AZE-BR

AZE-BR

AZE-BR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Norbury Capital	-	24.4%	AZE.BR, IMCD.AS, MEDCL.PA, PHLL.L	Consolidation, Distribution, Europe, SmallCap, Specialty Chemicals	Focus on high-quality specialty chemicals distribution businesses like Azelis and IMCD that connect suppliers with smaller end-customers. These asset-light businesses benefit from industry consolidation and outsourcing trends, with operational profit closely aligning with free cash flow. However, the sector faces headwinds from prolonged destocking cycles and weak global trade conditions.		View
2024 Q3	Sep 30, 2024	Oakmark Fund- International Small Cap	11.9%	-	ALV, ATEA.OL, AZE.BR, ICP.L, LOOM.ST, LXS.DE, MEGACPO.MX, SJP.L, TITC.L	Europe, financials, industrials, international, small caps, value	The fund focuses on buying stocks when they significantly underperform estimates of intrinsic value and selling when the gap narrows. They purchased Azelis Group at a discount to peers due to macro weakness and private equity overhangs creating opportunity.	AZEG.BR MEGACPO.MX SJP.L	View
2024 Q2	Jul 5, 2024	Ennismore Global Equity Fund	3.0%	5.1%	9404.T, ADM.L, AUTO.L, AZE.BR, BECLE.MX, CLNX.MC, DIE.BR, IDS.L, KWS.L, MRO.L, NNI, PHLL.L, RYA.L, SCHA.OL, VVV	Airlines, Cost Leadership, Crisis Opportunities, insurance, Long/Short, SMID Cap, value	Ryanair represents a cost leadership opportunity in a commodity industry. The company has material cost advantages from low-priced aircraft purchases, higher fleet utilization, and lower airport costs. Current fare weakness presents a buying opportunity as the company will emerge stronger from industry challenges, similar to how it benefited from Covid disruptions.	RYA.L ADM.L	View
2025 Q2	Jul 17, 2025	Oakmark Fund- International Small Cap	17.0%	-	9962.T, ALI.PS, AMP.MI, ASML, AZE.BR, BKFA.OL, GXI.DE, JEN.DE, TMV.DE	Asia, Europe, financials, industrials, international, semiconductors, small cap, value	The fund consistently identifies companies trading at discounts to intrinsic value, with multiple new purchases made when stocks approached attractive entry points. Examples include Amplifon at its lowest valuation in over 10 years and TeamViewer trading at extremely attractive levels despite improving business quality.	9962.T JEN.DE BAKKA.OL ALI.PS AMP.MI TMV.DE 086790.KS JEN GR AMP IM TMV GR	View
2025 Q1	Jun 2, 2025	Baumann Capital	-	-	AHT.L, AZE.BR, BNR.DE, DPLM.L, FIX, GET.PA, GOOGL, IMCD.AS, POOL, RWH.L, UNVR, URI, WSO	AI, Distribution, durability, Europe, Specialty Chemicals	Manager discusses AI's transformative impact on investment research and business models. While AI tools like ChatGPT-4o enhance research efficiency, they create challenges for traditional software companies and make survival forecasting more difficult. The manager emphasizes that AI cannot replace primary research and human judgment in investment decisions.	AZE.BR	View
2026 Q1	Apr 28, 2026	FPA Crescent Fund	-1.6%	-1.6%	AON, AZE.BR, BDX, GLEN.L, GOOGL, TEL	healthcare, international, Portfolio Management, SMID Cap, technology, value			View
2025 Q4	Dec 31, 2025	Rubicon equities	0.0%	11.3%	AZE.BR, IMCD.AS, JST.DE, NVM.DE, SBS.DE, UI1.DE	Chemicals, contrarian, Cyclical, Germany, SMID Cap, Telecom, value	Major investments in chemical distributors Azelis and IMCD during industry downturn. Both are global value-added distributors with asset-light business models, strong free cash flow generation, and serial acquisition capabilities. Current chemical industry weakness creates attractive entry valuations. Anti-cyclical investment strategy targeting unloved sectors with attractive valuations. Portfolio positioned in companies trading at significant discounts to historical levels while maintaining high-quality business models and strong fundamentals. United Internet's 5G network buildout creating strategic positioning for industry consolidation. Company now positioned as decisive player in potential German telecom consolidation from 4 to 3 network providers, with significant synergy opportunities.	UTDI GR	View
2023 Q4	Dec 31, 2023	Zeno	-	-	APH, AZE.BR, CSU.TO, DHR, DSGX.TO, GE, HEI, IPUMP.MI, LIN	Founder Mindset, Investment Criteria, Market Power, Portfolio Transition, Quality	The fund applies three rigorous investment criteria: market power, reinvestment opportunity, and founder mindset. Companies must demonstrate all three characteristics to qualify for investment. This quality-focused approach led to significant portfolio changes as existing holdings were tested against these standards.		View
2025 Q3	Oct 31, 2025	Tweedy, Browne International Value II	2.1%	18.8%	003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 6302.T, 6777.T, 7267.T, 7716.T, 7741.T, 7844.T, 7988.T, AZE.BR, BA.L, BIDU, BKG.L, BREE.L, BRK-A, CNH, DEO, FDX, GOOGL, GRAF.L, HEIA.AS, IONS, JNJ, JSG.L, KOF, NA.TO, NESN.SW, NVS, NVST, PETS.L, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SKF-B.ST, SOP.PA, SW.PA, TFC, TP.PA, TREL-B.ST, TTE, U11.SI, USB, VRTX, WFC	Currency, dividends, Europe, Hedging, international, Japan, value	The firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance.	AZE	View
2025 Q3	Oct 31, 2025	Tweedy, Browne International Value II	1.4%	23.2%	003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 7270.T, 7276.T, 7716.T, 7988.T, AALB.AS, AZE.BR, BA.L, BIDU, BKG.L, BREE.L, BRK-A, CNHI, CRH.L, D05.SI, DGE.L, DHL.DE, FDX, GOOGL, HEIA.AS, INCH.L, IONS, J36.SI, JNJ, JSG.L, KOF, MEGACPO.MX, NA.TO, NESN.SW, NOVN.SW, NVST, PETS.L, PRU.L, ROG.SW, RUI.PA, SAF.PA, SOP.PA, SW.PA, TFC, TREL-B.ST, TTE, U11.SI, USB, VRTX, WFC, ZURN.SW	Currency, dividends, ETFs, Europe, Hedging, international, Japan, value	The firm emphasizes investing in companies that combine financial strength, reasonable valuations, and capacity to weather uncertain times. They focus on businesses trading at discounts to conservative estimates of underlying intrinsic value. The valuation gap between US and non-US equities remains significant despite recent outperformance.	AZE	View
2025 Q3	Oct 31, 2025	Tweedy, Browne Value Fund	3.8%	16.0%	003550.KS, 005930.KS, 0116.HK, 0590.HK, 2531.T, 4368.T, 6302.T, 6777.T, 7270.T, 7276.T, 7709.T, 7716.T, 7988.T, AKE.PA, AZE.BR, BA.L, BAB.L, BKG.L, BREE.L, CNHI, D05.SI, DGE.L, GRAF.L, HEIA.AS, IONS, JSG.L, NA.TO, NESN.SW, PETS.L, RHM.DE, RUI.PA, SAF.PA, SKF-B.ST, SOP.PA, SW.PA, TEP.PA	Currency, dividends, ETF, Europe, Hedging, international, Japan, value	The firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance.	IONS GOOG	View
2025 Q3	Oct 31, 2025	Tweedy, Browne Worldwide High Dividend	1.0%	18.9%	003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 7270.T, 7276.T, 7846.T, 7988.T, AZE.BR, BA.L, BKG.L, BREE.L, BRK-A, CNHI, CRH.L, DGE.L, DHL.DE, FDX, GOOGL, HEIA.AS, IONS, JNJ, JSG.L, KOF, NA.TO, NESN.SW, NOVN.SW, NVST, PETS.L, PRU.L, ROG.SW, RUI.PA, SAF.PA, SW.PA, TP.PA, TREL-B.ST, TTE, U11.SI, WFC	Buybacks, Currency, dividends, Europe, international, Japan, value	The firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance.	SUBARU DBS SWAN RUI NESN	View
2025 Q3	Oct 10, 2025	Ennismore Global Equity Fund	0.9%	8.4%	4478.T, ACP.WA, AUTO.L, AZE.BR, BCG.L, CRDA.L, CSU.TO, DIE.BR, GD.TO, GNS.L, PDX.ST, SPX.L, TIGO, WISE.L	AI, Chemicals, Fintech, global, Long/Short, software, Specialty Retail, technology	The AI boom continued with greater fervour over the summer and September. OpenAI has signed roughly 20GW of data centre capacity deals in 2025, almost 20% of the world's installed base. The rush to build is pushing supply chains to breaking point, creating price pressure along the value chain and benefiting picks and shovels players.	WISE LN	View
2025 Q4	Jan 13, 2026	Oakmark Fund- International Small Cap	1.5%	29.4%	1128.HK, 4194.T, AZE.BR, BAER.SW, GXI.DE, JDEP.AS, KCR1V.HE, MEDX.SW, METSO.HE, TMV.DE	Europe, Industrial, international, small cap, software, value	The fund's top contributor Konecranes demonstrated strong performance with record earnings driven by margin improvement across all divisions and meaningful order intake increases in equipment divisions. The company raised 2025 financial guidance and maintains a leading position in lifting equipment and related services supportive of long-term profitable growth. TeamViewer was the top detractor after reporting underwhelming results and lowering annual recurring revenue guidance due to general weakness and integration challenges with its 1E acquisition. Despite temporary headwinds, the company is trading at an extremely attractive valuation according to the managers. New purchase Visional operates BizReach, a rapidly growing three-sided platform connecting employers, headhunters and job seekers that is disrupting the traditional headhunter market. The company benefits from secular tailwinds from increased job switching and has excellent management making sound long-term investments.	4194 JP TMV GR KCR FH	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Baumann Capital	Azelis	Materials	Specialty Chemicals	Bull	Euronext Brussels	asset-light, B2B Services, Belgium, Distributor, durability, Europe, Formulations, life sciences, Moat, personal care, pharmaceuticals, specialty chemicals, Value	View Pitch

BSD Shareholders of AZE-BR

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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