KER-PA

KER-PA

KER-PA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Mondrian International Equity Value Opportunities	-	3.9%	KER.PA, NVO, WPP.L	defensives, Europe, financials, international, Japan, value	Financials led returns amid continued strength in earnings, capital generation and shareholder returns. The portfolio was underweight financials which held back relative returns, though strong stock selection in the sector supported year-to-date performance.		View
2025 Q3	Sep 30, 2025	Airlie Small Companies Fund	4.4%	-	ALV.DE, CS.PA, GEN.MI, KER.PA, SAP, ZAL.DE	insurance, private equity, SME, software, Switzerland	The fund's main portfolio company La Centrale de Prévoyance is a Swiss insurance broker operating in social security and healthcare insurance. The company maintained partnerships with major insurers including Groupe Mutuel, Generali, Allianz, and Axa while working to onboard new brokers following the resignation of their main broker.		View
2025 Q2	Jul 8, 2025	QuadCap Wealth Management	-	-	ALV.DE, CS.PA, GEN.MI, KER.PA, SAP, ZURN.SW	insurance, liquidation, private equity, SME, software, Switzerland	The fund's main portfolio company La Centrale de Prévoyance is a Swiss insurance broker operating in social security and healthcare insurance. The company maintains partnerships with major insurers including Groupe Mutuel, Generali, Allianz, and Axa, though it faces challenges with broker turnover requiring recruitment efforts to maintain regulatory authorization.		View
2025 Q2	Jul 22, 2025	Brandes International Equity Fund	10.4%	22.3%	005930.KS, 086280.KS, 6273.T, BABA, CAP.PA, CX, ERJ, GSK.L, HEI.DE, HEIA.AS, KER.PA, OTEX.TO, PETR4.SA, PUB.PA, SAN.PA, STM, TAK, TSM, UHR.SW, WPP.L	AI, Automation, emerging markets, Europe, industrials, international, technology, value	AI-related investments drove strong performance across multiple holdings. Alibaba benefited from aggressive AI investment plans and growth in AI-related products and cloud revenue. Samsung and TSMC gained from positive AI sentiment. Capgemini is positioned to benefit from increased corporate spending on enterprise AI applications despite near-term headwinds.	6273.T	View
2025 Q2	Jul 22, 2025	Harris Associates International Equity Strategy	12.8%	21.7%	035420.KS, AMS.PA, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW	AI, Copper, Europe, international, Luxury, Mining, technology, value	Manager emphasizes value investing approach and notes the unraveling of the U.S. growth/momentum paradigm that dominated for over a decade. European equities fundamentals have improved, driving more investor interest as valuation spreads compress.	6273 JP ASML MC FP BABA BAYN GR CON GR 105560 KS	View
2025 Q2	Jul 17, 2025	Contrarius Global Equity Fund	19.2%	10.7%	AAPL, AMD, AMZN, CZR, GM, GOOGL, INTC, KER.PA, META, MSFT, NVDA, ORCL, PARA, TM, TSLA, UHR.PA, WBD	AI, contrarian, Electric Vehicles, semiconductors, technology, value	AI adoption is accelerating with cloud hyperscalers investing over $217 billion in AI infrastructure in 2024. The next frontier of real-world AI including agentic AI, autonomous vehicles, and humanoid robotics promises even greater disruption. Chain-of-Thought reasoning represents a breakthrough in AI's ability to perform complex multi-step reasoning tasks, significantly increasing inference computational demands.	NVDA NVDA	View
2024 Q2	Jun 30, 2024	Platinum International Fund	-1.0%	-	005930.KS, 0700.HK, AAPL, AMZN, AVGO, GOOGL, INTERGLOBE.NS, KER.PA, MC.PA, META, MSFT, MU, NFLX, NKE, NVDA, PUMA.DE, TSM, TSMC, UBS, ZTO	AI, China, global, semiconductors, technology, value	AI-related holdings performed strongly with TSMC and Broadcom up around 20%. Apple highlighted AI functionality as the next competitive battleground for smartphones, requiring 10-12GB of RAM to handle AI tasks. This boosted DRAM producers as AI integration becomes the new method of differentiation.		View
2026 Q1	Apr 21, 2026	Brandes International Equity Fund	2.6%	2.6%	005930 KS, 4502.T, 4503.T, CAP.PA, ENGI.PA, F34.SI, KER.PA, OTEX, PBR, PUB.PA, SAP, STM, SW.PA, WPP.L	AI, emerging markets, energy, Europe, international, Pharmaceuticals, semiconductors, value			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	Harris Associates International Equity Strategy	7.7%	7.7%	2502.T, 8802.T, BABA, BNP.PA, FLTR.L, GLEN.L, KER.PA, MC.PA, RTO.L, TKA.DE, WPP.L	Asia, Cloud, defense, Europe, Gambling, international, Luxury, real estate, value	The manager argues that a large valuation imbalance remains present between value and growth equities, which will fuel better long-term performance for value stocks. They believe the weight of money has been heavily skewed to U.S. growth names for too long.	MC.PA 8802.T RTO.L FLTR.L 2502.T TKA.DE BABA BNP.PA	View
2024 Q1	Mar 31, 2024	TMR Long Short Opportunities	-	-	ALV.DE, CS.PA, GEN.MI, KER.PA, SAP, ZAL.DE	insurance, portfolio, private equity, SME, Switzerland	The fund's main portfolio company La Centrale de Prévoyance is a Swiss insurance broker operating in social security and healthcare insurance. The company maintained partnerships with major insurers including Groupe Mutuel, Generali, Allianz, and Axa while working to onboard new brokers after the main broker's resignation.		View
2023 Q4	Feb 19, 2024	African Lions Fund	13.4%	5.2%	ALV.DE, AXA.PA, G.MI, KER.PA, PM, SAP, ZAL.DE	insurance, portfolio, private equity, SME, software, Switzerland	The fund's main portfolio company La Centrale de Prévoyance is a Swiss insurance broker operating in social security and healthcare insurance. The company maintains partnerships with major insurers including Groupe Mutuel, Generali, Allianz, and Axa, focusing on expanding client portfolios and onboarding new brokers.		View
2024 Q4	Feb 12, 2025	Brookfield Asset Management	-	-	ALV.DE, CS.PA, GEN.MI, KER.PA, SAP, ZAL.DE	insurance, portfolio, private equity, SME, Switzerland	The fund's main portfolio company La Centrale de Prévoyance is a Swiss insurance broker operating in social security and healthcare insurance. The company maintained partnerships with major insurers including Groupe Mutuel, Generali, Allianz, and Axa while working to onboard new brokers after the main broker's resignation.		View
2024 Q4	Dec 31, 2024	Oakmark International Fund	-8.5%	-4.6%	105560.KS, AC.PA, AIR.PA, BAYN.DE, FME.DE, GLEN.L, KER.PA	aerospace, Banking, Europe, international, Luxury, Restructuring, value	Luxury goods businesses continue to be negatively impacted by weak demand in China with poor top-line trends. However, Kering is making progress improving the product offering within its core Gucci brand. Looking out two to three years, margins have potential to be meaningfully higher than current levels.	105560.KS BAYN.DE AIR.PA	View
2023 Q3	Dec 10, 2023	Longleaf Partners International Fund	11.2%	10.4%	0288.HK, 1238.HK, 1999.HK, 4502.T, AC.PA, APPS.MC, BABA, CFR.L, DHER.DE, DPG.L, EXO.MI, FFH.TO, GLB.L, GRUMAB.MX, KER.PA, LAZ, LXS.DE, PFD.L, PRO4.L	Buybacks, China, Europe, international, Luxury, value	Luxury holdings faced challenging quarter due to weak Chinese economy and consumer concerns in US/Europe. Companies like Richemont and Kering trading at trough valuations despite strong structural themes of emerging middle class in China and shift towards branded products remaining intact.	DHER.DE KER.PA CFR.SW GLB.L DPG.L	View
2023 Q4	Dec 1, 2024	Polen Capital – International Growth	3.3%	3.9%	6920.T, AON, ASML, HDFCBANK.NS, ICLR, KER.PA, MDT, SGE.L, SHOP.TO, TEMN.SW, TEP.PA, TSM, UL	AI, E-Commerce, growth, healthcare, international, Quality, semiconductors, technology	The portfolio holds dominant semiconductor companies ASML and Lasertec, which play critical roles in extreme ultraviolet lithography and photomask inspection equipment. Lasertec saw rapid sales growth and management suggests semiconductor sales could be bottoming, though 2024 may deliver less exciting growth for the industry.	TEMN.SW HDFCBANK.NS TEP.PA MDT 6920.T SHOP.TO SGE.L	View
2023 Q3	Nov 8, 2023	Hinde Group	1.4%	30.7%	ALV.DE, CS.PA, GEN.MI, KER.PA	insurance, private equity, SME, software, Switzerland	The fund's main portfolio company La Centrale de Prévoyance is a Swiss insurance broker working in social security and healthcare insurance. The company maintains partnerships with major insurance companies including Groupe Mutuel, Generali, Allianz, and Axa.	AMZN	View
2025 Q3	Oct 28, 2025	Harris Associates International Equity Strategy	4.1%	26.7%	035420.KS, AMS.PA, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW	Europe, fundamentals, growth, international, Quality, technology, valuation, value	Manager emphasizes investing in high-quality companies trading at attractive valuations below intrinsic value. Multiple positions initiated due to stocks trading at decade-low multiples despite solid fundamentals.	GLEN LN BABA GLEN LN BABA	View
2025 Q3	Oct 28, 2025	Graham and Doddsville	-	-	AAON, AAP, ANET, AOS, ASTS, CVNA, DLO, FEVR.L, GOOGL, KER.PA, MELI, META, NLB.L, PGR, RKLB, TBCG.L, TSM, WISE.L, WOSG.L, XPEL	AI, emerging markets, Investment Analysis, long-term, Portfolio Management, Quality, Student Pitches, Value Investing	Multiple interviews emphasize value investing principles, with Brandes Investment Partners maintaining pure value philosophy despite 165 months of underperformance following the global financial crisis. The publication showcases various value-oriented approaches from concentrated portfolios to systematic value investing strategies.		View
2023 Q3	Oct 25, 2023	ClearBridge Investments International Growth ADR Strategy	5.7%	0.0%	1299.HK, ADYEN.AS, AMS.PA, ARGX, ASML, AZN, BNP.PA, CPU.AX, DB1.DE, DSNKY, Gold, ITX.MC, KER.PA, LIN, MC.PA, NVDA, NVO, OCLSY, REL.L, ROG.SW, SAFRY, SAND.ST, SAP, SMCAY, SU, TEP.PA	AI, growth, international, Japan, Pharmaceuticals, semiconductors, value	The strategy remains committed to a disciplined, valuation approach to portfolio construction that delivers diversification by investing across three types of growth companies: secular, structural and emerging. The managers believe the portfolio is well-positioned to deliver alpha as headwinds of restricted global liquidity and lower-quality leadership begin to dissipate.	SMCAY ARGX AZN ASML	View
2025 Q3	Oct 24, 2025	Brandes International Equity Fund	8.1%	32.2%	005930.KS, 086280.KS, 4502.T, 6273.T, BABA, CAP.PA, CX, ERJ, GSK.L, HEI.DE, HEIA.AS, KER.PA, OTEX, PBR, PUB.PA, SAN.PA, STM, TSM, UHR.SW, WPP.L	AI, Automation, emerging markets, Europe, international, Outperformance, technology, value	AI-related investments drove strong performance across multiple holdings. Alibaba benefited from aggressive AI investment plans and growth in AI-related products and cloud revenue. Samsung and TSMC gained from positive AI sentiment. The fund sees AI deployment as a catalyst for enterprise spending and IT services recovery.	SMC JP SMC JP	View
2025 Q3	Oct 14, 2025	Mayar Capital	-0.4%	9.1%	005930.KS, AHT.L, AOM.PA, BFAM, BNR.DE, CAP.PA, CRDA.L, GOOGL, JNJ, JSG.L, KER.PA, KVUE, NESN.SW, NVO, PYPL, SOLV, UL, UPS, VTY.L, VWS.CO	AI, contrarian, Discipline, global, Speculation, technology, value	The manager draws extensive parallels between the current AI boom and the TMT bubble, noting that technology companies will invest $7 trillion in AI capex over five years. He argues that AI companies trade at valuations assuming perpetual dominance, with minimal revenue and no clear path to profitability, creating a self-reinforcing cycle similar to the late-1990s telecom boom.	SOLV US	View
2024 Q3	Oct 14, 2024	Mayar Capital	7.7%	9.6%	005930.KS, 7974.T, ALO.PA, BFAM, CFR.SW, EA, GOOGL, HLCL.L, HWDN.L, JNJ, KER.PA, KVUE, MMM, PYPL, SAP, SOLV, UL, UPS, V, VWS.CO	Esg, global, Manufacturing, Patience, Recovery, value	Visa's business model as a payment network intermediary creates powerful network effects and generates impressive shareholder returns. The ongoing shift towards cashless payments has driven payment volume growth from $4.4 trillion in 2008 to $15.4 trillion in 2023. The company maintains high returns on invested capital averaging 65% over two decades while reducing share count by a third since IPO.		View
2025 Q3	Oct 10, 2025	Oakmark International Fund	3.9%	26.3%	035420.KS, AMS.L, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW	Cyclical, Distribution, Europe, healthcare, international, Luxury, technology, value	Kering was the top contributor during the quarter, rising in anticipation of new CEO Luca De Meo's tenure and Demna Gvasalia's debut collection at Gucci. Revenue trends are improving despite still being negative, and new leadership is expected to build on recent investments to strengthen luxury houses and return the group to growth.	SHL GR ITRK LN FEMSAUBD MM DSY FP BNZL LN	View
2025 Q3	Oct 10, 2025	Oakmark Global Fund	4.1%	15.2%	AMZN, BABA, CHTR, CNC, CNHI, CRM, DASTY, GOOGL, HEXAB.ST, KER.PA, MOH, STJ.L, TRGP	energy, Europe, global, healthcare, Luxury, technology, value	Kering was the top contributor during the quarter, rising in anticipation of new CEO leadership and Gucci's debut collection. While revenue trends remain negative, they are improving, and new leadership is expected to build on recent investments to strengthen luxury houses and return the group to growth.		View
2025 Q3	Oct 1, 2025	MPD Partners	-	-	ALV.DE, CS.PA, GEN.MI, KER.PA, SAP, ZAL.DE	insurance, portfolio, private equity, SME, Switzerland	The fund's main portfolio company LCP is a Swiss insurance broker operating in social security and healthcare insurance. The company maintained revenue growth and positive cash flow despite losing its main broker during the quarter, requiring recruitment of replacement brokers to maintain FINMA authorization.		View
2024 Q4	Jan 28, 2025	Citadel Value Fund	-	-	005930.KS, 3436.T, 6201.T, AAPL, AD.AS, AEO, BC, CON.DE, JST.DE, KER.PA, NOV, NVDA, PHIA.AS, STLA, TGS.OL, UHR.SW, VLGEA	Automotive, Industrial, Luxury, semiconductors, small caps, technology, value	The fund emphasizes value investing principles, purchasing solid investments at low entry valuations as a time-tested approach since 2002. The portfolio trades at a 44% discount to estimated intrinsic value with a look-through free cash flow yield of 6% and EV/EBITA multiple of 8x, contrasting with the MSCI World index at 18x operational profit.	STLA BC KER.PA JOST.DE	View
2025 Q4	Jan 23, 2026	Brandes International Equity Fund	5.7%	39.1%	005930.KS, 1876.HK, 4503.T, 8306.T, BABA, BNP.PA, CX, DGE.L, DPW.DE, EBS.VI, ERJ, GRF.MC, GSK, HEI.DE, KER.PA, MNDI.L, NG.L, ORA.PA, OTEX.TO, RI.PA, TSCO.L, TSM	emerging markets, Europe, international, Outperformance, packaging, Utilities, value	International value stocks continue to trade within the least expensive valuation quartile relative to growth stocks since style indices inception. The valuation gap is evident across multiple metrics including price/earnings, price/cash flow, and enterprise value/sales. Historically, such discount levels often preceded attractive relative returns for value stocks over subsequent three- to five-year periods. Exposure to emerging markets helped returns, led by South Korean Samsung Electronics, Mexico's Cemex, and Erste Group Bank operating across emerging Europe. Leading contributors for the year included emerging market holdings such as Alibaba, Samsung, Taiwan Semiconductor, Brazil's Embraer and Mexico-based Cemex. The portfolio continues to have larger weighting to select emerging markets, particularly Mexico, South Korea, and Brazil. National Grid has strategically repositioned its asset base toward electricity networks, reducing exposure to gas and aligning with long-term energy transition trends. Over the past decade, roughly 75% of its regulated asset base is in electricity, expected to rise to 80% by 2029, supported by structural growth in electrification and renewable integration. The company's position as a critical enabler of decarbonization provides attractive risk-adjusted returns. Mondi is a leading European producer of corrugated packaging, containerboard, kraft paper, and uncoated fine paper with strong presence in Eastern and Western Europe. Secular trends such as sustainability, convenience, and the shift from plastic to paper underpin steady growth in fiber-based packaging. The company's cost leadership, strong positioning in high-barrier-to-entry kraft paper market, and integrated operations provide competitive advantage.	TSCO LN NG LN MNDI LN	View
2025 Q4	Jan 15, 2026	Contrarius Global Equity Fund	6.5%	54.4%	000660.KS, BIDU, COIN, DELL, DEO, FOXA, GOOGL, KER.PA, LULU, MDLZ, MU, NVDA, ORCL, PARA, RI.PA, SATS, TSLA, TSM, UHR.SW	AI, contrarian, disruption, global, Satellites, Space, technology, value	The fund views AI disruption as creating three investment buckets: AI winners (data centers, semiconductors, blockchain companies), AI-proof companies (luxury brands, spirits, entertainment), and AI-threatened businesses to avoid. This technological singularity is expected to cause dramatic changes beyond typical generational disruptions. The fund focuses on identifying companies with sustainable competitive advantages in this transformative environment. SpaceX has revolutionized space travel with reusable rockets and dominates launch services, carrying over 500,000kg of spacecraft mass in Q3 2025 alone. The company is uniquely positioned for emerging opportunities in interplanetary logistics, in-orbit data centers, and asteroid mining. EchoStar provides indirect exposure to SpaceX through strategic transactions at attractive valuations. Starlink has achieved significant scale with millions of active customers and is expanding into direct-to-cell services for smartphones. The satellite internet constellation aims to deliver high-speed, low-latency broadband globally, particularly to underserved areas. This represents a major growth opportunity in telecommunications infrastructure. EchoStar's transformation involved monetizing valuable spectrum licenses worth billions, resolving regulatory issues with the FCC. The company sold spectrum to AT&T and SpaceX for over $40 billion combined, demonstrating the significant value of these invisible wireless highways. Remaining spectrum assets provide additional monetization opportunities. The fund holds luxury brands like Kering, Swatch Group, and spirits companies as AI-proof investments. These companies with strong brand moats and pricing power are expected to endure and potentially thrive despite AI disruption. Their business models are considered resilient to technological changes affecting other industries.	SATS	View
2025 Q4	Jan 15, 2026	Baillie Gifford -International Concentrated Growth	-6.7%	16.7%	0700.HK, 1211.HK, 1810.HK, 2413.T, 3690.HK, ADYEN.AS, ASML, ATCO-A.ST, BABA, BNTX, CPNG, DHER.DE, KER.PA, KINV-B.ST, MELI, MRNA, NU, NVDA, NVO, OCDO.L, OR.PA, PDD, RACE, RMS.PA, SAP, SE, SHOP, SPOT, TSLA, TSM, WISE.L	AI, concentrated, E-Commerce, growth, international, semiconductors, technology	Artificial intelligence continues to drive rapid operational progress across portfolio companies, with TSMC benefiting from AI-led demand and advanced nodes accounting for 74% of wafer revenue. ASML sees increasing lithography intensity driven by artificial intelligence. The managers view compute and generative AI as accelerating across industries as a key structural change driving economies over the next decade. E-commerce continues to reshape retail through greater convenience and lower costs, with portfolio companies like MercadoLibre, Shopify, and Sea Limited representing dominant positions in their respective markets. Despite near-term margin pressures from investments in logistics and fulfillment, the managers remain confident in the long-term digitization trend and competitive positioning of these platforms. The semiconductor sector shows strong momentum with TSMC reporting over 40% year-on-year revenue growth and ASML seeing substantial EUV demand with expectations for 15% sales growth in 2025. The managers emphasize the irreplaceable technology leadership and competitive moats of these companies as compute intensity rises globally. Digital media consumption continues progressing with Spotify demonstrating strong operating leverage, reaching 713 million users and 281 million subscribers while expanding operating margins to mid-teens levels. The platform's ecosystem depth and innovation strengthen its competitive position as media digitization advances.		View
2024 Q3	Sep 30, 2024	Oakmark Global Fund	7.5%	0.0%	005930.KS, 3739.T, AKZA.AS, BABA, BAYN.DE, CSCO, DEO, GOOGL, KER.PA, SAP, SJP.L, TPK.L	Coatings, financials, global, healthcare, Luxury, technology, value	Kering faced challenges as revenue trends deteriorated in the final weeks of Q2 2024, with store traffic hurt by lack of new client recruitment amplified by challenging macro environment, particularly in China. Despite new Gucci Creative Director's collections resonating with existing customers, the company issued weak guidance for remainder of 2024.	9751.T DGE.L AKZA.AS KER.PA SJP.L	View
2024 Q3	Sep 30, 2024	Harding Loevner Global Equity	5.2%	15.6%	0700.HK, 1299.HK, ADYEN.AS, AMZN, B3SA3.SA, BBCA.JK, BKNG, CME, CPG.L, GOOGL, HDFCBANK.NS, HLN.L, KER.PA, META, NFLX, PINS, SLB, SONY, TW, WALMEX.MX	AI, China, global, growth, healthcare, momentum, Quality, semiconductors	The letter extensively discusses momentum investing challenges, noting that disciplined fundamental investors have been challenged by momentum concentrated in a few large stocks. The manager explains their deliberate resistance to incorporating momentum factors due to trading costs, volatility, and FOMO risks.		View
2024 Q2	Jul 29, 2024	Mayar Capital	7.7%	9.6%	005930.KS, 7974.T, ALO.PA, BFAM, BLND.L, BNR.DE, CAP.PA, CFR.SW, EA, GOOGL, HLCL.L, JNJ, KER.PA, KVUE, MMM, NESN.SW, PYPL, UL, UPS, VTY.L, VWS.CO, WIX.L	Compounding, Defensive, global, long-term, Quality, value	The fund follows a disciplined value investing strategy, focusing on buying great businesses at reasonable prices with a margin of safety. The manager emphasizes patience and long-term compounding over quick gains, maintaining a tortoise-like approach to investing.	VWS.CO	View
2024 Q2	Jul 23, 2024	Longleaf Partners International Fund	11.2%	10.4%	AC.PA, BABA, CFR.SW, CUERVO.MX, DHER.DE, ERF.PA, EXO.MI, GLB.L, GRUMAB.MX, HDB, JFC.PS, KER.PA, MLCO, PFD.L, PRX.AS, TCOM	Concentration, Elections, fundamentals, international, Quality, value	The fund maintains a concentrated portfolio of 24 holdings with a price-to-value ratio in the mid-60s%, offering meaningful upside potential. The valuation gap between the broader market and their portfolio is at a uniquely high level, reinforcing confidence in their value-oriented approach.	DHER ERF CUERVO PRX HDB TIGO	View
2023 Q2	Jul 19, 2023	Longleaf Partners International Fund	11.2%	10.4%	0288.HK, 1999.HK, 4612.T, AC.PA, APPS.MC, BABA, CFR.TO, EXO.MI, FFH.TO, GLB.L, GRUMAB.MX, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MLCO, PFD.L, PRX.AS, TIGO	Asia, Buybacks, China, concentrated, Europe, international, value	Fund focuses on concentrated portfolio of 18-22 best ideas trading at discount to intrinsic value with compelling price-to-value ratio in mid-60s%. Management teams actively using buybacks, spin-offs and divestitures to crystallize value when persistent gaps exist between price and intrinsic value.	4613.T 1999.HK LXS.DE AC.PA APPS.MC	View
2024 Q2	Jul 18, 2024	Harding Loevner Global Equity	5.2%	15.6%	0700.HK, 1299.HK, ABBV, ADYEN.AS, ALC, AMZN, BKNG, CME, COST, DHR, GOOGL, ISRG, KER.PA, META, NFLX, OR.PA, PINS, SLB, SONY, TW	AI, competition, global, growth, innovation, Quality, semiconductors, technology	The race for artificial-intelligence solutions is driving innovation across sectors, with companies like Adobe, OpenAI, and others competing to develop generative AI capabilities. The manager expects software and services businesses to become primary beneficiaries as large companies embrace generative AI. Competition in AI is intense, with new capabilities being unveiled regularly by tech startups and incumbents.		View
2023 Q2	Jun 30, 2023	ClearBridge Investments International Growth ADR Strategy	5.7%	0.0%	0005.HK, 0388.HK, 0700.HK, 4568.T, 7733.T, 8035.T, ACN, ALC, AMS.MC, ASML, CP.TO, DTE.DE, ITX.MC, KER.PA, LSEG.L, NICE, REL.L, TEP.PA, TRI.TO, XRO.AX	AI, growth, healthcare, international, Japan, semiconductors, technology, value	The team is excited about generative AI potential both from current portfolio positioning and innovative companies being researched. They believe AI will be adopted widely across sectors with productivity improvements. Portfolio holding Accenture positioned to guide companies with AI implementation.		View
2023 Q1	Apr 20, 2023	Longleaf Partners International Fund	11.2%	10.4%	0001.HK, 0288.HK, AC.PA, APPS.MC, BABA, CUERVO.MX, DOM.L, ERF.PA, EXOR.MI, FFH.TO, GLB, GRUMAB.MX, HDB, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MC.PA, MLCO, PFD.L, PRX.AS, TIGO	Asia, China, concentrated, Europe, international, Luxury, Travel, value	China is arguably the only economy of size that is easing on a regulatory, fiscal and monetary perspective, while the rest of the world is tightening. The region offers compelling upside from both an economic and valuation perspective as Asia emerges from three years of lockdown with consumer sentiment rebounding strongly.	KER.PA CFR.SW AC.PA TIGO	View
2025 Q1	Mar 31, 2025	Oakmark Global Fund	4.4%	4.4%	ABNB, AIG, BNR.DE, DEO, ETSY, GOOGL, KER.PA, KR, LYG, NVS, PHM, PUK, RI.PA, SYY	discount, Europe, financials, global, Quality, undervalued, value	The fund focuses on purchasing shares at discounts to intrinsic value estimates, with multiple examples of buying companies below fair value including Airbnb, Brenntag, Pernod Ricard, and Sysco. Management emphasizes finding above-average companies at below-average prices.	SYY RI.PA BNR.DE ABNB	View
2023 Q1	Mar 31, 2023	Aoris International Fund	3.1%	0.0%	ACN, COST, CTAS, EL, FAST, GGG, KER.PA, MC.PA, NKE, OR.PA, TSCO	concentrated, Conservative, growth, international, long-term, Quality, ROIC	Aoris focuses exclusively on high-quality businesses with strong competitive positions, high returns on invested capital, and conservative balance sheets. The fund owns only 15 companies maximum, applying unusually demanding quality criteria including strong profitability, low debt levels, and market leadership positions.	GGG MC.PA	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
Apr 28, 2026	Fund Letters	Longleaf Partners International Fund	Kering	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Bull	Euronext Paris	brand portfolio, Equity, fashion, france, Gucci, Luxury goods, Structural Growth, synergies, turnaround	View Pitch
Apr 27, 2026	Fund Letters	Longleaf Partners International Fund	Kering SA	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Bull	Euronext Paris	brand portfolio, China Reopening, fashion, france, Global Demand, Gucci, Luxury goods, premium brands	View Pitch
Apr 13, 2026	Fund Letters	Oakmark International Fund	Kering	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Bull	Euronext Paris	Brand management, China exposure, Consumer Discretionary, Cyclical, france, Luxury goods, Value	View Pitch
Apr 13, 2026	Fund Letters	Oakmark Global Fund	Kering	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Bull	Euronext Paris	Brand management, China, Creative Director, Cyclical, france, Luxury goods, Store Traffic	View Pitch
Apr 13, 2026	Fund Letters	Citadel Value Fund	Kering	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Bull	Euronext Paris	brand portfolio, European, fashion, Gucci, High returns, Luxury goods, retail, turnaround, Value	View Pitch

BSD Shareholders of KER-PA

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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