BN-PA

BN-PA

BN-PA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jun 30, 2025	Oakmark Global Select Fund	4.5%	-	BABA, BAYRY, BDX, BMW.DE, BN.PA, BNP.PA, COF, DSV.CO, FI, IQV, LLOY.L, PRX.AS	Banking, Electric Vehicles, Europe, Medical Devices, Pharmaceuticals, Trade Policy, value	President Trump's Liberation Day announcement led to significant market volatility, with companies perceived as more exposed to tariffs falling meaningfully while others held up better. The fund actively repositioned during this period, trimming positions that performed well and buying companies where tariff concerns created wider discounts to intrinsic value.	DSV.CO BNP.PA BMW.DE BDX IQV BAYRY	View
2025 Q1	Apr 18, 2025	Templeton & Phillips Capital Management	-	-	AMZN, BN.PA, FFH.TO, HDB, IBN, UMG.AS	Banking, Bargains, India, Quality, Selloffs, tariffs, value	Trump administration's tariff strategy represents a negotiation tactic designed to generate government revenue and foster US reindustrialization. The approach creates intentional uncertainty through extreme opening positions, with actual goals lying much lower to allow both sides to claim victory.	IBN HDB	View
2024 Q3	Nov 5, 2024	Broyhill Asset Management	6.0%	0.0%	AVTR, BAX, BN.PA, DG, EPAM, EVO.ST, FI, NICE, PM, PYPL, ROL, RTO.L, SCHW	consumer, financials, gaming, healthcare, technology, value	Philip Morris is shifting business mix from combustible cigarettes towards reduced risk products and re-entering the US market through Swedish Match acquisition. Zyn has become wildly popular with supply constraints despite production expansion, while youth usage remains under 2%.	NICE EVO.ST RTO.L	View
2025 Q3	Oct 19, 2025	Artisan International Fund	5.0%	34.0%	015760.KS, 0700.HK, 300750.SZ, 8306.T, 9988.HK, ABI.BR, AI.PA, AMZN, ARGX, BATS.L, BN.PA, BNP.PA, DB1.DE, DTEGY, LLOY.L, LSE.L, NG.L, REL.L, TSCO.L, UBS	Asia, defense, Electrification, Europe, financials, healthcare, international, technology	Government spending on defense will continue to grow systematically over the next decade as NATO countries have committed to spend 5% of their GDP over that time frame. Companies that offer high-quality defense systems and related components at attractive prices will inevitably grow their business. Several holdings within this theme are seeing their order books building over several years.	3750 HK 012450 KS UBSG SW UCB BB	View
2023 Q3	Oct 13, 2023	Mayar Capital	7.7%	9.6%	005930.KS, BFAM, BN.PA, BNTG.DE, CAP.PA, DBX, EA, GOOGL, HLCL.L, KVUE, SAP.DE, UL, UPS, V	global, Quality, rates, risk management, technology, value	Manager emphasizes value investing approach, focusing on great businesses at reasonable prices with margin of safety. Discusses how value investing has been painful during recent tech bubble but believes patience will be rewarded as higher interest rates favor quality businesses over mediocre ones.	KVUE CAP.PA	View
2025 Q4	Jan 15, 2026	Baillie Gifford – International Alpha	1.2%	19.6%	000333.SZ, 005930.KS, 0700.HK, 1299.HK, 1698.HK, 2318.HK, 2454.TW, 3064.T, 3656.T, 3690.HK, 3994.T, 4612.T, 600519.SS, 6098.T, 6273.T, 6758.T, 6861.T, 7309.T, 7733.T, 7974.T, 8035.T, 8113.T, 8729.T, ADYEN.AS, ASML, ATCO-A.ST, B3SA3.SA, BN.PA, BNTX, CFR.SW, CPA, CPNG, CRH, CSU.TO, DB1.DE, DEMANT.CO, DIM.PA, DSV.CO, DSY.L, EDEN.PA, EXPN.L, FBK.MI, G24.DE, GMKN.ME, HDB, ICICIGI.NS, IMCD.AS, KGP.L, KNEBV.HE, KSPI.L, LMN.TO, LUN.TO, MC.PA, MELI, MIPS.ST, MNDY, NEX.PA, NVO, NVZMY, PDD, RAT.DE, RIO, ROG.SW, RYA.L, SALM.OL, SAP, SDZ.SW, SE, SEB-A.ST, SHOP.TO, SIMO, SJ.TO, SPOT, TFII, TOI.TO, TPRO.MI, TSM, U11.SI, UL	E-Commerce, growth, international, Quality, semiconductors, technology, value	Samsung Electronics passed qualification with Nvidia for HBM3E chips and is in advanced discussions for next-generation products. The memory division reported record third-quarter sales driven by AI demand. Tokyo Electron was added as a new position, benefiting from increasing semiconductor complexity across various end markets. MercadoLibre faced share price volatility reflecting a tug-of-war between accelerating revenue growth and concerns over short-term margin pressure from defending market share in Brazil. Despite disappointing performance, the manager sees substantial growth runway and disciplined long-term management. DSV shares rebounded after geopolitical pressure on global trade. Third-quarter results exceeded expectations with margin improvement and upgraded guidance on DB Schenker acquisition synergies. Management accelerated integration timeline with most savings expected within two years. Lundin Mining was added as a new position, described as a high-quality copper-focused miner with low-cost assets and strong production growth potential. The manager sees an improving demand-supply balance in copper with current valuation not accounting for company quality.	2454 TT SALM NO 8035 JP LUN CN DSV 005930 KS TME	View
2024 Q3	Sep 30, 2024	ClearBridge Investments International Growth ADR Strategy	5.7%	0.0%	0992.HK, 1299.HK, 4091.T, 4543.T, 7936.T, 8035.T, 8766.T, ARGX, ASML, BN.PA, CPG.L, EL.PA, HLN.L, ICLR, ITX.MC, LSEG.L, NESN.SW, NVO, RTO.L, SAP, SPOT	China, cyclicals, growth, international, Japan, Stimulus, Value rotation	The manager is convinced that Japan's move to upgrade profitability, capital allocation and shareholder returns is authentic, adding four new Japanese positions. The Bank of Japan's latest Tankan survey confirmed continued recovery in domestic demand, rising GDP growth and low risk of deflation returning.	BN.PA 0992.HK 4091.T 8766.T 7936.T 4543.T	View
2025 Q1	Mar 31, 2025	Prosper Global Macro	1.0%	1.0%	6501.T, 8306.T, ADBE, AM.PA, ANF, BN.PA, C, CBZ.DE, DHI, FNV, GOOGL, IAG.L, KGC, KOG.OL, LLY, NFLX, ROG.SW, RR.L	defense, gold, inflation, Multi-Asset, tariffs, TIPS, Trade Policy	Trump's tariffs of 25% on imports from Mexico and Canada, plus hikes on Chinese goods, triggered fears of trade war, recession, and stagflation. The manager views these tariffs as a strategy to create leverage for better trade balances, expecting volatility but anticipating rollback on many tariffs during April following concessions.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	ClearBridge Investments International Growth ADR Strategy	Danone SA	Consumer Staples	Food Products	Bull	Euronext Paris	consumer staples, demographic trends, Food Beverages, france, Margin Improvement, Medical Nutrition, portfolio transformation	View Pitch

BSD Shareholders of BN-PA

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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