BIO

BIO

BIO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	Apr 15, 2024	Ariel Appreciation Fund	9.9%	0.0%	BIO, KN, LAZ, MSGE, NVST, NVT, WBA	-			View
2025 Q1	Apr 12, 2025	Longleaf Partners Fund	-5.1%	-5.1%	ACI, BIO, CNX, FDX, IAC, MAT, PVH, PYPL, RTX	-			View
2024 Q3	Nov 7, 2024	Prosper Stars & Stripes	-2.0%	-	BIO, BLFS, CRS, DOCS, FND, NR, PCT, SHC, UPWK, WEX	-			View
2025 Q3	Oct 15, 2025	Upslope Capital Management	8.8%	12.5%	8697 JP, BIO, CHG LN, DPLM LN, EVR, FCN, GOOG, HOLN SW, HSY, IMXI, INTC, KDEF, MKTX, SMIN LN, STE, TDY, WST	AI, defense, healthcare, Quality, valuation	Upslope remains cautious as valuations stretch and shorting speculative names becomes difficult. The fund adds defensive longs in healthcare and new exposure to the Korea Defense ETF, citing global security and cost advantages. Its positioning favors durable, high-quality businesses poised to outperform when speculative excess fades.		View
2025 Q3	Oct 15, 2025	Longleaf Partners Fund	-0.3%	-0.4%	ACI, BIO, CNX, EXO NA, FDX, FIS, IAC, KHC, MAT, PCH, PVH, REGN, RYN	Capital Allocation, free cash flow, Market cycles, Quality Companies, Value Investing	Longleaf reiterates its focus on long-term value and high free cash flow per share growth amid market froth driven by AI hype and mega-cap valuations. The fund holds concentrated positions in cash-generative firms like CNX, Kraft Heinz, and FedEx, emphasizing operational discipline and capital allocation. Management expects re-rating potential as fundamentals outweigh speculation.	BIO REGN PCH RYN ACI FDX MGM IAC KHC MAT CNX	View
2025 Q4	Jan 5, 2026	First Eagle Investments	0.0%	0.0%	BIO, GMEXICOB.MX, TSM	AI, Copper, global value, gold, infrastructure, municipal bonds, private credit, small cap	Gold set more than 50 record nominal highs in 2025, surging about 60% year-to-date through November. Central bank purchases have exceeded 1,000 tonnes in each of the past three full years, with gold holdings as a share of foreign reserves now exceeding Treasuries for the first time in 30 years. The team views gold as a fixed positional asset that participates in nominal drift of the economy. AI capex cycle continues to drive corporate earnings growth forecasts. TSMC is positioned as the primary manufacturer of next-gen chips used in generative AI by customers like Apple, Nvidia and Intel. AI may benefit small cap companies over a very long cycle through pick-and-shovel suppliers to infrastructure and data center construction. Grupo Mexico controls long-duration copper assets that are nearly impossible to replicate, with the largest reserves of any copper producer and mines well positioned on the cost curve. The company is positioned to benefit from the constructive long-term outlook for copper demand. An estimated 90% of dollars raised and spent on US infrastructure is financed through municipal bonds. The American Society of Civil Engineers graded America's infrastructure a C in 2025, indicating ongoing need for investment. Much of municipal bond issuance has been concentrated on infrastructure projects. Private equity investments benefited from zero interest rates following the global financial crisis, but the cost of acquiring and building businesses has increased since rates shifted higher in 2022. Underwriting standards have deteriorated in parts of the private credit market, with increased lending to borrowers with weaker covenant protections.	BIO TSM	View
2025 Q4	Jan 14, 2026	Longleaf Partners Global Fund	5.3%	16.7%	ANGI, AVTR, BIO, CNH, CNX, DHER.DE, EXOR.MI, F, FI, GLAN.L, GRUMA.MX, IAC, JFC.PS, KHC, MAT, MGM, PHG, REGN, STLA, TIGO, UNH	Buybacks, FCF, global, Holdings, Media, Quality, value	The fund maintains a concentrated portfolio of undervalued stocks trading at low P/V ratios in the low-60s%. Management emphasizes finding defensive growers like consumer staples and timberland companies at better prices, similar to their successful positioning in 1999. They focus on companies with strong free cash flow generation and quality management partners. Multiple portfolio companies are actively repurchasing shares at attractive prices. MGM has repurchased over 40% of shares in five years, Glanbia added to buyback programs, and Exor executed efficient share repurchases via Dutch auction. The fund views these as value-creating capital allocation moves. Canal+ renewed exclusive UEFA Champions League rights for 2027-2031 at better economics than feared, reinforcing subscriber base quality. The company made operational progress across European and African platforms following the MultiChoice merger, though remains underfollowed as a French media company on London Stock Exchange.	AVTR BIO ANGI MGM KHC IAC TIGO GLB LN CAN LN	View
2025 Q4	Jan 13, 2026	Upslope Capital Management	2.0%	14.8%	6954.T, 8697.T, BAH, BIO, CCK, CME, DPLM.L, FCN, GOOGL, HOLN.SW, HSIC, HSY, INTC, MKTX, SAND.ST, SMIN.L, STE, TDY	AI, Automation, defense, healthcare, industrials, Japan, Long/Short, mid cap	Manager exited European defense stocks for the first time since early 2022, citing full valuations and expectations that the Ukraine conflict may wind down. However, maintains exposure through Booz Allen Hamilton and Korea Defense ETF, noting long-term secular tailwinds from rising geopolitical risks and defense spending. AI is described as everywhere, particularly on buyside analyst desktops, contributing to faster market pace and gambling-like behavior. Manager sees AI moving into the physical world as a catalyst for industrial automation companies like Fanuc, which is positioned to benefit from AI's expansion beyond digital applications. Fanuc holds ~50% market share in CNCs and is a leading factory robotics player, positioned to benefit from AI moving into the physical world and rising trade barriers boosting global reshoring. The company serves general industrial, automotive, electronics, and aerospace end markets with global diversification. Portfolio includes Japan Exchange Group benefiting from ongoing Japanese equity market structure reforms and corporate governance improvements. Fanuc represents exposure to leading Japanese industrials with fortress balance sheets and global market leadership in automation.	HSIC 6954 JP CCK BAH	View
2024 Q3	Sep 30, 2024	Ariel Fund	12.1%	0.0%	BIO, CLB, GNTX, JLL, LAZ, LESL, MHK, MIDD, SRCL	-			View
2024 Q3	Sep 30, 2024	Ariel Focus Fund	10.6%	0.0%	APA, BIO, CLB, LMT, MHK, MOS, ORCL, WU	-			View
2024 Q2	Jul 23, 2024	Longleaf Partners Fund	10.4%	10.3%	BIO, CNH, FDX, LBRDK, MAT	-			View
2024 Q2	Jul 23, 2024	Longleaf Partners Global Fund	14.8%	18.4%	BIO, DELHY, ERF FP, FDX, PROSY, TIGO	-			View
2025 Q1	Apr 14, 2025	Parnassus Value Equity Fund	-2.0%	-2.0%	A, ALGN, AMD, AMZN, AVGO, BIO, CI, DE, GILD, GOOG, JPM, PGR, ROST, VZ	-			View
2025 Q1	Mar 31, 2025	Ariel Appreciation Fund	-6.9%	-6.9%	ADT, BIO, GS, KN, MAT, MIDD, NCLH, SLB	-			View
2025 Q1	Mar 31, 2025	Ariel Focus Fund	-3.9%	-3.9%	BIO, CVX, Gold, NTRS, ORCL, REZI, SJM	-			View
2025 Q1	Mar 31, 2025	Ariel Fund	-8.0%	-8.0%	ATGE, BIO, LESL, OSW, PARA, RCL, SJM, SPHR	-			View
2025 Q1	Mar 31, 2025	Ariel Small Cap Value Strategy	-10.7%	-10.7%	ADT, BIO, FAF, LESL, LIND, MIDD, NCLH	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 23, 2026	Fund Letters	Rich Eisinger	Bio-Techne Corporation	Health Care	Life Sciences Tools & Services	Bull	NASDAQ	leadership, lifesciences, Reagents, Recurringrevenue, valuation	View Pitch
Jan 20, 2026	Fund Letters	Ross Glotzbach	Bio-Rad Laboratories, Inc.	Health Care	Life Sciences Tools & Services	Bull	New York Stock Exchange	buybacks, Freecashflow, lifesciences, research	View Pitch
Jan 15, 2026	Fund Letters	James Fellows	Bio-Rad Laboratories, Inc.	Health Care	Life Sciences Tools & Services	Bull	New York Stock Exchange	diagnostics, Governance, healthcare, lifesciences, Recurringrevenue	View Pitch
Nov 29, 2025	Fund Letters	Ross Glotzbach	Bio-Rad Laboratories, Inc.	Health Care	Life Sciences Tools & Services	Bull	NYSE	buybacks, life sciences, Margins, net cash, Optionality, recovery, Sartorius	View Pitch

BSD Shareholders of BIO

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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