BAX

BAX

BAX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 12, 2024	Parnassus Value Equity Fund	7.3%	13.7%	ALGN, AVGO, BAX, BEPC, CSCO, GOOG, GPN, INTC, MU, NICE IT, ORCL, TSM	-			View
2023 Q2	Jun 30, 2023	Platinum International Fund	-0.9%	-	300750 CH, BAX, NVDA	-			View
2023 Q2	Jun 30, 2023	Platinum Global Fund (Long Only)	2.0%	-	1789 HK, AGL AU, BAX, INDIGO IN	-			View
2025 Q1	May 14, 2025	Broyhill Asset Management	2.8%	2.8%	7974 JP, AVTR, BAX, DLTR, FUN, PM, UBER	-			View
2025 Q1	Mar 31, 2025	Pzena US Focused Value Strategy	1.0%	1.0%	BAX, CVS, LKQ, NWL, PVH	-			View
2025 Q4	Feb 12, 2026	Broyhill Asset Management	0.0%	0.0%	AVTR, BAX, DLTR, FI, FUN, IQV, PM, RKT.L, TMO, WOSG.L	AI, Concentration, defensives, Europe, fundamentals, momentum, Speculation, value	The AI capital cycle has created extreme market concentration and speculative momentum, with AI-related stocks accounting for 75% of S&P 500 returns since ChatGPT launched. The manager views this as a bubble similar to historical infrastructure buildouts like railroads and electricity, where early investors suffered catastrophic losses while benefits ultimately accrued to users rather than producers. Current AI capex spending approaches 2.1% of GDP, nearing levels that coincided with previous market peaks. Value stocks are trading at some of the widest discounts on record, with the portfolio positioned in businesses trading at substantial discounts to normalized earnings power. The manager believes this disconnect reflects pessimism and exhaustion rather than permanent impairment, creating an extremely promising starting point for long-term outperformance as fundamentals reassert themselves. Momentum has been the single defining force across equity markets, with performance increasingly driven by narratives rather than fundamentals. The current cycle has been one for the record books, with the two years leading up to 2025 being the second strongest on record for momentum after the dot-com era. The manager expects mean reversion to eventually favor value strategies. Global defensive sectors have fallen to their lowest weighting since 2000, trading at discounts to both the market and their own histories amid deteriorating sentiment and unusually high short interest. These sectors offer significant upside potential and provide defense, as companies selling basic necessities tend to shine when the rest of the market is in trouble.	RKT LN WOSG LN FUN AVTR FISV DLTR IQV PM	View
2025 Q4	Feb 11, 2026	BlackRock Mid-Cap Value Fund	2.5%	13.7%	BAX, BDX, CAH, CVS, FCNCA, FIS, MMS, SSNC, WCC, WDC	AI, dividends, financials, healthcare, industrials, inflation, mid cap, value	Manager notes exuberance driven by artificial intelligence and narrow leadership raises questions about durability. They see value investing as offering a risk-aware way to participate in secular themes, including AI. Large-scale AI-related capital spending could strain power, materials, and construction capacity. The fund explicitly follows a value investing approach, investing in mid-cap companies that pay attractive, sustainable and growing dividends. Manager emphasizes value investing offers a risk-aware way to participate in secular themes and argues for selectivity and disciplined risk control.		View
2024 Q4	Dec 31, 2024	Parnassus Value Equity Fund	-1.5%	12.0%	ABNB, ALGN, AMAT, AMZN, AVGO, AZN, BALL, BAX, BIIB, BK, DHI, DIS, FIS, GOOG, GPN, INTL, MU, NICE, NTR, NVO, ORCL, PGR, SCHW, TSM, V	-			View
2025 Q3	Nov 8, 2025	Cullen Enhanced Equity Income Fund	0.9%	5.4%	BAX, BDX, CAG, RIO, SW	defensives, dividends, growth vs value, interest rates, Valuations	Market concentration and AI-driven exuberance have pushed valuations of growth sectors to multi-decade extremes, widening the gap between Growth and Value. High-quality defensive sectors have been neglected, creating favorable conditions for mean reversion as rate cuts make dividend yields more attractive. The fund argues that Value and Dividend strategies are well positioned amid overcrowded growth trades and elevated macro uncertainty.	SPGI	View
2024 Q3	Nov 5, 2024	Broyhill Asset Management	6.0%	0.0%	AVTR, BAX, BN FP, DG, EPAM, EVO SS, FI, NICE, PM, PYPL, RTO, SCHW	-			View
2025 Q3	Oct 14, 2025	Pzena Investment Management	-	-	2579 JP, BAX, CHTR, LKQ, PFE, SCS, SHEKK NA, SPB, TEP FP, UHR SW, WIZZ LN	Artificial Intelligence, cyclicals, Global Equities, small caps, value	Pzena argues that small caps trade at historic lows versus large caps and are poised for multi-year outperformance. The firm views AI-driven market dislocations as openings for active value investing, focusing on normalized earnings rather than hype. The letter emphasizes select opportunities in healthcare, industrials, and global cyclicals.	WIZZ SPB TPN BAX	View
2023 Q4	Oct 2, 2024	Broyhill Asset Management	6.0%	0.0%	7974 JP, BAX, BAYRY, DG, FI, FMS, PM	-			View
2025 Q4	Jan 29, 2026	Pzena US Focused Value Strategy	2.5%	7.3%	BAX, C, CTSH, DAL, DG, DOX, FMC, KNX, MDT, PPG, QRVO, RHI, SWKS, WFC	Buybacks, Capital markets, earnings, Freight, Trade Down, value	Dollar General delivered strong same-store sales and margin improvement as customers traded down from grocery and pharmacy channels. This trade-down behavior provided a tailwind to margins that are expected to persist into 2026. Knight-Swift operates in a prolonged freight downturn with excess capacity added during the 2021 profit peak persisting despite weaker demand, pressuring rates and earnings. The company's scale and network efficiency should drive profitability recovery as conditions normalize. Citigroup rose amid strong capital markets activity and benign credit conditions. The company continued to repurchase stock and return capital to shareholders while transformation-related expenses are expected to decline next year.		View
2024 Q2	Aug 30, 2024	Broyhill Asset Management	6.0%	0.0%	AVTR, BAX, FI, FME, PM	-			View
2023 Q2	Jun 30, 2023	Oakmark Fund- International Small Cap	7.4%	0.0%	BAX, CE, CSL, FIZN, IQV	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Nov 29, 2025	Fund Letters	Daniel L. Babkes	Baxter International Inc.	Health Care	Medical Instruments & Supplies	Bull	NYSE	Hospitals, Margins, Medical devices, recovery, turnaround, value investing	View Pitch
Aug 7, 2025	Seeking Alpha	Narek Hovhannisyan	Baxter International Inc.	Health Care	Medical Instruments & Supplies	Neutral	NYSE	—	View Pitch

BSD Shareholders of BAX

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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