LSEG-L

LSEG-L

LSEG-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q4	Jan 26, 2026	Brown Advisors Global Leaders Strategy	0.0%	15.2%	ADBE, ALLE, ASML, AZO, EFX, EXPN.L, GE, GOOG, ILMN, LSEG.L, MA, MRVL, MSFT, ROG.SW, RTO.L, TSM, V, WDAY, WKL.AS, ZTS	AI, Data, global, infrastructure, Quality, technology	AI is incredibly fast moving with innovations from DeepSeek in China to chain of experts and reasoning models becoming default standards. The potential for disruption in advertising, call centers and software is running way ahead of current adoption. Three or possibly four LLMs have pulled away from the pack with feedback loops from reasoning models creating one-sided network effects from scale. Credit bureau market is effectively an oligopoly with extremely high barriers to entry due to uniqueness and scale of data. Equifax and Experian provide critical data and analytics services across various sectors with distinct growth drivers in workforce solutions, healthcare, marketing and international markets. Strategy focuses on high-quality companies with superior customer outcomes that can pass on prices and generate high levels of recurring revenue while requiring low financial leverage. Many quality compounders that were historically unjustifiably expensive have become significantly more attractive over the past couple of years.		View
2025 Q4	Jan 26, 2026	Cambiar International Equity Fund	3.1%	26.2%	DEO, KYGA.L, LSEG.L, SW, TSM	AI, Currency, Europe, financials, international, semiconductors, staples, value	International equities offer attractive valuations relative to richly priced U.S. markets, with many international companies trading at relatively attractive valuations that should allow for continued re-rating. The fund focuses on identifying high-quality businesses at great prices, with valuation remaining a paramount input to buy decisions. European markets benefited from announced stimulus after years of underinvestment in defense spending and infrastructure. The stimulus is poised to create positive ripple effects on job growth and financing, feeding into economic expansion and providing meaningful earnings boosts to regional operators. Taiwan Semiconductor was sold after delivering over 400% cumulative returns since 2020 as a key beneficiary of artificial intelligence buildout and surge in demand for advanced semiconductors. The fund questions whether massive AI capex can translate into expected productivity gains going forward.	SW	View
2025 Q4	Jan 18, 2026	Troy Multi-Asset Strategy	0.0%	0.0%	AMZN, DEO, EXPN.L, FI, GOOGL, LSEG.L, META, MSFT, NVDA	AI, Cloud, Data, global, Quality, technology, value	AI disruption is more imagined than real at this point, with earnings for companies in the crosshairs remaining sound. The Strategy sees significant opportunity as several portfolio companies are temporarily misjudged in debates about AI's potential impact. Capital expenditure estimates for major tech companies are over 50% above where they were 18 months ago, but scaling laws continue to hold and AI demand currently outstrips supply. Data and information service providers face hypothetical challenges focused on AI's potential to change competitive dynamics, leading to valuation de-rating despite solid operating results. Companies like Experian and LSEG have proprietary datasets that cannot be easily replicated by AI, with deep regulatory moats and embedded customer relationships providing protection. Cloud service revenues are accelerating as capacity comes online, with contracted backlogs growing substantially faster than revenues. Despite enormous scale, revenue growth has accelerated across major cloud providers including Azure, Google Cloud, and AWS, driven by AI demand that currently outstrips supply.	EXPN LN LSEG LN DGE LN FISV	View
2025 Q4	Jan 15, 2026	M&G Investment	0.0%	0.0%	000660.KS, 005930.KS, 0700.HK, 2308.TW, 2317.TW, BABA, BE, EXPN.L, GOOGL, LITE, LSEG.L, NVDA, REL.L, STX, TSM, WDC	AI, geopolitics, Polarisation, Quality, semiconductors, technology, value	AI remains a dominant theme with opportunities broadening beyond enablers to beneficiaries and providers. The team expects AI-related investment opportunities to encompass an increasing number of companies that stand to benefit from capital-fuelled AI advancements, while being selective about frothy valuations. Quality stocks suffered their worst relative decline in developed markets in more than two decades in 2025. The team is taking advantage of the market shunning quality stocks, finding opportunities in companies with high return on capital and good long-term defensive characteristics that have been unfairly de-rated. US Growth versus Value shows the widest valuation gap in decades, while Value has performed better in other regional markets, notably Europe and the UK. The team sees opportunities for Value catch-up as AI moves from builders to users across traditional sectors. Semiconductor cycle remains strong with companies like SK Hynix and Samsung Electronics delivering substantial earnings upgrades. However, there are risks that higher prices could lead to demand destruction as customers baulk at paying elevated prices for electronics.		View
2025 Q4	Jan 14, 2026	L1 Capital International Fund	2.2%	9.8%	AER, AMZN, BKNG, CRH, CRM, DHR, GOOGL, HCA, ICE, INTU, J, LSEG.L, MA, MSFT, TSM, UBER, UNH, V	AI, consumer, Global Equities, Macro, Quality, technology, valuation	AI continues to be a central focal point for stock markets, with companies being labeled as either AI winners or AI losers. The manager believes many perceived AI winners are trading at valuations requiring everything to go right, while some businesses labeled as AI losers present attractive opportunities due to exaggerated concerns. Traditional Quality factor materially underperformed the broader U.S. market by the widest margin since the dot.com boom, providing opportunities to invest in high-quality businesses at attractive valuations. The fund maintains focus on quality businesses with strong competitive moats. Consumer environment continues to be highly mixed with financial pressure building on lower socioeconomic consumers while affluent consumers thrive. This K-shaped economy influences portfolio decisions, steering clear of businesses exposed to less affluent consumers.	ICE LSEG LN INTU CRM TSM AER UBER J	View
2025 Q4	Jan 14, 2026	Emerald Wealth Partners – Focused Equity Strategy	2.1%	13.2%	1179.HK, 8035.T, AHT.L, AMAT, AMZN, ASML, AVGO, BLK, CB, CSU.TO, DE, DEO, GOOGL, LMT, LSEG.L, MSFT, NOW, ORCL, SHEL, TMO	AI, China, Quality, semiconductors, technology, Trade Policy, value	AI dominated 2025 with massive data center investment announcements including OpenAI's $300 billion commitment and Meta's five-gigawatt Hyperion data center. The manager sees AI driving demand for semiconductor tools and custom chips, positioning companies like Applied Materials, ASML, and Broadcom to benefit from the infrastructure buildout. Semiconductor companies were top performers with Applied Materials up 59.6% and ASML up 55.8%. The manager emphasizes the bright prospects for chip design tools given silicon requirements for AI deployment, while also initiating Broadcom for its custom chip capabilities serving cloud hyperscalers. Trump announced the highest tariffs since the 1930s, with effective rates settling around 17% after negotiations. This triggered initial market corrections but companies adapted by flexing supply chains, with macroeconomic consequences remaining benign on inflation and GDP fronts. China had a strong year with the Hang Seng up 32% as investors warmed to signals that regulatory tightening was over. Chinese tech companies demonstrated ability to deploy AI efficiently at lower costs despite GPU restrictions, while valuations became attractive after years of consolidation. The manager focuses on high-quality compounders trading at discounts after being left out of the AI rally. They target companies generating strong free cash flow with high ROIC that can redeploy capital effectively, finding opportunities in unloved sectors and geographies like Swiss stocks at multi-year valuation lows.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of LSEG-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.

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