FSLR

FSLR

FSLR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 17, 2025	Ariel Global Fund	7.4%	-	000660 KS, 1590 TT, 2319 HK, 6361 JP, 6920 JP, BBVA SM, DIS, FSLR, JD, LTMC IM, SNY, TSCO LN, ZBH	diversification, Global Equities, Governance, Quality, Rotation	The letter highlights global diversification benefits as leadership rotates across regions and sectors. Management focuses on high-quality global franchises with durable competitive advantages and strong governance. The outlook favors selective global exposure over U.S.-centric concentration.	BBVA SM 6920 JP	View
2025 Q4	Mar 6, 2026	Bumbershoot Holdings	-	13.0%	CAMT, CF, CTRA, FSLR, Gold, GOOGL, HRI, IPI, KGF.L, LGND, MDGL, MU, NPKI, NTR, ORN, OSIS, OSK, VKTX, VMEO, VPG	Concentration, liquidity, Multi-Strat, Reflation, Selection, semiconductors, technology, value	AI remains a primary market driver but questions emerge about whether it will be hugely deflationary to the job market and SaaS technology ecosystem. The manager notes AI will transform the world and productivity but questions its investability and who wins. The manager expects the next reflation cycle will be substantial, with liquidity flooding the system and searching for places to flow. Money needs to be absorbed and finds its way into financial assets, durable businesses, and anything with credible narratives. Core gains were led by semiconductor-related adjacencies including Micron and Camtek. The fund remains particularly focused on key critical OS platform businesses and semiconductor-related adjacencies. Materials sector exposure to the agricultural-fertilizer industry via Intrepid Potash, Nutrien, and CF Industries was a positive contributor to results. The fund maintains exposure across the fertilizer value chain. Long-standing position in gold and copper miner Barrick Mining finally moved higher as a reflection of gains in the underlying yellow metal. The fund maintains exposure to precious metals mining. Playing on the continued theme of infrastructure spending, defense and energy sustainability, positions in Industrial and Energy sectors including Oshkosh, Coterra, OSI Systems, and Herc Holdings added positively to performance.		View
2025 Q4	Mar 6, 2026	Polen Capital – U.S. SMID Company Growth	-0.3%	27.7%	BE, CORT, FSLR, NTNX, NVDA, RKLB, WDC	aerospace, AI, Biotechnology, Electrification, growth, innovation, SMID Cap	AI has been the defining theme of market leadership in 2025, driving surge in data center capex and benefiting AI-adjacent industries like semiconductors, electrical equipment, and tech hardware. AI data centers require enormous amounts of power, creating demand for solutions like Bloom Energy's fuel cells. The theme reasserted dominance after NVIDIA's strong earnings in late November. Portfolio maintains largest absolute and relative exposure to Industrials sector representing conviction in Electrification theme. This includes companies like Bloom Energy providing power solutions for AI data centers and First Solar manufacturing solar panels. The theme benefits from energy transition and infrastructure needs. Portfolio maintains significant conviction in Aerospace theme alongside Electrification within Industrials sector exposure. Rocket Lab operates as end-to-end space company developing rocket launch and control systems, with strong earnings results and growing backlog during the quarter. Biotech delivered its best quarter in five years driven by improving rate environment, easing regulation enabling more M&A, and excitement around AI's promise in drug discovery efficiency. Corcept Therapeutics represents exposure to this theme with drugs modulating cortisol activity and expanding pipeline in oncology.		View
2025 Q3	Oct 15, 2025	Ariel Global Fund	5.0%	-	009150 KS, 3436 JP, 425 HK, 6460 JP, 6981 JP, BTA LN, FDX, FME GR, FSLR, HUM, INFA, INTC, MTB, PUB FP, ROG SW, SYNSY	Artificial Intelligence, diversification, Edge computing, Global Equities, Value Investing	Ariel Global Fund benefited from strong stock selection in solar, semiconductors, and healthcare, and expanded into companies exposed to AI and Edge computing. The team stresses diversification beyond the U.S. amid high valuations and sees global rebalancing as a key tailwind. It focuses on undervalued franchises positioned for cyclical recovery and secular technology adoption.		View
2025 Q4	Jan 18, 2026	Ariel Global Fund	2.9%	23.3%	000660.KS, 1024.HK, 4751.T, 6367.T, 6460.T, 6762.T, 6856.T, 7832.T, BIRG.L, BMPS.MI, BMY, FME.DE, FORTUM.HE, FSLR, HPE, LREN3.SA, SAN, T, WBS, WCH.DE	AI, Banking, Data centers, Energy Transition, global, international, semiconductors, value	The fund sees strong opportunities in semiconductor equipment and memory companies. Lasertec is positioned for growth as it transitions toward high-volume manufacturing with its new APMI tool for EUV processes. SK Hynix benefits from accelerating AI inference demand for high-bandwidth memory and NAND solutions, maintaining a commanding lead with Nvidia. European banking presents compelling opportunities through consolidation and operational improvements. BMPS transformed into Italy's third-largest bank through Mediobanca acquisition, while Santander offers efficiency gains and stronger profitability through streamlined operations. Bank of Ireland provides upside through cost restructuring and strategic decisions. Solar and renewable energy infrastructure offer attractive growth prospects. First Solar's new U.S. facility aims to reduce tariff costs and capture domestic tax incentives in an increasingly tight utility-scale solar market. Fortum provides exposure to data center power demand through above-market purchase agreements in the Nordic region. Artificial intelligence drives demand across multiple sectors from memory semiconductors to content platforms. SK Hynix benefits from AI inference workloads requiring high-bandwidth memory, while Kuaishou leverages AI-driven video tools to enhance content recommendation and advertising targeting capabilities. Growing data center demand creates opportunities in power and infrastructure. Fortum is positioned for upward earnings revisions through power purchase agreements with data center operators in the Nordic region, benefiting from low-cost power and favorable climate conditions.	ES WBS WCH GR 1024 HK 6367 JP 4751 JP BMY T 000660 KS 6920 JP FSLR	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 1, 2026	Seeking Alpha	Seeking Alpha	First Solar, Inc.	Renewable Energy	Solar Energy	Bull	NASDAQ Stock Market	Energy Sector, First Solar, Inflation Reduction Act, long-term investment, Market Discount, renewable energy, Solar Energy, tax credits, thin-film photovoltaic, U.S. manufacturing	View Pitch
Feb 21, 2026	Substack	Monopolistic Investor	First Solar	Renewable Energy	Solar Energy	Bear	NASDAQ Stock Market	backlog, commodity manufacturer, First Solar, gross margins, IRA tax credits, R&D efficiency, Revenue Growth, solar panels, turnaround story, US protectionism	View Pitch
Jan 20, 2026	Fund Letters	Rupal J. Bhansali	First Solar, Inc.	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	Incentives, manufacturing, Margins, Solar, tariffs	View Pitch
Jan 8, 2026	Seeking Alpha	Seeking Alpha	First Solar, Inc.	Renewable Energy	Solar Energy	Neutral	NASDAQ Stock Market	AI boom, CdTe thin-film, data center demand, First Solar, Hold rating, macro overvaluation, policy environment, Section 45X tax credits, Solar Energy, U.S. market	View Pitch
Oct 23, 2025	Value Investors Club	jamal	First Solar, Inc.	Energy	Semiconductors	Bull	NASDAQ	Circular Recycling, Data-Center Power, Grid, Reclycling, Tariff Tailwinds	View Pitch
Aug 13, 2025	Seeking Alpha	Austin Rogers	First Solar, Inc.	Energy	Solar	Bull	NASDAQ	—	View Pitch
Aug 13, 2025	Seeking Alpha	Nauman Khan	First Solar, Inc.	Energy	Solar	Bull	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	Johnny Zhang, CFA	First Solar, Inc.	Energy	Solar	Bull	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	Juxtaposed Ideas	First Solar, Inc.	Energy	Solar	Neutral	NASDAQ	—	View Pitch

BSD Shareholders of FSLR

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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