CARR

CARR

CARR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	Andrew Hill Investment Advisors, Inc.	-	-	CARR, DE, EQT, NVDA, OKE	-			View
2025 Q3	Nov 16, 2025	The Gabelli Dividend Growth Fund	6.8%	-	C, CARR, KDP, NEM	CashFlow, defensiveness, dividends, pricingpower, Quality	The letter underscores dividend growth as a core driver of long-term equity returns, supported by companies with strong cash flows, robust balance sheets, and pricing power. Amid moderating economic growth and easing inflation, dividend growers offer defensive characteristics and attractive relative valuations. Management continues to emphasize high-quality franchises with durable competitive positions and consistent distribution increases.	MSGS US	View
2025 Q3	Oct 24, 2025	The Bristol Gate U.S. Equity Strategy	-0.6%	4.6%	ACN, APH, AVGO, CARR, INTU, MMC, TMO	AI, cash flow, dividends, earnings, Quality	Bristol Gate lagged the S&P 500 as defensive dividend growers trailed AI-linked momentum stocks. Managers highlight Broadcom, GE Aerospace, and Thermo Fisher as key contributors, while Accenture and Intuit detracted. The team remains confident that dividend growth and cash flow quality will outperform over the long term as fundamentals reassert themselves.	UNH MMC APH INTU ACN CARR GE TMO AVGO CARR GE TMO AVGO	View
2025 Q3	Oct 21, 2025	Impax Global Environmental Markets Fund	4.5%	15.5%	2308 TT, APTV, CARR, DSFIR NA, KYGA, TEL	AI, Energy Efficiency, Environmental markets, sustainability, Waste management	Impax underperformed the MSCI ACWI as defensive and materials names lagged but saw strong gains from IT and efficient infrastructure exposure. The fund emphasizes long-term opportunities in sustainable sectors like environmental testing, waste management, and energy efficiency. AI-related grid and data infrastructure remain key secular drivers of portfolio growth.		View
2025 Q3	Oct 19, 2025	Carillon Eagle Growth & Income Fund	-	-	ABBV, ABT, ACN, AVGO, CARR, GLW, KOF, LRCX, MDLZ, ORCL	AI, Cloud, Data centers, interest rates, semiconductors	AI infrastructure spending drove performance across technology and semiconductor holdings. Broadcom, Oracle, and Lam Research benefited from growing data center demand and AI-driven contracts. The fund reduced exposure after strong gains, mindful of potential macro risks from rate policy and tariffs.		View
2025 Q4	Jan 5, 2026	Greenfield Investment Management	0.0%	0.0%	BLDR, BNT.DE, CARR, CSU.TO, GOOGL, HEI.DE, INTC, JMHLY, MCK, OMC, POW.TO, RSHO, RYAAY, TAP, WCC	Airlines, Conglomerates, global, infrastructure, Pharmaceuticals, semiconductors, technology, value	Manager believes Heidelberg Materials will benefit from investment in and upgrading of infrastructure around the world. New bridges, highways, dams, tunnels, airports, ports, pipes, and railways require a lot of cement. McKesson investment viewed as similar to a royalty on Americans taking more pharmaceuticals over time. The pharmaceutical distribution company operates mainly in the United States and has climbed steadily despite earlier opioid crisis concerns. Manager follows value investing approach, buying companies at attractive valuations relative to earnings. Multiple examples given of purchasing stocks at low price-to-earnings multiples when they were out of favor.		View
2025 Q4	Jan 20, 2026	The Bristol Gate U.S. Equity Strategy	0.0%	0.0%	ACN, AMAT, AVGO, CARR, CTAS, GE, IBKR, LLY, MSFT, ODFL, TMO, UNH, ZTS	AI, dividends, healthcare, Quality, semiconductors, technology, value	Bristol Gate focuses on companies with robust free cash flows and disciplined capital allocation that deliver superior risk-adjusted returns through sustainable dividend policies. Portfolio companies grew dividends by 14.3% over the last twelve months compared to 5.6% for the S&P 500. The firm believes dividend growth rates are powerful predictors of total return and fastest dividend growers often outperform the broader dividend universe. Since ChatGPT's launch in late 2022, the market has experienced a seismic shift with investor capital concentrating heavily in AI leaders, creating narrow market breadth. Bristol Gate devotes significant resources to data science and machine learning in their investment approach, believing in AI's transformative power. However, their focus remains on identifying high dividend growth companies rather than over-concentrating in AI themes. Eli Lilly continues to benefit from the strength of its incretin portfolio, commanding 58% of the US incretin market and exiting Q3 with 71% of new prescriptions. The company raised annual guidance for the third time in 2025, with strength expected to continue into 2026 when its oral GLP-1 drug orforglipron hits the market in Spring. The oral alternative is expected to significantly expand the market globally due to ease of use, simpler supply chain, and lower cost. Applied Materials rose despite mixed results due to AI-driven demand optimism, specifically around advanced logic and high bandwidth memory chips. Management issued cautiously optimistic Q1 2026 outlook and forecast significant uplift in second half of calendar 2026 as spending shifts back toward AMAT's strengths. Analog semiconductor companies have been reporting improving results, signaling a shift in real-world manufacturing and consumer spending.	IBKR ZTS TMO AMAT LLY	View
2024 Q3	Sep 30, 2024	The Gabelli Dividend Growth Fund	5.0%	0.0%	AXP, C, CARR, NXPI, SLB	-			View
2024 Q3	Sep 30, 2024	Impax Global Environmental Markets Fund	7.9%	14.0%	A, AMAT, ASML, CARR, CGNX, PNR	-			View
2024 Q4	Jan 20, 2025	Alpha Wealth Funds – The Insiders Fund	-	7.6%	CARR, COP, DVN, ET, GRAL, INBX, LBRT, LLY, LULU, LUV, MSFT, RXST	-			View
2023 Q4	Jan 14, 2024	FMI All Cap Equity	-1.8%	11.2%	BJ, CARR	-			View
2023 Q4	Jan 14, 2024	FMI Large Cap Equity	-4.0%	10.5%	CARR	-			View
2023 Q4	Jan 2, 2024	Diamond Hill Large Cap Strategy	7.9%	14.7%	AIG, ALL, BAC, BWA, CARR, CVX, KKR, PFE	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 26, 2026	Seeking Alpha	Seeking Alpha	Carrier Global Corporation	Industrials	Building Products	Bull	New York Stock Exchange	aftermarket services, Carrier Global, Decarbonization, energy efficiency, heat pumps, Housing recovery, HVAC, industrial building products, infrastructure spending, Margin Improvement	View Pitch
Jan 17, 2026	Seeking Alpha	Seeking Alpha	Carrier Global Corporation	Industrial Goods	HVAC Systems	Bear	New York Stock Exchange	Carrier Global Corporation, data center revenues, earnings outlook, HVAC systems, industry legislation, net debt, organic growth, residential volumes, restructuring efforts, Share Buybacks	View Pitch
Nov 29, 2025	Fund Letters	Achilleas Taxildaris	Carrier Global Corporation	Industrials	Building Products	Bear	NYSE	Building, Cyclicality, Demand, Housing, HVAC, Interest rates, Margins, recovery	View Pitch
Nov 29, 2025	Fund Letters	Achilleas Taxildaris	Carrier Global Corporation	Industrials	Building Products	Bear	NYSE	Building, Cyclicality, Demand, Housing, HVAC, Interest rates, Margins, recovery	View Pitch
Aug 13, 2025	Seeking Alpha	Value Sights	Carrier Global Corp.	Industrials	Building Products & Equipment	Bull	NYSE	—	View Pitch

BSD Shareholders of CARR

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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