ARM

ARM

ARM

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 17, 2024	WestEnd Capital	10.7%	30.8%	AMZN, ARM, AVGO, FCX, HUT CN, META, MSFT, MU, NVDA, PWR, SMCI, TSM	AI Infrastructure, Data Center Expansion, Hyperscaler Capex, power demand, Semiconductor Supply Chain	The letter details a structural investment boom in AI-driven data center infrastructure, emphasizing GPU demand, hyperscaler capex growth, and semiconductor supply chain dominance. WestEnd positions the portfolio across the AI ecosystem, including Nvidia, TSMC, Broadcom, and power infrastructure beneficiaries, arguing that earnings growth justifies elevated valuations. The strategy remains focused on infrastructure builders rather than speculative AI applications, prioritizing durable cash flow generation and competitive advantages.	PWR HUT CN	View
2025 Q4	Feb 8, 2026	SGA – U.S. Large Cap Growth	0.2%	3.0%	AAPL, AMZN, ARM, AVGO, AXP, COO, CRM, DHR, GOOGL, GWW, INTU, META, MSFT, NFLX, NKE, NOW, SPGI, V, WM, YUM	AI, growth, large cap, momentum, Quality, semiconductors, valuation	AI capital expenditures are expected to moderate due to structural constraints including power availability, skilled labor shortages, and capital availability. Hyperscaler CapEx spending has reached historically high proportions of revenues and operating cash flows. The most attractive long-term AI opportunities reside with businesses building long-term value rather than companies exposed to cyclical swings. 2025 was characterized by extreme momentum dynamics with capital flowing into immediate winners while perceived losers saw unprecedented pressure. Market leadership concentrated in lower-quality, speculative, and cyclically sensitive stocks. The momentum trade has been exceptionally profitable short-term but timing the inevitable reversal remains challenging. Quality growth companies with stable fundamentals have seen relative valuations plummet to lowest levels in decades while cyclicals trade at historically high levels. The portfolio focuses on reliable and durable growth companies with lower variability that continue to compound earnings and cash flows attractively despite not being rewarded by the market currently. Semiconductor and AI capital equipment stocks were among market darlings, buoyed by massive AI infrastructure spending. However, purely cyclical sectors exposed to hyperscaler CapEx growth rates will have a shorter runway of growth left as further upward growth revisions become challenging.	ALC YUM IT META MSFT ARM AVGO CRM COO GOOG	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
2023 Q4	Jan 31, 2024	Bireme Capital	-2.0%	-2.0%	AAPL, AI, ARM, BATS LN, CLX, ORI, RICK, TR	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	Tucker Brown	Arm Holdings plc	Information Technology	Semiconductors	Bull	NASDAQ	AI, architecture, datacenters, royalties, semiconductors	View Pitch
Feb 21, 2026	Fund Letters	HRISHIKESH (HK) GUPTA	Arm Holdings plc	Information Technology	Semiconductors	Bull	NASDAQ	data centers, margin compression, R&D, royalties, semiconductor IP	View Pitch
Feb 21, 2026	Fund Letters	Tucker Brown	Arm Holdings plc	Information Technology	Semiconductors	Bear	NASDAQ	Margins, Overhang, royalties, semiconductors, Volatility	View Pitch
Oct 5, 2025	Substack	Rijnberk Invest Insights	ARM Holdings	Technology	Semiconductors	Neutral		AI growth, ARM architecture, automotive sector, data centers, ecosystem lock-in, energy efficiency, licensing model, royalty revenue, semiconductor IP, valuation risks	View Pitch
Aug 8, 2025	Seeking Alpha	Juxtaposed Ideas	Arm Holdings plc	Information Technology	Semiconductors	Bull	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	Vladimir Dimitrov, CFA	Arm Holdings plc	Information Technology	Semiconductors	Bear	NASDAQ	—	View Pitch

BSD Shareholders of ARM

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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