LDO-MI

LDO-MI

LDO-MI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 8, 2025	GreenWood Investors	-	-	CTT.LS, LDO.MI, LTC-USD, MEIP, MSTR, UHR.SW	active ownership, crypto, defense, E-Commerce, Europe, Governance, Luxury, value	Leonardo's defense products including radars, lasers, sensors, jammers, helicopters and trainers are best-in-class and world leading. The company has launched a highly differentiated anti-missile defense system that will be in high demand for a decade due to geopolitical volatility. Defense spending tailwinds are expected to continue for at least a decade.	UHR SW	View
2024 Q2	Aug 6, 2024	GreenWood Investors	0.0%	16.6%	CTT.LS, LDO.MI, MEIP, ODET.PA, PDD, RACE, ROL, RTO.L	Biotechnology, Buybacks, defense, E-Commerce, Europe, Governance, value	Leonardo SpA is the largest contributor to performance, benefiting from increased defense spending driven by the Ukraine war and new normal lasting at least a decade. Italian government considering near-term orders that would eclipse total annual defense expenditures, with jumbo orders largely not included in the company's 5-year plan.	ODET.PA RTO.L PDD CTT.LS MEIP LDO.MI	View
2025 Q2	Jul 27, 2025	Jackson Peak Capital	-	-	BABA, ENR.DE, HEI.DE, IWM, LDO.MI, META, PLTR, RHM.DE, TTAN	AI, defense, Europe, Long/Short, SPACs, tariffs, volatility	Focus on companies leveraging AI to enhance core operations as large language models become enterprise-ready. Researching software companies that could benefit from AI instead of being cannibalized by it. META and BABA represent this thesis.	TTAN	View
2025 Q2	Jul 17, 2025	Hardman Johnston International Equity	17.4%	25.5%	6501.T, 7011.T, 7269.T, 8411.T, AIR.PA, ASML, AZN.L, CBK.DE, DTE.DE, GMAB, HDFCBANK.NS, ICICIBANK.NS, IFX.DE, LDO.MI, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ.SW, STAN.L, TEAM, TSM, UCB.BR	defense, Europe, industrials, international, Japan, semiconductors, technology	NATO countries agreed to invest 5% of GDP in defense by 2035, representing a step change in spending levels. European nations are taking security upon themselves as US military support is not guaranteed, particularly under a Trump administration. Defense is not solely a European theme, with Japan and South Korea also increasing spending targets against China and North Korea threats.	6501.T LDO.MI CBK.DE IFX.DE TSM 7011.T RHM.DE TSM 7269 JP RHM GR IFX GR DTE GR 8750 JP CBK GR	View
2025 Q1	Jun 12, 2025	WisdomTree	-	-	AIR.PA, FCT.MI, HAG.DE, HO.PA, IVSO.ST, KIT.OL, KOG.OL, LDO.MI, RHM.DE, RNK.DE, RR.L, SAAB-B.ST, SAF.PA	defense, Europe, growth, Industrial, Military, NATO, Procurement	Europe's defense budgets are rising sharply with 2024 outlays jumping 17% to €326bn. NATO scenarios imply Europe could spend €800-950bn annually by 2030, more than double 2024 levels. Brussels mandates 65% of new procurement be sourced inside Europe, creating a generation-long demand curve for military contractors.		View
2025 Q1	Apr 9, 2025	Mawer International Equity Fund	9.9%	9.9%	AAPL, AJG, ALA.TO, AON, ASM, BA.L, BN.TO, BNS.TO, DB1.DE, GIB.A.TO, HO.PA, ICE, IFC.TO, LDO.MI, MMC, NVDA, RHM.DE, RY.TO, TD.TO, TSLA, TSM, X.TO	AI, defense, Europe, Geopolitical, gold, tariffs, Trade Policy	Defense-related holdings delivered stellar returns with Rheinmetall more than doubling during the quarter, while Thales, BAE, and Leonardo also experienced strong performance. A rapidly evolving geopolitical landscape and rising defense spending in Europe have significantly increased demand expectations. All four companies benefit from the critical importance of their products and decades of consolidation and underinvestment in areas where they hold key competitive advantages.		View
2024 Q4	Dec 31, 2024	Lansdowne Partners European Fund	-1.6%	7.3%	AHT.L, ASML.AS, CAP.PA, CFR.SW, CPG.L, EL.PA, FER.MC, INF.L, ISP.MI, KBC.BR, LDO.MI, LIN, ML.PA, NOVO-B.CO, REL.L, RTO.L, SAMPO.HE, SHEL.L, SIKA.SW, SU.PA, TEL2B.ST, WTB.L	concentrated, Europe, industrials, materials, value	The fund holds significant exposure to industrial companies including Compass Group, Leonardo, Schneider Electric, and RELX. These companies are experiencing varying performance driven by operational improvements, cost efficiency programs, and market share gains despite challenging end markets.	ML.PA LIN CAP.PA SIKA.SW LDO.MI EL.PA CPG.L	View
2025 Q3	Oct 21, 2025	Hardman Johnston International Equity	8.5%	36.2%	6501.T, 7011.T, 7269.T, AIR.PA, ASML, AZN, CBK.DE, DTE.DE, HDB, IBN, IFX.DE, LDO.MI, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ, STAN.L, STM, TEAM, TSM, UCB.BR	AI, defense, emerging markets, Europe, healthcare, international, semiconductors, Trade Policy	The portfolio holds significant exposure to semiconductor companies including TSMC, Infineon, STMicroelectronics, and ASML. TSMC remains a key enabler of AI infrastructure with strong Q2 earnings and raised guidance. The analog semiconductor sector is showing signs of recovery after a cyclical trough, with evidence of growing customer backlogs and improved order signals.	SUZUKI PROS SDZ UCB	View
2024 Q4	Jan 7, 2025	GreenWood Investors	0.0%	16.6%	AMZN, CTT.LS, FDX, LDO.MI, PDD, TPL, UPS	active ownership, defense, E-Commerce, Europe, Logistics, value	The fund is invested in CTT's parcel delivery business serving the under-penetrated Iberian e-commerce market, and PDD Holdings which has built an e-commerce platform with similar GMV to Amazon in one-third the time. E-commerce infrastructure services have significant runway as Iberian e-commerce remains under-penetrated as a portion of retail sales.	PDD CTT.LS LDO.MI TPL	View
2025 Q4	Jan 28, 2026	GreenWood Investors	-	-	GNS.L, IPCO.TO, JACK, LDO.MI, NXE, ODET.PA, UHR.SW	activism, Behavioral, Collaboration, global, Governance, turnaround, value	NexGen Energy progressed closer to federal approval for its world-class Arrow deposit and provided fantastic drill results from Patterson Corridor East. The company raised nearly $1 billion in fresh equity capital to be shovel ready for construction upon federal approval. International Petroleum Company's Blackrod project is coming online later in 2026 ahead of schedule and under budget. The company has self-funded a major greenfield oil project while simultaneously buying back 10% of its available free float per year. Genus received FDA approval for its porcine gene-edit for Porcine Reproductive and Respiratory Syndrome, which has the potential to eliminate a disease costing U.S. pig producers at least $1.2 billion per year. This prior free call option alone has the potential to 2-3x company operating profit over the next 5-7 years. Swatch remains the most intelligent way for investors to bet on the bright future of the premium and luxury watch industry. The company's recent impressive product launches underpin faith that it will capture a stabilized and improving Chinese consumer and make further inroads in the US market. Jack in the Box is a top 20 restaurant brand by sales that had seen its stock fall on hard times. The company can be re-energized through an increased focus on operational excellence, further digital and marketing innovation, and smart capital allocation.	JACK UHR SW GNS LN IPCO CN NXE	View
2025 Q4	Jan 14, 2026	Hardman Johnston International Equity	4.3%	0.0%	0700.HK, 7011.T, AMZN, AZN, DTE.DE, GE, LDO.MI, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SDZ, SIE.DE, STAN.L, TMUS, VZ, WEIR.L	AI, Asia, defense, Europe, financials, healthcare, international, Mining	The portfolio maintains exposure to defense companies like Rheinmetall AG despite short-term volatility from Ukraine-Russia peace deal speculation. Management sees structural shift toward increased defense spending across NATO and Asia Pacific nations after years of underinvestment. Visible growth stretches years into the future with strong orders, high backlogs, and political will to invest in national security. The manager acknowledges AI's long-term potential to drive productivity gains while remaining cautious about concentration risk. Companies involved in AI development remain attractively valued relative to growth trajectories, though excitement has stretched beyond IT sector into energy and utilities. The challenge is avoiding portfolios that appear diversified but are overly concentrated around AI themes. Sandoz Group benefits from strong biosimilar growth with streamlined U.S. regulatory guidance moving closer to EU model. This regulatory shift reduces development costs, enabling reinvestment into pipeline expansion and acceleration of future programs. The company plans to launch generic semaglutide in Canada in 2026 as a test case for larger global opportunities. The global mining cycle remains supportive with capex momentum improving after years of troughing, underpinned by elevated commodity prices. Weir Group was initiated as a new position, benefiting from high aftermarket exposure and secular demand drivers in copper and gold. The company is well positioned whether capex flows to greenfield or brownfield projects. Standard Chartered's Wealth Management platform has taken share from competitors and benefits from expanding assets under management. This business contributes to rising fee income that diversifies the bank away from traditional net interest income. Rising wealth in key Asian, Middle Eastern, and African markets with strong demographic growth supports the trajectory.	DTE GR NEX FP WEIR LN MELI 7011 JP RHM GR STAN LN AZN SDZ SW	View
2024 Q3	Sep 30, 2024	Lansdowne Partners European Fund	1.1%	9.1%	ASML, CAP.PA, CPG.L, DG.PA, EL.PA, IBE.MC, INF.L, ISP.MI, KBC.BR, LDO.MI, LIN, ML.PA, NESN.SW, NVO, REL.L, RTO.L, SCHN.PA, SHEL.L, SIKA.SW, TELE2.ST	Europe, industrials, infrastructure, Logistics, materials, value	UK logistics demand-supply dynamic is improving structurally with speculative construction starts down 30-40% over the last 12 months and stabilising demand environment. Segro positioned to deliver sustained 3-4% ERV growth with tier-1 assets and attractive development opportunities.	NOVO-B.CO ML.PA SGRO.L FER.MC SIKA.SW	View
2023 Q1	Jun 27, 2023	GreenWood Investors	0.0%	16.6%	CTT.LS, LDO.MI, MEIP, SFOR.L, VRNOF	activism, Coinvestment, global, Micro Cap, Owner Operators, value	Verano remains free-cash-flow positive despite onerous double taxation and continues organic expansion in regulated states. Manager optimistic about sector potential as Biden administration may de-schedule cannabis, eliminating double taxation and increasing Verano's free-cash-flow yield from 5.5% to over 15%.	MEIP Salesforce Inc VRNOF	View
2024 Q1	Mar 31, 2024	Lansdowne Partners European Fund	7.0%	7.0%	AHT.L, ASML, BOL.ST, CAP.PA, CFR.PA, CPG.L, DG.PA, EL.PA, IBE.MC, INF.L, ISP.MI, KBC.BR, LDO.MI, LIN, ML.PA, NESN.SW, NVO.CO, REL.L, RYA.L, SAMPO.HE, SE.PA, SHEL.L, SIK.SW, TELE2-B.ST, UPM.HE	defense, Europe, financials, growth, healthcare, technology, value	European defense spending expected to experience major up-cycle with potential to add over EUR 80bn to regional defense budgets to meet NATO 2% GDP requirement. Leonardo positioned to benefit from increased equipment procurement and electronic content trends.	EL.PA REL.L LDO.MI KBC.BR ASML.AS	View
2023 Q4	Mar 2, 2024	GreenWood Investors	0.0%	16.6%	BOL.PA, CTT.LS, LDO.MI, MEIP, NXE, PDD, RTO.L, UMG.AS	activism, defense, E-Commerce, Europe, Music, Owner-Operators, uranium, value	European Aerospace & Defense is having its moment, being very active. Europe's defense industry will likely experience a decade of tailwinds as the continent responds to its 9/11 moment that occurred in 2022. Leonardo is only just starting to hit its stride with substantial improvement potential.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	GreenWood Investors	Leonardo	Industrials	Aerospace & Defense	Bull	Borsa Italiana	activist, Aerospace, Board Seats, Defense, European, Proxy Campaign, turnaround, valuation discount	View Pitch
Apr 13, 2026	Fund Letters	Hardman Johnston International Equity	Leonardo SpA	Industrials	Aerospace & Defense	Bull	Borsa Italiana	Aerospace, Aerostructures, CEO Turnaround, Defense, Italian, NATO, Simplification	View Pitch
Apr 13, 2026	Fund Letters	GreenWood Investors	Leonardo SpA	Industrials	Aerospace & Defense	Bull	Borsa Italiana	Aerospace, board representation, capital allocation, Defense, government contracts, Italy, share repurchases, transformation, Ukraine conflict	View Pitch
Apr 13, 2026	Fund Letters	Lansdowne Partners European Fund	Leonardo S.p.A.	Industrials	Aerospace & Defense	Bull	Borsa Italiana	Aerospace, cybersecurity, Defense, electronics, geopolitical, Italy, NATO, turnaround, Value	View Pitch
Apr 13, 2026	Fund Letters	GreenWood Investors	Leonardo SpA	Industrials	Aerospace & Defense	Bull	Borsa Italiana	Aerospace, Board Seat, Defense, Digitalization, Italy, Joint venture, strategic alternatives, Tank Manufacturing, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Lansdowne Partners European Fund	Leonardo SpA	Industrials	Aerospace & Defense	Bull	Borsa Italiana	Aerospace & Defense, Cost efficiency, EBIT growth, Management Credibility, operational excellence, Strong Results	View Pitch

BSD Shareholders of LDO-MI

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: