JHX

JHX

JHX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Alger Spectra Fund	29.2%	13.0%	APP, ISRG, JHX, MSFT, NBIS, NFLX, NVDA	AI, Cloud, digital transformation, Fed policy, growth, Rate Cuts, semiconductors, technology	AI is at an inflection point, potentially enabling significant increases in productivity. The fund sees AI as central to AppLovin's growth, driving a large majority of the company's revenue through its recommendation and targeting engine. Nvidia's computational power is viewed as a critical enabler of AI adoption, with surging demand for AI-focused chips and data center products.	NBIS NVDA APP GLOB UNH AAPL META MSFT NVDA	View
2025 Q2	Jul 18, 2025	Mairs & Power – Small Cap Fund	-	-8.3%	AIR, AZEK, CASY, CLFD, HUBG, INSP, JHX, KNF, MEDP, MGPI, NVT, PATK, TREX, WK	AI, healthcare, infrastructure, materials, small caps, technology, valuation	AI-related stocks in the S&P 500 have accounted for around 75 percent of the market's return since ChatGPT's 2022 launch. Roughly 40 percent of capital expenditures are linked to AI. Investment in infrastructure required to power, cool, and connect a more data-intensive economy continues, with the AI and data-center buildout fueling a multi-year capital-expenditure cycle.	JHX TREX PATK	View
2024 Q1	May 13, 2024	Greenhaven Road Capital	15.0%	12.0%	ALTG, BUR.L, CLBT, IWG.L, JHX, KKR, LPX, PAR	Litigation Finance, private equity, real estate, SaaS, small cap, technology, value	PAR Technology is transitioning to a recurring revenue model with dramatic growth in ARR per share, from $1.04 in 2018 to expected $10+ in 2025. The company benefits from low churn rates and is adding new products like table service POS and online ordering.		View
2025 Q1	May 1, 2025	Mairs & Power – Small Cap Fund	-11.0%	-11.0%	ALTR, AZEK, BKH, CASY, CGNX, HUBG, JHX, LFUS, LTH, NWE, PLXS, SIEGY, THRM, WK	Automation, small caps, tariffs, Trade Policy, Utilities, valuation	Tariff uncertainty in March caused equity declines while prospects of prolonged trade war with China raise concerns about reigniting inflation and slowing economic growth. Tariffs are viewed as a tax that businesses will likely pass to consumers, creating upward pressure on prices and potential stagflation.	CGNX	View
2026 Q1	Apr 23, 2026	WS Amati Global Innovation Fund	-	-	005930 KS, BAS.DE, BSY, JHX, LITE, MKSI, PI, TECN SW, VU.PA, WGS	AI, Automation, defense, global, innovation, semiconductors, technology		JHX BSY TECN.SW VU.PA PI MKSI LITE 005930.KS	View
2025 Q1	Mar 31, 2025	abrdn U.S. Small Cap Equity Fund	-3.7%	-3.7%	AZEK, COHU, CORT, HEES, JHX, LOB, LRN, MWA, REVG, SHOO, URI, VERX, WERN, WK	infrastructure, M&A, Quality, small caps, tariffs, Trade Policy, water	Trump administration announced new trade policy with 10% tariffs on all imports plus additional country-specific tariffs, followed by 90-day moratorium on additional tariffs except China while negotiations proceed. Significant market volatility resulted from concerns about macroeconomic slowdown and higher inflation.	REVG MWA WK SHOO VERX LRN HEES CORT	View
2025 Q3	Nov 4, 2025	Aristotle Small Cap Equity Fund	3.2%	-1.5%	AEIS, ALE, AZEK, BWIN, COLB, CRI, DLB, DY, FLWS, HAE, HGV, JHX, KN, KNX, MRCY, MTSI, OGS, PCP, PPBI, REI, SPNS, WNC	Banking, defense, healthcare, Natural Gas, semiconductors, small caps, value	Small cap equities delivered robust performance in Q3 2025, with the Russell 2000 reaching its first all-time high since November 2021. Small caps benefited from dovish Fed rhetoric, attractive relative valuations, broadening market breadth, earnings recovery, and rotation away from mega-cap stocks. Valuations remain compelling relative to large caps, with the Russell 2000 trading near multi-decade lows on a relative basis.	COLB MTSI MRCY SUPN	View
2025 Q3	Oct 24, 2025	Mairs & Power – Small Cap Fund	-	2.1%	AIR, AZEK, CASY, CLFD, HUBG, INSP, JHX, KNF, MEDP, MGPI, NVT, PATK, TREX, WK	AI, earnings, GLP1, infrastructure, small caps, technology, value	AI-related stocks in the S&P 500 have accounted for around 75% of market returns since ChatGPT's 2022 launch. Investment in infrastructure to power, cool, and connect a data-intensive economy shows durable momentum. The AI and data-center buildout is fueling a multi-year capital expenditure cycle extending beyond semiconductors to power generation, transmission, distribution, nuclear capacity, and thermal management.	PATK	View
2025 Q3	Oct 14, 2025	Alger Spectra Fund	16.0%	31.0%	APP, ISRG, JHX, MSFT, NFLX, NVDA	AI, Cloud, Communication Services, Data centers, growth, semiconductors, technology	AI is at an inflection point, potentially enabling significant increases in productivity. The fund sees AI as central to AppLovin's growth, driving a large majority of the company's revenue through its recommendation and targeting engine. Nvidia's computational power is viewed as a critical enabler of AI adoption, with surging demand for AI-focused chips and data center products.	NVDA APP	View
2025 Q3	Oct 14, 2025	Aristotle Small/Mid Cap Equity	2.6%	-	AEIS, AGI.TO, ALE, AZEK, CIEN, COLB, CRI, FLWS, HAE, HGV, JHX, MTSI, PNW, PPBI, PRMB, SCI, SUPN, VYX, WTRG, WWW	AI, Banking, gold, healthcare, mid cap, small cap, technology, Utilities	Artificial Intelligence driven optimism fueled risk-on sentiment as companies with AI exposure or disruptive potential saw disproportionate gains. Investors chased momentum and future earnings potential over traditional valuation metrics. Ciena benefited from AI-related demand and technological innovation in optical networking equipment.		View
2025 Q4	Jan 15, 2026	Canopy Investors	-	-	4194.T, ASSA-B.ST, AUTO.L, AZEK, JHX, MEDP, MONC.MI, NEM, PTC, TREX, TW	AI, Enterprise Software, global, Japan, Quality, SMID Cap, valuation	AI has driven significant market rotation away from quality stocks, with concerns about disruption weighing on enterprise software and online classifieds companies. The fund believes AI disruption fears are overdone for their portfolio companies, which are more likely to be beneficiaries than victims of AI adoption. Quality was the worst-performing investment factor in H1 FY26, with lower-quality and more volatile stocks significantly outperforming. This represents a continuation of quality underperformance reminiscent of the late 1990s dot-com era, driven by speculative investor behavior and thematic investing. Japan faces structural labor shortages driving increased mid-career hiring and workforce mobility. The country has a new pro-business Prime Minister and depreciating yen enhancing export competitiveness, though it faces labor shortages, inflation, and geopolitical risks with China. Enterprise software companies face investor concerns about AI disruption, particularly around AI agents displacing traditional interfaces and reducing barriers to entry. However, many providers digitize structured processes that AI cannot easily replace and are likely to benefit from AI integration.	4194 JP TREX AUTO LN MEDP PTC	View
2023 Q2	Jul 23, 2023	L1 Capital Long Short Fund	2.4%	10.8%	AKE CN, DOW AU, FLTR LN, JHX, TECK	-			View
2024 Q2	Jun 30, 2024	American Century International Growth Fund	6.6%	0.0%	1299.HK, 4063.T, 6861.T, ADYEN.AS, AI.PA, AIR.PA, AKE.PA, ASML, AZN, CRH, EDEN.PA, IFX.DE, JHX, LSEG.L, MC.PA, NESN.SW, NVO, RELX.L, SAP, SRT3.DE, SU.PA, TM, TSM, UBS, UL	Asia, Energy Transition, Europe, healthcare, infrastructure, international, semiconductors, technology	The world's move away from fossil fuels creates opportunities across sectors. Increased demand for electric vehicles and large-scale renewable energy infrastructure projects creates inflection points for well-positioned businesses. AI investment is leading to significant increases in electricity demand to power data centers.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 3, 2026	Seeking Alpha	Seeking Alpha	James Hardie Industries plc	Building Materials	Fiber Cement Siding	Bull	New York Stock Exchange	AZEK acquisition, Building materials, Cost synergies, fiber cement siding, James Hardie, market share, material conversion, Outdoor Living, repair and remodel market, valuation	View Pitch
Apr 26, 2026	Fund Letters	WS Amati Global Innovation Fund	James Hardie Industries plc	Building Materials	Construction Materials	Bull	New York Stock Exchange	Building materials, Construction Innovation, fiber cement, Housing supply, market share gains, regulatory compliance, Technical Wood	View Pitch
Apr 13, 2026	Fund Letters	Mairs & Power - Small Cap Fund	James Hardie Industries	Materials	Building Products	Bull	NYSE	acquisition, Building Solutions, construction, cross-selling, Equity, fiber cement, innovation, Siding	View Pitch

BSD Shareholders of JHX

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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