GLOB Archives

GLOB

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	WS Amati Global Innovation Fund	-	-	AVY, CGNX, CHG.L, DRS, DXCM, GLBE, GLOB, HUBB, LITE, PI, PRCT, QGEN, RGEN, SHOP, TLX.AX	AI, Biotechnology, defense, global, growth, innovation, Robotics, technology	Staggering levels of capital investment into generative AI infrastructure continued throughout Q3 2025, propelling AI chips and equipment suppliers to ever higher valuations. The concentration of performance from this magnificent cohort rose beyond historic peak levels. The scale of the ultimate prize is still believed to be justification enough despite elusive returns.		View
2025 Q2	Aug 7, 2025	Invesco Small Cap Value Fund	6.5%	0.2%	AL, COHR, DAVA, ENTG, EPAM, EWBC, GL, GLOB, HBM.TO, HOLX, LITE, MOH, MP, NRG, PAAS, PNFP, RMBS, SAIA, TEX, WAL, WBS	AI, Banking, energy, healthcare, Intrinsic Value, materials, small cap, value	The fund employs an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and estimated intrinsic value was attractive, indicating potential long-term capital appreciation. Following outperformance of large-cap stocks over small-cap stocks in recent years, the managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps.	TEX SAIA	View
2025 Q2	Aug 4, 2025	Baird Small/Mid Cap Growth Equity Fund	4.5%	-6.6%	ADMA, ALAB, ALHC, BJ, BMI, BOOT, BRBR, BWXT, CASY, CAVA, CHDN, COCO, CWAN, DKNG, DSGX, ELF, EQH, EXLS, FDS, FND, FOUR, FSS, GLOB, HLI, HQY, INSM, INSP, KAI, KNSL, LII, MANH, MKTX, MNDY, MTSI, NBIX, ONTO, PODD, PSTG, SPSC, SRPT, SSD, TARS, TECH, TREX, ULS, VERX, WAY, WSC, WSO, XPEL	AI, Biotech, growth, healthcare, semiconductors, small cap, technology, underperformance	The benchmark's rally was led by companies with AI-exposure that drove rapid multiple expansion. The portfolio underperformed due to underexposure to more speculative AI areas including small cap semiconductors and AI-hardware. Defensive positions with minimal AI-exposure were the largest detractors to relative performance.		View
2025 Q2	Aug 2, 2025	Baron Global Advantage Fund	22.6%	11.0%	ARGX, BILL, CPNG, CRWD, DDOG, ENDV, GLOB, ILMN, LOAR, MELI, NET, NU, NVDA, PDD, SHOP, SNOW, TSLA, TSM, TTAN, ZS	AI, E-Commerce, global, growth, semiconductors, technology, volatility	AI infrastructure buildout is durable with NVIDIA maintaining leadership. Scaling laws have expanded beyond pre-training to post-training and test-time scaling, driving GPU demand. AI workloads will be supported by large language models in datacenters, unlocking trillions in value across intelligence-bottlenecked industries.		View
2025 Q2	Aug 11, 2025	Baron FinTech Fund	9.2%	7.7%	ACGL, ACN, ALKT, CME, CWAN, FICO, FIS, GLOB, GWRE, HOOD, IBKR, INTA, INTU, KKR, KNSL, LPLA, MA, MCO, MELI, MORN, MSCI, PGR, SCHW, SPGI, TW, V, VRSK	Capital markets, E-Commerce, Financial Services, Fintech, payments, technology, volatility	The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. The portfolio is segmented into seven investment themes including Tech-Enabled Financials, Information Services, Enterprise Software, Capital Markets, Payments, E-Commerce, and Digital IT Services. The manager expects fintech companies to outperform over time due to their competitive advantages and growth prospects.		View
2025 Q2	Jul 27, 2025	abrdn Emerging Markets Fund	10.6%	11.6%	000333.SZ, 000660.KS, 000830.KS, 009540.KS, 0669.HK, 0700.HK, 1120.SR, 1211.HK, 2308.TW, 2327.TW, 2330.TW, 300750.SZ, 3690.HK, 4958.TW, ADIB.AD, BABA, ETE.WA, GLOB, HUVR.NS, IHCL.NS, JD, PDD, POWERGRID.NS, TCOM, TCS.NS, ZAB.WA	AI, China, Electric Vehicles, emerging markets, India, semiconductors, Taiwan, Trade Policy	Chinese companies like Alibaba and Tencent faced margin pressure from rising AI-related capex. The fund maintains exposure to various sections of the AI supply chain, from semiconductor manufacturing and design to data center-oriented names. Hyperscalers' capex plans are expected to continue translating into orders for AI infrastructure companies.		View
2025 Q2	Jul 22, 2025	Brandes Small Cap Value Fund	12.1%	4.9%	AOUT, ARLO, AVDL, ELAN, EPC, GIL.TO, GLOB, HBI, HURC, HXL, IEX, KMT, MOG.A, ORION, PAHC, PBH, PINC, PKE, SON, UNF	healthcare, industrials, positioning, small caps, underperformance, value	The fund focuses on small-cap value investing, seeking companies trading below intrinsic value estimates. The manager emphasizes the fund's lower valuations compared to the Russell 2000 Index while offering exposure to companies with strong balance sheets and compelling growth prospects.	GLOB PBH	View
2025 Q2	Jul 22, 2025	Harding Loevner International Small Companies Equity	16.7%	18.6%	3697.T, 4544.T, 7203.T, AAPL, ALTEN.PA, BC8.DE, BELIMO.SW, CYBR, GLOB, GOOGL, MELI, MSFT, NVDA, RPY.MI, TMV.DE	AI, cybersecurity, innovation, international, IT Services, small caps, technology	The accelerating adoption of artificial intelligence is viewed as a decisively structural trend with far-reaching effects on how people work. Companies in the portfolio are investing in AI to strengthen competitive advantages, with examples including Reply developing customized AI tools and Shift deploying AI engineers to achieve significant cost savings.	3697 JP 4527 JP GLOB CYBR	View
2025 Q2	Jul 20, 2025	BBH Select Series – Mid Cap Fund	5.4%	-0.9%	ANET, ATR, BRKR, BRO, CBRE, DAR, ENTG, FOUR, GFL.TO, GLOB, GWRE, GXO, HEI, ICLR, LPLA, TTWO, ULS, VMC, WH, WMS, WSO	healthcare, industrials, mid cap, payments, software, tariffs, technology	Several technology and healthcare companies were impacted by tariffs and academic and life science funding cuts. The magnitude of proposed tariffs and funding cuts have been greater than anticipated, with companies like Globant seeing Latin American clients pause projects due to tariff uncertainty. The fund exited positions in Toro and Crown Holdings due to heightened tariff risks.	GLOB WSO FOUR GWRE	View
2025 Q2	Jul 17, 2025	Harding Loevner Global Small Companies	10.6%	7.2%	4395.T, 4527.T, 6566.T, ALO.PA, CKN.L, CYBR, DPLM.L, ELAN, ENS, G24.DE, GLOB, HPG.HM, MAXF.NS, RGA, RPLY.MI, SNR.L	AI, cybersecurity, global, innovation, IT Services, small caps, technology	AI adoption is accelerating across industries with companies investing in AI tools to strengthen competitive advantages. Small companies are leveraging AI for productivity gains and new service offerings, with some achieving meaningful cost savings and operational improvements.	CYBR GLOB	View
2025 Q2	Jul 17, 2025	Polen Capital – International Growth	6.9%	6.9%	8035 JP, AON, BNZL LN, EVO SS, EXPN LN, GLOB, IBN, ICLR, INPST NA, MELI, MMYT, NVO, SAP GR, SE, TME	Compounding, earnings, International Growth, Quality, valuation	The letter emphasizes international growth opportunities in businesses with strong competitive positions and long-duration earnings power. Management argues that non-U.S. markets offer attractive relative valuations without sacrificing quality or growth. The focus remains on compounding intrinsic value over full market cycles.	IBN ICLR GLOB AON SAP GR 8035 JP MELI	View
2025 Q2	Jul 16, 2025	Harding Loevner Emerging Markets Equity	10.1%	11.5%	000333.SZ, 018880.KS, 035720.KS, 1211.HK, 2317.TW, 2330.TW, 3690.HK, 4966.T, BABA, GEELY, GLOB, KSPI.L, LREN3.SA, MELI, RDNI3.SA, SE, SHOP.TO, TCS.NS, TS, TTI	AI, Brazil, competition, E-Commerce, emerging markets, South Korea, Taiwan, Trade Policy	Brazilian e-commerce companies like MercadoLibre face intensifying competition from foreign entrants like Shopee, driving innovation in logistics and payment services. MercadoLibre has built competitive advantages through deep local market knowledge, integrated ecosystems, and massive logistics investments. Competition is spurring market expansion as e-commerce penetration remains low at under 20% in Brazil.	018880.KS 2317.TW 4966.T MELI MELI	View
2025 Q2	Jul 16, 2025	Harding Loevner Global Equity	10.2%	7.9%	0700.HK, 1299.HK, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, CPG.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPIA.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGS.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, V, VRTX, WALMEX.MX	AI, Cloud, Data centers, global, growth, semiconductors, technology	AI models released in 2024 have demonstrated marked improvement in performance against new benchmarks, including major strides in reasoning to solve complex problems. Many companies can now point to real products and applications as well as measurable effects on their businesses. Competition among big tech companies appears to be intensifying as more companies join the race to develop cutting-edge AI systems.	ADBE BKNG ADBE	View
2024 Q2	Jun 30, 2024	Baron Global Advantage Fund	3.3%	6.9%	ADYEN.AS, ALAB, ARGX, ASML, CPNG, CRWD, DAVA, DDOG, FVRR, GLOB, INDI, MELI, NET, NVDA, RIVN, SHOP, SNOW, TMP, TSLA, WIX	AI, global, growth, healthcare, semiconductors, software, technology	The fund views AI as driving a new industrial revolution, with NVIDIA positioned as the AI generator creating tokens for every industry. The manager believes we remain early in AI adoption across industries and the race for Artificial General Intelligence continues with exponential demand growth for accelerated computing.	TXG NET SHOP CPNG CRWD NVDA	View
2024 Q1	May 9, 2024	Polen Capital – U.S. SMID Company Growth	8.8%	-1.3%	BMBL, CNM, CWA, DAVA, ETSY, EXLS, GLOB, GNRC, HLI, MKTX, PGNY, RVLV, SITM, TECH, TREX, WING, YETI	consumer, growth, Quality, Restaurants, SMID Cap, technology, Water Infrastructure	Polen emphasizes investing in high-quality businesses with robust free cash flow, persistent growth, and high returns on capital. They consistently aim to own companies that are undervalued relative to their long-term compounding potential and favor businesses with robust balance sheets and the ability to reinvest in any environment.		View
2024 Q1	May 9, 2024	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	3697.T, 8069.TWO, CNM, CWAN, DAVA, EVD.L, FEVR.L, GLOB, JDG.L, PME.AX, REVG, TOI.TO, WIZZ.L	global, growth, infrastructure, IT Services, Quality, SMID Cap, software	The portfolio holds multiple IT services companies including Globant and Endava, both facing headwinds from cautious client spending on digital transformation. Despite near-term challenges, the managers maintain confidence in long-term secular trends driving digital transformation and AI integration.	3697.T DAVA GLOB CNM EVD.DE TOI.TO	View
2024 Q1	May 9, 2024	Polen Capital – U.S. Small Company Growth	7.4%	-0.9%	AMN, APPF, BMBL, CNM, CWAN, ENDV, EXLS, GLOB, GNRC, HLI, PGNY, SITM, WING	growth, momentum, Quality, small caps, technology, value	Polen emphasizes their focus on high-quality growth companies with robust free cash flow, persistent growth, and high returns on capital. They use their Flywheel framework to assess quality that supports sustainable growth, comprised of unique positioning, repeatable sales process, robust business model, effective management, and value-creating reinvestment.		View
2024 Q1	May 9, 2024	Polen Capital – Global SMID Company Growth	3.5%	9.5%	AAPL, ABNB, ACN, ADBE, ADP, AMZN, GLOB, META, MSFT, NESN.SW, NVDA, OR.PA, PAYC, SAP, SGE.L, TSLA, WDAY	AI, Cloud, global, growth, Quality, technology	SAP's transition to the cloud continues at pace with strong cloud revenue growth and expanding cloud gross margins. Management is guiding cloud sales growth through 2025 in the mid-20% range. Amazon's AWS saw a long-awaited re-acceleration in revenue growth during the period.		View
2025 Q1	Apr 23, 2025	Polen Capital – U.S. Small Company Growth	-10.8%	-10.8%	AAON, AIT, BROS, ELF, EXLS, FOXF, GLOB, GSHD, MEDP, MODG, NSIT, PCTY, PGNY, RMBS, RVLV, TECH, TREX, WRBY, YETI	consumer discretionary, growth, Portfolio Management, Quality, small caps, tariffs, volatility	The first quarter was marked by heightened volatility due to concerns about the Trump administration's emerging trade policies and global tariff imposition. The managers stress-tested their businesses across various tariff policy scenarios and made portfolio adjustments, particularly exiting Consumer Discretionary positions vulnerable to tariff uncertainty.	TECH RVLV ELF GLOB GSHD EXLS BROS	View
2025 Q1	Apr 22, 2025	Polen Capital – Global SMID Company Growth	-5.0%	-5.0%	8136.T, AXSB.NS, BAH, ELF, GLOB, GSHD, KLYJ.NS, SAIA, TTEK	Beauty, gaming, global, growth, international, Quality, small caps, SMID Cap	Polen Capital focuses on resilient businesses that can self-fund growth and execute across various economic backdrops. The quality growth investment style underperformed during the quarter as value outperformed growth.	SAIA KLYJ.NS ELF GLOB LOTTO.MI GSHD 8136.T	View
2025 Q1	Apr 22, 2025	Polen Capital – U.S. SMID Company Growth	-12.7%	-12.7%	ALGN, BAH, CRL, ELF, ENTG, ETSY, FIX, GLOB, GSHD, MANH, NSIT, PAYC, PGNY, RMBS, ROAD, RVLV, SAIA, TREX, WING, YETI	Construction, consumer discretionary, growth, Quality, SMID Cap, software, tariffs, volatility	Market volatility driven by Trump administration's tariff policies and trade uncertainty. Managers stress-testing portfolios across various tariff scenarios and exiting positions vulnerable to tariff impacts like Yeti and Align Technology due to China/Mexico manufacturing exposure.	MANH WING FIX ROAD SAIA	View
2026 Q1	Apr 21, 2026	Brandes Small Cap Value Fund	8.2%	8.2%	DOX, EPC, GLOB, KMT, LNSR, MHK, NICE, OTEX, PKE	AI, Consumer Staples, industrials, Outperformance, small cap, technology, value		NICE MHK NICE MHK	View
2026 Q1	Apr 21, 2026	Vela International Fund	-0.9%	-0.9%	ABEV, ABF.L, AGI, ALLFG.L, ARCO, BAKKA.OL, DUE.DE, GLOB, GRG.L, HIK.L, IPAR, ITP.PA, JET2.L, NOMD, OGC.TO, SBRE.L, SU, TTE, UMG.AS, UNTR.JK, WIE.VI	energy, Geopolitical, gold, international, Luxury, Travel, value			View
2025 Q1	Apr 19, 2025	Polen Capital – International Growth	0.0%	0.0%	ADYEN.AS, AON, GLOB, ICLR, LONN.SW, MELI, NVO, SAP, TME, TSM, UL	China, growth, healthcare, international, payments, Quality, technology	The fund maintains focus on high-quality, high-growth international businesses with competitive advantages. Portfolio holds companies with solid earnings growth prospects and weighted average earnings expected to grow at mid-teens rate over time. Quality growth approach can be rocky short-term but positions portfolio well for long-term outperformance.	TME LONN.SW ADYEY	View
2026 Q1	Apr 18, 2026	Baillie Gifford – US Equity Growth	-15.1%	-15.1%	AXON, CSGP, DASH, DUOL, ENSG, GH, GLOB, IOT, MSFT, NET, PEN, SHOP.TO	AI, growth, long-term, software, Systems, technology, valuation		RBC AXON	View
2025 Q1	Apr 15, 2025	Polen Capital – Global SMID Company Growth	-5.5%	-5.5%	ABNB, ABT, ACN, ADYEN.AS, AMZN, AON, CSGP, GLOB, GOOGL, MELI, NOW, NVDA, NVO, OR.PA, ORCL, PAYC, SAP, SGE.L, SHOP, WTW, ZTS	AI, global, growth, healthcare, Quality, tariffs, technology, volatility	Trump tariffs announced in February created market volatility and uncertainty, with semiconductors down 19% and Magnificent 7 down 15%. Managers expect limited direct impact on their portfolio given focus on branded software and services businesses with pricing power, though acknowledge potential 2nd order effects from reduced consumer spending.	MELI ADYEN WTW NVO AMZN GLOB AON ABT	View
2024 Q1	Apr 15, 2024	Harding Loevner Emerging Markets Equity	12.2%	11.6%	005930.KS, 0700.HK, 1299.HK, 2330.TW, 300750.SZ, 9618.HK, 9988.HK, BABA, CATL, EPAM, GLOB, HDFCBANK.NS, JD, KASPI.KZ, MARUTI.NS, MELI, SCOM.NR, TCOM, TCS.NS, TSM	China, E-Commerce, emerging markets, Geopolitical, healthcare, payments, semiconductors, technology	Digital payment systems are transforming financial inclusion in emerging markets, particularly Latin America. Companies like MercadoLibre and FEMSA have built payment platforms that serve unbanked populations while strengthening their core businesses. These platforms provide first-time access to digital payments and credit for millions of customers.	TLKM.JK BH.BK MELI	View
2024 Q1	Apr 15, 2024	Harding Loevner Global Equity	5.2%	15.6%	0700.HK, 1398.HK, 2607.HK, 4519.T, 6758.T, AAPL, ABBV, ACN, ADBE, ALC, AMAT, AME, AMZN, ASML, ATCO-A.ST, AVGO, B3SA3.SA, BBCA.JK, BHP, BKNG, CME, COST, CRM, CSCO, CSGP, DE, DHR, GLOB, GMAB, GOOGL, HDB, HON, ISRG, KER.PA, LLY, MELI, META, MSFT, NFLX, NKE, NOC, NOW, NVDA, OR.PA, PINS, RGEN, RIO, ROG.SW, ROK, SAP, SGSN.SW, SLB, SNPS, SU.PA, SY1.DE, TMO, TSLA, TSM, TW, UNH, VRTX	AI, global, growth, Quality, software, technology	The fund sold NVIDIA due to valuation concerns despite believing in AI's transformational impact. They are investing in more reasonably priced software companies positioned to benefit from AI, including Salesforce, Globant, and SAP. The managers see strong prospects for many holdings as AI applications proliferate but emphasize the importance of durable competitive advantages.		View
2025 Q1	Mar 31, 2025	abrdn Emerging Markets Fund	0.9%	0.9%	0700.HK, 1211.HK, 1810.HK, 2015.HK, 2222.SR, 2308.TW, 2317.TW, 2318.HK, 2327.TW, 2454.TW, 300274.SZ, 3968.HK, 4904.TW, ADIB.AD, ALDAR.AD, BABA, BAC, GLOB, INDHOTEL.NS, JBCHEPHARM.NS, POWERGRID.NS, TSM	AI, China, emerging markets, India, semiconductors, tariffs, technology	DeepSeek's AI model announcement triggered a sharp rally in Chinese tech stocks, particularly benefiting cloud providers like Alibaba and Tencent. However, concerns emerged that more efficient AI models might reduce demand and capex in the tech value chain, pressuring semiconductor and tech hardware stocks.		View
2025 Q1	Mar 31, 2025	Baron FinTech Fund	-1.4%	-1.4%	ACGL, APO, CME, FI, FICO, GLOB, GWRE, HOOD, KKR, LPLA, MA, MELI, MORN, PGR, PRI, SCHW, SPGI, SQ, TW, V	Capital markets, E-Commerce, Fintech, insurance, payments, software, trading	Strong performance from global payment networks Visa and Mastercard driven by accelerating payment volumes and defensive business models. Payment companies benefit from fee-based revenue tied to nominal payment volumes, providing protection against inflationary pressures.	TTAN HOOD SQ APO KKR TW PGR MELI	View
2025 Q1	Mar 31, 2025	Baron Global Advantage Fund	-9.5%	-9.5%	532978.BO, AFYA, ARGX, CPNG, DDOG, GLOB, MELI, NET, NVDA, PDD, SAIL, SHOP, SNOW, SQ, TSLA, TSM, WIX, ZOMATO.NS, ZS	AI, cybersecurity, E-Commerce, global, growth, semiconductors, tariffs, technology	AI represents the biggest disruptive change in the manager's career. Models continue to improve on the intelligence curve while costs decline, opening new markets and opportunities. NVIDIA's progress across hardware and software remains unmatched, with reasoning models requiring 100x more compute than previously thought.		View
2025 Q1	Mar 31, 2025	BNY Mellon Global Emerging Markets Fund	-4.2%	-4.2%	000333.SZ, 000660.KS, 0700.HK, 2454.TW, 300750.SZ, BZ, GLOB, HDB, MELI, MMYT, NTES, TCOM, TOTS3.SA, TSM, TUBE.NS	AI, China, emerging markets, India, Recession, technology, Trade Policy, Valuations	Chinese technology stocks surged in February due to the DeepSeek phenomenon, creating significant volatility. The fund benefited from positions in Tencent and other internet holdings like NetEase and Kanzhun that generated alpha early in the quarter, though identifying quality long-term compounding opportunities in Chinese internet remained challenging.		View
2025 Q1	Mar 31, 2025	Harding Loevner Global Small Companies	-3.1%	-3.1%	AAPL, ALGN, ASML, CBSH, CHD, EPAM, FIVE, FTI, GLOB, HP, LAZ, LIVN, LPLA, MKC, NBIX, NDAQ, OLLI, PEN, RGA, STNE	Germany, global, infrastructure, Quality, small caps, Trade Policy	The portfolio significantly increased exposure to Germany over the past couple years, with an 8.3% average weight versus 1.1% in the benchmark. Despite economic challenges, the manager found high-quality growing businesses trading at reasonable prices. Germany's constitutional amendment to allow fiscal stimulus and infrastructure spending of over $500 billion boosted market performance in Q1.	7747.T 6952.T FPE3.DE NEM.DE G24.DE	View
2025 Q1	Mar 31, 2025	Impax US Sustainable Economy Fund	-5.8%	-5.8%	AAPL, AVGO, AWK, EIX, GILD, GLOB, GOOGL, LLY, MA, MSFT, NOW, NVDA, PGR, TXN, V	energy, Esg, healthcare, sustainability, tariffs, technology, Utilities	The portfolio focuses on companies positioned to benefit from the transition to a more sustainable economy, including renewable energy sources, energy efficiency, and clean technology solutions. The fund's sustainability tools emphasize energy efficiency exposure and companies optimizing energy consumption through technology.	NOW GLOB EIX AWK PGR GILD	View
2025 Q1	Mar 31, 2025	Sands Capital Emerging Markets Growth Fund	2.5%	2.5%	0700.HK, 1211.HK, 1299.HK, 2020.HK, 2330.TW, APOLLOHOSP.NS, ASML, BAJFINANCE.NS, BRITANNIA.NS, CPNG, GLOB, GRAB, HDFCBANK.NS, MELI, NU, RELIANCE.NS, SE, WEGE3.SA	AI, China, E-Commerce, emerging markets, growth, India, semiconductors, technology	Since the beginning of 2024, we have narrowed our underweight to China relative to the MSCI EM. While we remain cautious about China's long-term structural challenges and ongoing geopolitical tensions with the United States, we also see a select group of exceptional growth businesses in the country. Our views are shaped by on-the-ground research with three research trips to China and Hong Kong in the first quarter of 2025.		View
2025 Q1	Mar 31, 2025	Artemis Global Select Fund	-7.5%	-7.5%	6273.T, AMZN, ASML, CEG, FI, GLOB, LISP.SW, META, NVDA, PG, SAF.PA, STAN.L, TSM, TTEK, WPM	AI, defense, global, Quality, semiconductors, tariffs, technology, value	AI developments significantly impacted portfolio performance during the quarter. Chinese AI startup DeepSeek's launch at much lower cost than US competitors caused reassessment of western technology companies' leadership in AI, leading to selloffs in Nvidia and other AI-related holdings. The manager continues evaluating the impact of this competitive threat on demand.	SAF.PA META TTEK PG WPM STAN.L CEG TSM AMZN NVDA GLOB	View
2024 Q1	Mar 31, 2024	Baird Small/Mid Cap Growth Equity Fund	1.9%	1.9%	BOOT, BROS, BSY, BWXT, CELH, CHDN, CNMD, CWAN, DAVA, DECK, DT, EXAS, FIVE, FOUR, GLBE, GLOB, GXO, HALO, ICLR, INSP, KAI, KNSL, KNX, LFUS, LGIH, LSCC, LW, MNDY, MSTR, MTDR, ONTO, PCOR, PEN, PODD, QDEL, RGEN, SAM, SITM, SMCI, SMPL, SWAV, TARS, TECH, TREX, VITA, WNS, WSO, XPEL	AI, growth, healthcare, Performance, semiconductors, small cap, technology	AI spending expectations drove significant outperformance in technology stocks, particularly benefiting companies like Super Micro Computer which investors view as the next Nvidia. The fund has limited direct AI exposure through Lattice Semiconductor and has not reached comfort levels on sustainable AI impact for many benchmark holdings. AI headwinds affected both technology and industrial sectors as datacenter and semiconductor manufacturing equipment companies saw outsized gains.		View
2024 Q1	Mar 31, 2024	Baron FinTech Fund	6.3%	6.3%	ACGL, APO, BLK, ENDV, FDS, FI, FICO, GLOB, INTA, INTU, JKHY, KINS, MA, MELI, NU, PGR, SPGI, TW, V, WEX	digital transformation, Enterprise, Financial Services, Fintech, insurance, payments, software, technology	The fund focuses on competitively advantaged, growing fintech companies across seven investment themes including Tech-Enabled Financials, Payments, Capital Markets, and Information Services. Digital transformation of financial services remains a large, multi-decade growth opportunity despite near-term cyclical headwinds in IT spending.	GLOB ENDV APO NU PGR	View
2024 Q4	Dec 31, 2024	Harding Loevner Emerging Markets Equity	-	2.4%	000333.SZ, 005930.KS, 035420.KS, 0700.HK, 1299.HK, 1398.HK, 2308.TW, 2317.TW, 2330.TW, 2357.TW, 2454.TW, 300760.SZ, 9888.HK, 9988.HK, BABA, BBAS3.SA, BBDC4.SA, BBRI.JK, CATL, CLS.JO, COWAY, DIS.JO, EMAAR.DU, EPAM, GLOB, HDFCBANK.NS, HDFCLIFE.NS, ICICIBANK.NS, ITUB, JD, KSPI.KZ, MARUTI.NS, MELI, RDNI3.SA, SAFX.JO, SBER.ME, SBK.JO, TCOM, TCS.NS, TS, WEGE3.SA	AI, China, emerging markets, semiconductors, Stimulus, tariffs, Trade Policy	AI developments have boosted growth outlook for several EM companies. TSMC expects AI-related revenue to grow at 50% cumulative rate over next five years with 80% market share in leading-edge semiconductors. Delta Electronics commands 50% market share in sophisticated power supplies for high-end servers. IT services companies have started working on business-transformation projects helping clients adopt AI.		View
2024 Q4	Dec 31, 2024	Harding Loevner Global Equity	-	14.5%	0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, 9962.T, AAPL, ABBV, ACN, ADBE, ADYEN.AS, ALC, ALFA.ST, AMAT, AMZN, ATCO-A.ST, ATKR, ATU.TO, AVGO, BBCA.JK, BKNG, CME, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, RGEN, ROG.SW, ROK, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TW, UNH, VRTX, WMMVY	AI, Data centers, geopolitics, global, growth, semiconductors, technology, Trade Policy	Artificial intelligence continues to drive significant investment and growth across multiple sectors. The manager discusses the sustained momentum in AI development, with companies like OpenAI, xAI, Anthropic raising billions for infrastructure spending. New large language models have launched showing significant improvements, particularly in creating chains of thought to simulate human reasoning. The runway for model development remains long, suggesting sustainable demand for increasingly powerful hardware.		View
2024 Q4	Dec 31, 2024	BNY Mellon Global Emerging Markets Fund	-6.9%	4.1%	000333.SZ, 005930.KS, 0700.HK, 1810.HK, 2020.HK, 2308.TW, 2454.TW, 8113.T, BABA, BMRI.JK, CHROMA.TW, DMART.NS, GLOB, HDB, ICICIBANK.NS, MAHM.NS, MELI, MMYT, RADL3.SA, TCOM, TSM	AI, China, emerging markets, semiconductors, Taiwan, Travel	Renewed excitement around artificial intelligence drove performance in technology-heavy markets like Taiwan. Taiwanese holdings including MediaTek, Chroma ATE, and Delta Electronics benefited from AI-related demand and expectations.		View
2024 Q4	Dec 31, 2024	Sands Capital Emerging Markets Growth Fund	-10.8%	3.1%	006400.KS, 0700.HK, 1120.SR, 1179.HK, 1211.HK, 1299.HK, 1398.HK, 2020.HK, 300750.SZ, 6862.HK, APHS.NS, ASIANPAINT.NS, ASML, BABA, BAF.NS, BBCA.JK, BBRI.JK, BRIT.NS, CPNG, DMART.NS, DNP.WA, FPT.VN, GLOB, GRAB, HDB, HDFCLIFE.NS, ICT.PS, KSPI.L, MELI, NU, RADL3.SA, RELIANCE.NS, RENT3.SA, SE, TCS.NS, TSM, TTAN.NS, WEGE3.SA, XP	AI, Banking, China, Electric Vehicles, emerging markets, growth, semiconductors, technology	AI has rapidly evolved from a conceptual novelty to a transformative tool since ChatGPT's launch in late 2022. Portfolio companies like AppLovin and ServiceNow are leveraging AI to enhance their core offerings, with AppLovin building an AI advertising placement platform and ServiceNow using AI to automate repetitive tasks and improve decision making.		View
2023 Q4	Dec 31, 2023	Baird Small/Mid Cap Growth Equity Fund	7.8%	10.9%	BJ, BOOT, BSY, BWXT, COCO, CWAN, DAVA, DECK, DSGX, DT, EXLS, FIVE, FND, FOUR, GLOB, GNRC, GTLS, HALO, IEX, INSP, KAI, KNSL, LGIH, LSCC, LW, MTZ, NEO, NSA, PCTY, PODD, POOL, PTC, PWSC, RBC, RVNC, SAM, SWAV, TREX, TTC, TYL, WNS, WSO	financials, growth, healthcare, industrials, rates, small cap, technology	Lower-than-expected inflation report in late October led markets to declare an end to Fed tightening and begin discounting multiple rate cuts in 2024. Interest-rate-sensitive stocks rallied sharply late in the quarter, benefiting housing-related and financial stocks. The changed outlook on rates drove significant market movements throughout the quarter.		View
2023 Q4	Dec 31, 2023	Baron Global Advantage Fund	14.7%	25.3%	3690.HK, AAPL, ADYEN, AMZN, ARGX, ASML, BILL, BJFNF, CPNG, CRWD, DAVA, DDOG, EPAM, FVRR, GLOB, GOOGL, INPST, MELI, META, MSFT, NET, NVDA, SHOP, SNOW, SQ, TSLA, WIX, ZI, ZS	AI, Cloud, cybersecurity, Digitization, E-Commerce, global, growth, technology	GenAI is creating an inflection point that benefits many portfolio companies beyond just NVIDIA. Enterprises are accelerating digitization trends to benefit from GenAI, with less than 10% of companies having mature data and AI capabilities. This trend should be a tailwind for businesses that enable or benefit from digitization such as cybersecurity, infrastructure monitoring, and data platforms.		View
2022 Q4	Dec 31, 2022	Polen Capital – International Growth	9.2%	-30.0%	AON, BNZL LN, CAN, GLOB, SAP, SHOP, TCEHY, TEMN SW, ULVR LN	-			View
2023 Q3	Dec 26, 2023	Bonsai Partners	0.0%	-3.3%	ACN, CTSH, DAVA, EPAM, G, GLOB, NA9.DE, QCOM, TSM, TWKS, WIT	AI, IT Services, Robustness, semiconductors, technology, Value Investing	Manager emphasizes seeking robust businesses that spread risks across value chains or own key processes outright, avoiding fragile companies with single points of failure. Robust companies with pragmatic leadership are purpose-built to survive difficult terrain and act as hedges against unknowable risks.		View
2025 Q3	Oct 28, 2025	BBH Select Series – Mid Cap Fund	-0.9%	-1.8%	ANET, BFAM, BJ, BRKR, BRO, CBRE, ENTG, FOUR, GFL, GLOB, GWRE, GXO, ICLR, ITT, LPLA, TTWO, VMC, WMS, WSO, WST	AI, healthcare, mid cap, Quality, tariffs, technology, value	The fund has exposure to AI through companies like Arista Networks, which provides data center switches to cloud network and AI customers. Arista's AI revenue is targeted at $1.5 billion this year and expected to reach $2.75 billion next year, growing 60-70% and representing about 25% of revenue. The manager acknowledges enthusiasm for AI driving enormous capital expenditures in associated infrastructure while being cognizant of bubble-like behavior in certain segments.	BJ UN ITT UN BRKR UN GLOB UN FOUR UN WMS UN ANET UN BJ UN ITT UN BRKR UN GLOB UN FOUR UN WMS UN ANET UN	View
2022 Q3	Oct 26, 2022	Polen Capital – International Growth	3.3%	3.9%	ADS GR, EPM, GLOB, ICLR, J2B GR, KER FP, MELI, SAP, TME	-			View
2024 Q3	Oct 23, 2024	Polen Capital – Global SMID Company Growth	3.5%	9.5%	ADP, AMZN, AON, GLOB, GOOGL, LLY, MSCI, MSFT, NVDA, NVO, ORCL, PAYC, SAP, SHOP.TO	Cloud, global, growth, Quality, technology	Oracle's cloud infrastructure business is accelerating as the company transitions applications and databases to the cloud. Oracle Cloud Infrastructure comprises many smaller datacenters that can act as public or private clouds, particularly benefiting large enterprises like banks and healthcare companies. The shift to cloud for Oracle applications and databases will provide a revenue tailwind for years to come.	ORCL	View
2025 Q3	Oct 21, 2025	Brandes Small Cap Value Fund	11.2%	16.6%	AOUT, ARLO, AVDL, ELAN, EPC, GIL.TO, GLOB, HBI, HURC, HXL, IEX, KMT, MOG.A, ORION, PAHC, PBH, PINC, PKE, SON, UNF	healthcare, industrials, positioning, small caps, technology, underperformance, value	The fund focuses on small-cap value investing, seeking companies trading below intrinsic value estimates. The manager emphasizes the fund's lower valuations compared to the Russell 2000 Index while offering exposure to companies with strong balance sheets and compelling growth prospects.	PBH GLOB PBH GLOB	View
2025 Q3	Oct 20, 2025	Invesco Small Cap Value Fund	10.0%	10.2%	AL, COHR, DAVA.L, ENTG, EPAM, EWBC, GL, GLOB, HBM.TO, HOLX, LITE, MOH, MP, NRG, PAAS, PNFP, RMBS, SAIA, TEX, WAL, WBS	AI, energy, healthcare, Intrinsic Value, materials, small caps, Transportation, value	The fund employs an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and intrinsic value estimates was attractive, indicating potential long-term capital appreciation. Following outperformance of large-caps over small-caps in recent years, managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps.		View
2025 Q3	Oct 19, 2025	Harding Loevner Global Small Companies	0.9%	8.1%	4587.T, 4975.T, 6383.T, 6869.T, 9962.T, 9988.HK, ALFA.ST, ALGN, ALLE, AMBU.CO, APPF, ATE.PA, BCHN.SW, BCPC, BESI.AS, BRN.DE, CKN.L, COO, CPA, CRDA.L, DIA.MI, DPLM.L, ELAN, ENS, EPAM, EVO.DE, EXPO, FELE, FN, FPE.DE, GLOB, HPG.HM, KXS.TO, LEHN.SW, NBIX, NEM.DE, PEN, PFV.DE, RAT.DE, RPY.MI, RUB.PA, SNR.L, SPSC, TECN.SW, TOM.OL, VAISALA.HE, WTS, ZEU.DE	AI, global, healthcare, momentum, Quality, small caps, value	The portfolio targets durable sources of return through quality, growth, and value, emphasizing steady, lower-beta businesses with strong fundamentals over higher-beta momentum plays. Quality companies in the benchmark underperformed lowest quality by more than 1,200 basis points during the quarter.		View
2025 Q3	Oct 19, 2025	Harding Loevner Emerging Markets Equity	11.6%	24.4%	005930.KS, 1211.HK, 1398.HK, 2317.TW, 2454.TW, BABA, CATL, EPAM, GLOB, HDFCBANK.NS, ICICIBANK.NS, ITUB, MARUTI.NS, MELI, MMYT, TCEHY, TCS.NS, TRIP, TSM, WEGE3.SA	AI, Automation, China, competition, E-Commerce, emerging markets, Travel	Alibaba regained dominance in Chinese e-commerce through aggressive competition in food delivery and quick commerce, using AI tools and financial firepower to transform market structure. The company leveraged synergies across businesses and integrated management to outspend rivals and boost market share significantly.		View
2023 Q3	Oct 19, 2023	Polen Capital – International Growth	3.3%	3.9%	AMS.PA, CSL.AX, EVO.ST, GLOB, LLY, MELI, NVO, SAGE.L, TEP.PA	E-Commerce, growth, international, Outperformance, Pharmaceuticals, Quality, Valuations	Polen emphasizes quality companies that can sustainably compound growth better than the index. Quality has historically outperformed the broader international universe in 18 of the past 24 years, delivering +260bps annualized outperformance from 2000-2023. The recent underperformance of quality in 2022-2023 mirrors only one other period (2003-2004), after which quality outperformed by +400bps annually for 8 consecutive years.	CSL.AX AVGO\|BYD\|CRWD\|MELI\|MSFT\|NFLX\|NVDA\|NVO\|ORLY\|SPOT AMS.PA TEP.PA EVO.ST ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM SAGE.L	View
2023 Q3	Oct 19, 2023	Polen Capital – U.S. SMID Company Growth	8.8%	-1.3%	CPRT, CWA, DOCS, FTCH, GLOB, GSHD, OLO, PAYC, YETI	growth, insurance, Quality, small caps, software, technology	Polen emphasizes building a portfolio for resilience amid macroeconomic uncertainty. They focus on businesses with robust free cash flow, persistent growth, and high returns on capital that can navigate rapidly shifting conditions through disciplined investment processes.	ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN PAYC AMDOCS FTCH YETI ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM GSHD	View
2025 Q3	Oct 15, 2025	Royce Investment Partners Small Cap	12.9%	9.9%	AIR, AMSC, ATRO, CECO, CRK, FTI, GLOB, KD, KN, KTOS, LAUR, LFMD, MOD, OPRX, PRIM, PSQH, REZI, SOI, SWSS, UCTT	defense, industrials, infrastructure, Outperformance, semiconductors, small caps, technology, value	The Fund is maintaining investment emphasis on infrastructure themes, particularly AI data centers and reindustrialization in the U.S. This encompasses both Industrials and Energy sectors, with infrastructure being a key investment focus area for the portfolio.		View
2025 Q3	Oct 14, 2025	Harding Loevner Global Equity	2.5%	10.6%	0700.HK, 1299.HK, 2308.TW, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, CPG.L, CSGP, D05.SI, DE, DHR, DPLM.L, ELV, EPI-A.ST, GLOB, GMAB, GOOGL, HDB, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY	AI, diversification, global, healthcare, momentum, technology, valuation	AI represents a real secular change reshaping industries but creates broad uncertainty in markets. The impact could be incremental or profoundly disruptive, making historical fundamentals less reliable. Markets reward companies perceived as central to AI buildout while penalizing those that don't fit the narrative.	TCEHY US GOOGL US TMO US ELV US VRTX US ACN US	View
2025 Q3	Oct 1, 2025	Vela International Fund	7.4%	-	AGI.TO, ALLFG.L, ARCO, ARGX, BAP.AX, COA.L, FEVR.L, FIE.DE, FUC.DE, GLOB, HIK.L, IFX.DE, INDV.L, JEL.HK, KRKA.L, NOMD.L, OGC, SRP.L, TECN.SW, WIE.VI	Cash, gold, healthcare, international, tariffs, value	Gold serves as insurance against credit destruction and declining confidence in financial authorities. Current environment supports gold due to high US debt levels, potential Federal Reserve independence threats, and geopolitical tensions from Russia sanctions. Gold miners provide leveraged exposure with focus on low-risk jurisdictions and organic growth.	GLOB COA LN FEVR LN TECN SW HIK LN	View
2025 Q4	Jan 30, 2026	Antipodes Global Value Fund	0.0%	0.0%	005380.KS, 0700.HK, AMD, AMZN, ASAI3.SA, BABA, BEKE, BMRI.JK, CRM, GLOB, Gold, GOOGL, HON, IWG.L, JCI, META, MRK, SIE.DE	consumer, financials, global, healthcare, industrials, materials, technology, value	Portfolio increased exposure to structural investment trends in software while reducing hardware exposure. AMD benefited from landmark agreement with OpenAI for high-performance graphics chips. Meta's AI-driven ad impressions growing at double-digit rates, driving revenue growth. Barrick Mining rose sharply on fresh investor enthusiasm for gold with record bullion prices boosting revenue and margins. Portfolio trimmed gold exposure via Valterra Platinum following rapid price moves and positive sentiment around platinum group metals. Amazon's AWS business re-accelerated growth to 20% year-on-year, the fastest pace in several years, driven by strong demand. Infrastructure and retail businesses both winning market share while valuation hovers around 20-year low. Portfolio rotated to process and industrial automation where greater value is seen. Honeywell positioned as leader in aerospace and industrial automation, focusing on building and process automation after business simplification. Hyundai Motor navigating industry transition to electrification with focus on profitability and capital efficiency. Company prioritizing hybrids over pure battery electric vehicles, aligning with consumer preferences as EV demand has stalled.	BMRI IJ 005380 KS HON IWG LN CRM META AMZN AMD GOOG MRK B BMRI IJ 005380 KS HON CRM AMZN 2423 HK TCEHY STM ASAIY AMD GOOG MRK B	View
2025 Q4	Jan 22, 2026	Sands Capital Emerging Markets Growth Fund	0.1%	21.6%	000660.KS, 005930.KS, 0700.HK, 1211.HK, 122870.KS, 1299.HK, 1810.HK, 2269.HK, 2454.TW, 300750.SZ, 3690.HK, 4966.TW, 500570.BO, 532978.BO, APHS.NS, ASML, BABA, BBCA.JK, CPNG, DIDI, DNP.WA, FPT.VN, FTA, GLOB, GRAB, HDB, HDFCLIFE.NS, HTHT, ICT.PS, KSPI.L, MELI, NU, PHNX.NS, RADL3.SA, SE, TSM, WEGE3.SA, WMMVY	AI, China, E-Commerce, emerging markets, growth, Memory Chips, semiconductors, technology	AI is spreading across industries, reshaping business models and driving market leadership. The firm sees an ongoing AI boom rather than a full bubble, with meaningful exposure in semiconductors and digital advertising while maintaining valuation discipline. Memory chip cycle strengthening fueled by growing AI demand. SK hynix and Samsung are effectively sold out of memory inventory for 2026 with limited capacity in 2027. High-bandwidth memory remains essential for AI servers. Select ecommerce businesses underperformed despite strong fundamentals. Sea, MercadoLibre, and Coupang faced near-term headwinds from increased investment and competitive pressure, but maintain strong long-term positioning. Defense technology entering structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications. AI advances pushing robotics forward with near-term opportunities in logistics and warehouse environments. Focus on companies that make robots reliable and economically compelling rather than headline-grabbing names. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive investment in power infrastructure. Multiyear investment cycle expected across entire power value chain.		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
2024 Q3	Sep 30, 2024	Harding Loevner Emerging Markets Equity	12.2%	11.6%	005930.KS, 0700.HK, 1211.HK, 1299.HK, 2454.TW, ASML, BABA, EPAM, GLOB, HDFCBANK.NS, ITUB, JD, MARUTI.NS, MELI, TCOM, TCS.NS, TS, TSM, TTI.HK, WALMEX.MX	China, E-Commerce, emerging markets, growth, semiconductors, Stimulus, value, Vietnam	Chinese stocks rallied 25% in the final nine trading days of the quarter following extensive monetary and fiscal stimulus measures. The People's Bank of China reduced interest rates and bank-reserve requirements while implementing measures targeting the real-estate sector and establishing new facilities for institutional stock purchases.		View
2024 Q3	Sep 30, 2024	Harding Loevner International Small Companies Equity	9.1%	4.8%	ALT.PA, BC8.DE, BCHN.SW, BLMO.SW, BOSS.SW, CKN.L, CRAN.L, CYBR, DPLM.L, GLOB, GRAF.L, KIN.TO, LOTB.BR, NEMN.DE, REY.MI, SNR.L, STE.DE, TECN.SW, TMV.DE, TOM.OL, VAIS.HE	emerging markets, Food, healthcare, industrials, international, small caps, technology	Human beings will continue to require food for survival, making food companies relatively immune to AI disruption. Cranswick benefits from growing protein demand as scientists find many people aren't eating enough protein to maintain muscle and ward off aging effects. Lotus Bakeries has built strong brand awareness through airline partnerships and achieved 20% household penetration in successfully penetrated markets.		View
2024 Q3	Sep 30, 2024	Harding Loevner Global Small Companies	7.8%	4.1%	AAON, AAPL, ADTC, ALLE, AMBU.CO, APPF, ATKR, BWA, CGNX, CYBR, DISO.MI, DPLO, ELANCO, ENS, EXPO, FIVE, GLOB, GWRE, HP, IPGP, KXS.TO, LAZ, LOB, LPRO, NCRX, OLLI, PEN, RGA, ROLL, SPLS, WTS, XPEL	AI, Consumer Staples, global, healthcare, industrials, small caps, technology	Artificial intelligence may have profound effects on plenty of industries and companies, but what it won't change are the human needs and desires underpinning demand for food and health-related products. The technology may change the way food and health-care businesses operate, but the demand that fuels their growth is less likely to be affected.		View
2024 Q2	Jul 18, 2024	Harding Loevner Emerging Markets Equity	12.2%	11.6%	005930.KS, 0700.HK, 1211.HK, 1398.HK, 2330.TW, B3SA3.SA, BABA, CATL, EPAM, GFNORTEO.MX, GLOB, HDFCBANK.NS, ITUB, MARUTI.NS, MELI, RENT3.SA, TCS.NS, TS, TSMC, XP	AI, China, Elections, emerging markets, financials, semiconductors, underperformance, valuation	Strong performance driven by AI supply chain in Taiwan, particularly TSMC and semiconductor companies benefiting from NVIDIA chip orders. Portfolio holds AI-enabling companies like Aspeed which saw accelerating growth from hyperscalers and rising demand for traditional and AI servers.	ICICIBANK.NS RADL3.SA	View
2024 Q2	Jul 18, 2024	Harding Loevner International Small Companies Equity	9.1%	4.8%	1347.HK, AAPL, ACNB, ADVT.TW, ALTN.PA, AMZN, AWS, BCHT.DE, CYBR, GLOB, IBM, KIN.TO, LEM.SW, MSFT, NMET.DE, REP.MI, RMV.L, TMV.DE, VAIS.HE	competition, E-Commerce, international, Quality, small caps, underperformance	Allegro's success in defending against Amazon's entry into Poland demonstrates the opportunity for small-cap investors to identify situations where market fears about large new entrants are overestimated. Allegro leveraged smart parcel distribution strategy and network effects to maintain market position despite Amazon's significant resources.		View
2024 Q2	Jun 30, 2024	BNY Mellon Global Emerging Markets Fund	0.5%	1.8%	000333.SZ, 005930.KS, 0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300274.SZ, 603605.SS, ADVT, BBRI.JK, BMRI.JK, CLS.JO, GLOB, HDB, MAHM.NS, MARICO.NS, MELI, NAUKRI.NS, RADL3.SA, TSM, WMMVY, XPBR, ZOMATO.NS	AI, Banking, China, emerging markets, financials, India, technology	Equity investors regained appetite for risk during the quarter, with enthusiasm narrowly focused on companies perceived as best positioned to gain from the rollout and adoption of artificial intelligence. Technology-related stocks, spurred by the strength of Nvidia, helped lift markets to all-time highs.		View
2023 Q1	May 31, 2023	Harding Loevner Emerging Markets Equity	12.2%	11.6%	005930.KS, 1810.HK, 2269.HK, BABA, BBD, EPAM, GLOB, HDFCB.NS, ITUB, JD, KSPI.L, LONGI, MARUY, MELI, RENT3.SA, TCEHY, TCS, TSM	Banking, Capital Allocation, China, emerging markets, Fintech, semiconductors, value	EM banks proved resilient during the US/European banking crisis, with better risk management practices and shorter duration assets. Manager adjusted bank holdings based on valuations, adding to Banco Bradesco while trimming Itaú Unibanco and Kotak Mahindra Bank.	ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM KSPI.L MARUTI.NS RENT3.SA	View
2025 Q1	Apr 18, 2025	Baillie Gifford – US Equity Growth	8.6%	8.6%	AUR, DKNG, GLOB, NET, NVDA, SG, SN, TSLA, TTD	AI, disruption, Electric Vehicles, growth, innovation, sports betting, technology, US	The falling cost of inferencing is driving new use cases for artificial intelligence and potentially opening up use cases that cannot be imagined today. The emergence of AI models is moving the industry from training to placing emphasis on inference, creating opportunities for companies positioned at the edge infrastructure.	NET GLOB DKNG	View
2025 Q1	Apr 18, 2025	Baillie Gifford -Emerging Markets	5.9%	5.9%	0700.HK, BIDU, FMX, GLOB, MELI, SE, TSM	AI, China, emerging markets, growth, innovation, tariffs, technology, Valuations	China has been a frustrating market for many years but the tide seems to be turning with policy headwinds becoming tailwinds. Xi Jinping's meeting with tech entrepreneurs marks an important inflection point showing government commitment to growth and private companies. The main move in portfolios during the quarter has been to add to China exposure.	FEMSA GLOB MELI	View
2025 Q1	Mar 31, 2025	Wasatch Small Cap Growth Strategy	-	-	AGYS, BROS, FRPT, GLOB, ITCI, JNJ, RBC	AI, growth, management, Quality, small cap, Trade Policy, volatility	Tariffs and potential trade war have weighed on markets and raised concerns about global economic growth. The uncertainty surrounding tariffs and their macroeconomic impact underscores the importance of investing in high-quality businesses with good management teams.	RBC BROS FRPT AGYS GLNT	View
2025 Q1	Mar 31, 2025	Harding Loevner Emerging Markets Equity	1.3%	1.3%	005930.KS, ASIANPAINT.NS, BABA, CATL, CIB, EPAM, GLOB, HDFCBANK.NS, ICICIBANK.NS, ITUB, JD, MARUTI.NS, MELI, MINDRAY, SAFARICOM, SANY, SBUX, TCEHY, TCS, TSMC	AI, China, Electric Vehicles, emerging markets, India, productivity, technology, Trade Policy	China outperformed most major markets in Q1 as policymakers showed stronger support for private enterprise. The government has shifted from real estate-led growth to supporting innovative companies in AI, electric vehicles, and technology. This transition could lead to higher-quality, more productive economic growth similar to Taiwan's path rather than Japan's stagnation.	BAJAJ-AUTO.NS SUPREMEIND.NS	View
2025 Q1	Mar 31, 2025	Harding Loevner Global Equity	-2.1%	-2.1%	002230.SZ, 0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, COMP.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, UNH, VRTX, WMMVY	AI, Geopolitical, global, Policy Uncertainty, Quality, semiconductors, technology, Trade Policy	The letter extensively discusses heightened US policy uncertainty, particularly around trade policy, with early salvos in the new trade war hitting China, then re-targeting Canada, Mexico, and US allies in Europe and Asia. The manager notes that tariffs and policies aimed at forcing US self-sufficiency create business uncertainty and undermine investment appetite.		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
2023 Q4	Jan 31, 2024	Harding Loevner Emerging Markets Equity	12.2%	11.6%	005930.KS, 1211.HK, 1398.HK, 2015.HK, AIA, ASIANPAINT.NS, BABA, EPAM, FEMSA, GFNORTEO.MX, GLOB, HDFCBANK.NS, ITUB, JD, MARUTI.NS, TCEHY, TCS.NS, TENARIS, TSM, WALMEX.MX	China, Electric Vehicles, emerging markets, India, Manufacturing, technology, value	China performed poorly despite reopening optimism, falling 11% for the year due to real estate deleveraging, weak consumer confidence, and geopolitical tensions. However, the manager sees significant opportunities in Chinese companies with strong growth prospects and competitive advantages in manufacturing and technology.		View
2023 Q4	Jan 31, 2024	Harding Loevner International Small Companies Equity	9.1%	4.8%	002891.SZ, 036570.KS, 0522.HK, 0696.HK, 1269.TW, 1882.HK, 2175.T, 2371.T, 2395.TW, 2815.T, 3588.HK, 3654.TW, 4536.T, 4694.T, 4975.T, 500790.BO, 5031.KL, 6147.TW, 6199.T, 7956.T, 9962.T, ATE.PA, BC8.DE, BCHN.SW, BELN.SW, BGEO.L, BKT.MC, BOSN.SW, CEVI.ST, CHR.CO, CKN.L, CPA, CWK.L, CYBR, DALOG.KL, DIA.MI, DPLM.L, EVT.DE, FPE.DE, G24.DE, GFTU.L, GLOB, HERDEZ.MX, HFG.DE, HPG.HM, KWS.DE, KXS.TO, LDA.MC, LEHN.SW, LOTB.BR, MABANEE.KW, MEGACPO.MX, MFSL.NS, NEM.DE, PDIA.JK, PDXIF, PFV.DE, RAT.L, RENT3.SA, REP.MI, RMV.L, ROBR.PS, RUI.PA, SAB1L.VS, SBS.DE, SMNIF, SNG.BU, SNR.L, SQUP.DH, SXT, TECN.SW, THULE.ST, TMV.DE, TOM.OL, VAISF, YOUGF	AI, growth, international, Japan, Quality, small caps, Style Headwinds, technology	Japan represents the single-largest country weight in the international small-cap benchmark but has been a source of style headwinds for quality growth stocks. The manager discusses Japan's economic reforms, corporate governance improvements, and new TSE mandates that may benefit lower-quality companies in the short term but could increase the number of high-quality companies over time.		View
2024 Q4	Jan 16, 2025	Polen Capital – International Growth	-	-	ACN, AON, CSL.AX, EVO.ST, GLOB, ICLR, KER.PA, MC.PA, MELI, MNDY, NU, NVO, SAP.DE, SGE.L, SHOP.TO, SPOT, SU.PA, TEMN.SW, WTW	E-Commerce, financials, growth, healthcare, industrials, international, software, technology	Shopify continues to fire on all cylinders with accelerating GMV growth of 24% despite tough comparisons. The company benefits from powerful tailwinds including eCommerce, mobile commerce, social media, digital payments, and seamless omnichannel. MercadoLibre remains Latin America's largest ecommerce business with a long runway for growth.	WTW SPOT SU.PA MNDY NU SAP SGE.L SHOP.TO	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 16, 2026	Seeking Alpha	Seeking Alpha	Globant S.A.	Information Technology	IT Consulting & Other Services	Neutral	New York Stock Exchange	AI solutions, Digital transformation, existential risk, Free Cash Flow, Globant, It consulting, Margins, pricing deflation, Share Buyback, valuation	View Pitch
Apr 13, 2026	Fund Letters	BBH Select Series - Mid Cap Fund	Globant SA	Information Technology	IT Consulting & Other Services	Bull	NYSE	AI Studios, Digital Engineering, Latin America, Mission Critical Applications, Software Development, tariff impact, Variable Cost Structure	View Pitch
Apr 13, 2026	Fund Letters	Baillie Gifford - US Equity Growth	Globant S.A.	Information Technology	IT Consulting & Other Services	Bull	NYSE	AI implementation, Artificial Intelligence, Digital Tools, Digital transformation, Enterprise AI, Software Consultancy, Technology Services	View Pitch
Apr 13, 2026	Fund Letters	Baillie Gifford -Emerging Markets	Globant	Information Technology	IT Services	Bull	NYSE	AI integration, Digital transformation, IT services, Latin America, Software Development, Technology Consulting, User Experience	View Pitch
Apr 13, 2026	Fund Letters	Brandes Small Cap Value Fund	Globant SA	Information Technology	IT Services	Bull	NYSE	AI, cloud, Cyclical, Digital transformation, growth, High Margin Services, IT services, Latin America, Value	View Pitch
Apr 13, 2026	Fund Letters	Polen Capital - U.S. Small Company Growth	Globant S.A.	Information Technology	IT Services	Bull	NYSE	Cyclical Recovery, Digital transformation, Enterprise software, Global Delivery, IT services, Revenue Growth, Technology Services	View Pitch
Apr 13, 2026	Fund Letters	Polen Capital - Global SMID Company Growth	Globant	Information Technology	IT Consulting & Other Services	Bull	NYSE	cyclical headwinds, Digital transformation, Disney, IT services, Revenue Growth, South America, Technology Consulting	View Pitch
Apr 13, 2026	Fund Letters	Polen Capital - Global Growth	Globant S.A.	Information Technology	IT Consulting & Other Services	Bull	NYSE	Cyclical, Digital transformation, Equity, growth, It consulting, Software Development, Technology Services	View Pitch
Apr 13, 2026	Fund Letters	Polen Capital - Global SMID Company Growth	Globant	Information Technology	IT Consulting & Other Services	Bull	NYSE	AI integration, Bull, cloud-native, Digital transformation, High Growth, IT services, Technology Consulting	View Pitch
Apr 13, 2026	Fund Letters	Impax US Sustainable Economy Fund	Globant	Information Technology	IT Consulting & Other Services	Bull	NYSE	digital infrastructure, Digital transformation, It consulting, Latin America, Multi-Industry, Productivity Enhancement, software solutions	View Pitch
Apr 13, 2026	Fund Letters	Artemis Global Select Fund	Globant S.A.	Information Technology	IT Consulting & Other Services	Bull	NYSE	contrarian, IT services, Software Development, Technology Services, Value	View Pitch
Apr 13, 2026	Fund Letters	Baron FinTech Fund	Globant S.A.	Information Technology	IT Consulting & Other Services	Bull	NYSE	Acquisitions, digital marketing, Geographic Diversification, IT services, market share, Outsourcing, Software Development	View Pitch
Jan 8, 2026	Fund Letters	Christopher Mack	Globant S.A.	Information Technology	IT Consulting & Other Services	Bull	New York Stock Exchange	AI, cloud, Consulting, Digital, Smallcaps, Subscription	View Pitch
Jan 8, 2026	Fund Letters	Jafar Rizvi	Globant S.A.	Information Technology	IT Consulting & Other Services	Bull	New York Stock Exchange	AI, Consulting, Digital, growth, Platforms, Subscription	View Pitch
Jan 8, 2026	Fund Letters	Todd Morris	Globant S.A.	Information Technology	IT Consulting & Other Services	Bear	New York Stock Exchange	cloud, Digital_Transformation, Enterprise_AI, IT_Services	View Pitch
Jan 8, 2026	Fund Letters	Damon Ficklin	Globant S.A.	Information Technology	IT Consulting & Other Services	Bear	New York Stock Exchange	Consulting, Cyclicality, Digital transformation, guidance, IT services	View Pitch
Dec 3, 2025	Fund Letters	Ankur Crawford	Globant SA	Information Technology	IT Consulting & Other Services	Bear	NYSE	cloud, Consulting, Demand, margin, transformation	View Pitch
Nov 29, 2025	Fund Letters	Damon Ficklin	Globant S.A.	Information Technology	IT Consulting & Other Services	Bear	NYSE	Demand slowdown, IT services, pipeline, Utilization, Valuation risk	View Pitch
Nov 29, 2025	Fund Letters	Bryan Barrett	Globant S.A.	Information Technology	IT Services	Bull	NYSE	AI, Consulting, Digital transformation, growth, IT services, recovery, valuation	View Pitch
Nov 29, 2025	Fund Letters	Bryan Barrett	Globant S.A.	Information Technology	IT Services	Bull	NYSE	AI, Consulting, Digital transformation, growth, IT services, recovery, valuation	View Pitch
Nov 28, 2025	Fund Letters	Bob Sharpe	Globant S.A.	Information Technology	IT Consulting & Other Services	Bull	NYSE	AI, Digital, Itservices, transformation, valuation	View Pitch
Aug 7, 2025	Seeking Alpha	The Software Side of Life	Globant S.A.	Information Technology	Information Technology Services	Bull	NYSE	—	View Pitch

BSD Shareholders of GLOB

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.

GLOB

GLOB

Letters With This Ticker

Pitches With This Ticker

BSD Shareholders of GLOB

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: