BME-L

BME-L

BME-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jun 30, 2025	Cooper Investors Global Equities Fund (Unhedged)	5.2%	-	BME.L, CDW, G24.DE, PSK.TO, TKO	energy, Global Equities, Media, royalties, technology, value creation	TKO Holdings owns UFC and WWE combat sports content assets, showing strong growth with UFC and WWE EBITDA growing 17% and 38% respectively. The company is expanding revenue through site fees by festivalizing events across multiple days, demonstrating economic value to cities.	PSK.TO TKO G24.DE CDW BME LN TKO G24 GR	View
2024 Q4	Dec 31, 2024	FMI International Equity	-7.0%	3.0%	ACGL, BKNG, BME.L, FERG, G, ICLR, ROG.SW, RXL.PA, SONY, SW.PA, UL, WEIR.L	healthcare, insurance, international, large cap, Travel, value	ICON is a global contract research organization providing outsourced clinical trial services to pharmaceutical and biotech clients. Following its merger with PRA Health Sciences in 2021, ICON is positioned as a high-quality contender with competitive differentiation. The firm has commercial relationships with 17 of the top 20 pharma companies and benefits from increasing trial complexity and sponsor efficiency needs.	ACGL ICLR	View
2025 Q3	Oct 14, 2025	Cooper Investors Global Equities Fund (Unhedged)	0.0%	-	BME.L, BSY, CME, G24.DE, GEHC, TKO	Exchanges, global, healthcare, Media, retail, technology	TKO Holdings owns UFC and WWE, benefiting from increased demand for sports media rights from traditional broadcasters and streaming platforms. The company renewed its most important US UFC media deal with Paramount+ for seven years at $7.7 billion annually, more than doubling the current ESPN deal. This increased exposure will drive sponsorship value and grow the fanbase.	TKO G24 CME	View
2024 Q3	Sep 30, 2024	FMI International Equity	-7.4%	2.7%	BARN.SW, BKNG, BME.L, FERG.L, GRG.L, PHIA.AS, ROG.SW, RXL.PA, SIE.DE, SONY, SW.PA, UL	Automation, consumer, Europe, healthcare, large cap, value	Siemens Digital Industries represents the strongest and most integrated automation portfolio globally. Management targets 5-7% annual organic revenue growth and high-single digit annual EPS growth through a cycle. The automation business has strong positions in growing markets with high barriers to entry.	BARN.SW SIE.DE	View
2024 Q2	Jun 30, 2024	FMI Small Cap Equity	-0.8%	10.7%	BJ, BKNG, BME.L, D05.SI, DGX, DLTR, FBIN, FERG.L, FN, GOOGL, HSIC, KMX, MAS, MU, PHG, RHI, RYAAY, SKX, SSD, UL	AI, healthcare, Japan, Quality, small caps, Speculation, value	The manager expresses skepticism about the AI bubble, noting that Nvidia's rapid growth and high margins will attract competition from customers. They warn of speculative fervor around AI with over $180 billion in data center spending but only $3.4 billion in OpenAI revenue. The cost to run generative AI queries is extremely high due to power requirements.	RYAAY DGX HSIC	View
2024 Q2	Jun 30, 2024	FMI All Cap Equity	-1.8%	11.2%	BJ, BKNG, BME.L, DBSDY, DGX, FERG.L, GOOGL, HSIC, KMX, MAS, META, MSFT, MU, NVDA, PHG, RHI, RYAAY, SKX, TREE, UL	AI, growth, healthcare, Japan, Quality, small caps, Speculation, value	Manager expresses skepticism about AI bubble dynamics, noting Nvidia's massive valuation gains and questioning sustainability of current AI spending levels. Sequoia estimates $600 billion revenue needed annually to justify projected spending, while current generative AI revenue is only $3.4 billion. High power costs for AI queries remain unaccounted for in profit models.	RYAAY DGX HSIC	View
2024 Q2	Jun 30, 2024	FMI Large Cap Equity	-4.0%	10.5%	BJ, BKNG, BME.L, D05.SI, DGX, DLTR, FBIN, FERG.L, FN, GOOGL, HSIC, KMX, MAS, MU, PHG, RHI, RYAAY, SKX, SSD, UL	AI, growth, healthcare, Japan, Quality, small caps, technology, value	The manager expresses skepticism about the AI bubble, noting that Nvidia briefly became the world's most valuable company worth $3.3 trillion. They highlight that $180 billion is being spent annually on AI data centers with only $3.4 billion in revenue from OpenAI, requiring $600 billion in annual revenue to justify current spending levels. The high cost of running generative AI queries due to substantial power requirements may eventually impact revenue and profit models.	RYAAY DGX HSIC	View
2024 Q2	Jun 30, 2024	FMI International Equity	-7.4%	2.7%	AMZN, BJ, BKNG, BME.L, D05.SI, DLTR, FERG.L, GOOGL, HSIC, KMX, MAS, META, MSFT, MU, NVDA, PHG, RHI, RYAAY, SKX, UL	AI, healthcare, international, Japan, Quality, small caps, Speculation, value	The manager expresses skepticism about the AI bubble, noting that Sequoia Capital warns of speculative frenzies. While acknowledging AI's vast possibilities, they highlight the massive spending ($180 billion annually) with little revenue to show ($3.4 billion for OpenAI). They question whether companies will see adequate returns on their AI investments.	RYAAY DGX HSIC	View
2025 Q1	Mar 31, 2025	Cooper Investors Global Equities Fund (Unhedged)	0.9%	0.9%	BME.L, FWONK, FYBR, LSEG.L, RYAN, SONY, TKO, TSM, UMG.AS, WMG	Customer, equities, Focus, gaming, global, Music, semiconductors	The fund established a position in Universal Music Group, viewing the music industry as undergoing a monetization cycle after streaming subscriber growth slowed. Music assets have high cultural relevance and enduring value, with streaming creating a subscription model that improved monetization significantly. The industry is positioned for pricing power as penetration matures in developed markets.	UMG.AS	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 22, 2026	Twitter / X	@evrgn11112231	B&M European Value Retail S.A.	Consumer Staples	Food Retail	Bull	London Stock Exchange	Fmcg, Fmcg Pricing, Government IT, Lfl, Lfls, retail, Street, UK	View Pitch
Nov 10, 2025	Substack	Scalpavelli	B&M European Value Retail	Consumer Discretionary	Discount Stores	Bear		Accounting restatement, B&M European Value Retail, financial integrity, investment risk, market perception, retail industry, stock valuation, strategic direction, Value trap	View Pitch

BSD Shareholders of BME-L

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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