ELAN

ELAN

ELAN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 17, 2025	Hardman Johnston Global Equity	16.7%	17.2%	6501 JP, BN, CBK GR, ELAN, HWM, LLY, MELI, MRVL, PRX NA, RHM GR, TEAM, TMUS, TSM, UNH, VRTX	AI Demand, Global Growth, industrials, Margins, stock selection	The commentary emphasizes global growth driven by industrial recovery, defense spending, and AI-related demand. Management highlights strong stock selection in companies with margin expansion, pricing power, and visible growth runways. Regional diversification and sector leadership underpin outperformance.	BN MRVL 6501 JP CBK GR UNH TSM LLY VRTX TMUS MELI RHM GR HWM TEAM	View
2024 Q4	Dec 31, 2024	Hardman Johnston Global Equity	-0.2%	22.0%	BAC, CTVA, ELAN, HWM, IQV, LEN, MELI, OLED, SCHW, TEAM, UBER, VRT	-			View
2025 Q4	Jan 23, 2026	Brandes Small Cap Value Fund	5.9%	23.4%	ALKS, AOBC, ARLO, AVDL, CENT, DIIBF, ELAN, EPC, GHM, GIL, GRFS, HURC, HXL, IMKTA, INVX, KMT, MOG.A, NTGR, ORN, PKE, PZZA, RGP, SEE, UTMD	healthcare, industrials, Outperformance, positioning, small caps, value	The fund focuses on small-cap value investing, seeking companies with strong balance sheets, compelling growth prospects, and durable free cash flow generation. The fund exhibits lower valuations than the Russell 2000 Index while maintaining exposure to undervalued opportunities. Management expresses optimism about the potential of value stocks in general. The fund specifically targets small-cap companies, maintaining significant overweight positions in industrials while underweighting financials and real estate compared to benchmarks. The portfolio is positioned as an attractive complement to other small-cap offerings with differentiated exposure and risk characteristics.	CENT	View
2025 Q4	Jan 23, 2026	Baron Health Care Fund	13.1%	10.3%	ABBV, ACLX, ARGX, ARQT, AZN, BSX, DHR, DSXY, EHC, ELAN, INSM, ISRG, LLY, MASI, MTD, PEN, RDNT, RGEN, SYK, TEVA, TMO, WELL	Biotechnology, GLP1, healthcare, Life Sciences, M&A, Medical Devices, Pharmaceuticals	Strong stock selection in biotechnology contributed the vast majority of relative gains, with main drivers being Cidara Therapeutics and Abivax. Biotechnology funding surged 94% year-over-year in December, making it the strongest month in the last three years. The Fund maintains 33.2% allocation to biotechnology companies. Eli Lilly's Mounjaro and Zepbound GLP-1/GIP therapies are viewed as transformational for diabetic and non-diabetic obese patients. The manager expects this drug class to become the standard of care for both diabetes and obesity, ultimately representing a $150 billion-plus market opportunity. M&A activity has been accelerating, with notable deals including Cidara Therapeutics acquired by Merck for $9.2 billion and Penumbra acquired by Boston Scientific for $14.5 billion. Large pharmaceutical companies will lose patent protection on products generating $400 billion of sales over the next eight years. The Fund maintains 14.2% allocation to life sciences tools & services. End markets are improving with strong biotechnology funding, stable biopharmaceutical R&D investment, and reduced risk of industry disruption following drug pricing agreements with the Trump Administration.	RGEN ELAN WELL ARQT TMO EHC DOCS ARQQ TEVA ARGX LLY	View
2025 Q4	Jan 14, 2026	Hardman Johnston Global Equity	2.9%	0.0%	6501.T, AMZN, BAC, C, CCO, CTVA, EL, ELAN, GOOGL, HDFCBANK.NS, LLY, MELI, META, PRX.AS, RHM.DE, STAN.L, TMUS, UBER, VRT, VRTX	AI, banks, Data centers, defense, financials, global, nuclear, technology	The manager sees AI as having long-term potential to drive productivity gains and positions to take advantage of that growth. However, they remain cautious about AI becoming the only game in town and continue to monitor exposure closely. They note that excitement about AI has stretched beyond IT into energy, utilities and other businesses in the AI value chain, creating concentration risk. The manager remains positive on defense fundamentals and long-term growth potential despite sporadic pullbacks. They see a clear structural shift toward defense after years of underinvestment, with visible growth stretching years into the future through strong orders, high backlogs, and political will to invest in national security. Banks were leading sector contributors with strong performance from Standard Chartered and Citigroup. Standard Chartered benefits from wealth management platform growth and cross-border services, while Citigroup's transformation strategy is paying off with improved deal activity and better regulatory environment expected in 2026. The manager re-entered Vertiv given the long-term secular data center infrastructure story and strong fundamentals. They reference approximately 100GW of incremental data-center capacity additions from 2024-2029, representing meaningful revenue upside for companies with global presence in thermal and electrical equipment. The manager initiated a position in Cameco, citing structural shifts away from Russian uranium sourcing and reinvigorated nuclear development due to AI energy needs and low carbon merits. Westinghouse's agreement with the US Department of Commerce to support at least $80bn of new reactor construction materially increases earnings power. Estée Lauder drove Consumer Staples performance as the company progresses through its turnaround with outperformance in sales, margins, China, US and Travel Retail. Beauty overall is described as one of the more resilient categories enjoying both volume and value growth, with luxury beauty positioned well in the K-shaped economy.	VRTX TMUS CTVA VRT HDB ELAN CCJ 6501 JP LLY MELI UBER RHM GR EL C	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 28, 2026	Fund Letters	Neal Kaufman	Elanco Animal Health Incorporated	Health Care	Animal Health	Bull	New York Stock Exchange	Animal Health, deleveraging, growth, innovation, Margins	View Pitch
Jan 16, 2026	Fund Letters	Cassandra A. Hardman	Elanco Animal Health Incorporated	Health Care	Pharmaceuticals	Bull	New York Stock Exchange	Acquisitions, consolidation, Logistics, Margins, Parasiticides, pipeline, valuation	View Pitch

BSD Shareholders of ELAN

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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