BAYN-DE

BAYN-DE

BAYN-DE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 30, 2024	Rozendal Partners	-	5.5%	0700.HK, B4B.DE, BAYN.DE, CGR.JO, HCI.JO, HL.L, KSPI, MDIA3.SA, META, MTN.JO, NPK.JO, NPN.JO, PPC.JO	global, Market Efficiency, Passive investing, technology, Turnarounds, value	The letter extensively discusses value investing philosophy and challenges, including David Einhorn's assertion that market structures are broken and value investing is dead due to passive investing. The managers defend value investing, arguing that patient fundamental investors can still profit through cash flow generation rather than just multiple re-rating.		View
2025 Q2	Jun 30, 2025	Oakmark International Fund	12.6%	-	6273.T, 9434.HK, ABI.BR, ASML, ASRNL.AS, BABA, BAYN.DE, BXB.AX, CON.DE, CPG.L, HEN3.DE, HOLN.SW, MC.PA, SCHP.SW, WLN.PA	Asia, Automation, Banking, Europe, insurance, international, semiconductors, value	ASML represents a dominant position in lithography equipment with an effective monopoly in EUV technology. The company benefits from structural demand growth driven by AI and data centers, despite recent customer capex cuts creating attractive entry valuations.	6273.T ASR.AS ASML	View
2025 Q2	Jun 30, 2025	Oakmark Global Fund	6.0%	-	3626.T, ADS.DE, AHT.L, AKZA.AS, ALV.DE, BAYN.DE, BDX, BMW.DE, BNP.PA, BUD, COP, DSV.CO, FI, IQV, KDP, LBRDK, LLOY.L, MOH	financials, global, healthcare, industrials, Logistics, Trade Policy, value	President Trump's Liberation Day announcement led to significant market volatility with companies perceived as more impacted by tariffs falling meaningfully while others held up better. The fund used this volatility to trim positions that performed well and buy companies where the discount to intrinsic value widened significantly.	MOH KDP BNP.PA BMW.DE AHT.L ADS.DE BDX DSV.CO	View
2026 Q1	Apr 16, 2026	Ariel International Fund	-2.9%	-2.9%	2454.TW, 300176.SZ, 3436.T, 6383.T, BAYN.DE, ENGI.PA, EUROB.AT, IFX.DE, INF.L, MKS.L, ORA.PA, PUB.PA, SYENS.BR, SZG.DE, WCH.DE	Asia, Europe, Geopolitical, inflation, international, technology, Utilities, value			View
2026 Q1	Apr 16, 2026	Ariel Global Fund	-2.5%	-2.5%	1024 HK, 2454.TW, 6383.T, BAYN.DE, ENGI.PA, EUROB.AT, FDX, FITB, FSLR, IFX.DE, INTC, MKS.L, ORA.PA, PUB.PA, SZG.DE	AI, Automation, Energy Transition, financials, Geopolitical, global, semiconductors, value			View
2024 Q1	Apr 15, 2024	Oakmark International Fund	8.8%	0.0%	BAYN.DE, BXB.AX, DTG.DE, MBG.DE, SKG.L, SN.L, WRK	Europe, healthcare, industrials, international, value	The fund focuses on purchasing companies at discounts to intrinsic value estimates. All three new positions were acquired at discounts to estimated intrinsic value despite improving fundamental outlooks.	SN.L SKG.L BXB.AX BAYN.DE DTG.DE	View
2024 Q1	Apr 15, 2024	Oakmark Global Fund	7.5%	0.0%	BAYN.DE, CHTR, CNC, CRBG, CRM, DHR, DTG.DE, GM, MBG.DE, STJ.L	Autos, Europe, global, healthcare, value	Daimler Truck Holding was a top contributor with strong Q4 results and 2024 margin guidance exceeding expectations. Management's decisive actions improved pricing, service penetration, and cost flexibility, with Mercedes-Benz segment increasing adjusted EBIT margin from less than 1% in 2019 to over 10% last year.	CNC STJ.L DTG.DE	View
2024 Q1	Apr 15, 2024	Harris Associates International Equity Strategy	0.2%	0.2%	BAYN.DE, BXB.AX, CON.DE, DTG.DE, ISP.MI, MBG.DE, PRU.L, SKG.L, SN.L	Autos, Europe, financials, healthcare, international, value	The fund invests in businesses priced at substantial discounts to intrinsic value estimates. Multiple new positions were initiated at discounts to intrinsic value including Brambles, Smurfit Kappa, and Smith & Nephew. The strategy focuses on finding value regardless of what is in favor at any given moment.		View
2023 Q1	Mar 31, 2023	Platinum International Fund	5.4%	5.4%	000338.SZ, 005930.KS, 051910.KS, 2318.HK, 6479.T, 700.HK, 9961.HK, AIR.PA, ALLFG.L, ASML, BAYN.DE, BEZ.L, BKNG, BMW.DE, GLEN.L, ICE, IFX.DE, MCHP, MU, SLB, STJ.L, TRU, UPM1V.HE, WIZ.L	Banking Crisis, China, contrarian, global, interest rates, value	Travel-related investments were key contributors to performance as the travel sector continued its post-COVID boom. Wizz Air gained 56% and Booking Holdings rose 32% over the quarter.		View
2024 Q4	Dec 31, 2024	Oakmark International Fund	-8.5%	-4.6%	105560.KS, AC.PA, AIR.PA, BAYN.DE, FME.DE, GLEN.L, KER.PA	aerospace, Banking, Europe, international, Luxury, Restructuring, value	Luxury goods businesses continue to be negatively impacted by weak demand in China with poor top-line trends. However, Kering is making progress improving the product offering within its core Gucci brand. Looking out two to three years, margins have potential to be meaningfully higher than current levels.	105560.KS BAYN.DE AIR.PA	View
2025 Q4	Jan 29, 2026	Rozendal Worldwide Flexible Prescient Qualified Investor Hedge Fund	0.0%	21.7%	6586.T, AENA.MC, AMS.JO, BAYN.DE, BLU.JO, CGR.JO, COH.JO, DGE.L, HAR.JO, JD, KSPI.L, MTN.JO, SLV, TBS.JO, YRK.JO	gold, Long/Short, materials, Mining, Precious Metals, South Africa, value	Gold has reached unprecedented inflation-adjusted levels and appears extraordinarily expensive relative to historical measures. The manager believes there is a fair price for every asset including gold, and current prices don't make sense despite gold's value as an alternative currency and tail risk hedge. The precious metals sector experienced dramatic outperformance in 2025, with the FTSE/JSE Precious Metals and Mining index more than tripling. This was the primary driver of South African equity market returns and the main reason for the Hedge Fund's underperformance relative to its benchmark. The Materials sector experienced a sharp turnaround in 2025 with 32.3% returns, fueled by the unstoppable gold price. This represented diametrically opposite fortunes compared to the preceding decade when Materials underperformed significantly. The manager's investment philosophy centers on exploiting myopia through long-term value investing. Research shows stocks with less shareholder turnover deliver excess returns, particularly those uncomfortable for myopic shareholders to hold due to volatility or poor recent performance.	6586 JP AENA SM TBS SJ	View
2023 Q4	Jan 29, 2024	Rozendal Partners	-	21.6%	B4B.DE, BAYN.DE, BUR.L, CCJ, CCOLA.IS, COH.JO, MTN.JO, NVDA, PPCT.JO, RCL.JO, TBS.JO	emerging markets, global, South Africa, technology, Turkey, uranium, value	The uranium market has finally come to life after being moribund for a decade following Fukushima. Disruptions from the Russian invasion of Ukraine, slow return to production of mothballed mines, steady continuation of new reactors being built in China, and greater recognition of uranium's clean energy benefits have contributed to dramatic price surges reaching levels last seen in 2007.		View
2024 Q3	Sep 30, 2024	Oakmark Global Fund	7.5%	0.0%	005930.KS, 3739.T, AKZA.AS, BABA, BAYN.DE, CSCO, DEO, GOOGL, KER.PA, SAP, SJP.L, TPK.L	Coatings, financials, global, healthcare, Luxury, technology, value	Kering faced challenges as revenue trends deteriorated in the final weeks of Q2 2024, with store traffic hurt by lack of new client recruitment amplified by challenging macro environment, particularly in China. Despite new Gucci Creative Director's collections resonating with existing customers, the company issued weak guidance for remainder of 2024.	9751.T DGE.L AKZA.AS KER.PA SJP.L	View
2023 Q4	Jan 31, 2024	Palm Harbour Capital	5.1%	13.5%	BAYN.DE, IGT, MLCO, OCI.AS, RHIM.L, SOLB.BR, SYENS.BR, TKA.VI	Chemicals, Europe, Japan, special situations, value	Japan has been one of the cheapest markets in recent years due to poor corporate governance and capital allocation. The new CEO of the Japanese Stock Exchange has openly criticized companies trading below book value and demanded improved capital efficiency. This has created a potential multi-year bull market for value stocks in Japan as companies begin using cash piles for investment and shareholder returns.	SOLB.BR	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Oakmark International Fund	Bayer	Materials	Chemicals	Bull	XETRA	cash generation, Chemicals, Equity, Germany, litigation, pharmaceuticals, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Oakmark International Fund	Bayer	Health Care	Pharmaceuticals	Bull	XETRA	agriculture, Crop protection, Germany, litigation, pharmaceuticals, restructuring, turnaround	View Pitch

BSD Shareholders of BAYN-DE

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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