BNZL-L

BNZL-L

BNZL-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 25, 2025	Oldfield Partners Overstone Global Large Cap	8.7%	19.7%	6971.T, 9433.T, BABA, BNZL.L, BT-A.L, CB, DIS, FRE.DE, NOV, SSNC, WTB.L	Bubble, diversification, Dollar, global, valuation, value	The portfolio trades at only 11x earnings, a 15% discount to its historical average, while the S&P 500 appears expensive at 22x forward earnings representing a 40% premium to its 20-year average. The Shiller price-to-earnings ratio currently stands at 38x, a level historically associated with near-zero real returns over the subsequent decade.	BNZL.L 6971.T	View
2025 Q2	Jul 22, 2025	Harris Associates International Equity Strategy	12.8%	21.7%	035420.KS, AMS.PA, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW	AI, Copper, Europe, international, Luxury, Mining, technology, value	Manager emphasizes value investing approach and notes the unraveling of the U.S. growth/momentum paradigm that dominated for over a decade. European equities fundamentals have improved, driving more investor interest as valuation spreads compress.	6273 JP ASML MC FP BABA BAYN GR CON GR 105560 KS	View
2025 Q2	Jul 16, 2025	Liontrust GF Special Situations Fund	3.4%	-	AJB.L, ALPH.L, AZN.L, BNZL.L, BP.L, CRW.L, MAB1.L, RWS.L, SHEL.L, SXS.L	Buybacks, industrials, M&A, small caps, special situations, United Kingdom, value	The fund maintains significant exposure to small and mid-cap companies, which led the market recovery from April lows. Of the 15 small cap and AIM-listed stocks in the portfolio, the average total return in Q2 was 12.6%, significantly outperforming the portfolio average. The fund remains resolute in its conviction that smaller companies retain highly attractive growth compounding potential over the longer term.	RWS.L AZN.L BNZL.L SHEL.L BP.L	View
2025 Q2	Jul 11, 2025	Baillie Gifford -International All Cap	-	-	6869.T, 6981.T, ATD.TO, BNZL.L, BRBY.L, JMT.L, MC.PA, RYA.L, SIK.SW, SPOT	Europe, growth, international, Quality, tariffs, Valuations	US imposition of tariffs on global trading partners created uncertainty for companies and management teams. The tariff shock highlighted merits of international equities after US outperformance. Management teams expressed concerns about prolonged uncertainty effects rather than direct tariff impacts.		View
2025 Q1	Apr 30, 2025	Bell Global Equities Fund	-8.6%	-8.6%	4684.T, AAPL, ADP, AMZN, ASML, AUTO.L, AVGO, BJ, BNZL.L, DECK, EW, FI, GOOGL, ICLR, IT, META, MSFT, NVDA, NVO, OR.PA, PEP, RMV.L	Cloud, Global Equities, Quality, tariffs, technology, Trade Policy	President Trump's Liberation Day announcement introduced sweeping universal tariffs across all trading partners, triggering immediate flight to safety and market volatility. The announcement was later paused on April 9 to allow time for negotiations, leading to recovery in risk asset prices.		View
2026 Q1	Apr 13, 2026	Mawer International Equity Fund	0.2%	0.2%	0700.HK, AD.PA, AON, APH, BAM, BHP.AX, BNZL.L, BWXT, CACI, DB1.DE, EQNR, HDB, MSFT, NOC, SHOP.TO, SII.TO, SKE.TO	AI, defense, diversification, energy, Geopolitical, inflation, Quality			View
2025 Q4	Dec 31, 2025	Fortress – Fixed Income Fund	0.6%	5.5%	005930.KS, 0700.HK, 1288.HK, 1585.HK, 1878.T, 2318.HK, 392.HK, 3968.HK, 6920.T, 8035.T, 916.HK, ACN, AMAT, AXP, BABA, BBDO, BNZL.L, BRK.B, BTI, CHTR, FMC, GMEXICOB.MX, GRMN, HSY, ITUB, IX, JNJ, LOGI, MC.PA, MRK, NTES, NVO, ORLY, PDD, PHM, ROG.SW, SBS, SNA, TSM, UNH, VALE, VRTX, WKL	AI, Bonds, emerging markets, healthcare, international, technology, Trade Policy, value	Artificial intelligence remained the primary focus for investors in U.S. markets, driving strength in technology names while masking moderation in other economic areas. The AI investment boom continued to power corporate capital expenditures and supply growth, though consumer confidence readings suggest potential underlying softness that could emerge if AI investment moderates. The manager sees excellent value opportunities globally, particularly in international and emerging markets despite strong recent performance. U.S. healthcare and consumer staples have been left behind by the AI frenzy and trade at appealing valuations. Portfolio companies show attractive price/earnings ratios with meaningful long-term return potential. Recent tariff policies continued to negatively impact U.S. consumers and companies throughout the year. However, international companies have been finding new trade arrangements and growth opportunities, benefiting from shifts in global trade patterns as the new U.S. administration alters terms of international cooperation.		View
2024 Q3	Oct 8, 2024	Mawer International Equity Fund	6.9%	16.0%	3064.T, 6532.T, 9433.T, AON, ASM, ASML, BMW.DE, BNZL.L, CIGI.TO, CME, CPG.L, DG, EL, GRT.UN.TO, IAG.TO, ICE, MC.PA, NKE, NVO, ZZZ.TO	AI, China, consumer, international, Japan, rates, real estate	Central banks began cutting interest rates with the Fed making its first cut in September, joining the Bank of Canada and others. Interest rate sensitive sectors like real estate, utilities, and financials performed well as rates declined. The easing cycle provided relief for households and businesses struggling with higher rates.		View
2025 Q3	Oct 28, 2025	Harris Associates International Equity Strategy	4.1%	26.7%	035420.KS, AMS.PA, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW	Europe, fundamentals, growth, international, Quality, technology, valuation, value	Manager emphasizes investing in high-quality companies trading at attractive valuations below intrinsic value. Multiple positions initiated due to stocks trading at decade-low multiples despite solid fundamentals.	GLEN LN BABA GLEN LN BABA	View
2025 Q3	Oct 20, 2025	Baillie Gifford -International All Cap	1.0%	13.6%	000333.SZ, 005930.KS, 0388.HK, 0700.HK, 1299.HK, 300750.SZ, 4519.T, 4612.T, 4911.T, 6098.T, 6273.T, 669.HK, 6861.T, 7733.T, 7741.T, 7980.T, 8035.T, 8113.T, ABI.BR, ADYEN.AS, AHT.L, AI.PA, ASML, ASSA-B.ST, ATCO-A.ST, AUTO.L, B3SA3.SA, BHP, BIM.PA, BNZL.L, CABK.MC, CFR.SW, DSV.CO, EPIROCK-A.ST, EXO.MI, EXPN.L, FEMSAUBD.MX, GAW.L, GRG.L, HDB, IMCD.AS, INVEB.ST, ITRK.L, JMT.LS, LONN.SW, MC.PA, MELI, NEM.DE, PRX.AS, RADL3.SA, RCO.PA, RMV.L, ROG.SW, RYA.L, SCT.L, SEB-A.ST, SIK.SW, SOI.PA, SPOT, SPX.L, TRN.L, TSM, TTE, UBS, UL, UOB.SI, WALMEX.MX, WEIR.L, WISE.L	AI, Asia, Europe, growth, healthcare, international, semiconductors, technology	Artificial Intelligence remained a dominant theme during the quarter, with several perceived beneficiaries rallying. Rising demand for AI-related chips is pressuring customers to push into more advanced nodes and adopt EUV technology. The rapid adoption of AI applications and high-performance computing is driving unprecedented orders for leading-edge technologies.		View
2025 Q3	Oct 10, 2025	Oakmark International Fund	3.9%	26.3%	035420.KS, AMS.L, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW	Cyclical, Distribution, Europe, healthcare, international, Luxury, technology, value	Kering was the top contributor during the quarter, rising in anticipation of new CEO Luca De Meo's tenure and Demna Gvasalia's debut collection at Gucci. Revenue trends are improving despite still being negative, and new leadership is expected to build on recent investments to strengthen luxury houses and return the group to growth.	SHL GR ITRK LN FEMSAUBD MM DSY FP BNZL LN	View
2025 Q4	Jan 11, 2026	Oldfield Partners Overstone Global Large Cap	6.3%	34.7%	005930.KS, ASML, BABA, BNZL.L, CNHI, EXO.MI, HEN3.DE, LLOY.L, MT, NVDA, PHG, RACE, STLA, TSM, UHR.SW	AI, diversification, global, Luxury, semiconductors, technology, value	AI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. The fund focuses on investing in companies with low valuations that are unloved, ignored, or out of favor but remain fundamental to the global economy. Despite persistent bubble discussions, opportunities continue to exist away from media headlines in companies trading at attractive valuations. New investment in Swatch represents exposure to luxury watch brands including Omega, Longines, Tissot, and others. The investment thesis is based on tangible assets including Swiss real estate and the potential for operating leverage when luxury demand recovers from current structural pressures.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Liontrust GF Special Situations Fund	Bunzl plc	Industrials	Trading Companies & Distributors	Bull	London Stock Exchange	Distribution, Foodservice, Industrials, Operational Issues, UK, US Exposure, value opportunity	View Pitch
Apr 13, 2026	Fund Letters	Oldfield Partners Overstone Global Large Cap	Bunzl plc	Industrials	Trading Companies & Distributors	Bull	London Stock Exchange	Acquisitions, compounder, consolidation, Free Cash Flow, Non-Food Consumables, One-Stop-Shop, Packaging, UK Distributor, Value	View Pitch

BSD Shareholders of BNZL-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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