INFY

INFY

INFY

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Gymkhana Partners	-	-6.0%	AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT	defense, domestic growth, India, small caps, tariffs, Trade Policy	India is the world's fastest-growing major economy, on track to become the third-largest economy by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth model, with goods exports to the U.S. representing only 2.2% of GDP. India's buoyant economic growth, monetary policy credibility, and fiscal discipline were rewarded with an S&P sovereign credit rating upgrade.		View
2023 Q3	Sep 30, 2023	EQUAM Global Value Fund	1.0%	12.3%	AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT	defense, emerging markets, India, small caps, Trade Policy, value	India is the world's fastest-growing major economy, on track to overtake Germany as the third-biggest by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth model, with goods exports to the U.S. accounting for only 2.2% of GDP. India's buoyant economic growth, monetary policy credibility, fiscal discipline, and reformist governance were rewarded with an S&P sovereign credit rating upgrade.	BFSA GR DFS LN	View
2024 Q2	Jul 4, 2024	Noble Capital Management	-	-	AMZN, EADSF, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RYCEY, TCS.NS, TECHM.NS, WMT	defense, India, industrials, small caps, technology, Trade Policy	India is the world's fastest-growing major economy, on track to overtake Germany as the third-biggest by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth model, with goods exports to the U.S. accounting for just 2.2% of GDP. India's buoyant economic growth, monetary policy credibility, fiscal discipline, and reformist governance were rewarded with an S&P sovereign credit rating upgrade.		View
2025 Q2	Jul 24, 2025	Polen Capital – Emerging Markets Growth	12.6%	14.5%	0700.HK, 145020.KS, 2330.TW, 2345.TW, 300750.SZ, BABA, DNP.WA, FMSAUBD.MX, IHCL.NS, INFY, INPST.WA, KOTAKBANK.NS, PRX.AS, RELIANCE.NS, SARE.NS, WEG3.SA	China, emerging markets, growth, Poland, Quality, Taiwan, technology	CATL, the world's largest EV battery manufacturer, saw strong performance driven by demand for next-generation battery technologies including Shenxing Superfast Charging Battery and Qilin Battery. These flagship products are set to be integrated into 67 cars this year in China and accounted for nearly 40% of CATL's EV battery shipments.	DNP.WA 145020.KS INPST.WA 2345.TW PRX.AS 300750.SZ 8069 TT PDD WIZZ LN DLO BABA TME	View
2025 Q1	Apr 29, 2025	Polen Capital – Emerging Markets Growth	1.7%	1.7%	0700.HK, BABA, DLO, DNP.WA, INFY, INPST.L, LVS, NTES, TOTS3.SA, TSM, YUMC	AI, Brazil, China, Currency, emerging markets, Poland, security selection	China market continued rally from last year, supported by monetary easing and fiscal policies. DeepSeek's R1 AI model release marked significant technological milestone, with major companies like Tencent and Baidu integrating AI models into services, creating optimism about improved earnings in consumer digital services.	DLO LVS DNP.WA TOTS3.SA TME	View
2026 Q1	Apr 28, 2026	SGA – Emerging Markets Growth	-12.3%	-12.3%	9983.T, APOLLOHOSP.NS, HDFCBANK.NS, INFY, MMYT, SE, TCS.NS, TOTVS3.SA, TSM, XP	AI, emerging markets, energy, Geopolitical, quality growth, semiconductors, valuation			View
2024 Q1	Mar 31, 2024	Baron Health Care Fund	8.8%	8.8%	AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT	defense, emerging markets, India, Manufacturing, small caps, Trade Policy	India is the world's fastest-growing major economy, on track to overtake Germany as the third-biggest by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth model. India's goods exports to the U.S. account for just 2.2% of GDP, making the impact of 25-50% tariffs manageable.		View
2023 Q1	Mar 31, 2023	Peapack Private	-	-	AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT	aerospace, defense, emerging markets, India, small caps, tariffs, Trade Policy	India is the world's fastest-growing major economy, on track to overtake Germany as the third-biggest by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth, with goods exports to the U.S. accounting for just 2.2% of GDP. India's buoyant economic growth, monetary policy credibility, fiscal discipline, and reformist governance were rewarded with an S&P sovereign credit rating upgrade.		View
2023 Q1	Mar 31, 2023	Graham and Doddsville	-	-	AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT	Capital markets, defense, domestic growth, India, small caps, tariffs, Trade Policy	India is the world's fastest-growing major economy, on track to overtake Germany as the third-biggest by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth model, with goods exports to the U.S. accounting for only 2.2% of GDP. India's buoyant economic growth, monetary policy credibility, fiscal discipline, and reformist governance were rewarded with an S&P sovereign credit rating upgrade.		View
2025 Q4	Feb 8, 2026	SGA – Global Growth	-0.3%	3.1%	1299.HK, 9983.T, ADYEN.AS, ALC, AMZN, AON, ARM, AVGO, BABA, CMG, CP, CRM, DHR, EXPN.L, GOOGL, HDB, INFY, INTU, IT, MELI, META, MSFT, NFLX, NOW, NVDA, SAP, SE, SNPS, SPGI, STE, TSM, UMG.AS, UNH, V, WM	AI, cyclicals, global, growth, Quality, valuation	AI capital expenditure growth is expected to moderate due to structural constraints including power availability, skilled labor shortages, and capital availability limits. Hyperscalers are approaching 90% of operating cash flows for CapEx spending, creating natural constraints on future growth rates. Quality factors including sales stability and high gross margins continued to underperform in 2025 as markets favored cyclical and momentum-driven assets. The portfolio's quality growth companies are trading at historically attractive relative valuations. Market leadership was dominated by momentum and cyclical assets while quality growth strategies faced headwinds. Extreme concentration and momentum effects created significant winners and losers independent of company fundamentals.	INFY NOW ARM MELI MSFT SE NFLX AVGO 9983 JP TSM GOOG	View
2025 Q4	Feb 8, 2026	SGA – International Growth	1.0%	9.6%	1299.HK, 6098.T, 9983.T, ADYEN.AS, ALC, AON, ARM, BABA, CP, DSY.PA, EXPN.L, FEMSAUBD.MX, GALD, GRAB, HDFCBANK.NS, HEIA.AS, HLN.L, INFY, LIN, MELI, OR.PA, SAP, SE, SGE.L, SHOP, SRT3.DE, STE, TEAM, TSM, UL, UMG.AS, WALMEX.MX, WCN, YUMC	AI, Cyclical, E-Commerce, growth, international, Quality, Southeast Asia, valuation	SGA continues to believe the most attractive long-term AI opportunities reside with businesses building long-term value through proprietary data and integrated workflows. The portfolio is positioned to capture AI value through companies providing essential intellectual property and manufacturing capability for the AI ecosystem, including TSMC, Arm Holdings, SAP, and Dassault Systemes. The portfolio focuses on high-conviction quality growth businesses anticipated to achieve consistent mid-teens earnings growth with reduced variability. Despite market headwinds favoring cyclical assets, SGA maintains conviction in quality companies with predictable revenue and cash flow generation that should become more sought after if market volatility increases. New positions were established in Sea Limited and Grab Holdings, both Southeast Asian consumer internet companies with integrated ecosystems. Sea operates Shopee e-commerce platform with integrated payments and logistics, while Grab provides super-app services for ride-hailing, food delivery, and digital payments across Southeast Asia.	TEAM ARM DSY FP SRT GR 9983 JP	View
2025 Q4	Feb 8, 2026	SGA – Emerging Markets Growth	0.6%	22.8%	035420.KS, 0700.HK, 1299.HK, 1398.HK, 9983.T, BABA, BJFN, CPALL.BK, CPI.JO, FEMSA, GRAB, HDFCBANK.NS, HTHT, INFY, MELI, MMYT, OR.PA, SE, SLM.JO, TCS.NS, TME, TOTS3.SA, TSM, UL, WALMEX.MX, XP, YUMC	AI, Cyclical, E-Commerce, emerging markets, Quality, semiconductors, valuation	The rapid acceleration in artificial intelligence has been a key catalyst behind the recent cyclical resurgence across emerging markets. Large-scale capital expenditure by global hyperscalers has driven sharp increases in demand for semiconductors and data-center infrastructure. However, SGA believes the current trend of AI CapEx growth is unsustainable and has largely run its course due to structural constraints in power availability, skilled labor, and capital availability. Several investments in e-commerce leaders across Asia and Latin America, including MercadoLibre, Sea Limited and Alibaba, faced a more competitive operating environment during the period. As long-term investors, SGA observes that competitive intensity in these markets tends to ebb and flow over shorter time horizons, with market leaders typically emerging from such periods with strengthened strategic positions given inherent network effects. The portfolio's underweight to South Korean semiconductor companies, including Samsung Electronics and SK Hynix, was a key driver of relative underperformance. These stocks continued to benefit from strong AI-related memory demand and elevated investor enthusiasm. Memory chips are largely a commoditized product with weak pricing power, extreme capital intensity and pronounced boom-bust cycles that lead to volatile earnings. SGA sees worrying signs of excess and weakening lending discipline from credit markets. The scale of capital required has led to greater reliance on private credit markets and off-balance-sheet structures. Transactions such as Meta's $27 billion joint venture with Blue Owl Capital highlight both the availability of capital and the risk of excess. The sustained focus on cyclicality and momentum has driven the quality factor to historically depressed relative levels. The valuation premium for high-quality stocks has compressed to levels typically observed only during periods of crisis. SGA remains committed to businesses with pricing power, recurring revenues, and strong balance sheets - attributes that may be underappreciated in today's momentum-driven market.	OR FP TME GRAB SE BABA 9983 JP INFY TSM	View
2023 Q4	Dec 31, 2023	WS Amati Global Innovation Fund	-	-	AIR.PA, AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT	defense, growth, India, small caps, tariffs, Trade Policy	India is the world's fastest-growing major economy, on track to overtake Germany as the world's third-biggest by 2028. India's resilience in the face of increased U.S. tariffs underscores the durability of its domestic consumer-driven economic growth. India's buoyant economy is set to receive a further boost from freer trade with non-U.S. partners, deepening domestic capital markets, stimulative tax reforms, and looser monetary policy.		View
2025 Q3	Oct 29, 2025	Polen Capital – Emerging Markets Growth	7.6%	22.5%	0700.HK, 145020.KS, 2330.TW, 2345.TW, 300750.SZ, BABA, DNP.WA, FMSAUBD.MX, IHCL.NS, INFY, INPST.WA, KOTAKBANK.NS, PRX.AS, RELIANCE.NS, SARE.NS, WEG3.SA	China, Electrification, emerging markets, growth, Quality, Taiwan, technology	CATL, the world's largest EV battery manufacturer, saw strong performance driven by demand for next-generation battery technologies including Shenxing Superfast Charging Battery and Qilin Battery. These flagship products are set to be integrated into 67 cars this year in China and accounted for nearly 40% of CATL's EV battery shipments.	DNP HUGEL INP ACCT PROS CATL DNP HUGEL INP ACCT PROS CATL	View
2024 Q3	Oct 2, 2024	NS Partners	-	-	AMZN, EADSF, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RYCEY, TCS.NS, TECHM.NS, WMT	defense, India, industrials, small caps, technology, Trade Policy	India is the world's fastest-growing major economy, on track to become the third-largest economy by 2028. The domestic consumer-driven growth model provides resilience against U.S. tariffs, with goods exports to the U.S. representing only 2.2% of GDP. India's pursuit of free trade deals with non-U.S. partners and deepening domestic capital markets support continued growth.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	HRISHIKESH (HK) GUPTA	Infosys Ltd	Information Technology	IT Services	Bull	National Stock Exchange of India	AI, cashflow, Itservices, Margins, Outsourcing	View Pitch
Feb 21, 2026	Fund Letters	HRISHIKESH (HK) GUPTA	Infosys Limited	Information Technology	IT Consulting & Other Services	Bear	New York Stock Exchange	Artificial Intelligence, enterprise spending, IT services, Outsourcing, Tariff Uncertainty	View Pitch

BSD Shareholders of INFY

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
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