BF-B-3

BF-B-3

BF-B-3

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 8, 2025	Fundsmith Equity Fund	-	-1.9%	BF-B, COLOB.CO, EL.PA, GOOGL, IDXX, INTU, MC.PA, META, MSFT, NVO, OR.PA, PEP, PM, WAT, ZTS	Currency, global, healthcare, large cap, Quality, technology	Novo Nordisk's leadership in weight loss drugs continues to face challenges with US legal and regulatory systems. The company's inability to effectively navigate regulatory hurdles has resulted in significant underperformance, accounting for almost all the fund's underperformance during the period.		View
2024 Q2	Jul 8, 2024	Fundsmith Equity Fund	-2.0%	7.1%	AAPL, AMZN, BF-B, GOOGL, IDXX, META, MSFT, NKE, NOVO-B.CO, NVDA, OR.PA, SYK, TXN, WAT	Concentration, long-term, Quality, semiconductors, technology	The fund began accumulating Texas Instruments during the period. The manager notes concentration in semiconductor names like Nvidia driving market returns, though they avoid Nvidia due to unpredictable outlook concerns.		View
2025 Q2	Jun 30, 2025	Bell Global Equities Fund	5.3%	1.1%	6146.T, AAPL, AIR.PA, AMD, AMZN, ANET, AON, AVGO, BF-B, BJ, CSCO, GOOGL, LULU, META, MSFT, NESN.SW, NVDA, NVO, ORCL, TSM	AI, Cloud, global, growth, Quality, semiconductors, technology	Oracle's cloud-infrastructure revenue soared 50% year-on-year driven by AI demand, with management forecasting continued acceleration. DISCO Corp benefited from robust demand from advanced semiconductor foundries and stabilisation in EV-related power devices, with market responding favourably to capacity expansion plans linked to generative AI and next-generation communications.	NFLX AIR.PA BJ LULU 6146.T ORCL	View
2024 Q1	Apr 15, 2024	Fundsmith Equity Fund	-2.0%	7.1%	ADP, AMS.PA, BF-B, GOOGL, IDXX, MC.PA, META, MKC, MSFT, NKE, NVO, OR.PA, PM, SYK, V	consumer, global, healthcare, Quality, technology	The fund focuses on high quality businesses that can sustain high returns on operating capital employed with advantages that are difficult to replicate. These businesses do not require significant leverage to generate returns and have a high degree of certainty of growth from reinvestment of cash flows at high rates. The fund seeks businesses that are resilient to change, particularly technological innovation.		View
2024 Q4	Dec 31, 2024	Mondrian Global Equity Fund	-	-	BF-B, DGX.DE, DPW.DE, ENEL.MI, F, FDX, GM, HMC, MBG.DE, MRK, NEE, NESN.SW, PG, PWR, RI.PA, ROG.SW, SAN.PA, UL, UPS	Corporate Governance, Energy Transition, Europe, international, Japan, Utilities, valuation, value	US markets trade at historically high 60% premium to non-US markets, creating compelling value opportunities internationally. Japanese equities offer particularly attractive valuations with solid balance sheets and corporate governance improvements driving record buybacks.		View
2024 Q4	Dec 31, 2024	Mondrian International Equity Value Opportunities	-	-	BF-B, DG.PA, DPW.DE, ENEL.MI, F, FDX, GM, HMC, MBG.DE, MRK, NEE, NESN.SW, PG, PWR, RI.PA, ROG.SW, SNY, SPIE.PA, UL, UPS	Currency, Energy Transition, international, Japan, Utilities, value	US markets trade at historically high 60% premium to non-US markets, creating compelling value opportunities internationally. Valuation discrepancies exist across sectors where fundamentally similar companies trade at significant multiples differences based solely on listing location.		View
2025 Q4	Jan 9, 2026	Fundsmith Equity Fund	0.0%	0.0%	AAPL, ADP, AMZN, BF-B, CHD, COLPF, EL.PA, FTNT, GOOGL, IDXX, INTU, META, MSFT, NVDA, NVO, PEP, PM, TSLA, WKL.AS, ZTS	AI, Concentration, Index Funds, Performance, Quality, technology, valuation	Major tech companies are in an arms race to build AI capacity through massive capital expenditure on GPU chips and data centers. Whether this spending produces adequate returns remains an open question, with companies like Apple potentially benefiting by avoiding the race and leveraging others' infrastructure. Index funds now hold over 50% of US equity fund assets, creating momentum-driven buying that distorts markets. This passive investing creates a multiplier effect where $1 of flows can move stock prices by 5.5x, benefiting large index constituents regardless of fundamentals. Weight loss drugs are having a lasting impact on consumer behavior, directly affecting companies in snacks and alcoholic beverages. The manager sold positions in Brown-Forman and PepsiCo due to reduced appetites from these medications. The fund maintains focus on companies with high returns on capital (31% ROCE), strong margins (62% gross, 28% operating), and consistent cash conversion (94%). These quality metrics remain superior to broader market indices despite recent underperformance.		View
2024 Q2	Aug 31, 2024	Horos Asset Management	2.9%	9.8%	AAPL, AER, AMZN, ATYM.L, BF-B, DEO, ENO.MC, GOOGL, LBTYA, MEL.MC, MSFT, NH.MC, NPN, NVDA, PTON, RI.PA, SEM.LS, TLGO.MC, TSLA, ZM	AI, Concentration, Europe, Margin Of Safety, risk management, technology, value	The fund emphasizes investing with a high margin of safety and finding companies trading at attractive valuations. They focus on situations that offer substantial upside potential compared to current market prices, particularly in areas where other investors may be overlooking opportunities.		View
2023 Q4	Aug 1, 2024	LRT Capital Management	0.0%	15.8%	ABG, ALB, ALGN, BALL, BF-B, CCI, CHE, CIGI, CSWI, DINO, EXPO, GPN, LAD, NOC, PSX, RLI, SSD, TPL, TSM, WH	Defensive, Long/Short, Market Neutral, Quality, risk management, valuation	Manager emphasizes owning high-quality companies that outperformed during December's challenging environment. Portfolio companies are described as firing on all cylinders with strong fundamentals.		View
2025 Q1	Apr 14, 2025	Fundsmith Equity Fund	-5.7%	-5.7%	ADP, BF-B, IDXX, MAR, MC.PA, META, MSFT, NVO, OR.PA, OTIS, PM, SYK, UL, V, WAT	equities, global, growth, healthcare, long-term, Quality, technology	The fund maintains stringent investment criteria focusing on high quality businesses that can sustain high returns on operating capital employed. These businesses have advantages that are difficult to replicate and do not require significant leverage to generate returns.		View
2023 Q1	Mar 31, 2023	Fundsmith Equity Fund	-2.0%	7.1%	ADBE, ADP, BF-B, EL, IDXX, MC.PA, META, MKC, MSFT, NVO, OR.PA, PM, SYK, V, WAT	Concentration, consumer, global, healthcare, Quality, technology	The fund focuses on high quality businesses with stringent investment criteria including high return on operating capital, difficult-to-replicate advantages, and resilience to technological change. The portfolio consists of 27 holdings concentrated in businesses that can sustain high returns without significant leverage.		View
2024 Q4	Jan 13, 2025	Fundsmith Equity Fund	-	8.9%	AAPL, ADP, AMZN, ATCO-A.ST, BF-B, DEO, GOOGL, IDXX, LLY, META, MKC, MSFT, NKE, NVDA, NVO, OR.PA, PM, SAP.DE, SYK, TXN	AI, Concentration, long-term, Quality, technology, volatility	The AI boom continued in 2024 with focused attention on fewer real beneficiaries like Nvidia. Tech companies are racing to build AI capacity through GPU chips and data centers, though whether this arms race produces adequate returns remains an open question. The AI enthusiasm contains hype similar to the Dotcom era, but key differences include current profitability of leading companies like Nvidia.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Pelican Bay Capital Management	Brown-Forman Corporation	Consumer Staples	Distillers & Vintners	Bull	NYSE	American Whiskey, brand portfolio, consumer staples, Cyclical Recovery, Distiller, dividend yield, margin expansion, Premium Tequila, Spirits, Value	View Pitch

BSD Shareholders of BF-B-3

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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