EPAM

EPAM

EPAM

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 16, 2025	White Falcon Capital Management	17.6%	10.0%	ATZ CN, DAVA, EPAM, RGLD, SSL CN, TIXT, W	asymmetry, Compounding, dislocations, Value Investing, volatility	The letter frames market volatility, particularly tariff-induced swings, as a source of opportunity rather than risk. Management highlights buying quality businesses with asymmetric risk-reward profiles during periods of panic. A diversified, value-oriented portfolio is positioned to compound capital across cycles.		View
2025 Q4	Dec 31, 2025	ACATIS Investment	0.0%	0.3%	ADBE, AMR, BARC.L, BKNG, BNTX, BRK-A, CLS, CRM, DHR, EBS.VI, EL.PA, EPAM, GLE.PA, GOOGL, KKR, LRCX, NVDA, PGR, TSMC, ZTS	AI, Asia, Banking, Europe, Geopolitical, semiconductors, technology, value	The report discusses the continued global race to scale artificial intelligence capabilities, emphasizing capital intensity in semiconductors, data centers, and energy infrastructure as structural drivers of corporate investment. Management highlights the migration of value from hardware build-out toward software monetization, while warning that elevated equity valuations and geopolitical fragmentation increase dispersion across regions and sectors. Portfolio positioning favors globally competitive companies with durable pricing power and exposure to long-term innovation cycles rather than cyclical beta.	PLTR KOG NO DB1 GR 1177 HK 600183 CH DHR BARC LN AMR ADBE TUNE LN FAA AV EBS AV EPAM	View
2023 Q2	Dec 7, 2023	White Falcon Capital Management	6.0%	8.5%	AMD, AMZN, EPAM, NU, TECK, WPM	-			View
2024 Q3	Nov 5, 2024	Broyhill Asset Management	6.0%	0.0%	AVTR, BAX, BN FP, DG, EPAM, EVO SS, FI, NICE, PM, PYPL, RTO, SCHW	-			View
2024 Q3	Oct 21, 2024	White Falcon Capital Management	6.0%	8.5%	DAVA, EPAM, NU	-			View
2025 Q3	Oct 20, 2025	Invesco Small Cap Value Fund	10.0%	10.2%	AL, COHR, DAVA, EPAM, GLOB, LITE, MOH, MP, SAIA	energy, financials, industrials, small caps, Value Investing	The fund emphasizes opportunities in financials and industrials as small caps remain undervalued versus large caps. Banks and insurers benefit from stable credit quality and margin expansion, while manufacturers and service firms gain from a resilient U.S. economy. Energy holdings provide diversification and cash flow support amid moderate commodity prices.		View
2022 Q4	Oct 1, 2023	White Falcon Capital Management	6.0%	8.5%	AMD, CPLFF, DSEY, EPAM, FTCH, Gold, MAXR, Precious Metals	-			View
2025 Q4	Jan 29, 2026	Aikya	0.0%	8.3%	000660.KS, 005930.KS, 1288.HK, 2330.TW, 2912.TW, 3690.HK, BBDO3.SA, CPI.JO, EPAM, HDB, KOF, NTCO3.SA, RDY, UL	AI, Brazil, emerging markets, Quality, semiconductors, valuation	The market's continued enthusiasm for AI potential led semiconductor stocks materially higher, with Taiwanese and Korean markets recording further highs. While Aikya believes in the long-term potential of AI, they maintain that both quality and valuation discipline remain paramount. Aikya's investment approach relies on two key pillars: Quality and Valuation. They invest exclusively in high-quality companies when available at sensible valuations, with the fund objective being to invest in high quality companies that make a positive contribution to sustainable development.		View
2025 Q4	Jan 26, 2026	Mobius Capital Partners	2.9%	0.0%	EPAM, KARO, MELI, MMYT, TCOM	active management, Asia, emerging markets, mid cap, Quality, Recovery, technology, underperformance	The strategy focuses on high-quality, innovative, under-researched mid-cap compounders with strong fundamentals. Quality stocks suffered significant underperformance in 2025 due to style headwinds, with investors favoring perceived safe-haven assets and larger, more liquid equities during periods of macroeconomic uncertainty. The portfolio benefits from AI-driven demand, particularly in the software/IT services sector. Recovery prospects are supported by AI-driven demand and the resumption of previously deferred projects, with companies like Elite Material benefiting from GPU customers utilizing additional printed circuit boards. Taiwan continues to benefit from a powerful semiconductor investment cycle and globally competitive innovation ecosystem. The portfolio includes exposure to semiconductor testing equipment manufacturers like Chroma, which should benefit from wider adoption of system-level testing solutions and continued data center investment. The portfolio includes exposure to Latin American e-commerce platform Mercado Libre, which faced short-term pressure due to Brazilian election volatility but maintains intact long-term market and operational fundamentals. The strategy also initiated positions in online travel agencies benefiting from India's growing online travel market. The fund initiated a position in MakeMyTrip, the dominant Indian online travel agency, positioned to benefit from India's online travel market expected to grow at 22% CAGR from $12bn in 2022 to $60bn in 2030. The company enjoys high brand recall and organic traffic, resulting in strong operating leverage.	KARO MMYT RADL3 BZ 2383 TT EPAM	View
2025 Q4	Jan 21, 2026	White Falcon Capital Management	5.6%	28.4%	AFN.TO, AMD, AMZN, ATZ.TO, CSIQ, EPAM, FNV, GRFS, HUN, NFI.TO, NU, RGLD, RTO.L, TFPM, W	AI, Chemicals, Cyclical, gold, semiconductors, Solar, technology, value	AMD is positioned as a high-performance computing leader that has taken market share from Intel and emerged as credible No. 2 in GPUs behind Nvidia. Management has guided to approximately $10 in EPS for FY2027E and more than $20 in EPS by 2030E, suggesting significant upside potential. EPAM was initially deemed an AI loser but the market is realizing that corporations need core systems modernized before AI deployment, custom agents require high-end development, and EPAM can incorporate AI into its delivery organization. The AI sector shows characteristics of frothy environment with elevated valuations. Solar has quietly become the cheapest source of power in many places without subsidies. Canadian Solar was trading at roughly a quarter of its sum-of-the-parts value due to depressed sentiment. Solar stocks have become AI beneficiaries as solar plus storage is seen as viable option to supply clean power to datacenters. Precious metals holdings in Royal Gold, Triple Flag and Franco-Nevada were responsible for a third of gains this year. Gold was up 64% and silver up 146% for the year. The allocation was intended to serve as a hedge against macroeconomic volatility. Huntsman operates as a focused specialty chemicals company with three primary segments. The MDI market faces supply glut and pricing pressure but longer-term green building standards drive demand. The company has high operating leverage and potential to benefit when the industry cycle turns.	HUN NFI NU EPAM AMD	View
2025 Q4	Jan 20, 2026	Harding Loevner Emerging Markets Equity	3.7%	29.1%	000660.KS, 005930.KS, 2330.TW, 700.HK, ASIANPAINT.NS, BABA, EPAM, GLOB, HDFCBANK.NS, ICICIBC.NS, ITUB, MARUTI.NS, MELI, MMYT, PING, SE, TCOM, TCS, TSM, WALMEX.MX	AI, emerging markets, energy, Memory, nuclear, semiconductors, technology	AI-related stocks sustained the relentless rise of the EM index, with seven of the 10 largest contributors being AI-related and accounting for more than 40% of the index's 34% return. The surge reflects sharply accelerating capital investment into AI physical infrastructure, with hyperscalers repeatedly increasing capex plans. EMs are standout beneficiaries because significant portions of AI physical infrastructure are sourced from EM companies, especially Asia-based enterprises like TSMC. The AI boom is engendering structural changes in the memory market that should support higher and more consistent profitability. Three key developments are changing industry dynamics: growing demand for customized, high-value memory products like HBM; the need to surmount the memory wall for AI workloads; and increasing constraints on memory manufacturing capacity as more capacity is allocated to HBM production. The energy demands of AI data centers are staggering, with AI-specific servers using 53-76 terawatt-hours in 2024. This puts renewed attention on nuclear power advantages, which is both scalable enough to meet huge AI data center power requirements and carbon-emission free. Meta, Amazon, and Alphabet have announced plans to invest in nuclear energy, driving demand for uranium.	688188 CH KAP LI 000660 KS 005930 KS	View
2022 Q2	Jul 14, 2022	White Falcon Capital Management	6.0%	8.5%	5Z5 GR, AMZN, CPLF CN, CTS CN, EPAM, NU	-			View
2022 Q1	Jul 4, 2022	Moon Capital Management	0.0%	23.0%	0A53LN, APPS, EPAM, FFX GR	-			View
2022 Q2	Jun 30, 2022	Harding Loevner Emerging Markets Equity	12.2%	11.6%	002050 CH, 035420 KS, 1476 TT, ABEV, EPAM, TCS IN	-			View
2025 Q1	Apr 21, 2025	White Falcon Capital Management	-6.7%	-6.7%	CTS CN, DAVA, EPAM, GRF SM	-			View
2022 Q1	Mar 30, 2022	Harding Loevner Emerging Markets Equity	12.2%	11.6%	000333 CH, CATL LN, D3H GR, EPAM, SXC GR, TS	-			View
2022 Q4	Mar 3, 2023	Harding Loevner International Equity	9.5%	11.5%	7TB GR, 80TE LN, CIN GR, EPAM, GLOB, RJHI AB	-			View
2024 Q4	Jan 17, 2025	White Falcon Capital Management	5.5%	14.4%	AMD, EPAM, NFI CN, NU, PRGO, VALE3 BZ	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 26, 2026	Fund Letters	Dr. Hendrik Leber	EPAM Systems, Inc.	Information Technology	IT Consulting & Other Services	Bull	New York Stock Exchange	buybacks, cash flow, Digital transformation, services, Software Development, Utilization	View Pitch
Jan 30, 2026	Fund Letters	Carlos Hardenberg	EPAM Systems Inc.	Information Technology	IT Services & Consulting	Bull	New York Stock Exchange	AI, buybacks, Digital transformation, IT services, Software	View Pitch
Jan 24, 2026	Fund Letters	Balkar Silvia	EPAM Systems, Inc.	Information Technology	IT Services	Bull	New York Stock Exchange	AI, cloud, Digitaltransformation, Itservices, productivity	View Pitch
Nov 29, 2025	Fund Letters	Balkar Silvia	EPAM Systems Inc.	Information Technology	IT Services	Bear	NYSE	AI, Consulting, Digital, IT services, Margins, transformation	View Pitch

BSD Shareholders of EPAM

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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