HLMA-L

HLMA-L

HLMA-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 11, 2025	Aoris International Fund	8.2%	-	ACN, APH, ATCO-A.ST, CPRT, DPLM.L, HLMA.L, JKHY, MSFT, OR.PA	Beauty, Concentration, growth, Industrial, international, Quality, software, technology	Microsoft's AI computing revenue rose rapidly with demand exceeding capacity. Copilot AI product experiencing very rapid growth, generating 3.7x returns on investment according to IDC. AI tools being applied to enhance productivity across software coding, customer enquiries, and sales preparation.		View
2025 Q2	Jul 14, 2025	T. Bailey Multi-Asset Dynamic Fund	3.0%	-	AZN, BEZ.L, CRM, CSCO, EMG.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LRE.L, MSFT, NEM, NVDA, PANW, PETS.L, ROR.L, SPC.L, STEM.L, TSCO.L, XPS.L	active management, AI, cybersecurity, defense, diversification, Geopolitical, UK Equities, value	AI-led productivity gains are real and technology focused funds like Polar Capital AI rebounded strongly in Q2. The fund takes a broader approach including allocations to industrials positioned as beneficiaries of AI adoption. Sharp recoveries in AI enablers like Nvidia and Microsoft drove V-shaped price action from Q1 to Q2.	ETLN GR	View
2025 Q2	Jul 14, 2025	T. Bailey Multi-Asset Growth Fund	3.6%	-	AZN.L, BEZ.L, CRWD, CSCO, EMG.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LRE.L, MSFT, NEM, NVDA, PANW, PETS.L, ROR.L, SPEC.L, STEM.L, TSCO.L	active management, defense, diversification, Geopolitical, inflation, technology, Uk, value	Technology focused funds such as Polar Capital AI rebounded strongly from Q1 setbacks. The fund takes a broader approach including allocations to industrials positioned as AI adoption beneficiaries. Sharp recoveries in AI enablers like Nvidia and Microsoft drove V-shaped price action from Q1 to Q2.	9896 JP	View
2025 Q2	Jul 14, 2025	T. Bailey Global Thematic Equity Fund	5.0%	-	AZN, BEZ.L, CRM, CSCO, EMG.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LRE.L, MSFT, NEM, NVDA, PANW, PETS.L, ROR.L, SRC.L, STEM.L, TSCO.L, XPS.L	AI, cybersecurity, defense, diversification, global, Multi-Asset, Uk, value	AI-led productivity gains are real and technology focused funds like Polar Capital AI rebounded strongly in Q2. The fund takes a broader approach including allocations to industrials positioned as AI adoption beneficiaries. Sharp recoveries in AI enablers like Nvidia and Microsoft drove V-shaped price action from Q1 to Q2.	CIBR CHRY LN	View
2025 Q2	Jul 14, 2025	T. Bailey UK Responsibly Invested Equity Fund	9.4%	-	AZN, BEZ.L, CRM, CSCO, EMG.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LRE.L, MSFT, NEM, NVDA, PANW, PETS.L, ROR.L, SRC.L, STEM.L, TSCO.L, XPS.L	active management, defense, diversification, Geopolitical, inflation, technology, Uk, value	AI-led productivity gains are real and technology focused funds like Polar Capital AI rebounded strongly in Q2. The fund takes a broader approach including allocations to industrials positioned as AI adoption beneficiaries. Sharp recoveries in AI enablers like Nvidia and Microsoft drove V-shaped price action from Q1 to Q2.	SXS LN	View
2025 Q2	Jun 30, 2025	Andvari Associates	8.2%	-	ACN, APH, ATCO-A.ST, CPRT, DPLM.L, HLMA.L, JKHY, MSFT, OR.PA	AI, Beauty, Cloud, growth, Industrial, international, Quality, technology	Microsoft's AI computing revenue rose rapidly with demand exceeding capacity. Copilot AI product experiencing very rapid growth, generating 3.7x returns on investment according to IDC. AI tools being applied to enhance productivity across software coding, customer enquiries, and sales preparation.	JKHY OR.PA ACN CPRT HLMA.L DPLM.L MSFT APH	View
2025 Q1	Apr 30, 2025	T. Bailey Global Thematic Equity Fund	-0.7%	-	AJB.L, AZN, BEZ.L, CCC.L, CKN.L, FOUR.L, HIK.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, ORN.L, OXIG.L, RICD.L, ROR.L, SXS.L, TSCO.L, XPS.L	commodities, defense, diversification, Europe, infrastructure, Multi-Asset, tariffs, Trade Policy	President Trump's unpredictable tariff policies unsettled global markets, contributing to heightened volatility and early fears of stagflation. His approach of intermittently announcing tariffs, particularly targeting China and North American trading partners, undermined investor confidence and triggered sharp market swings. The potential 25% tariff on copper imports has driven US copper futures to record highs, as buyers rush to secure supply before the tariffs take effect.		View
2025 Q1	Apr 30, 2025	T. Bailey Multi-Asset Dynamic Fund	2.9%	-	AJB.L, AZN, BEZ.L, CCC.L, CKN.L, FOUR.L, HIK.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, ORN.L, OXIG.L, RICD.L, ROR.L, SXS.L, TSCO.L, XPS.L	AI, commodities, defense, diversification, Europe, infrastructure, tariffs, Trade Policy	European defense spending surge driven by policy shifts, deadlock in US-Ukraine aid discussions, and pressure on NATO members to boost military budgets. Germany's €500 billion infrastructure and defense spending program boosted regional confidence. The L&G Europe Ex UK Equity ETF was introduced to access the entire defense value chain and economic impact.		View
2025 Q1	Apr 30, 2025	T. Bailey Multi-Asset Growth Fund	2.2%	-	AJB.L, AZN, BEZ.L, CCC.L, CKN.L, FOUR.L, HIK.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, ORN.L, OXIG.L, RCDO.L, ROR.L, SXS.L, TSCO.L, XPS.L	commodities, defense, diversification, Europe, infrastructure, Multi-Asset, Trade Policy, volatility	European defense spending surge driven by policy shifts, US-Ukraine aid deadlock, and NATO pressure to boost military budgets. Germany's €500 billion infrastructure and defense program catalyzing regional confidence and investment opportunities across the defense value chain.		View
2025 Q1	Apr 30, 2025	T. Bailey UK Responsibly Invested Equity Fund	-4.9%	-	AJB.L, AZN, BEZ.L, BTC-USD, CCC.L, CKN.L, FOUR.L, HIK.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, ORG.L, OXIG.L, RCDO.L, ROR.L, SXS.L, TSCO.L, TSLA, XPS.L	AI, commodities, defense, diversification, Europe, infrastructure, tariffs, volatility	European defense spending surge driven by policy shifts, deadlock in US-Ukraine aid discussions, and pressure on NATO members to boost military budgets. Germany's €500 billion infrastructure and defense spending program boosted regional confidence. The L&G Europe Ex UK Equity UCITS ETF was introduced to access the entire defense value chain and economic impact.		View
2026 Q1	Apr 16, 2026	Fairlight Global Small & Mid Cap Fund	-14.2%	-14.2%	DPLM.L, FERG, G24.DE, HLMA.L, MEDP, RAA.DE, REC.MI, SCT.L, SPX.L	Distribution, global, healthcare, industrials, Quality, small cap, technology			View
2025 Q3	Dec 15, 2025	Baumann Capital	-	-	005930.KS, 4188.T, 5401.T, 6701.T, 6723.T, 6758.T, 6967.T, AAPL, AI.PA, BOSCH, DRW3.DE, HLMA.L, HON, IFX.DE, KO, MSA, MU, NVDA, TSM	concentrated, Gas Detection, Japan, Primary Research, Quality, Safety, semiconductors	Semiconductor industry driving demand for gas detection equipment as TSMC builds new fabs globally to meet Nvidia GPU demand. Japan plans over 30 semiconductor projects by 2030, creating multi-decade volume tailwind for safety equipment. Each new fab requires thousands of fixed gas detectors with ongoing maintenance.		View
2023 Q3	Dec 10, 2023	Cooper Investors Global Equities Fund (Unhedged)	5.5%	5.4%	6758.T, 8035.T, 8113.T, ADYEN.AS, AHT.L, AJG, AON, APG, BKNG, BME.L, CDW, COST, CRM, DHR, ERF.PA, FER.MC, FERG.L, G24.DE, HDB, HLMA.L, HLN.L, IQV, LBRDK, LSEG.L, RELX.L, RTO.L, TSM, ULTA, UNP, URI, YUMC	China, cyclicals, Equipment Rental, global, infrastructure, Railroads, value	Global investor sentiment has soured further on China in recent months with the commercial real estate market implosion hitting headlines. The manager sees Value Latency emerging when markets are labeled 'uninvestable' as China now is for many investors. They highlight Yum China as an example of this opportunity.	SUNP IN AHT.L ANDURIL MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC	View
2025 Q3	Nov 3, 2025	Aoris International Fund	-2.6%	-	ACN, APH, CDW, CPRT, CTAS, EXPN.L, GWW, HLMA.L, IHG, JKHY, NKE, OR.PA, RELX, SAP, SPGI	AI, Cloud, international, portfolio, Quality, technology, valuation	AI presents significant opportunities for portfolio companies like RELX, Accenture, and SAP. RELX leverages proprietary data to create AI-powered tools for legal and professional markets, with rapid customer adoption driving revenue acceleration. Accenture helps clients implement AI solutions and generated $2.7 billion in generative AI revenue. SAP's AI tools are seeing strong customer interest as part of cloud transitions.	SAP REL ACN IHG SAP REL ACN	View
2023 Q3	Nov 10, 2023	Aoris International Fund	3.1%	0.0%	ACN, APH, CDW, COST, CPRT, CTAS, EXPN.L, FAST, GGG, HLMA.L, MC.PA, MSFT, OR.PA, RELX.L, TSCO	concentrated, global, Quality, value			View
2024 Q3	Oct 30, 2024	T. Bailey Global Thematic Equity Fund	1.9%	-	AZN, BEZ.L, BWY.L, CCC.L, COA.L, EXPN.L, HLMA.L, ITRK.L, KLR.L, OXIG.L	AI, diversification, gold, infrastructure, interest rates, Multi-Asset, Uk, value	The fund introduced VT Gravis UK Infrastructure Fund, recognizing that softening interest rates would benefit closed-ended infrastructure funds trading at wide discounts. Infrastructure and property exposure through Impact Healthcare REIT and Urban Logistics provided strong returns as the sector recovers from a low base.		View
2024 Q3	Oct 30, 2024	T. Bailey Multi-Asset Dynamic Fund	3.4%	-	AZN, BEZ.L, BWY.L, CCC.L, COA.L, EXPN.L, HLMA.L, ITRK.L, KLR.L, OXIG.L	AI, gold, infrastructure, interest rates, Multi-Asset, Uk, value	Manager introduced VT Gravis UK Infrastructure Fund recognizing that softening interest rates would benefit closed-ended infrastructure funds trading at wide discounts. Infrastructure and property exposure through Impact Healthcare REIT and Urban Logistics provided strong returns as the sector recovers from a low base.		View
2024 Q3	Oct 30, 2024	T. Bailey Multi-Asset Growth Fund	3.1%	-	AZN, BEZ.L, BWY.L, CCC.L, COA.L, EXPN.L, HLMA.L, ITRK.L, KLR.L, MSIN.L, OGN.L, OXIG.L	AI, diversification, gold, infrastructure, interest rates, Multi-Asset, Uk, value	Manager introduced VT Gravis UK Infrastructure Fund recognizing that softening interest rates would benefit closed-ended infrastructure funds trading at wide discounts. Infrastructure and property exposure through Impact Healthcare REIT and Urban Logistics provided strong returns as the sector recovers from a low base.		View
2024 Q3	Oct 30, 2024	T. Bailey UK Responsibly Invested Equity Fund	1.9%	-	AZN.L, BEZ.L, BWY.L, CCC.L, COA.L, EXPN.L, HLMA.L, ITRK.L, KLR.L, OXIG.L	AI, diversification, gold, infrastructure, Multi-Asset, REITs, Uk, value	Manager introduced VT Gravis UK Infrastructure Fund recognizing that softening interest rates would benefit closed-ended infrastructure funds trading at wide discounts. Infrastructure and property exposure through Impact Healthcare REIT and Urban Logistics provided strong returns as the sector recovers from a low base.		View
2025 Q4	Jan 23, 2026	Aoris International Fund	0.0%	0.0%	ACN, AMZN, APH, ATCO-A.ST, CPRT, FAST, GWW, HLMA.L, IHG.L, JKHY, MSCI, OR.PA, RELX.L, SAP.DE	AI, international, long-term, Quality, technology, value	AI drove exceptional growth for data center-focused holdings like Amphenol and Halma, while creating market perception challenges for service companies like Accenture and RELX. The manager believes AI will ultimately benefit rather than harm these service businesses, as enterprise AI adoption requires complex change management and enhances rather than replaces proprietary data solutions. The manager emphasizes owning durable, resilient, market-leading businesses with competitive advantages and capable management. The portfolio focuses on companies with consistent earnings growth records, strong market positions, and the ability to gain market share over time through superior execution. The manager describes an unusually wide valuation gap between intrinsic value and share prices, with portfolio holdings trading at an average 25% discount to fair value. This stretched elastic band effect creates attractive prospective returns as valuations normalize over time.		View
2025 Q4	Jan 20, 2026	Fairlight Global Small & Mid Cap Fund	0.0%	-7.9%	CPRT, DPLM.L, FDS, G24.DE, HLMA.L, IDXX, IT, MEDP, REC.MI, ULTA	AI, global, healthcare, Quality, small caps, technology, underperformance	Several portfolio companies experienced sharp multiple contractions due to perceived higher risk of disintermediation from expected widespread adoption of Generative Artificial Intelligence. The manager estimates this was an 8% hit to returns, though believes the extent of recent derating is excessive given companies' successful track records of defending market leadership. The fund focuses exclusively on high-quality businesses with demonstrable track records of earning outsized returns on capital, stable management teams, conservative balance sheets, and avoiding single points of failure. Portfolio companies collectively grew revenues by 6% and EPS by 9% in 2025 despite challenging conditions. Healthcare represents 13% of portfolio exposure with holdings like IDEXX Laboratories in companion animal diagnostics and Medpace in clinical research. These companies benefit from recurring revenue models, market share gains, and structural industry growth tailwinds supporting improved diagnosis and drug development.	IT	View
2024 Q4	Jan 20, 2025	T. Bailey Global Thematic Equity Fund	0.3%	-	AZN, BEZ.L, BYIT.L, CKN.L, EXPN.L, FOUR.L, HIK.L, HILS.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, MGNS.L, OGN.L, PETS.L, ROR.L, STHR.L, SXS.L, TSCO.L, XPS.L	AI, diversification, gold, Multi-Asset, REITs, Uk	The fund holds exposure to artificial intelligence through Polar Capital Artificial Intelligence fund, which recovered after a challenging prior quarter. The manager continues to monitor the Magnificent 7's ability to effectively capitalise on AI technology to generate meaningful returns. AI benefits are expanding into other sectors like Healthcare, Insurance, and Industrials.		View
2024 Q4	Jan 20, 2025	T. Bailey Multi-Asset Dynamic Fund	-1.4%	-	AZN, BEZ.L, BYIT.L, CKN.L, EXPN.L, FOUR.L, HIK.L, HILS.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, MGNS.L, OGN.L, PETS.L, ROR.L, STHR.L, SXS.L, TSCO.L, XPS.L	AI, diversification, gold, Multi-Asset, REITs, thematic, UK Equities, value	The fund maintains exposure to AI through Polar Capital Artificial Intelligence Fund, which recovered after a challenging prior quarter. The manager sees AI benefits expanding into other sectors like Healthcare, Insurance, and Industrials as earnings broaden out.		View
2024 Q4	Jan 20, 2025	T. Bailey Multi-Asset Growth Fund	0.3%	-	AZN, BEZ.L, BYIT.L, CKN.L, EXPN.L, FOUR.L, HIK.L, HILS.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, MGNS.L, OGN.L, PETS.L, ROR.L, STEM.L, SXS.L, TSCO.L, XPS.L	AI, diversification, gold, inflation, Multi-Asset, REITs, Uk, value	The fund maintains exposure to artificial intelligence through Polar Capital Artificial Intelligence Fund, which recovered after a challenging prior quarter. The manager sees AI benefits expanding into other sectors like Healthcare, Insurance, and Industrials as earnings broaden out.		View
2024 Q4	Jan 20, 2025	T. Bailey UK Responsibly Invested Equity Fund	-5.1%	-	AZN, BEZ.L, BYIT.L, CKN.L, EXPN.L, FOUR.L, HIK.L, HILS.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, MGNS.L, OGN.L, PETS.L, ROR.L, STHP.L, SXS.L, TSCO.L, XPS.L	AI, diversification, gold, inflation, Multi-Asset, REITs, Uk, value	The fund maintains exposure to artificial intelligence through Polar Capital Artificial Intelligence Fund, which recovered after a challenging prior quarter. The manager sees AI benefits expanding into other sectors like Healthcare, Insurance, and Industrials as earnings broaden out.		View
2025 Q4	Jan 18, 2026	T. Bailey Multi-Asset Dynamic Fund	3.5%	13.9%	AZN.L, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, NWG.L, ORCL, ROR.L, TSCO.L	AI, Central Banks, Copper, diversification, gold, Multi-Asset, Trade Policy, UK Budget	Artificial intelligence shifted from growth to returns on capital as earnings and guidance highlighted rapidly rising infrastructure spending. Oracle's December profit warning and data-centre project delays intensified scrutiny of near-term monetisation, marking a turning point that tempered earlier enthusiasm for AI infrastructure and chipmakers. Gold surged above US$4,300 per ounce in October, prompting exposure to be trimmed closer to long-term strategic targets. After experiencing one of its steepest single-day declines in years on 21 October, the metal subsequently recovered to reach a new high above US$4,500 in December, supported by falling bond yields and growing expectations of rate cuts. Copper performed well this quarter, rising 16.57%, with demand remaining resilient supported by ongoing electrification and infrastructure spend. Supply stayed relatively tight due to limited new mine capacity and periodic disruptions, while improving risk sentiment and pockets of inventory rebuilding provided additional support. Trade tensions stayed elevated despite a truce, with threatened tariff escalation in October giving way to a one-year US-China tariff truce after late-October talks. This eased near-term supply-chain risk but left strategic issues unresolved, with stockpiling activity providing support as market participants hedged against further tariff uncertainty.		View
2025 Q4	Jan 18, 2026	T. Bailey Multi-Asset Growth Fund	4.0%	14.6%	AAPL, AZN, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, MSFT, NWG.L, ORCL, ROR.L, SHOP.TO, TESCO.L, TSLA	AI, Central Banks, commodities, Copper, gold, Multi-Asset, Trade Policy, UK Budget	Artificial intelligence shifted from growth to returns on capital as earnings and guidance highlighted rapidly rising infrastructure spending. Oracle's December profit warning and data-centre project delays intensified scrutiny of near-term monetisation, marking a turning point that tempered earlier enthusiasm for AI infrastructure and chipmakers. Gold surged above US$4,300 per ounce in October, prompting exposure to be trimmed closer to long-term strategic targets. The metal experienced one of its steepest single-day declines in years on 21 October but subsequently recovered to reach a new high above US$4,500 in December, supported by safe haven demand and central bank purchases. Copper led performance within multi-asset portfolios, advancing 16.57% over the quarter. Following a correction in July 2025 driven by tariff-related volatility, copper stabilised and rebuilt momentum through Q4, underpinned by a structurally tight supply-demand backdrop and disruption risk across key producing regions. Trade tensions stayed elevated despite a truce, with threatened tariff escalation in October giving way to a one-year US-China tariff truce after late-October talks. This eased near-term supply-chain risk but left strategic issues unresolved, with stockpiling activity providing additional support to commodity markets.	LGEU LN	View
2025 Q4	Jan 18, 2026	T. Bailey Global Thematic Equity Fund	3.8%	15.3%	AAPL, AZN, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, NWG.L, ORCL, ROR.L, TESCO.L	AI, Copper, emerging markets, gold, healthcare, Japan, thematic, Trade Policy	Artificial intelligence shifted from growth to returns on capital focus. Oracle's December profit warning and data-centre project delays intensified scrutiny of near-term monetisation. AI-exposed strategies performed well with Polar Capital AI Fund returning 6.58%. Gold surged above US$4,300 per ounce in October, then reached new highs above US$4,500 in December. Supported by falling bond yields, rate cut expectations, geopolitical tensions, and central bank purchases. Copper performed well rising 16.57% in Q4, supported by ongoing electrification, infrastructure spend, tight supply due to limited new mine capacity, and stockpiling activity amid tariff uncertainty. Healthcare exposure contributed positively as policy risks receded, valuations looked attractive, and investors rotated toward high-quality, cash-generative businesses with resilient earnings. Trade tensions stayed elevated despite a truce. Threatened tariff escalation in October gave way to a one-year US-China tariff truce after late-October talks, easing near-term supply-chain risk but left strategic issues unresolved.	PCGH LN	View
2025 Q4	Jan 18, 2026	T. Bailey UK Responsibly Invested Equity Fund	3.8%	6.7%	AZN.L, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, NWG.L, ORCL, ROR.L, TSCO.L	Banking, Esg, financials, Responsible Investing, UK Equities	The fund benefited from exposure to the banking sector through Lloyds and NatWest, with NatWest being one of the strongest performers. Leading performance came from financial exposure through asset manager Man Group, which reached record assets under management.	MNDI LN NWG LN EMG LN	View
2025 Q4	Jan 12, 2026	REQ Global Compounders	0.0%	0.0%	ADDTECH-B.ST, APH, BERG-B.ST, BRO, CSU.TO, DPLM.L, GREEN.ST, HEI, HLMA.L, IMCD.AS, INDU-A.ST, JDG.L, LAGR-B.ST, LIFCO-B.ST, LMN.TO, MOMENT.ST, NCAB.ST, NIBE-B.ST, ROKO.ST, ROP, TOI.TO	Acquisitions, AI, Capital Allocation, compounders, Decentralized, long-term, Quality, software	AI narrative has negatively impacted vertical-market software companies, representing 20% of Global fund exposure. Management believes AI poses opportunities rather than uniform threats to VMS, particularly for mission-critical systems with high switching costs. They view trusted incumbents as better positioned to deploy AI effectively than new entrants. Portfolio companies completed 145 acquisitions in 2025, with 70% outside Nordic countries. Companies maintain disciplined approach to M&A with average acquired sales of EUR 12m. Acquisition-driven compounders demonstrate resilience through dual growth engines of organic growth and acquisitions. AI infrastructure build-out has been a clear tailwind for companies exposed to data center expansion. Halma and Diploma benefited from demand for compute, power, cooling, and electrical systems. Amphenol saw robust demand as data-center architectures evolve to support higher power densities. Tariff and trade-related uncertainty under Trump administration affected portfolio companies including IMCD and Judges Scientific. IMCD experienced macroeconomic pressure from tariffs, while policy uncertainty created headwinds for university funding affecting Judges Scientific.	CSU CN BRO JDG LN	View
2024 Q2	Jun 30, 2024	Lansdowne Partners European Fund	0.8%	7.9%	ASML, BOL.ST, CBK.DE, CPG.L, DG.PA, EL.PA, HLMA.L, INF.L, ISP.MI, KBC.BR, LIN, ML.PA, NVO, REL.L, RTO.L, RYA.L, SHEL.L, SIKA.SW, SU.PA, TEL2B.ST	Europe, industrials, technology, Telecom, value	ASML maintains monopolistic position in EUV lithography equipment with ROIC >30%. Despite weak Q1 orders of EUR 3.6bn versus Q4's EUR 9.2bn, the weakness is attributed to lumpy order patterns and TSMC's negotiating position. Supply chain feedback on 2nm remains positive, supporting EUV ramp expectations.	TEL2B.ST EL.PA ASML.AS	View
2023 Q2	Jun 30, 2023	Aoris International Fund	3.1%	0.0%	ACN, APH, CDW, COST, CPRT, CTAS, EXPN.L, FAST, GGG, HLMA.L, MC.PA, MSFT, OR.PA, RELX.L, TSCO	concentrated, global, Quality, value			View
2024 Q4	Jan 28, 2025	Aoris International Fund	-	22.9%	APH, CDW, CMPGY, COST, CTAS, DPLM.L, HLMA.L, MC.PA, MSCI, OR.PA, RELX.L, SHW, TSCO, V	global, Intrinsic Value, large cap, Long Term, Quality, value	Manager focuses on owning 15 high-quality, growing, wealth-creating businesses that are market leaders in established industries. Portfolio companies are selected for their strong competitive positions, consistent growth records, and ability to control their own destiny without being subject to government policy changes.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Wasatch Global Select Strategy	Halma PLC	Conglomerates	Electronic Equipment & Instruments	Bull	New York Stock Exchange	AI infrastructure, Bull, data centers, Industrial technology, Technology Solutions, United Kingdom	View Pitch
Apr 13, 2026	Fund Letters	Andvari Associates	Halma plc	Information Technology	Electronic Equipment & Instruments	Bull	LSE	defensive, Dividend Growth, Environmental, Medical, Mission-Critical, Safety Products, Specialized Products, UK	View Pitch

BSD Shareholders of HLMA-L

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.

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: