ASML Archives

ASML

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	FCL Capital	-	-	ASML, BKNG, BYD, CHGG	AI, Capex, Cloud, infrastructure, semiconductors	FCL frames AI as a transformational but volatile technological wave, with potential outcomes ranging from exponential economic growth to systemic risk. They emphasize picks-and-shovels beneficiaries like ASML due to irreplaceable technological moats, while warning of overvaluation in popular AI-exposed equities. AIs long-term adoption curve continues to reshape semiconductors, cloud infrastructure, and corporate CAPEX cycles.		View
2025 Q3	Sep 30, 2025	Edgewood Management	-1.2%	5.5%	ASML, BSX, FICO, ISRG, LLY, SNPS	Artificial Intelligence, earnings growth, Large Cap Growth, risk management, Semiconductor Equipment	The presentation emphasizes a concentrated 22-stock large cap growth portfolio with roughly 28% exposure to AI infrastructure buildout, supported by disciplined risk controls including an 8% position limit and 25% sector cap. As shown in the AI framework on page 10, holdings span infrastructure enablers like NVIDIA and ASML, proprietary data platforms such as ServiceNow and Intuit, and productivity beneficiaries including S&P Global and TransDigm. Despite Q3 underperformance versus benchmarks, management added capital personally and redeployed into high-conviction names, underscoring confidence in durable earnings growth and secular AI monetization.	BSX ISRG SNPS ASML LLY FICO	View
2025 Q2	Jul 22, 2025	Harris Associates International Equity Strategy	12.8%	21.7%	105560 KS, 6273 JP, ASML, ASRNL NA, BABA, BAYN GR, CON GR, MC FP, WLN FP	Balance Sheets, currency effects, International Value, Sentiment, Valuation Discount	The letter highlights international equities as a fertile hunting ground for value opportunities due to persistent investor pessimism and currency-adjusted discounts. Management focuses on globally competitive companies trading below intrinsic value because of temporary macro or sentiment-driven headwinds. A long-term horizon and balance-sheet strength underpin the return outlook.	6273 JP ASML MC FP BABA BAYN GR CON GR 105560 KS	View
2025 Q2	Jul 19, 2025	Appalaches Capital	7.4%	6.9%	ASML, EXP, LRCX	barriers to entry, durability, Pricing Power, ROIC, Scarcity	The commentary emphasizes businesses with durable barriers to entry, pricing power, and high returns on invested capital. Examples include railroads, semiconductors, and cement producers benefiting from regulation, scarcity, and supply constraints. Barriers are framed as the foundation of long-term compounding.	ASML US LRCX US EXP US	View
2025 Q4	Mar 4, 2026	Saltlight Capital	-	30.8%	ASML, BLU SJ, CEL SJ, NVDA	-			View
2025 Q1	Mar 31, 2025	Sands Capital Select Growth Fund	-10.1%	-10.1%	AMZN, APP, APPL, ASML, AVGO, DDOG, ENTG, NET, NOW, NVDA, RBLX, SE, SNOW, SPOT, TSM, UBER	-			View
2025 Q1	Mar 31, 2025	Sands Capital Technology Innovators Fund	-10.4%	-10.4%	APP, ASML, CVNA, DASH, IOT, KVYO, MELI, NOW, NVDA, OKTA, RBLX, SE, TSM, V	-			View
2024 Q1	Mar 31, 2024	Brown Capital Management International All Company Fund	3.2%	3.2%	ASML, GRF SM, NVO, TEMN SW	-			View
2025 Q4	Feb 6, 2026	Bailard International Equity Strategy	5.5%	34.9%	ASML, AZN.L, ROG.SW	AI, defense, EAFE, Geopolitical, gold, international, Korea, Utilities	AI advancements and record investments by U.S. tech giants dominated headlines. International markets benefited from AI infrastructure demand, with Korea's remarkable run fueled by AI/semiconductor exposures. Non-U.S. stocks are involved in secular themes including AI-required infrastructure. Utilities sector led EAFE sectors with +10.1% gains, boosted by surging power demand for data centers. The data center demand tailwind supported utility performance and drove infrastructure needs. Rhetoric of self-sufficiency and national security was a prevalent theme, as countries refocused attention on security capabilities and strategic alliances. Security spending represents one of the secular themes supporting non-U.S. equity growth. Precious metals led the surge with gold climbing 65% for the year, reaching record highs of $4,300/oz. Gold's continued rise may be reflecting concern about policy risks and geopolitical tensions. Silver was up 38% in December alone and soared over 150% for the year, demonstrating remarkable precious metals performance alongside gold as investors sought safe havens from escalating geopolitical risks.		View
2025 Q4	Feb 13, 2026	Eagle Capital Management, LLC	0.0%	17.5%	ASML, BAYRY, LSEGY, SAP, SHEL, TSM, TSMC	Agriculture, energy, international, semiconductors, software, technology, value	ASML operates as an effective monopoly in EUV lithography tools, supplying every major foundry producing leading-edge semiconductors. TSMC dominates pure play semiconductor foundry manufacturing with over 90% of advanced logic chips and is at the epicenter of AI infrastructure buildout. Both companies benefit from growing demand for complex silicon wafers driven by AI adoption. Bayer operates the world's largest crop science business with leading market share in the U.S. and South America. The company is working through legal issues related to glyphosate while agriculture is in a downcycle. Crop science R&D is likely to benefit from advances in AI, with Bayer having the broadest and deepest seed and trait data sets. London Stock Exchange Group operates critical financial market infrastructure and data businesses. The company has a near-monopoly in interest rate derivatives through London Clearing House and leads electronic fixed-income trading through Tradeweb. While AI disruption concerns exist for the data business, the company's data assets should benefit from broader distribution. SAP is the world's largest enterprise software application company with ERP systems serving as the backbone for much of the Fortune 500. The company is converting its massive installed base from on-premise to higher-value cloud subscriptions. Extraordinary switching costs result in retention rates well above 90%. Shell is one of the world's largest integrated energy companies with the largest LNG business globally. New leadership has prioritized shareholder returns and hydrocarbon cash flows. The company has bought back nearly 25% of its shares over the past four years while maintaining a 4% dividend yield.	TSM SHEL LN SAP GR LSEG LN BAYN GR ASML NA	View
2025 Q4	Feb 11, 2026	Baron Fifth Avenue Growth Fund	3.3%	18.2%	ADYEN, AMZN, ASML, AVGO, CPNG, CRWD, GOOGL, ILMN, IOT, KKR, MELI, META, MPWR, NOW, NVDA, SHOP, SNOW, TEAM, TSLA, TSM	AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology	The fund is positioned for the AI transformation, viewing it as one of the biggest disruptive changes in human history. Portfolio companies are benefiting from AI infrastructure buildout, with NVIDIA at the epicenter, and companies adapting AI into core business operations for productivity gains. Strong positioning in semiconductor companies benefiting from AI demand, including NVIDIA, Broadcom, TSMC, and new addition Monolithic Power Systems. Focus on companies enabling AI infrastructure through custom accelerators, power management, and manufacturing capabilities. Investment in leading e-commerce platforms including Amazon, Shopify, MercadoLibre, and Coupang. These companies are using AI to improve recommendation engines, advertising algorithms, and customer support while expanding into new markets and services. Exposure to cloud infrastructure providers benefiting from AI demand, including Amazon Web Services, Google Cloud Platform, and Cloudflare. These companies offer full-stack AI solutions with both first-party and third-party hardware and models.	MELI CPNG META SHOP NVDA MPWR AVGO GOOGL	View
2025 Q4	Dec 31, 2025	Burke Wealth Managament The Focused Growth Strategy	2.0%	7.4%	AAPL, ADBE, ASML, BWXT, CMCSA, CRM, GOOGL, ISRG, META, MU, NOW, NVDA, ORCL, SNOW, TDG	AI, Data centers, Enterprise Software, growth, semiconductors, technology, Trade Policy	The AI revolution continues to gain steam with expectations for a slowdown in data center infrastructure spend proving incorrect. The manager believes the current AI investment cycle is different from the dot.com bubble because we don't have enough compute capacity to meet today's needs, driven by three mega-trends: transition from CPU to GPU dominated data centers, replacement of recommender systems with AI-driven systems, and future robotics and digital agents. Companies are spending hundreds of billions of dollars per year to build massive data centers capable of delivering enormous compute power. The infrastructure buildout of massive amounts of compute power needed to drive the next generation of AI applications is viewed as the most secure part of the AI food chain. The manager maintains continued investment in Nvidia and ASML and has made a relatively new investment in Micron, viewing the infrastructure buildout as the most secure part of the AI food chain. GPU dominated servers are replacing CPU servers for cheaper running of traditional workloads. The enterprise software sector faces heightened uncertainty due to the threat of AI disintermediation. The manager consolidated investments into platform companies Service Now and Salesforce while exiting Adobe, believing platforms that connect workflows across organizations are less at risk than best-of-breed apps. 2025 saw the global trade order re-written through executive orders and tweets, with tariffs being a central topic. The manager expects tariffs could remain a central topic in early 2026 depending on upcoming Supreme Court rulings on the legality of Trump tariffs imposed under the International Emergency Economic Powers Act.		View
2025 Q4	Dec 31, 2025	Edgewood Management	1.5%	7.0%	ASML, AVGO, AXON, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, Quality, semiconductors, software, technology	AI infrastructure buildout driving strong demand for semiconductors and data center components. AI Era Plan from Axon represents fastest booked product to date, with Draft One AI tool generating police reports in minutes and saving 50%+ officer time. AI expanding beyond data centers into factories and robotics, driving higher sensor content per system. Portfolio positioned for AI-driven semiconductor demand with holdings in NVIDIA, Broadcom, and ASML. AI servers require greater connector and interconnect content versus traditional servers. Semiconductor equipment companies benefiting from next-generation architecture requirements. Strong earnings growth in healthcare holdings with Eli Lilly delivering 75% EPS growth. Boston Scientific showing consistent performance with 25% EPS growth. Healthcare devices and pharmaceuticals demonstrating resilient fundamentals. Enterprise software companies showing strong fundamentals with ServiceNow, Intuit, and Synopsys delivering consistent growth. Software platforms benefiting from digital transformation and AI integration trends.	APH AXON	View
2024 Q4	Dec 31, 2024	Harding Loevner Global Equity	-	14.5%	ACN, ASML, AVGO, NFLX, NVDA, SU FP, UNH	-			View
2024 Q4	Dec 31, 2024	Baron Global Advantage Fund	11.8%	26.1%	ASML, CPNG, INDI, MELI, NET, SHOP, TSLA, TTAN	-			View
2022 Q4	Dec 31, 2022	Magellan Global Fund	-	-11.8%	ASML, MA, V	-			View
2023 Q4	Dec 1, 2024	Polen Capital – International Growth	3.3%	3.9%	6920 JP, AON, ASML, HDB, MDT, SGE LN, SHOP, TE8A GR, TEP FP, TSM, UL, ULVR LN	-			View
2025 Q3	Nov 8, 2025	Brown Advisors Global Leaders Strategy	0.5%	13.0%	ALLE, ASML, BBCA IJ, GE, GOOG, INTU, LSEG LN, MRVL, TSM, WDAY, WKL NA	GLP-1	The strategy underperformed due to not owning leading AI beneficiaries such as NVIDIA, Broadcom, and Oracle during an AI-driven rally. The letter provides extensive evaluation of AIs impact on SaaS, data providers, and financial-market infrastructure, arguing that incumbents with proprietary data and system-of-record advantages will ultimately win. AI is reshaping valuation frameworks, competitive threats, and capital allocation decisions across the portfolio.	WDAY BBCA IJ TSLA	View
2025 Q3	Nov 17, 2025	Tall Oak Capital Advisors	-	-	ASML, BABA	AI, Automation, Cloud, Robotics, semiconductors	The thematic highlight centers on humanoid robotics and AI enablement, identifying it as a transformative long-term industrial shift. Advances in hardware, sensors, and vision-language-action models support rapid commercialization across logistics, healthcare, and manufacturing. AI enablementvia semiconductors, robotics components, and cloud infrastructureremains a major structural growth theme with multi-decade potential.	TW META MSFT GS JPM NVDA ASML NA BABA US	View
2025 Q3	Oct 20, 2025	Ironvine Capital Partners, LLC	-	10.0%	ASML, ORCL, UNP	AI, ASML, Capital Allocation, Data centers, semiconductors	Ironvine presents a detailed investment case for ASML as a dominant enabler of global semiconductor production, benefiting from structural demand for advanced chips and near-monopoly economics. The letter also examines AI infrastructure expansion and emerging financial circularity risks in data center financing. The firm expects continued AI-driven growth but remains cautious of leverage buildup and speculative funding cycles.		View
2024 Q3	Oct 17, 2024	Polen Capital – International Growth	3.3%	3.9%	8035 JP, AON, ASML, ICLR, MELI, ONON, SAP GR	-			View
2025 Q3	Oct 16, 2025	Polen Capital – International Growth	-4.5%	2.1%	ASM NA, ASML, DSY FP, ICLR, MNDY, SAP, SGE LN, SHOP, TCEHY	Artificial Intelligence, emerging markets, healthcare, semiconductors, software	The fund underperformed due to volatility in software and IT sectors but reinforced its conviction in AI-driven semiconductor and automation growth. Polen initiated positions in Disco Corp and ASM International to capture the AI semiconductor supply chain, while maintaining exposure to Tencent for emerging-market digital expansion. Managers expect AI and healthcare innovation to drive future international growth returns.	ASM NA 6902 JP SAP GR MNDY US SAGE LN ICON IE ASML NA SHOP CN	View
2025 Q3	Oct 16, 2025	Platinum International Fund	9.0%	-	ASML, BABA, IQV, TSM	Artificial Intelligence, China, healthcare, semiconductors, technology	The funds outperformance stemmed from AI-related semiconductor holdings and a rebound in healthcare names after regulatory clarity. It highlights balanced positioning between the U.S. and China, with Chinese tech valuations remaining attractive. Platinum expects sustained AI investment and normalization in pharmaceutical research spending to drive multi-sector growth.	TSM	View
2025 Q3	Oct 16, 2025	Platinum Global Fund (Long Only)	10.0%	-	ASML, BABA, IQV, TSM	Artificial Intelligence, China, consumer, semiconductors, technology	The fund attributes outperformance to AI-driven semiconductor exposure and recovery in Chinese equities. It sees continued momentum in global technology leaders like TSMC, ASML, and Micron, alongside selective opportunities in undervalued Chinese tech firms. Platinum remains constructive on AI investment while emphasizing balanced exposure between U.S. and China as AI and consumer trends converge.	IQV UN	View
2024 Q3	Oct 16, 2024	Ithaka US Growth Strategy	0.2%	0.0%	ASML, BX, DXCM, ELF, MA, NOW	-			View
2025 Q3	Oct 14, 2025	Parnassus Growth Equity Fund	5.8%	-	AAPL, APPF, ASML, BRO, CMG, CRM, DE, GOOG, INSM, INTU, MELI, PODD, SARP, TSM	Artificial Intelligence, growth, healthcare, inflation, semiconductors	The fund underperformed the Russell 1000 Growth Index due to underweight positions in Apple and Tesla but gained from holdings in Alphabet, ASML, and TSMC. It highlights AI infrastructure buildout, healthcare innovation, and defensive growth through high-quality companies like Insulet and StandardAero. Management remains bullish on U.S. equities while monitoring inflation and monetization risks from AI.	PODD US SARO US	View
2025 Q3	Oct 14, 2025	Bell Global Equities Fund	3.4%	-	3064 JP, ASML	AI, Global Equities, Quality, technology, valuation	The fund emphasizes maintaining a disciplined quality at a reasonable price approach amid a speculative market phase favoring momentum and growth stocks. AI-related technology names such as ASML and Oracle are key performance drivers, while the manager expects eventual normalization as fundamentals reassert dominance. The outlook highlights opportunities to accumulate high-quality global companies as valuation gaps widen.	WM SGE ASML	View
2025 Q3	Oct 11, 2025	Torre Financial	1.7%	6.5%	ADBE, AMD, AMZN, ANET, ASML, CRM, FDS, GOOGL, INTU, MELI, META, MSFT, NVDA, ORCL, TMO, TSM	AI, growth, large cap, Quality, semiconductors, technology, US	AI-related capex spend is boosting the stock market with hyperscalers spending nearly $450 billion in 2025. The AI economy including semiconductors, energy, and data center construction have been clear winners while the rest of the market has struggled. Many large AI infrastructure deals have been announced, benefiting companies like Nvidia, OpenAI, Oracle, and AMD. Semiconductor companies have been major beneficiaries of AI spending. TSMC is described as undisputedly the best semiconductor foundry making chips for Nvidia, Google, and Meta. ASML is highlighted as the only company building critical EUV lithography machines needed for the most advanced chips. Cloud infrastructure and data center companies have outperformed significantly. Arista Networks provides high-performance networking solutions required for data centers and is displacing Cisco. The portfolio maintains exposure to cloud themes within a balanced approach. The manager emphasizes investing in very strong, proven businesses with attractive business models. All portfolio companies exhibit strong returns on capital, competitive advantages, and durable growth. The portfolio has higher ROIC, superior margins, and stronger balance sheets compared to the S&P 500.		View
2025 Q4	Jan 9, 2026	The Bristlemoon Global Fund	-6.2%	0.0%	ADBE, APP, ASML, EYE, FICO, FND, GOOGL, HD, LOW, NKE, PRTG, SBUX, SNPS, UBER	AI, growth, Housing, Restaurants, semiconductors, software, technology, value	The fund has benefited from AI winners like AppLovin, which applies machine learning to improve ad algorithms with 72% revenue growth and 89% EBITDA growth. The manager views AI as creating opportunities through the Jevons paradox, where lower content creation costs increase demand for editing tools like Adobe. PAR Technology is positioned as an AI beneficiary through its unified platform strategy enabling Coach AI functionality. ASML is highlighted as a monopoly in the semiconductor industry during an AI boom. The manager outlined bear case arguments and explained why they were misguided, with the stock appreciating from €600 to over €900 per share in a quarter as other investors agreed with their thesis. The fund holds multiple software positions including PAR Technology, Adobe, and others. PAR is viewed as benefiting from restaurant technology consolidation, with potential McDonald's partnership validation. Adobe is seen as an AI beneficiary rather than victim, trading at 15x earnings despite double-digit revenue growth. PAR Technology represents a play on restaurant technology consolidation, with potential tier-1 client wins including McDonald's. The manager believes even large tech-forward restaurants are realizing POS software is too complex to maintain internally, favoring best-of-breed vendors like PAR with unified platform strategies. Floor & Decor represents a category killer business model in hard surface flooring with 75,000 square foot warehouse stores carrying 2,350+ SKUs versus 630-680 at competitors. The company has grown comparable store sales at 11% annually over 14 years, with strong unit economics and store rollout potential to 500 locations. The manager extensively analyzes mortgage rate dynamics affecting Floor & Decor's housing-dependent business. They expect mortgage spread normalization from current 300+ basis points back toward historical 168 basis point average, potentially reducing rates to 5.5-6.0% range and unlocking housing transaction velocity.	FND 215A JP BCG LN ADBE PAR ASML NA	View
2025 Q4	Jan 6, 2026	The Baird Chautauqua International Growth Fund	0.1%	19.2%	2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, FFH.TO, GALDA.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX	AI, Automation, China, growth, international, semiconductors, Trade Policy, value	AI-related infrastructure demand drove commodities rally and memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Fanuc showcased significant advancements in AI-enabled robotics with commercialization potentially arriving in coming years. Significant de-escalation in U.S.-China trade tensions with Presidents Trump and Xi reaching agreement in October. U.S. reduced fentanyl-related tariffs and extended suspension of reciprocal tariffs for one year. Average effective U.S. tariff rate remains elevated at 17% compared to 2-3% at end of 2024. Economic data remained mixed despite trade war stabilization. Exports resilient but domestic demand stubbornly weak. Property sector downturn continues in fifth year. Policymakers identified raising household incomes as priority for boosting consumption, signaling recognition that economy's reliance on exports has become precarious. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with demand continuing to outpace supply and management seeing tightness across 2026. Fanuc reported strong robot orders up 38% year-over-year, driven by reshoring-related automation demand in North America, European automation investments, and new energy vehicle spending in China. Company showcased significant advancements in AI-enabled robotics at international robot show. Sea Limited reported strong results with revenue growing 38% and gross merchandise value growing 28%, though Shopee's adjusted EBITDA margin declined sequentially as management signaled preference for growth over near-term margin optimization with ongoing investments in logistics and fulfillment capabilities.		View
2025 Q4	Jan 6, 2026	The Baird Chautauqua Global Growth Fund	4.2%	22.1%	2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, GALP.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX	AI, China, growth, international, rates, semiconductors, Trade Policy, value	AI-related infrastructure demand drove materials and memory semiconductor outperformance. Fanuc showcased significant advancements in AI-enabled robotics with commercialization expected in coming years. Application software and IT services faced pressure on concerns that generative AI could disrupt traditional business models. Significant de-escalation in U.S.-China trade tensions with agreements reducing fentanyl-related tariffs and suspending reciprocal tariffs. Average effective U.S. tariff rate remains elevated at 17% versus 2-3% in 2024. Tariff pass-through to consumer prices has been more muted than initially feared but remains an upside risk to inflation. Chinese exports resilient despite trade tensions, with trade surplus crossing $1 trillion for the first time. Domestic demand remains weak with property sector downturn continuing. Policymakers signaled shift toward boosting household incomes as priority for consumption growth. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in the consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with management seeing supply tightness across 2026. Central bank policy paths diverged with Fed continuing easing, ECB holding steady, and BOJ raising rates to highest level in nearly three decades. Fed faces delicate balancing act between weakening labor market and inflation remaining above target.		View
2025 Q4	Jan 29, 2026	Ironvine Capital Partners, LLC	0.0%	0.0%	ADI, AMAT, AMZN, AON, APH, ASML, BRK-A, HEI, MA, MCO, MSFT, SPGI, TSM, V	aerospace, AI, Capital markets, infrastructure, payments, Quality, semiconductors, technology	Amazon's e-commerce marketplace connects massive customer base with millions of third-party sellers, providing unmatched breadth and depth at competitive prices. Its increasingly dense fulfillment network enables faster delivery speeds at lower cost, with 10% reduction in average travel distance for packages and 10% fewer touches compared to 2024. Amazon Web Services powers much of the digital world with approximately 30% market share and structurally lower unit costs than competitors. AWS offers more than 200 fully featured services and has consistently reinvested scale advantages into developer tools and proprietary chips, making customer workloads 20-40% more cost-effective. Semiconductors are the most fundamental technology in modern economies, with consumption expected to approach $1 trillion annually by end of decade. The industry has consolidated into dominant players at each key step in the value chain, resulting in deep customer relationships and prolific free cash flow generation. AI demand is driving explosive growth in datacenter interconnect requirements where companies like Amphenol are winning outsized market share. Microsoft's strategic partnership with OpenAI has created valuable new customer sources, while continued AI investments are driving demand for advanced chips across the semiconductor supply chain. HEICO benefits from aerospace industry supply chain problems as manufacturers struggle to ramp production of new aircraft. Rising air travel demand served through greater utilization of existing fleet has created higher maintenance demand, parts shortages, and price inflation - a perfect environment for HEICO to gain market share. Global payment networks Visa and Mastercard are uniquely durable businesses deeply embedded in global commerce plumbing. The digitization of payments continues as a multi-decade growth tailwind, particularly in underpenetrated geographies in Asia and Latin America, with value-added services providing additional monetization opportunities. Moody's and S&P Global operate near monopolies in credit ratings assignment, with regulatory requirements making their ratings industry standard. Both companies are on pace to set new highs in revenue and profitability driven by credit market conditions fueling widespread growth in debt issuance across the economy.	BRK.B AON MSFT V MCO HEI AMZN	View
2025 Q4	Jan 27, 2026	Polen Capital – International Growth	-2.5%	-0.5%	0700.HK, 7974.T, 8035.T, ASML, BABA, LONN.SW, MELI, MNDY, SAP, SHL.DE, SHOP, TEP.PA	AI, E-Commerce, gaming, growth, international, Quality, semiconductors, underperformance	AI adoption is transforming the global economy and creating investment opportunities. Advanced chips sit at the epicenter of everything AI related, with ASML's equipment essential to printing advanced logic and volatile memory chips. Markets are attempting to price in these technological shifts, though the transition remains volatile. Semiconductor capital equipment companies continue to benefit from investor optimism around AI. Tokyo Electron benefits from rising demand for more chip volume and more complex chips, driving investment into chip fabrication plants. The company is expected to grow revenues at high single-digit rate while increasing operating margins from 25% to 35% in the medium term. E-commerce platforms face mixed dynamics with growth opportunities offset by competitive pressures. MercadoLibre continues to benefit from low e-commerce penetration in Latin America and maintains 35%+ topline growth in its 26th year. However, Alibaba's profitability in core e-commerce has been pressured by heavy investments to compete in food and grocery delivery. Nintendo's Switch 2 launch marks the beginning of a significant upgrade cycle with potential for elevated growth in both hardware and software over the coming five years. The overall Switch installed base could reach 250 million customers, nearly doubling the customer base capable of downloading gaming titles. The company is expected to grow earnings at 30% annualized for the next few years. The investment approach focuses on businesses with durable competitive advantages, strong returns on capital, and resilient earnings. Quality companies are expected to ultimately outperform the broader market despite current market preference for cyclically sensitive businesses. This quality-focused strategy is especially important when investors embrace risk and cyclicality.		View
2025 Q4	Jan 26, 2026	Brown Advisors Global Leaders Strategy	0.0%	15.2%	ADBE, ALLE, ASML, AZO, EFX, EXPN.L, GE, GOOG, ILMN, LSEG.L, MA, MRVL, MSFT, ROG.SW, RTO.L, TSM, V, WDAY, WKL.AS, ZTS	AI, Data, global, infrastructure, Quality, technology	AI is incredibly fast moving with innovations from DeepSeek in China to chain of experts and reasoning models becoming default standards. The potential for disruption in advertising, call centers and software is running way ahead of current adoption. Three or possibly four LLMs have pulled away from the pack with feedback loops from reasoning models creating one-sided network effects from scale. Credit bureau market is effectively an oligopoly with extremely high barriers to entry due to uniqueness and scale of data. Equifax and Experian provide critical data and analytics services across various sectors with distinct growth drivers in workforce solutions, healthcare, marketing and international markets. Strategy focuses on high-quality companies with superior customer outcomes that can pass on prices and generate high levels of recurring revenue while requiring low financial leverage. Many quality compounders that were historically unjustifiably expensive have become significantly more attractive over the past couple of years.		View
2025 Q4	Jan 26, 2026	NZS Capital – Growth	-1.4%	17.9%	AJG, APH, ASML, CDNS, CMG, CSU.TO, DHR, DNP.WA, FI, FND, FROG, GOOGL, HRTX, ISRG, LIN, LRCX, MNDY, PGR, ROP, TSM, URI	AI, growth, positioning, semiconductors, software, technology, valuation	The market created a wall of worry that AI would displace existing software companies, but NZS believes software systems of record are well positioned to adapt through AI integration. Software platforms are aggressively introducing AI functionality either through internal development or APIs. The range of outcomes has widened but there is a compelling bull case where AI leads to reduced churn, new revenue streams, and accelerated operating margin expansion. Cloud software companies saw valuations decline in 2025 as the market feared AI displacement, but NZS sees opportunity in systems of record and vertical market software. These companies have attractive fundamentals including sticky revenue streams, high margins, and mission-critical positioning. The portfolio's software positioning remains focused on systems of record and vertical market software which have the best chance of adapting to AI. Semiconductor names like Lam Research, Taiwan Semiconductor, and ASML were among the top contributors for the full year. The portfolio added to IT names amid weakness in the first half of 2025 before reallocating outside of IT in the third quarter as AI euphoria returned and multiples recovered.	ISRG TSM LRCX FISV DHR GOOGL	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
2025 Q4	Jan 22, 2026	Sands Capital Emerging Markets Growth Fund	0.1%	21.6%	000660.KS, 005930.KS, 0700.HK, 1211.HK, 122870.KS, 1299.HK, 1810.HK, 2269.HK, 2454.TW, 300750.SZ, 3690.HK, 4966.TW, 500570.BO, 532978.BO, APHS.NS, ASML, BABA, BBCA.JK, CPNG, DIDI, DNP.WA, FPT.VN, FTA, GLOB, GRAB, HDB, HDFCLIFE.NS, HTHT, ICT.PS, KSPI.L, MELI, NU, PHNX.NS, RADL3.SA, SE, TSM, WEGE3.SA, WMMVY	AI, China, E-Commerce, emerging markets, growth, Memory Chips, semiconductors, technology	AI is spreading across industries, reshaping business models and driving market leadership. The firm sees an ongoing AI boom rather than a full bubble, with meaningful exposure in semiconductors and digital advertising while maintaining valuation discipline. Memory chip cycle strengthening fueled by growing AI demand. SK hynix and Samsung are effectively sold out of memory inventory for 2026 with limited capacity in 2027. High-bandwidth memory remains essential for AI servers. Select ecommerce businesses underperformed despite strong fundamentals. Sea, MercadoLibre, and Coupang faced near-term headwinds from increased investment and competitive pressure, but maintain strong long-term positioning. Defense technology entering structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications. AI advances pushing robotics forward with near-term opportunities in logistics and warehouse environments. Focus on companies that make robots reliable and economically compelling rather than headline-grabbing names. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive investment in power infrastructure. Multiyear investment cycle expected across entire power value chain.		View
2025 Q4	Jan 22, 2026	Sands Capital Global Growth Fund	6.2%	10.2%	6861.T, ADYEY, AMZN, ASML, AXON, CVNA, DOCU, DOL.TO, FLUT, GOOGL, ISRG, MELI, NET, NFLX, NOW, NVDA, SHOP.TO, SPOT, TSM, V	AI, defense, energy, global, growth, 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 opportunities in logistics and warehouse environments. Amazon's fulfillment network demonstrates how systems can share data and work safely with people. The energy transition is blending with new power demand from data centers, transportation, and industry, straining grids and forcing aggressive investment in power infrastructure. Expecting a multiyear investment cycle across the entire power value chain. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the 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 supporting internet, defense, navigation, and climate monitoring. SpaceX has led efforts to lower launch costs by 95%, making supply cheaper and expanding viable missions.	ARGX APP SPOT MELI DASH AXON NFLX TSM TITAN IN GALD SW ISRG GOOGL	View
2025 Q4	Jan 22, 2026	Touchstone Sands Capital International Growth Equity 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 22, 2026	Sands Capital Technology Innovators Fund	6.2%	14.7%	AMZN, APP, ASML, AVGO, AXON, CPNG, CVNA, DASH, DDOG, DUOL, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, PANW, PLTR, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, TSM, V	AI, defense, global, growth, innovation, Robotics, semiconductors, technology	AI continues to transform industries and drive market leadership, with infrastructure buildout continuing despite concerns about bubble-like excesses. The firm maintains meaningful exposure to AI enablers including semiconductors and digital advertising while staying disciplined on valuation and business quality. Semiconductor demand continues to outpace supply with visibility for AI-related spending extending into 2027. The portfolio maintains selective exposure focused on leading-edge logic chips and custom AI chip design services, with companies like TSMC and Broadcom positioned as key beneficiaries. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus areas include autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. The focus is on companies that make robots reliable, safe, and economically compelling rather than just headline-grabbing. Energy transition is blending with new power demand from data centers and AI infrastructure, creating a multiyear investment cycle across the entire power value chain. Opportunities emerging in companies that combine scale, speed, and technology to address grid complexity. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is now a core operating requirement and foundation for trust with customers, regulators, and partners. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. Costs are falling, tools are easier to use, and demand is rising, creating growing businesses with steady long-term revenue potential.	PLTR AVGO GOOGL MSFT NFLX NU SHOP KVYO CVNA TSM	View
2025 Q4	Jan 21, 2026	Columbia Global Technology Growth Fund	2.0%	25.1%	AAPL, AMZN, ASML, AVGO, GOOGL, HOOD, LRCX, META, MSFT, MU, NFLX, NOW, NVDA, ORCL, TSM	AI, Cloud, global, growth, semiconductors, technology	The fund views AI as being in early innings of a long-term secular growth trend that will take years or decades to play out. The quarter marked a critical transition from experimental pilots to scaled enterprise implementations, with markets scrutinizing elevated investment levels and the path from capital expenditure to cash-flow generation. AI-driven demand is driving insatiable chip demand and productivity gains of 10-30% for knowledge workers. Semiconductor companies experienced strong performance driven by AI demand, with memory-chip suppliers surging on supply constraints. Taiwan Semiconductor Manufacturing received overwhelming validation of insatiable AI chip demand, while Micron Technology sold out its entire 2026 production of advanced memory chips with pricing locked through the following year. The sector benefits from continuous capacity expansion requirements. Cloud infrastructure remains a key focus with AI-driven demand from enterprise customers. Alphabet's cloud business showed strong performance with key contract wins from the Pentagon and AI pioneer Anthropic. The fund continues to monitor cloud commitments and infrastructure spending as part of AI buildout strategies.	NOW MU TSM GOOGL	View
2025 Q4	Jan 21, 2026	Platinum International Technology Fund	0.0%	13.0%	AMD, AMZN, ANET, ASML, AVGO, CPNG, ENR.DE, GEV, ISRG, LRCX, MA, MSFT, NVDA, RHM.DE, SAP, SHOP, TSM, UBER, VEEV, VRT	AI, Capex, Data centers, defense, energy, growth, semiconductors, technology	AI disruption is reshaping consumer internet companies and hyperscalers as OpenAI's growth shifts attention from traditional platforms. The industry remains in an arms race to secure capacity for training larger models, funded by big tech balance sheets. AI agents threaten existing paradigms in consumer tech and could cannibalize advertising revenues while potentially making platforms commoditized. Around a third of the Fund is invested in companies benefiting from AI datacenter buildout including Nvidia and Vertiv. The manager expects big tech capex growth of ~35% year-on-year is too conservative, with TSMC AI wafers revenue growing ~60% YoY and advanced packaging capacity growing ~70% YoY. Lower interest rates and AI's role in US-China competition could prolong this cycle. Semiconductor names like TSMC and Lam Research were key contributors this quarter, reflecting expectations that new capacity will be needed in 2026 to support AI compute growth. TSMC is viewed as a key bottleneck in the AI value chain as the only company who can make leading edge AI chips at scale. The fund initiated positions in Siemens Energy and GE Vernova, both sitting in an oligopoly supplying combined-cycle gas turbines to utilities and data centers. With US power shortages and rising electricity prices, both companies are expected to add capacity, driving volumes and margins above consensus. Five percent of the Fund is invested in defense companies such as Rheinmetall and Exosense. The manager sees the beginning of a decade-long capex cycle driven by multi-polar geopolitics, the emerging need to integrate disparate hardware systems, and the growth of AI applications in unmanned system platforms.	2330 TT VEEV TSM UBER J	View
2025 Q4	Jan 20, 2026	Appalaches Capital	1.7%	16.5%	ACGL, ASML, AZO, EXP, GOOGL, PGR, PM, VMC	alpha, Concentration, large cap, long-term, Patience, Quality, value	The manager emphasizes investing in companies with steep competitive advantages and durable value propositions. Portfolio construction focuses on 12-15 concentrated investments in unique, independent businesses with barriers to entry that protect economic profitability for decades. Earning acceptable returns requires buying at acceptable prices, which requires patience. The manager focuses on finding quality companies that are undervalued at specific points in time, rebalancing toward those with more attractive prices when discounts appear.	ASML GOOG	View
2025 Q4	Jan 20, 2026	Harding Loevner International Equity	4.2%	27.6%	005930.KS, 0700.HK, 1299.HK, 1398.HK, 2330.TW, 6758.T, ALC.SW, ALFA.ST, ALV.DE, ASML, ATCO-A.ST, BBVA, D05.SI, MELI, NTES, NVO, NVS, ROG.SW, SE, SU.PA	AI, defense, emerging markets, international, semiconductors, technology, Valuations	AI represents a capital-expenditure regime with two distinct camps: demand-side hyperscalers investing in compute capacity, and supply-side physical enablers spanning chip foundries, memory makers, and infrastructure providers. The portfolio holds companies across this ecosystem including TSMC, Samsung Electronics, ASML, and power management providers like Delta Electronics and Schneider Electric. The semiconductor ecosystem is central to AI buildout, with the portfolio holding foundries like TSMC, memory producers like Samsung Electronics, and equipment suppliers including ASML, Disco Corp, and Lasertec. These companies represent the physical enablers of AI infrastructure despite potential cyclical risks if AI capex slows. EM exposure increased to roughly 30% of the portfolio, the largest weight ever, driven by compressed valuations and opportunities in companies like CATL, Delta Electronics, Naver, and Tencent. The manager sees attractive risk-reward profiles in EM companies where fundamentals remain robust despite underperformance. Added BAE Systems amid broader European defense sell-off, capitalizing on sustained higher defense budgets in Europe and modernization push in the US. BAE's intellectual property, government relationships, and program execution track record support resilient profitability even through periods of restrained spending. Portfolio includes e-commerce operators MercadoLibre and Sea Limited, as well as Naver which is South Korea's second-largest e-commerce business. These companies benefit from AI-based targeting and automated ad-generation tools that can expand revenue opportunities and improve monetization.	BA LN 035420 KS	View
2025 Q4	Jan 20, 2026	Harding Loevner Global Equity	1.9%	12.7%	0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300760.SZ, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, COMP.L, CSGP, D05.SI, DE, DHR, DPLM.L, EFX, ELV, EPI-A.ST, FN, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY	AI, global, international, semiconductors, technology, value	AI represents a capital-expenditure regime with two distinct camps: hyperscalers investing in computing capacity and physical enablers of the buildout. The US market is more dependent on AI continuing to surprise to the upside due to richer valuations and concentrated exposure. Global semiconductor ecosystem enables AI buildout, spanning chip foundries, memory-chip makers, and equipment manufacturers. International markets are more heavily tilted toward this manufacturing and infrastructure provider segment. International markets trade at roughly half the multiples of US stocks, offering more attractive valuations. Non-US markets start from cheaper valuations and possess more diverse growth opportunities unrelated to AI.	GOOG	View
2025 Q4	Jan 18, 2026	BNY Mellon Appreciation Fund	1.3%	10.2%	AAPL, AMZN, ASML, BA.L, ETN, GOOGL, INTU, ISRG, LLY, MC.PA, META, MSFT, NOW, NVDA, TSM, V	AI, consumer, earnings, Fed policy, large cap, technology, Trade Policy, volatility	Technology companies reported strong revenue and earnings growth with pledged increases in capital expenditures as computing demand outstrips supply. Over $1 trillion in partnerships between OpenAI and public technology companies were announced for AI chips, datacenters, and cloud computing. However, investor concerns arose around circular funding deals reminiscent of vendor financing and uncertain return profiles. The industrials sector benefited from continued data center construction and investments made to modernize the electric grid. This reflects the infrastructure buildout required to support AI computing demand and digital transformation. Consumer reports highlighted an increasingly pronounced bifurcation, with higher-income consumers continuing to spend broadly and lower-income consumers seeking out value and trading down. This reflects the impact of high interest rates on consumer behavior. President Trump and Chinese Leader Xi met and agreed on de-escalatory moves that reversed trade restrictions previously imposed. The U.S. government approved the sale of scaled-down AI chips to China in a further thawing of relations. However, the oscillating nature of tariff negotiations remains a risk.		View
2025 Q4	Jan 18, 2026	Magellan Global Fund	0.1%	3.0%	AMZN, ASML, CMG, GOOGL, MA, META, MSFT, NESN.SW, NFLX, NVO, PG, RMS.PA, SAP, TSM, UNH, V, YUM	AI, Cloud, global, growth, Luxury, Quality, semiconductors, technology	AI investment boom driving strong earnings growth expectations of 13-14% in 2026. Portfolio exposed to highest-quality players in AI value chain including cloud providers benefiting from increased AI adoption. Risks include potential slowdown in AI investment growth due to power, labor and material constraints. Amazon AWS showing acceleration in growth and margin expansion from increased capex spend, with notable deals to provide computing to OpenAI. All incumbent cloud providers viewed as winners from increased AI application adoption despite short-term positioning shifts. Hermès highlighted as structurally advantaged business with rare durability built on craftsmanship and restraint. Company has delivered exceptional consistency through cycles with disciplined supply, minimal discounting and limited fashion risk, insulating it from cyclical luxury demand pressures. TSMC performing strongly on continued strength in semiconductor demand for AI applications, described as insane by CEO. Company has cemented dominant position at leading edge and begun mass production of 2nm chips using new Gate All Around transistor architecture.	MSFT GOOG TSM	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 All Cap	-	19.0%	005930.KS, 3317.T, 4519.T, 6869.T, 8035.T, ASML, AUTO.L, DSV.CO, EXO.MI, GAW.L, MC.PA, MELI, NMET.DE, RMV.L, ROG.SW, TSM	AI, growth, healthcare, international, Luxury, Quality, semiconductors, technology	AI continues to drive robust demand for advanced chips, particularly benefiting TSMC and related semiconductor equipment companies. However, AI tools and functionality create uncertainty for online platforms like Rightmove and Autotrader, as markets take a cautious stance on potential position erosion or increased investment needs. The impact appears mixed across sectors with clear benefits for chip manufacturers but concerns for consumer-facing platforms. Semiconductor companies were among the most significant contributors to performance, driven by robust demand for advanced chips used in artificial intelligence. TSMC benefited from AI chip demand, Samsung was supported by improving memory market conditions particularly high bandwidth memory, and related equipment companies like ASML, Tokyo Electron and Chroma also performed well during the quarter. The portfolio maintains a structural bias towards high-quality growth businesses, though this created headwinds during the quarter as quality stocks underperformed the broader international market by a margin rarely seen in recent years. The manager emphasizes focus on exceptional businesses with durable competitive advantages, strong balance sheets, and compelling long-term growth opportunities. LVMH contributed positively to performance in the quarter, supported by improving trends in Asia and the resilience of its leading brands after a period of weaker demand for luxury goods. The recovery suggests stabilization in the luxury sector following previous weakness.		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	Brown Capital Management International All Company Fund	-6.5%	0.0%	ASML, FLTR.L, HUB.AX, REA.AX, SHOP.TO, XRO.AX	AI, EGCs, growth, international, long-term, Quality, technology, underperformance	About one-quarter of underperformance came from market distinctions between AI winners and losers. Companies viewed as AI enablers like ASML and Camtek benefited, while businesses perceived to have AI disruption risk like online classifieds and software companies experienced valuation pressure. The firm assessed AI impact using four factors: data defensibility, workflow stickiness, substitution risk, and adaptation ability. Shopify was highlighted as a leading global commerce platform serving as the operating system for modern commerce. The company showed accelerating growth with 32% revenue growth and strong international expansion. Online pharmacy Apotea was added as a new position, benefiting from the structural shift toward online channels in Sweden's pharmacy market. REA Group operates Australia's leading online property marketplace with substantial scale advantages and network effects. The company was impacted by AI-related sentiment despite solid fundamentals and operational execution. The firm remains confident in marketplace platforms that sit at the center of high-value transactions with trusted, market-leading positions. The firm focuses on Exceptional Growth Companies (EGCs) with mission-critical products, durable competitive advantages, and ability to compound value over decades. 2025 was difficult for quality growth attributes as capital flowed toward more cyclical, capital-intensive businesses. The portfolio comprises growing, profitable companies providing mission-critical products that are difficult to replace. Temenos provides core banking software with cloud-native platforms managing banks' critical systems. The company showed strong operating performance despite leadership transition, with accelerating subscription revenue and expanding margins. Xero offers cloud-based accounting software with high-recurring subscription model and broad ecosystem integrations.	TECN SW AUTO NO TEMN SW HUB AU XRO AU SHOP FLTR LN REA AU	View
2025 Q4	Jan 14, 2026	Emerald Wealth Partners – Focused Equity Strategy	2.1%	13.2%	1179.HK, 8035.T, AHT.L, AMAT, AMZN, ASML, AVGO, BLK, CB, CSU.TO, DE, DEO, GOOGL, LMT, LSEG.L, MSFT, NOW, ORCL, SHEL, TMO	AI, China, Quality, semiconductors, technology, Trade Policy, value	AI dominated 2025 with massive data center investment announcements including OpenAI's $300 billion commitment and Meta's five-gigawatt Hyperion data center. The manager sees AI driving demand for semiconductor tools and custom chips, positioning companies like Applied Materials, ASML, and Broadcom to benefit from the infrastructure buildout. Semiconductor companies were top performers with Applied Materials up 59.6% and ASML up 55.8%. The manager emphasizes the bright prospects for chip design tools given silicon requirements for AI deployment, while also initiating Broadcom for its custom chip capabilities serving cloud hyperscalers. Trump announced the highest tariffs since the 1930s, with effective rates settling around 17% after negotiations. This triggered initial market corrections but companies adapted by flexing supply chains, with macroeconomic consequences remaining benign on inflation and GDP fronts. China had a strong year with the Hang Seng up 32% as investors warmed to signals that regulatory tightening was over. Chinese tech companies demonstrated ability to deploy AI efficiently at lower costs despite GPU restrictions, while valuations became attractive after years of consolidation. The manager focuses on high-quality compounders trading at discounts after being left out of the AI rally. They target companies generating strong free cash flow with high ROIC that can redeploy capital effectively, finding opportunities in unloved sectors and geographies like Swiss stocks at multi-year valuation lows.		View
2025 Q4	Jan 14, 2026	Emerald Wealth Partners – Growth Equity Strategy	3.0%	16.0%	0700.HK, 6857.T, 8035.T, AAPL, AMZN, ASML, AVGO, AZN.L, BABA, FTNT, GOOGL, META, MSFT, NOW, NVDA, ORCL, TMO, TSM	AI, China, Cloud, cybersecurity, growth, infrastructure, semiconductors, technology	AI continues to show rapid progress with Google's Gemini 3 representing a significant leap in capabilities. The manager believes we may be nearing a Barnes & Noble moment where widespread business adoption accelerates, similar to internet adoption after 1995. They maintain strategic positioning in AI infrastructure companies with strong moats. Semiconductor equipment holdings drove strong Q4 performance, benefiting from improving industry outlooks and attractive valuations. The manager reduced underweight in Nvidia while favoring Broadcom's ASIC strategy, expecting custom silicon to gain market share in AI data centers. Following extensive research including a field trip, the manager re-entered Chinese technology and e-commerce through Alibaba and Tencent. They believe the regulatory environment has shifted from crackdown to active support, creating opportunities to buy excellent businesses at compelling valuations despite ongoing geopolitical tensions. Cloud infrastructure remains critical to AI deployment with companies like Alibaba holding 30% of China's cloud market and integrating AI capabilities. The manager sees cloud as essential infrastructure for the AI ecosystem with substantial growth runway as penetration remains below Western markets. The manager added back to Fortinet following 40% underperformance, seeing the company positioned to benefit from secular tailwinds in cybersecurity and vendor consolidation. Strong customer switching costs and network effects support continuous market share gains despite recent volatility.		View
2025 Q4	Jan 13, 2026	Generation Investment Management Global Equity	-	-	ADYEY, AMZN, ASML, CRM, CSL, DHR, GOOGL, LEGN.PA, MCO, MELI, MSCI, MSFT, SIK.SW, SNPS, SPOT, SU.PA, TMO, TSM, VWS.CO, WDAY	AI, Energy Transition, global, long-term, Quality, sustainability, technology, valuation	Generation believes computing power demand will roughly triple if a third of internet users interact with AI services via voice for 20 minutes daily. They invest across the AI build-out from chip manufacturing (TSMC, ASML) to electrical equipment (Legrand, Schneider) to cloud companies. Roughly one third of the portfolio is involved in AI build-out in some capacity. Generation focuses on quality companies with strong pricing power, indispensable products, and long-term thinking management teams. They believe quality stocks have had one of their weakest relative performances in 15 years, creating attractive valuations. The portfolio has never been so cheaply valued relative to benchmark despite faster earnings growth. MercadoLibre serves as Latin America's core digital infrastructure, operating in 18 countries with strong positions in Brazil, Argentina and Mexico. The platform handled 1.8 billion shipments in 2024, roughly doubling from 2020 figures. Over half a million SMEs sell on the platform representing upwards of 70% of gross merchandise sales. Generation invests across the payments ecosystem including Visa, Mastercard, PayPal, and Adyen. Adyen processes EUR 1.4 trillion of payments with a single global platform approach. More than half of MercadoLibre users say Mercado Pago was their first digital payment method, demonstrating the financial inclusion benefits. The portfolio includes renewable energy companies like Vestas Wind Systems and energy efficiency companies like Legrand and Schneider Electric. Companies are setting science-based emissions targets with 67% of portfolio covered by validated targets. The transition faces political headwinds but technological and economic advances continue to accelerate.		View
2025 Q4	Jan 11, 2026	Oldfield Partners Overstone Global Large Cap	6.3%	34.7%	005930.KS, ASML, BABA, BNZL.L, CNHI, EXO.MI, HEN3.DE, LLOY.L, MT, NVDA, PHG, RACE, STLA, TSM, UHR.SW	AI, diversification, global, Luxury, semiconductors, technology, value	AI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. The fund focuses on investing in companies with low valuations that are unloved, ignored, or out of favor but remain fundamental to the global economy. Despite persistent bubble discussions, opportunities continue to exist away from media headlines in companies trading at attractive valuations. New investment in Swatch represents exposure to luxury watch brands including Omega, Longines, Tissot, and others. The investment thesis is based on tangible assets including Swiss real estate and the potential for operating leverage when luxury demand recovers from current structural pressures.		View
2024 Q3	Sep 30, 2024	Harding Loevner Global Equity	5.2%	15.6%	AAPL, ADYEN, AIA, AMAT, AMZN, ASML, DHR, HLN LN, KER FP, OR FP, PINS, RGEN, SU FP, TMO	-			View
2024 Q3	Sep 30, 2024	Hardman Johnston Global Equity	4.5%	22.2%	ASML, HWM, MELI, META, PRX NA, SAF FP, TEAM, VRTX	-			View
2024 Q3	Sep 30, 2024	Hardman Johnston International Equity	5.7%	17.2%	1299 HK, 7011 JP, 8750 JP, 8795 JP, ASML, HDB, MELI, NEX FP, NOD NO, NVO, PRX NA, PRY IM	-			View
2024 Q3	Sep 30, 2024	American Century International Growth Fund	6.6%	0.0%	669 HK, 6981 JP, 7011 JP, ASML, BVI FP, CLNX SM, ICON, NESN SW, NVO, ONON	-			View
2024 Q3	Sep 30, 2024	Impax Global Environmental Markets Fund	7.9%	14.0%	A, AMAT, ASML, CARR, CGNX, PNR	-			View
2024 Q2	Jul 18, 2024	Harding Loevner Global Equity	5.2%	15.6%	AAPL, ADYEN NA, ASML, CRM, DHR, GLOB, MSFT, NVDA, TSM, VRTX	-			View
2022 Q2	Jun 30, 2022	Baron Opportunity Fund	4.0%	25.1%	AMD, AMZN, ARGX, ASML, GOOG, MSFT, NET, NVDA, TSLA	-			View
2023 Q1	May 23, 2023	ClearBridge Investments Large Cap Value	0.0%	0.0%	ASML, AZPN, CASY, DISH, EMR, MCK, META, MSFT, SCHW	-			View
2025 Q1	Apr 21, 2025	Appalaches Capital	0.5%	0.5%	ACGL, ASML, AZO, CNR CN, CSX, LAD, LRCX	-			View
2025 Q1	Apr 14, 2025	Parnassus Growth Equity Fund	-8.6%	-8.6%	ADBE, ADYEY, APP, ASML, BRO, BSX, CRM, CSGP, DDOG, DE, EFX, EXAS, GEV, MSCI, PCOR, SN, SNPS, V, VRTX	-			View
2023 Q1	Mar 31, 2023	ClearBridge Investments International Growth ADR Strategy	5.7%	0.0%	AAGIY, AIA, ASML, BNP GR, CPU AU, CRH, CS, DTE GR, RCRT, SAP, TCEHY	-			View
2024 Q4	Feb 24, 2025	Mar Vista Global Equity Fund	-3.3%	12.7%	AMT, AMZN, ASML, AVGO, CRM, DIS, NESN SW, NZM GR	-			View
2024 Q4	Jan 23, 2025	NZS Capital – Growth	-1.3%	20.5%	ASML, MCHP	-			View
2024 Q4	Jan 14, 2025	Ithaka US Growth Strategy	8.2%	30.2%	AMD, AMZN, ASML, NOW, PLTR, UBER	-			View
2023 Q2	Jan 8, 2023	Saltlight Capital	15.6%	35.6%	APP, ASML, BLU AJ, LRCX, NVDA, PPE SJ, TCP AJ	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 26, 2026	Fund Letters	Alan Breed	ASML Holding N.V.	Information Technology	Semiconductor Materials & Equipment	Bull	New York Stock Exchange	Artificial Intelligence, Capital equipment, Euv, Lithography, market share, secular growth, semiconductors	View Pitch
Feb 4, 2026	Twitter / X	@jukan05	ASML Holding N.V.	Semiconductors & Semiconductor Equipment	Semiconductor Equipment	Bull	NASDAQ	AWS, Broadcom, EMIB, Euv, Foundry, Intel, Lithography, Netherlands, NVIDIA, Packaging, semiconductors	View Pitch
Jan 30, 2026	Seeking Alpha	Seeking Alpha	ASML Holding N.V.	Semiconductors	Semiconductor Equipment & Materials	Neutral	Euronext Amsterdam	ASML Holding N.V., currency exposure, free cash flow yield, geopolitical risks, growth expectations, market leader, Pricing power, record bookings, semiconductor equipment, valuation concerns	View Pitch
Jan 30, 2026	Seeking Alpha	Seeking Alpha	ASML Holding NV	Technology	Semiconductor Equipment	Neutral	NASDAQ Stock Market	AI demand, ASML Holding NV, Dutch equity market, EPS growth, EUV lithography, forward valuations, gross margins, PEG ratio, risk/reward, semiconductor equipment	View Pitch
Jan 30, 2026	Substack	Rijnberk Invest Insights	ASML Holding N.V.	Semiconductors	Semiconductor Equipment & Materials	Bull	NASDAQ Stock Market	advanced nodes, AI-Driven Demand, capacity expansion, EUV lithography, financial health, geopolitical risk, order intake, Pricing power, R&D investment, semiconductor equipment	View Pitch
Jan 23, 2026	Fund Letters	Jake Keys	ASML Holding N.V.	Information Technology	Semiconductor Equipment	Bull	NASDAQ	AI, Lithography, mispricing, Monopoly, semiconductors	View Pitch
Jan 8, 2026	Fund Letters	David Herro	ASML Holding N.V.	Information Technology	Semiconductor Equipment	Bull	Euronext Stock Exchange	CapEx, Euv, growth, Lithography, Monopoly, semiconductors	View Pitch
Jan 8, 2026	Substack	Winter Gems	ASML Holding	Semiconductors	Semiconductor Equipment	Bear	NASDAQ Stock Market	AI CAPEX boom, ASML, China, EUV lithography, growth projection, market dominance, risk mitigation, semiconductors, valuation	View Pitch
Jan 8, 2026	Substack	Monopolistic Investor	ASML Holding N.V.	Semiconductors	Semiconductor Equipment & Materials	Bull	NASDAQ Stock Market	ASML, capital allocation, China sales, High-NA machines, Intel, R&D investment, semiconductors, supply chain, technological leadership, TSMC	View Pitch
Nov 29, 2025	Fund Letters	Robert J. Mark	ASML Holding NV	Information Technology	Semiconductor Equipment	Bear		AI, Cyclicals, Equipment, semiconductors, valuation	View Pitch
Nov 29, 2025	Fund Letters	Paulina McPadden	ASML Holding NV	Information Technology	Semiconductor Equipment	Bull		AI, backlog, Euv, Lithography, Monopoly, recurring revenue, semiconductors	View Pitch
Nov 29, 2025	Fund Letters	Ned Bell	ASML Holding NV	Information Technology	Semiconductor Equipment	Bull	Euronext Stock Exchange	AI, CapEx, Euv, growth, Lithography, semiconductors, technology	View Pitch
Nov 28, 2025	Fund Letters	Paulina McPadden	ASML Holding NV	Information Technology	Semiconductor Equipment	Bull		AI, backlog, Euv, Lithography, Monopoly, recurring revenue, semiconductors	View Pitch
Oct 6, 2025	Value Investors Club	Wrangler	ASML Holding NV	Information Technology	Semiconductor Equipment	—	NASDAQ	EUV, DUV, semiconductors, lithography, monopoly, TSMC, Intel, AI, High-NA, Hyper-NA, wafer growth	View Pitch
Aug 8, 2025	Seeking Alpha	Oakoff Investments	ASML Holding N.V.	Other	-	Bull	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	Oliver Rodzianko	ASML Holding N.V.	Information Technology	Semiconductor Equipment & Materials	Neutral	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	Deep Value Investing	ASML Holding N.V.	Information Technology	Semiconductor Equipment & Materials	Bull	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	Agar Capital	ASML Holding N.V.	Information Technology	Semiconductor Equipment & Materials	Bear	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	Jonathan Weber	ASML Holding N.V.	Information Technology	Semiconductor Equipment & Materials	Bull	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	Juxtaposed Ideas	ASML Holding N.V.	Information Technology	Semiconductor Equipment & Materials	Bull	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	Tech Stock Pros	ASML Holding N.V.	Information Technology	Semiconductor Equipment & Materials	Bull	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	On the Pulse	ASML Holding N.V.	Information Technology	Semiconductor Equipment & Materials	Bull	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	Semiconductor Analyst	ASML Holding N.V.	Information Technology	Semiconductor Equipment & Materials	Neutral	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	Sergio Mellado	ASML Holding N.V.	Information Technology	Semiconductor Equipment & Materials	Bull	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	Bay Area Ideas	ASML Holding N.V.	Information Technology	Semiconductor Equipment & Materials	Bull	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	JR Research	ASML Holding N.V.	Information Technology	Semiconductor Equipment & Materials	Bull	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	Envision Research	ASML Holding N.V.	Information Technology	Semiconductor Equipment & Materials	Neutral	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	The Asian Investor	ASML Holding N.V.	Information Technology	Semiconductor Equipment & Materials	Bull	NASDAQ	—	View Pitch

BSD Shareholders of ASML

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.

ASML

ASML

Letters With This Ticker

Pitches With This Ticker

BSD Shareholders of ASML

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