BBVA

BBVA

BBVA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 17, 2025	Ariel Global Fund	7.4%	-	000660.KS, 1590.TW, 2319.HK, 6361.T, 6920.T, BBVA, DIS, FSLR, JD, LTO.MI, SAN, TSCO.L, ZBH	AI, Banking, energy, global, healthcare, semiconductors, value	Strong AI-driven demand for high bandwidth memory products drove performance at SK Hynix. The company gained market share in high-content server-grade DRAM modules with entire 2025 HBM supply sold out and Nvidia as a key customer. AI power demands are expected to benefit First Solar as the only US-based solar module manufacturer of scale.	ZBH DIS LOTTO.MI FSLR 6361.T BBVA 1590.TW SNY 2319.HK JD 6920.T 000660.KS TSCO.L BBVA SM 6920 JP	View
2025 Q2	Jul 17, 2025	Ariel International Fund	12.6%	-	000660.KS, 1590.TW, 2319.HK, 6361.T, 6920.T, BBVA, CHKP, JD, LTO.MI, SNY, TSCO.L	AI, Asia, Europe, international, semiconductors, technology, value	Investor enthusiasm for artificial intelligence themed stocks drove global indices to new all-time highs. Strong AI driven demand for high bandwidth memory products was a key highlight for SK Hynix, with the company gaining market share in AI memory market and having its entire 2025 HBM supply sold out with Nvidia as a key customer.	CHKP 6920 JP	View
2025 Q2	Jul 16, 2025	Harding Loevner International Equity	9.2%	14.8%	002352.SZ, 005930.KS, 0669.HK, 0700.HK, 1299.HK, 2057.HK, 2308.TW, 2318.HK, 2330.TW, 300760.SZ, 4507.T, 4519.T, 4684.T, 6146.T, 6301.T, 6383.T, 6690.HK, 6758.T, 6861.T, 6869.T, 8113.T, ADYEN.AS, AI.PA, ALC, ALFA.ST, ALV.DE, ASML, ASSA-B.ST, ATCO-A.ST, ATD.TO, BAP, BBVA, BHP, CNR, COLOB.CO, D05.SI, DSY.PA, EPI-A.ST, FMX, GFNORTEO.MX, GMAB, HDB, HLN.L, LIN, MELI, MFC, NESN.SW, NTES, NVS, NZYM-B.CO, OR.PA, RIO, ROG.SW, RYA.L, SAF.PA, SAP, SEB-A.ST, SHEL, SOON.SW, SU.PA, SY1.DE, TLKM	aerospace, AI, defense, Europe, Health Care, international	Health care equities have underperformed despite strong fundamentals due to political and regulatory uncertainty in the US and beyond. Policy risks include drug pricing reforms, Medicaid funding cuts, and reduced NIH funding. However, the sector's structural advantages remain intact with continued innovation like GLP-1 therapies.		View
2024 Q1	Apr 15, 2024	Harding Loevner International Equity	9.5%	11.5%	005930.KS, 0700.HK, ADYEN.AS, ALV.DE, ASML, BBVA, BHP, BNTX, D05.SI, HDB, IFX.DE, MELI, NESN.SW, OR.PA, ROG.SW, SAP, SHEL, SONY, SU.PA, TSM	AI, diversification, growth, international, Japan, Quality, semiconductors, technology	The fund has significant portfolio-level exposure to AI growth through a diverse set of fundamentally strong companies. AI beneficiaries fall into two categories: companies providing AI-enhanced goods and services, and companies developing underlying AI technology including semiconductor manufacturers and infrastructure providers.		View
2025 Q1	Mar 31, 2025	BlackRock Global Dividend Fund	0.7%	0.7%	ACN, AVGO, AZN, BA.L, BBVA, CMS, DEO, KO, LLY, MSFT, NVDA, NVO, RELX, TSM, TXN, UNH	AI, defense, dividends, Europe, global, healthcare, technology, Trade Policy	The fund avoided Nvidia exposure which proved beneficial as the stock faced market concerns from hedge fund short positions and anxiety about Chinese company DeepSeek's low-cost AI model. Broadcom was negatively impacted by AI-related market concerns and trade tensions.		View
2025 Q3	Oct 9, 2025	ClearBridge Investments International Growth ADR Strategy	-	-	0700.HK, 1211.HK, 3064.T, 8035.T, ADYEN.AS, AEM, ALC, ARGX, ARM, BBVA, BVI.PA, CLS.TO, CPG.L, DOL.TO, DTE.DE, HDB, HSBA.L, KBC.BR, KOF, L.TO, LSEG.L, MELI, NVO, NVZMY, PRY.MI, REL.L, SAN, SAP, SFTBY, SIK.SW, SONY, SPOT, STMN.SW, TRI.TO, UCB.BR, VNA.DE	AI, banks, Biotechnology, China, Europe, growth, international, value	European biotechs Argenx and UCB delivered solid contributions with robust sales growth and positive clinical trial results. Argenx benefited from strong Vyvgart autoimmune treatment sales and renewed pipeline confidence. UCB rose on strong uptake of recently launched treatments Bimzelx and Rystiggo, plus positive Phase 3 seizure disorder trials.	CLS CN UCB BB	View
2025 Q3	Oct 14, 2025	Harding Loevner International Equity	6.6%	22.4%	005930.KS, 2308.TW, 2413.T, 4519.T, 4684.T, 6301.T, 7741.T, 9984.T, AIA, ALC.SW, ALV.DE, ASML, BBVA, BHP.AX, CATL, D05.SI, NESN.SW, NICE, SE, TSM	AI, China, financials, growth, international, Quality, semiconductors, valuation	The fund maintains a persistent tilt toward higher-quality companies as a hedge against economic downturns. However, high-quality stocks have dramatically underperformed, with the top third returning 17% versus 37% for the bottom third year-to-date. This quality bias explains essentially all relative performance shortfall this year.		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
2022 Q3	Sep 11, 2022	Artisan Global Discovery	7.6%	13.1%	AZTA, BBVA, BURL, CAE, CTLT, GNRC, ON, SMGKF, TEAM, VEEV, VMI	-			View
2024 Q2	Jul 18, 2024	ClearBridge Investments International Growth ADR Strategy	5.7%	0.0%	1299.HK, 2348.HK, 4568.T, 7733.T, 8035.T, ABB, ACN, ALC, ATLKY, AZN, BBVA, BVI.PA, CP, LYG, MC.PA, MELI, NICE, NVO, RACE, SE, TSM, UCB.BR, UL	Asia, banks, Europe, growth, healthcare, international, technology	International IT stocks continued to diverge from their generative AI-driven U.S. counterparts, creating performance headwinds. TSMC benefited from renewed strength as the foundry of choice for Nvidia and other AI silicon developers. Accenture's AI projects are ramping up fast and will become increasingly meaningful as companies need to digitize operations and move to cloud.		View
2024 Q2	Jul 18, 2024	Harding Loevner International Equity	9.5%	11.5%	700.HK, ALV.DE, ASML, BAP, BBVA, BHP.AX, D05.SI, GFNORTEO.MX, HDFC.NS, ICICIBANK.NS, IFX.DE, LIN, NESN.SW, NVDA, NVO, OR.PA, RIO, SAP.DE, SHEL, TSM	AI, Banking, emerging markets, international, M&A, Political Risk, semiconductors, technology	AI beneficiaries like semiconductors and semiconductor equipment surged by double digits, with TSMC continuing to soar on sustained demand for AI-related chips for NVIDIA and others. Returns within IT were bifurcated as direct AI beneficiaries outperformed while software & services fell.		View
2025 Q1	Mar 31, 2025	ClearBridge Investments International Growth ADR Strategy	-	-	1211.HK, 4091.T, 6273.T, 7011.T, 7733.T, 7936.T, AIR.PA, ARGX, BBVA, CP, DB1.DE, DTE.DE, ISP.MI, LLOY.L, NVO, NWG.L, SE, TT, UCB.BR, UCG.MI	banks, China, defense, Europe, growth, infrastructure, international, technology	Defense spending is expected to increase dramatically in the EU and Japan, boosting revenues for aerospace contractors like Airbus and Mitsubishi Heavy Industries. Germany is leading substantial increases in defense spending as Europe shoulders greater responsibility for security. Military spending in Japan could increase from 1% to 3% of GDP.		View
2025 Q1	Mar 31, 2025	Harding Loevner International Equity	5.1%	5.1%	005930.KS, 1299.HK, 6146.T, 6367.T, AI.PA, ALV.DE, ASML, BBVA, D05.SI, HDFCBANK.NS, LIN, MELI, MFC.TO, NESN.SW, OR.PA, ROG.SW, SHEL, SNE, SU.PA, TSM	AI, international, Policy Uncertainty, semiconductors, tariffs, Trade Policy	The Trump administration has implemented heightened US policy uncertainty with tariffs expanding beyond China to include Canada, Mexico, and European allies. This creates business uncertainty and undermines investment confidence as companies become less willing to commit capital when rules become increasingly arbitrary.		View
2023 Q4	Jan 31, 2024	Harding Loevner International Equity	9.5%	11.5%	005930.KS, 1810.HK, 4507.T, 4519.T, 6301.T, 6383.T, 8306.T, ADYEY, ALFVY, ATD, ATLKY, BAC, BBVA, BHP, D05.SI, DASTY, ENNEF, FMX, IFX.DE, KRYAY, LOGI, MFC, NZYMF, OR.PA, PNGAY, RIO, SAP, SBGSY, SYSMF, TSM	emerging markets, Europe, financials, growth, industrials, international, Quality, technology	The manager emphasizes their focus on high-quality companies that provide stability against market turbulence. They seek quality combined with high growth, noting that quality companies often generate higher risk-adjusted returns due to more predictable profitability and earnings growth.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Ariel Global Fund	Banco Bilbao Vizcaya Argentaria SA	Financials	Banks	Bull	NYSE	banking, Discount Valuation, merger, Mexico, Nearshoring, ROE, Spain, Turkey	View Pitch

BSD Shareholders of BBVA

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
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