BAB-L

BAB-L

BAB-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 27, 2025	Hotchkis & Wiley Global Value Fund	6.9%	13.3%	AIG, BAB.L, CMCSA, D, ELV, ERIC, FFIV, GEHC, GM, HEIA.AS, JDEP.AS, KHC, NOV, UNH, WDAY	energy, financials, global, healthcare, industrials, technology, value	UK and other European countries are investing more in defense spending, benefiting companies like Babcock International which has 60% of revenue from Ministry of Defense contracts. Revenue growth and profitability should continue as defense investment increases.	KHC NOV ELV JDEP.AS UNH BAB.L	View
2025 Q2	Jul 17, 2025	Hosking Partners	-	12.2%	000660.KS, 055550.KS, 0669.HK, 4443.T, 6201.T, 7157.T, 7203.T, AMS.JO, AVGO, BAB.L, CPNG, III.L, IMP.JO, META, MSFT, MU, NHM.JO, NVDA, SGL.JO, SYL.JO, VIST	defense, diversification, global, Platinum, South Korea, technology, Trade Policy, value	Trump administration imposed 10% base tariff on all trade partners plus reciprocal tariffs based on trade surplus levels. Reciprocal tariffs paused except for China, but base tariff remained. This policy shift is expected to create significant reordering of winners and losers.	055550.KS CPNG 000660.KS III.L BAB.L	View
2025 Q1	Apr 15, 2025	Hosking Partners	-	-	9435.T, AAL, AMAT, AVGO, BAB.L, BTU, COP, HAFN.OL, IMP.L, IPCO.TO, JEF, NVDA, OXY, SYF, TDW, VAL	AI, Capital Cycle, energy, Japan, regime change, semiconductors, tariffs, value	The strategy has positioned further into value territory with underweight to Magnificent Seven declining to 3% versus 19% benchmark weight. The team seeks capital-starved areas trading at steep discounts to replacement value, believing value businesses offer compelling propositions given different supply dynamics.	TDW IPC.TO IMP.JO 9435.T BAB.L	View
2024 Q1	Apr 15, 2024	Artisan Global Discovery	7.6%	13.1%	ANET, BAB.L, BSX, CELH, HUBS, LSCC, MIPS.ST, MKTX, MPWR, PWR, RDC.DE, SAIA, SPGI, SPOT, SWAV, TEAM, TW, TYL, VEEV, VRT	AI, Data centers, global, growth, healthcare, Logistics, mid cap, technology	AI is deserving of attention as a technology trend with diverse use cases being explored and processing power gains suggesting improving effectiveness. The fund has exposure to AI beneficiaries across the technology food chain including chip manufacturers, networking equipment providers, and cloud software leaders incorporating AI functionality.		View
2025 Q1	Mar 31, 2025	Artisan Global Discovery	-3.7%	-3.7%	ARIS, ASND, BAB.L, CCCS, GWRE, ILMN, IRTC, MTSI, PRCT, PSTG, SAIA, SE, SPOT, TTI, TWST, TYL, USFD, VEEV, WAB, WST	AI, Biotechnology, defense, global, healthcare, SMID Cap, technology, Trade Policy	Defense spending is accelerating globally with increasing defense budgets benefiting companies like Babcock. The European Commission announced an €800 billion plan to boost defense spending, and Germany plans to relax debt brakes for defense investments.		View
2025 Q1	Mar 31, 2025	Hotchkis & Wiley Global Value Fund	6.0%	6.0%	AIG, BAB.L, CMCSA, CVS, D, ELV, ERIC, FFIV, FIS, GOOGL, HEINY, SHEL, SIE.DE, WDAY, WPP	Europe, global, healthcare, industrials, Outperformance, technology, valuation, value	Value significantly outperformed growth in Q1 2025, with MSCI World Value returning +4.8% versus -7.8% for growth. The valuation spread between growth and value remains wide at 27x vs 15x price to normal earnings, suggesting promising outlook for value investing. The portfolio trades at an attractive 9x price to normal earnings ratio.	WDAY GOOGL WPP SIE.DE BAB.L CVS	View
2024 Q3	Nov 13, 2024	Silver Ring Value Partners	0.0%	0.0%	ALFAA.MX, ALPEKA.MX, BAB.L, JAZZ, LILAK, MD, QRTEA	contrarian, portfolio construction, Quality, risk management, Turnarounds, value	Portfolio trading at 59% of base case value excluding cash, demonstrating significant undervaluation. Manager emphasizes buying securities well below intrinsic value estimates with strong margins of safety across positions.	QRTEA MD JAZZ	View
2024 Q3	Nov 11, 2024	Hosking Partners	0.0%	0.0%	ASC.L, BAB.L, CX, SSW	Decarbonization, defense, Engagement, Esg, Governance, sustainability, Voting	The report explores the evolution from ESG 1.0 to ESG 2.0, arguing that while ESG is here to stay, clearer distinctions between impact-focused and financially driven investments are necessary. The firm advocates for two labels: unconstrained products with single financial mandates and impact products with clearly defined secondary mandates and evidenced additionality.		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 24, 2025	Artisan Global Discovery	3.0%	10.0%	ARGX, ASND, BAB.L, BFAM, CW, INSM, IRTC, LSEG.L, LYV, PRCT, PURE, PX, RBC, SE, TDY, TEAM, TYL, WAY, WING, WST	AI, Biotechnology, defense, global, growth, healthcare, small cap, technology	AI investment boom contributed over 1% to US GDP growth through first half of year, with tech investment growing at fastest pace since 2000. However, rapid AI advancements are creating uncertainty about which software companies can successfully integrate AI versus those facing business model disruption.	WAY WING PRCT LSEG LN ASND PSTG MOD WAY TDY WING PRCT LSEG LN ASND PSTG MOD	View
2025 Q4	Jan 27, 2026	Artisan Global Discovery	1.7%	12.1%	ARGX, ASND.CO, BAB.L, BKR, BLD, CCC, COH, DUOL, FROG, FWONA, INSM, IRTC, LABS, LYV, MOD, MPWR, MTSI, PEN, PSTG, RBC, SAIL, SE, SPOT, TTAN, TXRH, TYL, VRCY, WESCO, WST, WWD	AI, Biotechnology, defense, global, growth, healthcare, SMID Cap, technology	AI-related capital spending remains an area of active debate entering 2026, with investors weighing strong industry momentum against concerns about circular financing dynamics and datacenter construction delays. The team continues to find compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves datacenter performance and efficiency. Healthcare returned as a source of market strength, with the team maintaining relatively high exposure despite several years of industry headwinds. Strong conviction in profit cycle opportunities for biotech companies, with several franchises delivering strong results as product launches gained momentum and investor sentiment toward the sector improved. Aerospace and defense holdings appear well positioned for multiyear growth, with companies capitalizing on rising global defense spending. Commercial aerospace suppliers are positioned to benefit from significant content gains in new planes and growth in recurring aftermarket sales for many years. Several portfolio companies benefit directly from AI-related capital spending, with strong demand from datacenter customers as capacity is added to support high-density computing environments. Companies are seeing increased activity within datacenter-related electrical and communications businesses.	MTSI IRTC IOT NEM GR TTAN SAIL BLD TXRH BAB LN SPOT SE FROG INSM COHR	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Hotchkis & Wiley Global Value Fund	Babcock International	Industrials	Aerospace & Defense	Bull	London Stock Exchange	Aerospace & Defense, Defense Contractor, Europe, Government Outsourcing, Ministry of Defense, UK	View Pitch
Apr 13, 2026	Fund Letters	Hotchkis & Wiley Global Value Fund	Babcock International	Industrials	Aerospace & Defense	Bull	LSE	Aerospace & Defense, Defense spending, Europe, Government Contractor, Ministry of Defense, Revenue Growth, UK	View Pitch
Apr 13, 2026	Fund Letters	Hosking Partners	Babcock International Group	Industrials	Aerospace & Defense	Bull	London Stock Exchange	Asset-based valuation, Defense, European defense spending, Naval, Submarine, turnaround, UK	View Pitch
Apr 13, 2026	Fund Letters	Hosking Partners	Babcock International Group	Industrials	Aerospace & Defense	Bull	London Stock Exchange	Aerospace & Defense, Bull, Defense Contractor, Equity, Naval Defense, UK	View Pitch

BSD Shareholders of BAB-L

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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