	APD, BAX, BK, CHTR, CVS, FDX, FI, GE, GOOGL, JCI, MET, META, MSFT, NVDA, OXY, RTX, SBAC, SCHW, SNY, WFC	energy, financials, healthcare, industrials, technology, value	The Fund trades at an attractive valuation of 14.4 times forward earnings, compared to 22.5 times for the S&P 500. The valuation disparity between value and growth stocks diminished but still remains wide, with Russell 1000 Value trading at 17.9 times forward earnings versus 29.0 times for Russell 1000 Growth. Value stocks outperformed growth stocks in the quarter for the first time since 2022.		View
2023 Q1	Aug 5, 2023	Matrix Dividend Income	0.0%	0.0%	AEP, AMZN, APD, BK, EBAY, HD, KMB, KO, MDT, MTB, PARA, PNC, SLB, TFC, TSN, UNP, USB	Banking, dividends, financials, healthcare, rates, technology, value	Three U.S. banks failed in March, creating market volatility and concerns about banking system stability. Manager believes the selloff in regional bank stocks is overdone and will be short-lived, expecting strong rebounds in high-quality financials. Portfolio includes well-capitalized banks like PNC Financial that are likely to gain market share.	SUNP IN PNC	View
2023 Q1	Aug 5, 2023	Matrix Large Cap Value Strategy	0.0%	0.0%	AEP, AMZN, APD, BK, EBAY, HD, KMB, KO, MDT, MTB, PARA, PNC, SLB, TFC, TSN, UNP, USB	Banking, dividends, financials, healthcare, rates, technology, value	Three U.S. banks failed in March including Silicon Valley Bank, creating concerns about banking system stability. Manager believes the selloff in regional bank stocks is overdone and will be short-lived, expecting strong rebounds in high-quality financials. Added PNC Financial and increased positions in other regional banks during the quarter.	SUNP IN PNC	View
2024 Q2	Jul 22, 2024	The London Company Large Cap	8.1%	14.6%	ALB, APD, GOOG, MLM, NEU, NSC, NSRGY, ODFL, TEL, TXN	dividends, industrials, large cap, Quality, technology, value	The London Company emphasizes quality factors in their investment approach, seeking profitable, financially stable companies with consistent free cash flow generation and high returns on capital. They note that Quality factors had mixed impact during the quarter but remain central to their long-term strategy.	TEL GOOG	View
2024 Q2	Jun 30, 2024	ClearBridge Investments Dividend Strategy	0.0%	0.0%	AAPL, APD, AVB, CMCSA, DEO, GOOGL, HLN.L, INTC, MA, MDLZ, META, MSFT, NESN.SW, NVDA, ORCL, PXD, SRE, TRV, V, VMC, WMB, XOM	Concentration, diversification, dividends, Passive investing, technology, valuation	The strategy focuses on companies with nicely growing dividends that provide cushion amid volatility and preserve purchasing power. Recent additions of Alphabet and Meta reflect the benefits of their flexible dividend approach, enabling quick moves after dividend announcements. They expect continued robust dividend growth from their companies.		View
2024 Q2	Jun 30, 2024	ClearBridge Investments Large Cap Value	0.0%	0.0%	APD, BAC, CHTR, COP, CVS, GOOGL, INTC, MCK, MSI, NESN.SW, SHW, SRE, TRV, UPS, XPO	AI, financials, healthcare, industrials, large cap, technology, value	The massive ramp up in AI spending has crowded out spending in other technology verticals, creating a market where AI winners enjoy strong multiple expansion while perceived AI losers are severely punished. The divergence in valuations between perceived AI winners and losers has created attractive opportunities where high-quality companies are being underappreciated.		View
2023 Q4	Jan 23, 2024	The London Company Income Equity	10.4%	14.6%	APD, BLK, CVX, DEO, NSC, SCHW	dividends, income, large cap, Quality, US, value	The manager emphasizes balance sheet strength and quality as a core value proposition, believing it will become a tangible advantage in years ahead with economic slowdown and higher cost of capital. They focus on companies with sustainably high returns on capital, flexible balance sheets, and consistent cash flow generation.	DEO CVX APD NSC SCHW BLK	View
2023 Q4	Jan 14, 2024	Madison Dividend Income Fund	10.1%	9.5%	APD, BLK, BMY, CMCSA, CME, EOG, FAST, HD, MDT, MS, NEE, PFE	dividends, healthcare, Quality, staples, underperformance, Utilities, value	Fund focuses on above-average dividend yield stocks using Relative Yield process, investing in stocks yielding 1.1x the S&P 500 dividend yield. Portfolio holdings raised dividends 7% over the past year with continued dividend increases expected going forward.		View
2024 Q4	Jan 13, 2025	13D Activist Fund	0.8%	1.7%	ALV, APD, AZTA, BBWI, ENV, EXEL, FTR, HR, JHG, LW, MDU, MRCY, NSIT, PSO, RIOT, RPD, SWX, THS, TWLO, VSTS	activism, Bitcoin, Corporate Governance, Data centers, M&A, Proxy Fights, SMID Cap, value	2024 was a record year for shareholder activism with 128 new initiations in North America. Success rates continue to soar with activists achieving 96% success rate in 2023 and 86% in 2024 versus high 60s historically. Shareholder activism is becoming more mainstream with 40 non-activists launching new campaigns in 2024.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 29, 2026	Fund Letters	The London Company Large Cap	Air Products and Chemicals, Inc.	Specialty Chemicals	Industrial Gases	Bull	New York Stock Exchange	Cyclical Recovery, Execution, Helium, Industrial Gases, Iran Conflict, new management, Pricing power	View Pitch
Apr 29, 2026	Fund Letters	The London Company Income Equity	Air Products and Chemicals, Inc.	Specialty Chemicals	Industrial Gases	Bull	New York Stock Exchange	Execution, Helium, Industrial Gases, Iran Conflict, materials, new management, turnaround	View Pitch
Apr 28, 2026	Fund Letters	The London Company Income Equity	Air Products & Chemicals	Materials	Industrial Gases	Bull	NYSE	Asia-Pacific, energy transition, Equity, Industrial Gases, insider buying, materials, Megaprojects	View Pitch
Apr 13, 2026	Fund Letters	Aristotle Value Equity Fund	Air Products and Chemicals, Inc.	Materials	Industrial Gases	Bull	NYSE	clean energy, Hydrogen, Industrial Gases, long-term contracts, Megaprojects, oligopoly, Onsite Delivery, Take-or-Pay	View Pitch
Apr 13, 2026	Fund Letters	The London Company Large Cap	Air Products and Chemicals	Materials	Industrial Gases	Bull	NYSE	China, clean energy, government support, Hydrogen, Industrial Gases, Management Conviction, Megaprojects, semiconductors, valuation discount	View Pitch
Apr 13, 2026	Fund Letters	ClearBridge Investments Large Cap Value	Air Products and Chemicals, Inc.	Materials	Industrial Gases	Bull	NYSE	asset divestitures, capital allocation, China exposure, Green Hydrogen, Industrial Gases, NEOM Project, operational focus, Succession Planning	View Pitch
Jan 30, 2026	Fund Letters	Robert Feitler	Air Products and Chemicals, Inc.	Materials	Industrial Gases	Bull	New York Stock Exchange	Discipline, Free Cash Flow, Industrial Gases, infrastructure, Pricing power	View Pitch
Jan 8, 2026	Fund Letters	Brian Campbell	Air Products and Chemicals, Inc.	Materials	Industrial Gases	Bull	New York Stock Exchange	capital discipline, clean energy, de-risking, Industrial Gases, profitability	View Pitch

BSD Shareholders of APD

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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