BNP-PA

BNP-PA

BNP-PA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Thornburg Global Opportunities Fund	11.3%	32.2%	0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, BTRW.L, C, CACI, FCX, GOOGL, META, NN.AS, NVO, ORA.PA, RELIANCE.NS, SAP, SCHW, SHEL, T, TSCO.L, TSM, TTE	Communications, financials, global, growth, semiconductors, technology, Telecom, value	The fund holds significant positions in Taiwan Semiconductor Manufacturing and Samsung Electronics, both showing strong performance. Taiwan Semiconductor returned 32.4% YTD with 22.5% trailing 5-year revenue growth. Samsung Electronics delivered 67.5% YTD returns despite negative 2024 performance.		View
2025 Q3	Sep 30, 2025	Thornburg Equity Income Builder Fund	6.6%	27.2%	005930.KS, AVGO, AZN, BIRG.I, BNP.PA, C, CME, CSCO, DTE.DE, ELE.MC, ENEL.MI, EOAN.DE, GLEN.L, HD, INGA.AS, MRK, NN.AS, PFE, ROG.SW, T, TSCO.L, TSM, TTE, Z74.SI	dividends, financials, global, healthcare, income, Telecom, Utilities, value	The fund maintains exposure to dividend-paying firms with resilient businesses and strong capital structures. The weighted average equity portfolio dividend yield of 4.3% significantly exceeds the 1.8% dividend yield of the MSCI Index. Most holdings have made reasonable progress growing their bases of paying customers and distributable cash flows to support multi-year dividend growth.		View
2025 Q2	Aug 5, 2025	Gator Capital Management	14.5%	13.8%	AX, BNP.PA, C, CG, FCNCA, FFBC, GLE.PA, HOOD, HOUS, SLM	Bank Valuations, Credit quality, financials, M&A, Regional Banks, yield curve	Manager maintains overweight position in small and mid-cap regional banks trading at 8x next year's earnings versus normal 10-14x range. Banks face headwinds from inverted yield curve but benefit from Fed rate cuts steepening the curve and loan repricing tailwinds. Recent credit quality concerns have led to reduced sector exposure.	FFBC VRTS WEX	View
2025 Q2	Jun 30, 2025	Thornburg International Equity Fund	10.8%	21.8%	0027.HK, 005930.KS, 3690.HK, 6758.T, 8306.T, ALC, AZN, BABA, BNP.PA, CP, CSU.TO, FCX, NVO, OR.PA, SU.PA, TTE	China, Europe, international, Japan, rates, semiconductors, Trade Policy, value	Trade tensions remain a significant theme with continuing negotiations between the U.S. and major trade partners including China. Contentious trade talks and tit-for-tat tariff and procurement walls persist between China and the European Union. Global economic growth is projected to slow to 2.9% in 2025 from 3.3% in 2024, driven by U.S. trade tariffs and policy uncertainty.		View
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 Q2	Jun 30, 2025	Oakmark Global Fund	6.0%	-	3626.T, ADS.DE, AHT.L, AKZA.AS, ALV.DE, BAYN.DE, BDX, BMW.DE, BNP.PA, BUD, COP, DSV.CO, FI, IQV, KDP, LBRDK, LLOY.L, MOH	financials, global, healthcare, industrials, Logistics, Trade Policy, value	President Trump's Liberation Day announcement led to significant market volatility with companies perceived as more impacted by tariffs falling meaningfully while others held up better. The fund used this volatility to trim positions that performed well and buy companies where the discount to intrinsic value widened significantly.	MOH KDP BNP.PA BMW.DE AHT.L ADS.DE BDX DSV.CO	View
2025 Q1	May 5, 2025	Gator Capital Management	-0.6%	-0.6%	BARC.L, BNP.PA, FCNCA, GLE.PA, GPN, HOOD, PYPL, SLM, UMBF, VRTS	Asset Managers, financials, Regional Banks, small caps, tariffs, Trade Policy, value	The manager views recent sweeping tariff proposals as an unforced policy error and unnecessarily reckless approach. While improving America's trade positioning is legitimate, broad-based tariffs on nearly all global imports with limited warning creates unnecessary risk. The manager believes these tariffs will ultimately be short-lived based on market interpretation of events.	VRTS	View
2026 Q1	Apr 29, 2026	American Century International Growth Fund	-5.2%	-5.2%	6201.T, ADYEN.AS, ASML, BNP.PA, CRH, ENI.MI, MC.PA, SAP	AI, Automation, Banking, energy, Geopolitical, growth, international		BNP.PA ENI.MI ADYEN.AS	View
2026 Q1	Apr 2, 2026	Thornburg Global Opportunities Fund	3.2%	3.2%	0027.HK, 0700.HK, BABA, BNP.PA, C, CACI, DTE.DE, FCX, GOOGL, LLY, META, RELIANCE.NS, SAP, SCHW, SHEL, T, TSCO.L, TSM, TTE	energy, financials, global, growth, semiconductors, technology, Telecommunications, value			View
2026 Q1	Apr 18, 2026	Thornburg International Equity Fund	3.1%	3.1%	005930 KS, 0700.HK, 3690 HK, 6098.T, AZN, B3SA3.SA, BNP.PA, BZ, CP, ELE.MC, GLEN.L, INGA.AS, MUFG, NN.AS, ORA.PA, SONY, TTE	energy, Geopolitical, inflation, international, Resilience, value			View
2025 Q1	Mar 31, 2025	Harris Associates International Equity Strategy	7.7%	7.7%	2502.T, 8802.T, BABA, BNP.PA, FLTR.L, GLEN.L, KER.PA, MC.PA, RTO.L, TKA.DE, WPP.L	Asia, Cloud, defense, Europe, Gambling, international, Luxury, real estate, value	The manager argues that a large valuation imbalance remains present between value and growth equities, which will fuel better long-term performance for value stocks. They believe the weight of money has been heavily skewed to U.S. growth names for too long.	MC.PA 8802.T RTO.L FLTR.L 2502.T TKA.DE BABA BNP.PA	View
2025 Q1	Mar 31, 2025	Brandes International Equity Fund	10.8%	10.8%	005930.KS, 1876.HK, 4502.T, BABA, BNP.PA, CA.PA, ERJ, GSK.L, HEI.DE, HEIA.AS, HEN3.DE, ISP.MI, ORA.PA, PUB.PA, RR.L, SAN.PA, STM, TSM, UHR.SW, WPP.L	aerospace, Beverages, emerging markets, Europe, financials, international, semiconductors, value	The fund emphasizes value investing philosophy with holdings trading at compelling valuation levels relative to benchmarks. International stocks and value stocks offer attractive return potential based on current valuations, with value stocks trading in the cheapest quartile relative to growth stocks historically.	RI.PA CAP.PA WMMVY	View
2025 Q1	Mar 31, 2025	Thornburg International Equity Fund	9.9%	9.9%	0027.HK, 6098.T, 6146.T, 6501.T, 8306.T, BNP.PA, CP, EOAN.DE, LIN, NN.AS, NVDA, ORA.PA, RHM.DE, ROG.SW, SAF.PA, SONY, TSM, TTE	active, international, Opportunities, positioning, tariffs, volatility	The manager views volatility as a powerful ally for long-term investors, creating windows of opportunity during market turbulence. They have been actively capitalizing on select opportunities during recent market swings, emphasizing that volatility is not inherently negative but rather creates periods when patience and discipline can lead to positive outcomes.		View
2025 Q4	Feb 3, 2026	Gator Capital Management	4.1%	31.9%	BCS, BNP.PA, C, COMP, CUBI, FCNCA, GLE.PA, GPN, HOOD, HOUS, JPM, JXN, PYPL, SOHO, TD, TFSL, UMBF, VRTS	Banking, Capital markets, financials, real estate, Regional Banks, small caps, value	The fund focuses on small and mid-cap financial institutions, particularly regional banks with mutual holding company structures. TFS Financial represents a key investment in this space, offering leveraged exposure to earnings recovery through its unique MHC structure. Significant exposure to mortgage-related businesses through TFS Financial's traditional thrift model and Anywhere Real Estate's real estate services. The fund sees opportunity as the housing market recovers and interest rate environment normalizes. Strong positioning in capital markets through investment platforms like Robinhood Markets and traditional investment management firms. The fund benefited from continued product innovation and growth in retail trading platforms.	TFSL	View
2024 Q4	Feb 12, 2025	Lyrical Asset Management	-	-2.1%	005930.KS, ACN, AER, BAER.SW, BATS.L, BNP.PA, BP.L, ENX.PA, HSBA.L, MBG.DE, SAN, SHEL.L, TEP.PA	Asia, banks, EAFE, Europe, growth, international, Quality, value	AI deployment is creating both opportunities and challenges for portfolio companies. Samsung is experiencing margin pressure as AI favors High Bandwidth Memory technology where it currently lags behind SK Hynix. Teleperformance faces uncertainty as AI threatens to automate customer service functions, though the manager believes the company can adapt and benefit from increased complexity in remaining work.	TEP.PA 005930.KS	View
2024 Q4	Dec 31, 2024	Brandes International Equity Fund	-8.7%	7.2%	005930.KS, 1211.HK, 4502.T, 5108.T, 7201.T, BABA, BNP.PA, CAE.TO, EBS.VI, ERJ, GSK, HEI.DE, HEIA.AS, KGF.L, RR.L, SAN.PA, STM, UBS, UHR.SW, WPP.L	China, industrials, international, materials, semiconductors, value	The fund initiated a position in STMicroelectronics, a semiconductor supplier with diverse exposure to automotive, industrial, and personal electronics markets. While the auto semiconductor market weakness has pressured near-term results, the manager believes current challenges are cyclical and sees compelling long-term growth from electric vehicles, ADAS, and IoT adoption.	MKS.L STM	View
2025 Q3	Nov 4, 2025	Gator Capital Management	11.3%	26.7%	AX, BNP.PA, C, CG, FCNCA, FFBC, GLE.PA, HOOD, HOUS, SLM	Banking, Credit quality, financials, Long/Short, Regional Banks, value	Manager maintains overweight position in small and mid-cap regional banks despite recent volatility from fraud losses and disappointing credit metrics. Banks trade at 8x forward earnings versus normal 10-14x range, with tailwinds from steepening yield curve, loan repricing, and improved regulatory environment.	MBG GR	View
2023 Q3	Oct 25, 2023	ClearBridge Investments International Growth ADR Strategy	5.7%	0.0%	1299.HK, ADYEN.AS, AMS.PA, ARGX, ASML, AZN, BNP.PA, CPU.AX, DB1.DE, DSNKY, Gold, ITX.MC, KER.PA, LIN, MC.PA, NVDA, NVO, OCLSY, REL.L, ROG.SW, SAFRY, SAND.ST, SAP, SMCAY, SU, TEP.PA	AI, growth, international, Japan, Pharmaceuticals, semiconductors, value	The strategy remains committed to a disciplined, valuation approach to portfolio construction that delivers diversification by investing across three types of growth companies: secular, structural and emerging. The managers believe the portfolio is well-positioned to deliver alpha as headwinds of restricted global liquidity and lower-quality leadership begin to dissipate.	SMCAY ARGX AZN ASML	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
2025 Q3	Oct 10, 2025	Thornburg International Equity Fund	5.5%	28.5%	0027.HK, 005930.KS, 3690.HK, 6758.T, 8306.T, ALC, AZN, BABA, BNP.PA, CP, CSU.TO, FCX, NVO, OR.PA, SU.PA, TTE	Bottom-up, Diversified, fundamentals, international, value	Technology-related industries showed strength, particularly in Northeast Asia and the U.S., where chip stocks rallied on AI optimism. Samsung Electronics was a leading contributor to portfolio performance for the quarter.		View
2025 Q4	Jan 29, 2026	Hotchkis & Wiley Global Value Fund	3.8%	23.8%	AIG, BNP.PA, CMCSA, CRM, ELV, ERIC, FFIV, FISV, GEHC, GOOGL, UNH, USB, WBD, WDAY	AI, financials, global, healthcare, software, technology, valuation, value	The portfolio trades at 13x forward earnings and less than 10x normal earnings, representing attractive valuations relative to the broad market. The fund focuses on opportunities outside the Magnificent 7 where overall valuations remain near average despite elevated market multiples. The fund views AI as more likely to be a tailwind for application software vendors like Workday as they incorporate AI-powered features into their software suites. Google delivered strong new AI products that appear to be taking material share of Consumer Chatbot activity from OpenAI's ChatGPT. The fund has significant exposure to cloud-based enterprise software companies like Workday and Salesforce, which provide human capital management, financial management, and analytics solutions. These companies benefit from sticky customer bases and recurring revenue models.		View
2025 Q4	Jan 23, 2026	Brandes International Equity Fund	5.7%	39.1%	005930.KS, 1876.HK, 4503.T, 8306.T, BABA, BNP.PA, CX, DGE.L, DPW.DE, EBS.VI, ERJ, GRF.MC, GSK, HEI.DE, KER.PA, MNDI.L, NG.L, ORA.PA, OTEX.TO, RI.PA, TSCO.L, TSM	emerging markets, Europe, international, Outperformance, packaging, Utilities, value	International value stocks continue to trade within the least expensive valuation quartile relative to growth stocks since style indices inception. The valuation gap is evident across multiple metrics including price/earnings, price/cash flow, and enterprise value/sales. Historically, such discount levels often preceded attractive relative returns for value stocks over subsequent three- to five-year periods. Exposure to emerging markets helped returns, led by South Korean Samsung Electronics, Mexico's Cemex, and Erste Group Bank operating across emerging Europe. Leading contributors for the year included emerging market holdings such as Alibaba, Samsung, Taiwan Semiconductor, Brazil's Embraer and Mexico-based Cemex. The portfolio continues to have larger weighting to select emerging markets, particularly Mexico, South Korea, and Brazil. National Grid has strategically repositioned its asset base toward electricity networks, reducing exposure to gas and aligning with long-term energy transition trends. Over the past decade, roughly 75% of its regulated asset base is in electricity, expected to rise to 80% by 2029, supported by structural growth in electrification and renewable integration. The company's position as a critical enabler of decarbonization provides attractive risk-adjusted returns. Mondi is a leading European producer of corrugated packaging, containerboard, kraft paper, and uncoated fine paper with strong presence in Eastern and Western Europe. Secular trends such as sustainability, convenience, and the shift from plastic to paper underpin steady growth in fiber-based packaging. The company's cost leadership, strong positioning in high-barrier-to-entry kraft paper market, and integrated operations provide competitive advantage.	TSCO LN NG LN MNDI LN	View
2025 Q4	Jan 22, 2026	Thornburg Equity Income Builder Fund	7.0%	37.0%	005930.KS, AVGO, AZN, BNP.PA, C, CME, DTEGY, ELE.MC, ENEL.MI, KPN.AS, MRK, NN.AS, NVS, ORAN, PFE, RHHBY, T, TSCO.L, TSM, TTE	dividends, financials, global, healthcare, Telecommunications, Utilities, value	The fund maintains exposure to dividend-paying firms with resilient businesses and strong capital structures. The portfolio's weighted average dividend yield of 4.2% significantly exceeds the MSCI Index's 1.7% yield. Most holdings have made reasonable progress growing their bases of paying customers and distributable cash flows to support multi-year dividend growth. The portfolio trades at attractive valuations with a weighted harmonic average 2025 consensus P/E ratio of 14.3x, well below the MSCI All Country World Index's 21.6x. The manager believes these businesses are valued very attractively relative to their own histories and other assets, incorporating significant intrinsic value. The fund focuses on businesses that occupy important positions in their respective markets and tend to be well capitalized. These firms retain their market positions providing important products and services that generate cash flows. The manager emphasizes resilient businesses with strong capital structures that can maintain operations through various market conditions.		View
2025 Q4	Jan 11, 2026	Thornburg International Equity Fund	4.5%	34.2%	005930.KS, 4901.T, 6501.T, 6758.T, 8306.T, AZN, BABA, BNP.PA, BZ, CP, DPW.DE, LIN, NN.AS, ROG.SW, SU.PA, TTE	China, Europe, fundamentals, international, Japan, value	Trade tensions remained a significant theme with continuing negotiations between the U.S. and major trade partners including China, which is also in contentious trade talks and tit-for-tat tariff and procurement walls with the European Union. Technology-related industries showed strength, particularly in Northeast Asia and the U.S., where chip stocks rallied on AI optimism during the fourth quarter. The U.S. Federal Reserve cut its target rate 25 basis points in December. The Bank of Japan lifted its rate a quarter point while the ECB stood pat, creating rate differentials that played out in currency markets.		View
2025 Q4	Jan 11, 2026	Thornburg Global Opportunities Fund	6.5%	41.1%	0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, C, CACI, COF, FCX, GOOGL, LLY, META, NN.AS, ORA.PA, RELIANCE.NS, SAP.DE, SCHW, SHEL, T, TSCO.L, TSM, TTE	Digital Economy, financials, global, growth, semiconductors, technology, Trade Policy, value	The fund holds significant positions in semiconductor companies including Samsung Electronics, Taiwan Semiconductor Manufacturing, and Contemporary Amperex Technology. These technology firms were leading contributors to portfolio performance during Q4 2025, with the manager highlighting their role in the digital economy transformation. Financial intermediaries represent 20.5% of the portfolio, with the manager believing they should benefit from interest rates determined primarily by free market forces. Key holdings include Citigroup, Bank of Ireland, BNP Paribas, NN Group, Capital One, and Charles Schwab, which were significant contributors to Q4 performance. The portfolio includes major e-commerce platforms Alibaba Group, Tencent Holdings, and Meta Platforms, though these were among the most significant detractors from Q4 performance. The manager maintains exposure to firms tied to the digital economy despite recent underperformance. Energy investments comprise 6.9% of the portfolio, including positions in Shell PLC and Total Energies SE. The manager notes periodic fluctuation of investor confidence in industrial commodity sector businesses, with Total Energies contributing positively to Q4 performance. The manager explicitly discusses evolving U.S. trade policies and their impact on global trade flows, noting that winners and losers among multi-national producers of tradeable goods will become obvious in time. The current outlook for many global businesses remains uncertain due to new trade policies.		View
2023 Q1	Mar 31, 2023	Oakmark International Fund	8.8%	0.0%	BNP.PA, ISP.MI, LLOY.L	Banking, Crisis, Europe, opportunity, value	European banks are positioned to benefit from higher interest rate spreads, resilient economies, and ability to return capital to shareholders. They have smaller securities portfolios as percentage of assets than US counterparts, reducing unrealized loss potential. Holdings like Intesa Sanpaolo, Lloyds Banking Group and BNP Paribas trade at attractive valuations with high dividend yields and excess capital.	ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK LLOY.L ISP.MI BNP.PA	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 1, 2026	Fund Letters	American Century International Growth Fund	BNP Paribas SA	Banks - Regional	Diversified Banks	Bull	Euronext Stock Exchange	banking, Capital Base, European banks, france, Interest rates, net interest income, profitability, valuation	View Pitch
Apr 27, 2026	Fund Letters	Oakmark International Fund	BNP Paribas	Financials	Banks	Bull	Euronext Paris	asset sales, capital allocation, dividend yield, European banks, Flight-to-quality, Free Cash Flow, Interest Rate Spreads, Share Buybacks, Value	View Pitch
Apr 13, 2026	Fund Letters	Oakmark Global Select Fund	BNP Paribas SA	Financials	Diversified Banks	Bull	Euronext Paris	Cost control, Deposit Franchise, Diversified Bank, European Banking, france, Global Operations, Interest rates	View Pitch
Apr 13, 2026	Fund Letters	Oakmark Global Fund	BNP Paribas SA	Financials	Banks	Bull	Euronext Paris	Acquisitions, Deposit Franchise, Diversified Banking, European Bank, france, Global Banking, Interest rates, operating leverage	View Pitch
Apr 13, 2026	Fund Letters	Harris Associates International Equity Strategy	BNP Paribas	Financials	Banks	Bull	Euronext Paris	Banks, Corporate Banking, Diversified, Europe, financials, france, Institutional Banking, Personal Finance	View Pitch

BSD Shareholders of BNP-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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