GRFS

GRFS

GRFS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2026 Q1	Apr 14, 2026	Mittleman Global Value Equity Fund	-4.6%	-2.3%	0001.HK, 7270.T, 8715.T, AIM.TO, AMA.AX, BABA, BAYRY, CGX.TO, CLVT, FMS, GRFS, HAI.TO, MAT, NEXN, NFI.TO, NOMO, VTRS, VYX, WLN.PA, WPP, ZD	Concentration, global, Opportunistic, small caps, value		AIM.TO AMA.AX	View
2024 Q4	Dec 31, 2024	Hardman Johnston International Equity	-3.3%	13.4%	7011.T, 7269.T, 8750.T, AIR.PA, ASML, AZN, DTE.DE, FTI, GMAB, GRFS, HDB, IBN, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ, STAN.L, TEAM, TSM, UCB.BR	emerging markets, Europe, financials, healthcare, international, stock selection, technology	TSMC performed strongly as AI processor demand supported sales growth despite underwhelming recoveries in legacy end markets. TSMC's dominance in leading edge semiconductor manufacturing expanded as competitors demonstrated shortfalls. The manager sees AI as a long-term play creating opportunities throughout its value chain globally.		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 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
2024 Q3	Sep 30, 2024	Hardman Johnston Global Equity	4.5%	22.2%	AMZN, ASML, BSX, COTY, CTVA, ELAN, FTI, GOOGL, GRFS, HWM, IQV, LLY, MA, MELI, META, MSFT, NVDA, NVO, OLED, PRX.AS, SAF.PA, SCHW, STAN.L, TEAM, TMUS, TSM, UNH, VRT, VRTX	aerospace, AI, defense, global, healthcare, technology, volatility	AI has driven huge returns and still appears to show enormous growth potential that can justify lofty valuations. Companies are investing in AI to boost productivity, enhance their offerings to businesses and consumers, and boost their market positions. The manager sees opportunities to explore the next derivative theme of AI and identify stocks with clear earnings growth potential.	META TEAM ASML PRX.AS MELI SAF.PA HWM	View
2024 Q3	Sep 30, 2024	Hardman Johnston International Equity	5.7%	17.2%	1299.HK, 3690.HK, 7011.T, 7269.T, 8750.T, 8795.T, AIR.PA, ASML, AZN, DTE.DE, FTI, GMAB, GRFS, HDFCBANK.NS, ICICIBANK.NS, MC.PA, MELI, NEX.PA, NOD.OL, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, STAN.L, TEAM, TSM, UCB.BR	AI, defense, Energy Transition, Equity, international, Japan, semiconductors, volatility	Defense has generated strong returns for investors this year and is likely to continue to perform given the international focus on increased spending in a more volatile and uncertain world. The Japanese government is significantly expanding its defense budget to counter national security threats, benefiting companies like Mitsubishi Heavy Industries.	NEXN.PA NVO ASML NOD.OL PRX.AS MELI PRY.MI 7011.T	View
2025 Q1	Apr 21, 2025	White Falcon Capital Management	-6.7%	-6.7%	CTS.TO, DAVA, EPAM, GRFS, NFI.TO, NU, RTO.L	Biotechnology, global, gold, IT Services, small caps, tariffs, Trade Policy, value	President Trump's unexpected tariff announcements created significant market volatility and uncertainty. Tariffs as high as 145% on China essentially amount to an embargo, with unclear reasoning behind the policy. The manager believes these destructive policies will likely be reversed or negotiated away before causing lasting damage.	GRFS	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	White Falcon Capital Management	Grifols S.A.	Health Care	Biotechnology	Bull	BME Spanish Exchanges	biopharma, biotechnology, Equity, healthcare, Immunoglobulin, oligopoly, Plasma-derived therapies, Spain, turnaround, Value	View Pitch
Sep 16, 2025	Short Thesis	Gotham City Research	Grifols SA	Health Care	Biotechnology (Plasma-Derived Therapies)	Bear	NASDAQ	Disclosure, Governance, leverage, Plasma, Refinancing	View Pitch
Aug 7, 2025	Seeking Alpha	Mare Evidence Lab	Grifols, S.A.	Health Care	Drug Manufacturers - General	Neutral	NASDAQ	—	View Pitch

BSD Shareholders of GRFS

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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