CAP-PA

CAP-PA

CAP-PA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Brandes International Equity Fund	10.4%	22.3%	005930.KS, 086280.KS, 6273.T, BABA, CAP.PA, CX, ERJ, GSK.L, HEI.DE, HEIA.AS, KER.PA, OTEX.TO, PETR4.SA, PUB.PA, SAN.PA, STM, TAK, TSM, UHR.SW, WPP.L	AI, Automation, emerging markets, Europe, industrials, international, technology, value	AI-related investments drove strong performance across multiple holdings. Alibaba benefited from aggressive AI investment plans and growth in AI-related products and cloud revenue. Samsung and TSMC gained from positive AI sentiment. Capgemini is positioned to benefit from increased corporate spending on enterprise AI applications despite near-term headwinds.	6273.T	View
2025 Q2	Jul 22, 2025	Polaris Global Equity	8.4%	12.8%	000270.KS, 000660.KS, 005930.KS, 055550.KS, 066570.KS, 8002.T, 8306.T, ABBV, ALSN, BARN.SW, BKT.MC, CAP.PA, COF, CTC.TO, DG.PA, ELE.MC, ELV, GNC.L, IAG.L, IETB.BR, JAZZ, JDEP.AS, JPM, LKQ, LTM, LUN.TO, MKSI, NXT.L, OTEX, SNY, TSN, UNH, YAR.OL	Airlines, diversification, Europe, financials, global, semiconductors, Trade, value	SK Hynix led portfolio performance capitalizing on leadership in high-bandwidth memory chips and disciplined DRAM supply with record-breaking first-quarter results. Samsung Electronics also benefited from DRAM price strength and HBM3E supply to non-Nvidia customers. The sector showed strong fundamentals supported by AI and advanced packaging demand.	UNH GNC LN 000660 KS 8002 JP	View
2025 Q2	Jul 22, 2025	Polaris International Equity	12.4%	18.8%	000270.KS, 000660.KS, 005930.KS, 055550.KS, 2724.TW, 8002.T, 8306.T, BARN.SW, BKT.MC, BPOP, CAP.PA, CTC.TO, DG.PA, ELE.MC, GNC.L, IAG.L, JAZZ, JDEP.AS, LTM, LUN.TO, MEOH, NOMD.L, NXT.L, SMWT, SNY, YAR.OL	Asia, Europe, Geopolitical, international, semiconductors, South Korea, Trade Policy, Travel	International airlines and travel services are capitalizing on the travel trend away from the U.S. Airlines like International Consolidated Airlines Group and LATAM Airlines posted strong results driven by robust demand and cost management. Airport traffic in Europe has recovered to above 95% of 2019 levels.	GNC LN 000660 KS 8002 JP	View
2025 Q2	Jul 15, 2025	Mayar Capital	6.5%	9.6%	005930.KS, 7974.T, AHT.L, BH, BNR.DE, CAP.PA, CRDA.L, HLCL.L, JNJ, JSG.L, KVUE, MA, NESN.SW, NKE, NVO, SOLV, UL, UPS, V, VTY.L	antifragility, global, long-term, Quality, Resilience, value	The manager emphasizes building antifragile portfolios that improve with stress rather than merely surviving it. The fund focuses on businesses with sound economics, conservative balance sheets, and reasonable valuations that can endure disorder and adapt to change. Portfolio companies average 86 years in age, demonstrating proven resilience through multiple wars, recessions, and crises.	NESN SW	View
2026 Q1	Apr 21, 2026	Brandes International Equity Fund	2.6%	2.6%	005930 KS, 4502.T, 4503.T, CAP.PA, ENGI.PA, F34.SI, KER.PA, OTEX, PBR, PUB.PA, SAP, STM, SW.PA, WPP.L	AI, emerging markets, energy, Europe, international, Pharmaceuticals, semiconductors, value			View
2026 Q1	Apr 17, 2026	Polaris Global Equity	5.9%	5.9%	000660 KS, 005930 KS, ARW, CAP.PA, COF, DNB.OL, E, ELV, GILD, LNTH, LUN.TO, MEOH, MKSI, MPC, NVDA, SLM, TTE, UTHR, WBS, YAR.OL	AI, diversification, energy, Fertilizers, Geopolitical, global, semiconductors, value			View
2026 Q1	Apr 17, 2026	Polaris International Equity	5.1%	5.1%	000270 KS, 000660 KS, 005930 KS, 055550 KS, 2318 HK, 6758.T, 8002.T, BABA, BPOP, CAP.PA, DNB.OL, E, IAG.L, LUN.TO, MEOH, PUB.PA, RYA.L, TEP.PA, TTE, YAR.OL	diversification, energy, Geopolitical, international, materials, technology		RYA.L 000270.KS 8002.T DNB.OL 005930.KS 000660.KS TTE.PA ENI.MI LUN.TO MEOH YAR.OL	View
2024 Q1	Apr 15, 2024	Mayar Capital	7.7%	9.6%	005930.KS, AHT.L, BFAM, BLND.L, BNR.DE, CAP.PA, CFR.SW, EA, GOOGL, JNJ, KVUE, LH, MMM, NTDOY, PYPL, SAP.DE, UL, UPS, VTY.L, VWS.CO	global, Quality, REITs, technology, value	The fund emphasizes buying great businesses at reasonable prices with a margin of safety. The manager discusses how conventional wisdom about higher risk equaling higher returns is often wrong, and advocates for conservative approaches that prioritize steady growth with risk mitigation over chasing outrageous returns.	BLND.L	View
2024 Q4	Dec 31, 2024	Oakmark Global Fund	-5.8%	2.5%	A, BAYRY, BDX, CAP.PA, CNC, COF, DSV.CO, DTG.DE, ELV, GM, GOOGL, IPG, MTN	consumer discretionary, Europe, financials, global, healthcare, Restructuring, value	The industry faces headwinds due to mismatches between reimbursement rates and medical costs, but this is expected to prove transitory. Changes to pricing and plan designs will help realign profit trends over time, though a return to normal profitability will take a few years.	MTN ELV DSV.CO BDX BAYRY COF	View
2024 Q4	Dec 31, 2024	Lansdowne Partners European Fund	-1.6%	7.3%	AHT.L, ASML.AS, CAP.PA, CFR.SW, CPG.L, EL.PA, FER.MC, INF.L, ISP.MI, KBC.BR, LDO.MI, LIN, ML.PA, NOVO-B.CO, REL.L, RTO.L, SAMPO.HE, SHEL.L, SIKA.SW, SU.PA, TEL2B.ST, WTB.L	concentrated, Europe, industrials, materials, value	The fund holds significant exposure to industrial companies including Compass Group, Leonardo, Schneider Electric, and RELX. These companies are experiencing varying performance driven by operational improvements, cost efficiency programs, and market share gains despite challenging end markets.	ML.PA LIN CAP.PA SIKA.SW LDO.MI EL.PA CPG.L	View
2025 Q3	Nov 23, 2025	Lux Capital	-	-	000660.KS, 005930.KS, ACN, AMZN, BA, CAP.PA, GOOGL, INTC, IT, LMT, META, MSFT, MU, NOC, NVDA, ORCL, RTX, TSLA	AI, Automation, Biotechnology, defense, geopolitics, Physical Sciences, semiconductors, Venture Capital	AI hyperscalers are spending over $400 billion in capex pursuing compute supremacy. The AI boom is profoundly physical requiring gigawatts of power, thousands of tons of copper wiring, and teraliters of cooling water. AI is transitioning from communication AI to physical AI including robotics, biology, defense, and manufacturing applications.		View
2025 Q3	Oct 24, 2025	Brandes International Equity Fund	8.1%	32.2%	005930.KS, 086280.KS, 4502.T, 6273.T, BABA, CAP.PA, CX, ERJ, GSK.L, HEI.DE, HEIA.AS, KER.PA, OTEX, PBR, PUB.PA, SAN.PA, STM, TSM, UHR.SW, WPP.L	AI, Automation, emerging markets, Europe, international, Outperformance, technology, value	AI-related investments drove strong performance across multiple holdings. Alibaba benefited from aggressive AI investment plans and growth in AI-related products and cloud revenue. Samsung and TSMC gained from positive AI sentiment. The fund sees AI deployment as a catalyst for enterprise spending and IT services recovery.	SMC JP SMC JP	View
2025 Q3	Oct 16, 2025	Polaris Global Equity	5.0%	18.5%	000660.KS, 005930.KS, 055550.KS, 5019.T, 6758.T, 8306.T, 8591.T, ABBV, ALSN, BARRY.SW, BPOP, CAP.PA, CG, CVS, DHL.DE, DTG.DE, ELV, GD, IAG.L, IPS.PA, JAZZ, LKQ, LNTH, LUN.TO, MEOH, MG, MKSI, MNDI.L, MPC, NEE, PUB.PA, SBH, SLM, UNH, UTHR, VIPS	AI, Energy Transition, financials, global, healthcare, semiconductors, Trade Policy, Valuations	The current two-speed economy is characterized by a narrow AI-driven boom versus subdued growth across most other industries. Just seven mega-cap U.S. tech stocks drove nearly 60% of the S&P 500 gains in 2025 to date. The frothy valuations in the AI tech sector should make investors cautious, as concentrated indices could face material correction if the AI boom busts.		View
2025 Q3	Oct 16, 2025	Polaris International Equity	4.8%	24.5%	000660.KS, 005930.KS, 055550.KS, 5019.T, 6758.T, 8306.T, 8591.T, BPOP, CAP.PA, DPW.DE, DTG.DE, IAG.L, JAZZ, LUN.TO, MEOH, MG, MNDI.L, PUB.PA, TEP.PA, VIPS	AI, Energy Transition, Europe, financials, international, Japan, semiconductors, Trade Policy	AI enthusiasm drove market gains with concentration in mega-cap tech stocks. Samsung and SK Hynix benefited from HBM memory progress and AI chip demand. The manager notes frothy AI valuations and warns of potential correction if the AI boom busts.		View
2025 Q3	Oct 14, 2025	Mayar Capital	-0.4%	9.1%	005930.KS, AHT.L, AOM.PA, BFAM, BNR.DE, CAP.PA, CRDA.L, GOOGL, JNJ, JSG.L, KER.PA, KVUE, NESN.SW, NVO, PYPL, SOLV, UL, UPS, VTY.L, VWS.CO	AI, contrarian, Discipline, global, Speculation, technology, value	The manager draws extensive parallels between the current AI boom and the TMT bubble, noting that technology companies will invest $7 trillion in AI capex over five years. He argues that AI companies trade at valuations assuming perpetual dominance, with minimal revenue and no clear path to profitability, creating a self-reinforcing cycle similar to the late-1990s telecom boom.	SOLV US	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 22, 2026	Mondrian Global Equity Fund	0.0%	0.0%	005930.KS, CAP.PA, GOOGL, MSFT, ORCL	AI, banks, Currency, Europe, financials, Global Equities, value	AI investment has accelerated with massive capital requirements for frontier model development. Hyperscalers fund build-out from free cash flow while AI startups strike extraordinary deals with uncertain economics. The shift toward debt-funded expansion adds systemic fragility given unproven AI economics and uncertain future demand. European banks have been rehabilitated after years in purgatory, with returns of 77% in 2025. Return on equity has normalized above 12% following exit from ultra-low rates, while capital positions have been rebuilt. However, supportive factors are well-appreciated by markets, reflected in significant valuation re-rating. Non-US equity markets remain particularly attractive from a stock-picking perspective, offering less concentration risk and a broader opportunity set for valuation-driven investors. The firm maintains disciplined, value-oriented investment approach to identify materially mis-priced securities with superior risk-adjusted return profiles.		View
2025 Q4	Jan 20, 2026	Polaris Global Equity	7.0%	26.8%	000270.KS, 000660.KS, 005930.KS, 1299.HK, 2318.HK, 5871.TW, 6758.T, 8001.T, 8002.T, 8591.T, 8729.T, ALSN, ARW, BABA, BARRY.SW, CAP.PA, CG, COF, DHL.DE, IAG.L, INGR, JAZZ, LIN, LNTH, LTM, LUN.TO, MG.TO, MKSI, ML.PA, MPC, NVS, NXT.L, SBH, SMWRQ, TSN, UTHR, VIPS, YAR.OL	AI, diversification, global, international, Outperformance, semiconductors, technology, value	AI demand drove performance across semiconductor and technology sectors, with memory chip suppliers benefiting from supply-demand constraints and expected price increases in 2026. Companies like SK Hynix, Samsung Electronics, and MKS Inc. delivered strong results driven by accelerating AI demand across semiconductor and advanced electronics end markets. Memory manufacturers in Korea were top contributors as supply-demand constraints benefit memory chip suppliers. The market expects memory price increases in 2026, further supporting performance of Samsung and SK Hynix. AI-driven demand across semiconductor end markets accelerated growth. The investment approach remains disciplined and focused on strong cash flows from quality companies selling essential products and services with good management teams creating shareholder value. The manager seeks situations where attractive valuations meet genuine business momentum, avoiding trends and distant promises. International equities outperformed after a decade of American dominance, driven by weaker U.S. dollar, more attractive valuations abroad, and slowing momentum in U.S. tech. This country and sector rotation validated the need for diversification instead of home bias, with attractive opportunities in targeted developed and emerging markets. Yara International benefited from partnerships for low-carbon ammonia projects in the U.S. and Middle East, positioning the company toward becoming an energy-transition and low-carbon fertilizer company while securing long-dated contracts. HD Hyundai Electric capitalized on increased demand to expand power infrastructure.	267260 KS UTHR JAZZ CAP FP MKSI 000660 KS	View
2025 Q4	Jan 20, 2026	Polaris International Equity	8.7%	35.4%	000270.KS, 000660.KS, 005930.KS, 1299.HK, 2318.HK, 267270.KS, 5871.TW, 6758.T, 8001.T, 8002.T, 8591.T, 8729.T, BABA, BARN.SW, CAP.PA, DHL.DE, IAG.L, JAZZ, LIN, LTM, LUN.TO, MG.TO, ML.PA, NVS, NXT.L, VIPS, YAR.OL	Asia, diversification, Europe, industrials, international, Outperformance, technology, value	Memory chip suppliers SK Hynix and Samsung Electronics were top contributors as supply-demand constraints benefit memory manufacturers. The market expects memory price increases in 2026, further supporting performance of these Korean memory giants. AI demand drove strong performance in technology companies including Capgemini Group which benefited from cloud, data and AI demand. However, Alibaba faced profitability pressure due to significant AI spending despite revenue growth in its cloud division. HD Hyundai Electric capitalized on increased demand to expand and upgrade power infrastructure, completing construction of a new Korean power distribution equipment plant. European fiscal stimulus focused on defense and infrastructure spending supported regional performance. Yara International partnered with Air Products for low-carbon ammonia projects in the U.S. and Middle East, positioning toward becoming an energy-transition and low-carbon fertilizer company while securing long-dated contracts. Chinese e-commerce companies showed mixed results with Alibaba reporting impressive quarterly revenues and growth in cloud division and one-hour delivery business, while facing profitability pressure from aggressive discounting in instant retail space. Lundin Mining announced record third-quarter revenues, profiting from higher realized copper prices in an advantageous supply-demand environment. The Canadian miner also struck a strategic deal involving Eagle Mine and Humboldt Mill.	JAZZ 7267 JP CAP FP 005930 KS 000660 KS	View
2025 Q4	Jan 18, 2026	Mayar Capital	4.5%	14.1%	005930.KS, 7476.T, 7974.T, BFAM, BKNG, BNNTF, CAP.PA, CFR.SW, CRDA.L, GOOGL, JNJ, KVUE, NESN.SW, NKE, OR.PA, PYPL, SOLV, TW.L, UL, UPS, V, VWS.CO	defense, fundamentals, global, Quality, Speculation, value	The fund maintains its disciplined value investing approach, focusing on boring companies with durable competitive advantages trading at reasonable prices. The manager emphasizes that fundamentals eventually win out despite current market speculation. The manager identifies significant red flags in circular financing fueling the AI boom, comparing it to vendor financing of the late 90s. Companies like Oracle, OpenAI, Nvidia and CoreWeave participate in arrangements that effectively fund their own customers' purchases. Strategy Inc. (formerly MicroStrategy) serves as a cautionary tale of speculative excess. The stock fell 60% as its premium to Bitcoin holdings evaporated, forcing the company to sell equity to cover preferred dividends rather than buy more Bitcoin.	NKE TW LN BKNG	View
2024 Q3	Sep 30, 2024	Lansdowne Partners European Fund	1.1%	9.1%	ASML, CAP.PA, CPG.L, DG.PA, EL.PA, IBE.MC, INF.L, ISP.MI, KBC.BR, LDO.MI, LIN, ML.PA, NESN.SW, NVO, REL.L, RTO.L, SCHN.PA, SHEL.L, SIKA.SW, TELE2.ST	Europe, industrials, infrastructure, Logistics, materials, value	UK logistics demand-supply dynamic is improving structurally with speculative construction starts down 30-40% over the last 12 months and stabilising demand environment. Segro positioned to deliver sustained 3-4% ERV growth with tier-1 assets and attractive development opportunities.	NOVO-B.CO ML.PA SGRO.L FER.MC SIKA.SW	View
2024 Q2	Jul 29, 2024	Mayar Capital	7.7%	9.6%	005930.KS, 7974.T, ALO.PA, BFAM, BLND.L, BNR.DE, CAP.PA, CFR.SW, EA, GOOGL, HLCL.L, JNJ, KER.PA, KVUE, MMM, NESN.SW, PYPL, UL, UPS, VTY.L, VWS.CO, WIX.L	Compounding, Defensive, global, long-term, Quality, value	The fund follows a disciplined value investing strategy, focusing on buying great businesses at reasonable prices with a margin of safety. The manager emphasizes patience and long-term compounding over quick gains, maintaining a tortoise-like approach to investing.	VWS.CO	View
2025 Q1	Mar 31, 2025	Mayar Capital	2.9%	2.9%	005930.KS, 7974.T, AHT.L, ALO.PA, BH, BLND.L, BNR.DE, CAP.PA, CFR.PA, EA, FOUR.L, GOOGL, HLCL.L, JNJ, JSG.L, KERY.PA, KVUE, LH, MA, NESN.SW, NKE, NVO, OR.PA, PYPL, SAP, SOLV, SOM.L, UL, UPS, V, VTY.L, VWS.CO	AI, Europe, global, Pharmaceuticals, Quality, risk management, technology, value	Capgemini reported 5% of Q4 bookings were generative AI-related, up from 2% earlier in the year. Management sees AI as transformative technology with potential to revolutionize every industry globally. The company is well-positioned to serve as industry's key technology partner in realizing AI benefits for businesses worldwide.	NKE NVO CAP.PA	View
2024 Q1	Mar 31, 2024	Lansdowne Partners European Fund	7.0%	7.0%	AHT.L, ASML, BOL.ST, CAP.PA, CFR.PA, CPG.L, DG.PA, EL.PA, IBE.MC, INF.L, ISP.MI, KBC.BR, LDO.MI, LIN, ML.PA, NESN.SW, NVO.CO, REL.L, RYA.L, SAMPO.HE, SE.PA, SHEL.L, SIK.SW, TELE2-B.ST, UPM.HE	defense, Europe, financials, growth, healthcare, technology, value	European defense spending expected to experience major up-cycle with potential to add over EUR 80bn to regional defense budgets to meet NATO 2% GDP requirement. Leonardo positioned to benefit from increased equipment procurement and electronic content trends.	EL.PA REL.L LDO.MI KBC.BR ASML.AS	View
2023 Q1	Mar 31, 2023	Oakmark Global Fund	7.5%	0.0%	AIG, BAC, BAYRY, CAP.PA, COF, COP, GLEN.L, GOOGL, ICE, MA, NOV, NVST, TEL	Banking, financials, global, Opportunistic, value	Banking sector turmoil created opportunities as Silicon Valley Bank and Signature Bank failed due to duration risk and uninsured deposits. The fund added two new financials with strong balance sheets at attractive prices after sector-wide selloff.	NVST DICE COP COF CAP FP AIG	View
2024 Q4	Jan 18, 2025	Mayar Capital	-10.0%	-1.5%	005930.KS, AHT.L, BNR.DE, CAP.PA, CFR.SW, EA, FIMK.L, GOOGL, JNJ, JSG.L, LH, NESN.SW, OR.PA, PYPL, SAP, SOLV, UL, UPS, V, VRS.L	Concentration, global, Quality, technology, Valuations, value	Manager emphasizes investing in high-quality businesses trading at significant discounts to intrinsic value. The fund focuses on boring companies with strong fundamentals and attractive long-term growth prospects at reasonable valuations, contrasting with overvalued technology stocks.	AHT.L MSTR NVDA CSCO	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Mayar Capital	Capgemini SE	Software & Services	IT Consulting & Other Services	Bull	Euronext Paris	Digital transformation, Enterprise software, Europe, It consulting, Offshore Outsourcing, professional services, Technology Enabler, Technology Services	View Pitch
Apr 13, 2026	Fund Letters	Mayar Capital	Capgemini	Software & Services	IT Consulting & Other Services	Bull	Euronext Paris	asset-light, cash generation, cloud infrastructure, Digital transformation, Europe, generative AI, It consulting, manufacturing, Software Engineering, Systems Integration, Technology Services	View Pitch
Apr 13, 2026	Fund Letters	Brandes International Equity Fund	Capgemini	Information Technology	IT Services	Bull	Euronext Paris	AI, cloud, Digital transformation, Discount to peers, france, High Returns on Capital, IT services, Value	View Pitch
Apr 13, 2026	Fund Letters	Lansdowne Partners European Fund	Capgemini SE	Information Technology	IT Services	Bull	Euronext Paris	attractive valuation, Cyclical Recovery, IT services, Resilient Operating Model, Trough Earnings, US Recovery	View Pitch

BSD Shareholders of CAP-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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