ML-PA

ML-PA

ML-PA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q1	Apr 10, 2025	Aristotle Value Equity Fund	0.7%	0.7%	8411.T, ADBE, AIG, AMGN, AMP, APD, AWK, BX, GOOGL, HON, LEN, ML.PA, MSFT, SONY	AI, Cloud, energy, financials, industrials, technology, Trade Policy, value	Adobe faces competitive threats from generative AI platforms like OpenAI's Sora and Canva, but is actively embedding AI through Firefly across Creative Cloud applications. Firefly has generated $125 million in annualized recurring revenue with management expecting it to double by year-end. AI integration enhances Adobe's competitive moat through product functionality and increased switching costs.	GOOGL APD SONY ADBE	View
2025 Q1	Mar 31, 2025	Pzena Investment Management	-	-	005930.KS, AKE.PA, BABA, BAER.SW, BAX, BIRG.L, CABK.MC, CVS, DOW, GSK.L, HUN, KOP, ML.PA, NVDA, NVTA, SBRY.L, TCEHY, TESCO.L, TSM, TSMC, UIS	AI, Banking, Chemicals, Europe, risk management, semiconductors, tariffs, value	Broad-based tariffs announced in April created significant market volatility and uncertainty. The firm uses its risk framework to assess tariff impacts on portfolio companies, examining business models, balance sheets, and competitive positioning. Many holdings have reduced Chinese exposure since 2018-2019 tariffs.	005930.KS	View
2024 Q4	Dec 31, 2024	Ariel International Fund	-5.1%	5.4%	000660.KS, 005930.KS, 6460.T, BARC.L, BEZ.L, BMPS.MI, DLG.L, EMAAR.DU, FMS.DE, HO.PA, JD, ML.PA, MUV2.DE, ORA.PA, REE.MC, SAF.PA, SNY, VEA	AI, Asia, Banking, Europe, international, semiconductors, value	Markets worldwide were led by artificial intelligence themed stocks, with U.S. mega-cap technology companies dominating performance. The narrow ascent of AI themed stocks have driven market returns in recent years, though opportunities should broaden to companies utilizing AI to create real-world efficiencies.	6460.T 000660.KS REE.MC ORA.PA BEZ.L BARC.L JD SNY ML.PA EMAAR.DU BMPS.MI FME.DE	View
2024 Q4	Dec 31, 2024	Polaris Global Equity	-5.8%	6.2%	000660.KS, 005930.KS, 066570.KS, 6758.T, ALSN, CFR, COF, CROX, CVS, ELV, GD, GILD, JAZZ, JPM, ML.PA, SAIC, SBH, SLM, TGLS, UNH	banks, financials, Geopolitical, global, inflation, value	Portfolio positioned as value-oriented with strong current earnings and cash flows, expected to benefit from higher-for-longer interest rates. Manager continues to find and add attractively priced companies to supplement compelling valuation profile.		View
2024 Q4	Dec 31, 2024	Polaris International Equity	-8.7%	0.5%	000660.KS, 005930.KS, 055550.KS, 066570.KS, 1878.T, 5871.TW, 6758.T, ANTO.L, BARRY.SW, BWY.L, FTK.DE, JAZZ, LTM, LUN.TO, MEOH, ML.PA, SAN.PA, SVEG.OL, SW, TGLS, U11.SI, VIPS, YAR.OL	Cocoa, Geopolitical, international, semiconductors, Trade Policy, value	Substantial geopolitical tensions in France, South Korea and other global economies, along with protracted Ukraine-Russia and Israel-Hamas conflicts. Political instability in Germany and France suffered poor performance. South Korean market sold off after martial law declaration and impeachment proceedings.		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 24, 2025	Pzena International Value ADR Strategy	6.6%	27.3%	6367.T, 6762.T, 8795.T, AKE.PA, BABA, CON.DE, DTG.DE, INGA.AS, ML.PA, NWG.L, RXL.PA, TEP.PA	AI, Asia, Europe, financials, international, Recovery, value	The manager emphasizes investing in cheap company valuations when assessed against fundamentals, with portfolios weighted toward businesses in profit recovery mode. Recent uncertainty has created opportunities for long-term value investors.	ARK FP DTG GR 6762 JP BABA ARK FP DTG GR BABA	View
2025 Q4	Jan 29, 2026	Pzena International Value ADR Strategy	6.3%	35.3%	0027.HK, 2587.T, 6301.T, 6326.T, 6367.T, 6981.T, ABEV, ACN, BABA, BAYRY, CABK.MC, ML.PA, MT, NOK, PUB.PA, VALE	AI, cyclicals, financials, international, materials, value	International value equities benefited from easing trade tensions, improved investor risk appetite, and strong performance across European cyclical sectors. Financials, materials, and selected industrials drove returns as valuation gaps narrowed and earnings expectations improved. The manager continues to exploit market volatility and exaggerated disruption fears, particularly around artificial intelligence, to accumulate high quality international franchises at attractive prices.	VALE ACN 6326 JP	View
2025 Q4	Jan 20, 2026	Polaris Global Equity	7.0%	26.8%	000270.KS, 000660.KS, 005930.KS, 1299.HK, 2318.HK, 5871.TW, 6758.T, 8001.T, 8002.T, 8591.T, 8729.T, ALSN, ARW, BABA, BARRY.SW, CAP.PA, CG, COF, DHL.DE, IAG.L, INGR, JAZZ, LIN, LNTH, LTM, LUN.TO, MG.TO, MKSI, ML.PA, MPC, NVS, NXT.L, SBH, SMWRQ, TSN, UTHR, VIPS, YAR.OL	AI, diversification, global, international, Outperformance, semiconductors, technology, value	AI demand drove performance across semiconductor and technology sectors, with memory chip suppliers benefiting from supply-demand constraints and expected price increases in 2026. Companies like SK Hynix, Samsung Electronics, and MKS Inc. delivered strong results driven by accelerating AI demand across semiconductor and advanced electronics end markets. Memory manufacturers in Korea were top contributors as supply-demand constraints benefit memory chip suppliers. The market expects memory price increases in 2026, further supporting performance of Samsung and SK Hynix. AI-driven demand across semiconductor end markets accelerated growth. The investment approach remains disciplined and focused on strong cash flows from quality companies selling essential products and services with good management teams creating shareholder value. The manager seeks situations where attractive valuations meet genuine business momentum, avoiding trends and distant promises. International equities outperformed after a decade of American dominance, driven by weaker U.S. dollar, more attractive valuations abroad, and slowing momentum in U.S. tech. This country and sector rotation validated the need for diversification instead of home bias, with attractive opportunities in targeted developed and emerging markets. Yara International benefited from partnerships for low-carbon ammonia projects in the U.S. and Middle East, positioning the company toward becoming an energy-transition and low-carbon fertilizer company while securing long-dated contracts. HD Hyundai Electric capitalized on increased demand to expand power infrastructure.	267260 KS UTHR JAZZ CAP FP MKSI 000660 KS	View
2025 Q4	Jan 20, 2026	Polaris International Equity	8.7%	35.4%	000270.KS, 000660.KS, 005930.KS, 1299.HK, 2318.HK, 267270.KS, 5871.TW, 6758.T, 8001.T, 8002.T, 8591.T, 8729.T, BABA, BARN.SW, CAP.PA, DHL.DE, IAG.L, JAZZ, LIN, LTM, LUN.TO, MG.TO, ML.PA, NVS, NXT.L, VIPS, YAR.OL	Asia, diversification, Europe, industrials, international, Outperformance, technology, value	Memory chip suppliers SK Hynix and Samsung Electronics were top contributors as supply-demand constraints benefit memory manufacturers. The market expects memory price increases in 2026, further supporting performance of these Korean memory giants. AI demand drove strong performance in technology companies including Capgemini Group which benefited from cloud, data and AI demand. However, Alibaba faced profitability pressure due to significant AI spending despite revenue growth in its cloud division. HD Hyundai Electric capitalized on increased demand to expand and upgrade power infrastructure, completing construction of a new Korean power distribution equipment plant. European fiscal stimulus focused on defense and infrastructure spending supported regional performance. Yara International partnered with Air Products for low-carbon ammonia projects in the U.S. and Middle East, positioning toward becoming an energy-transition and low-carbon fertilizer company while securing long-dated contracts. Chinese e-commerce companies showed mixed results with Alibaba reporting impressive quarterly revenues and growth in cloud division and one-hour delivery business, while facing profitability pressure from aggressive discounting in instant retail space. Lundin Mining announced record third-quarter revenues, profiting from higher realized copper prices in an advantageous supply-demand environment. The Canadian miner also struck a strategic deal involving Eagle Mine and Humboldt Mill.	JAZZ 7267 JP CAP FP 005930 KS 000660 KS	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
2024 Q2	Jun 30, 2024	Lansdowne Partners European Fund	0.8%	7.9%	ASML, BOL.ST, CBK.DE, CPG.L, DG.PA, EL.PA, HLMA.L, INF.L, ISP.MI, KBC.BR, LIN, ML.PA, NVO, REL.L, RTO.L, RYA.L, SHEL.L, SIKA.SW, SU.PA, TEL2B.ST	Europe, industrials, technology, Telecom, value	ASML maintains monopolistic position in EUV lithography equipment with ROIC >30%. Despite weak Q1 orders of EUR 3.6bn versus Q4's EUR 9.2bn, the weakness is attributed to lumpy order patterns and TSMC's negotiating position. Supply chain feedback on 2nm remains positive, supporting EUV ramp expectations.	TEL2B.ST EL.PA ASML.AS	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 Q3	Mar 10, 2023	Ariel Global Fund	6.9%	0.0%	BAP, BOLSF, GSK, ML.PA, RHHBY, VZ	Banking, Defensive, global, Pharmaceuticals, Telecom, value	Ariel's non-consensus approach seeks to identify undervalued, out-of-favor franchises that are misunderstood and therefore mispriced. The fund continues to focus on finding mispriced stocks where valuation is attractive, profitability less vulnerable and balance sheets remain strong.	BOLSAA.MX ROG.SW AD8 AU\|ARB AU\|BAP AU\|CAT AU\|DHG AU\|PME AU\|PNI AU\|RDX AU\|TNE AU BVZN SW ML.PA GSK.L	View
2023 Q3	Mar 10, 2023	Ariel International Fund	7.6%	0.0%	7270.T, AD.AS, DLG.L, ML.PA, O2D.DE, ROG.SW, V03.SI	Consumer Staples, healthcare, insurance, international, Pharmaceuticals, undervalued, Utilities, value	Ariel's non-consensus approach seeks to identify undervalued, out-of-favor, franchise-quality companies that are misunderstood and mispriced. The fund focuses on companies trading below their normalized earnings power and intrinsic worth over a three-to-five year horizon.	V03.SI AD.AS ROG.SW O2D.DE 7270.T ML.PA	View
2023 Q4	Jan 31, 2024	Ariel International Fund	7.6%	0.0%	005930.KS, 105560.KS, 7270.T, AAPL, AD.AS, AMZN, BIDU, DBOEY, FMC, GFNORTEO.MX, GOOGL, META, ML.PA, MSFT, NVDA, TEF2.DE, TSLA, TSM, WIZZ.L	AI, financials, international, semiconductors, technology, undervalued, value	Ariel's non-consensus approach seeks to identify undervalued, out-of-favor franchises that are misunderstood and therefore mispriced. The fund is finding many mispriced stocks where valuation is attractive, profitability less vulnerable and balance sheets remain strong.	WIZZ.L AIR FP\|ICLR\|LIN\|MRVL\|NOW\|TSM 005930.KS 105560.KS GFNORTEO.MX FMS.DE DANSKE.CO AD.AS 7270.T BIDU	View
2024 Q4	Jan 30, 2025	Aristotle International Equity Fund	-7.1%	5.1%	005930.KS, 3064.T, 7532.T, ACN, AHT.L, BN, CCJ, D05.SI, DSNKY, EBS.VI, ML.PA, NEM.DE, SAF.PA, SONY, SY1.DE	gaming, geopolitics, international, long-term, nuclear, Quality, value	Demand for nuclear energy remained robust driven by AI and clean energy focus. Major tech companies like Amazon, Google and Meta announced nuclear-power agreements. Cameco is uniquely positioned to benefit as industries and governments pursue clean, reliable and scalable energy sources.	DSM.AS AHT.L 6758.T CCO.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	Ariel Global Fund	Michelin SCA	Consumer Discretionary	Tires & Rubber	Bull	Euronext Paris	Cyclical, france, Global, growth initiatives, manufacturing, mobility, Pricing power, Tires	View Pitch
Apr 28, 2026	Fund Letters	Ariel International Fund	Michelin SCA	Consumer Discretionary	Tires & Rubber	Bull	Euronext Paris	Around Tire Initiative, Beyond Tire Initiative, cost discipline, Cyclical Resilience, French Multinational, Global Competitive Position, Pricing Strategy, Tire Manufacturer	View Pitch
Apr 13, 2026	Fund Letters	Ariel International Fund	Michelin	Consumer Discretionary	Tires & Rubber	Bull	Euronext Paris	competitive position, Cost Reduction, Cyclical, france, Pricing power, Tire Manufacturer, Value	View Pitch
Apr 13, 2026	Fund Letters	Lansdowne Partners European Fund	Michelin	Consumer Discretionary	Auto Components	Bear	Euronext Paris	Asian Competition, competitive dynamics, Price-mix Pressure, Reduced Exposure, Structural Challenges, Volume Decline	View Pitch
Apr 13, 2026	Fund Letters	Lansdowne Partners European Fund	Compagnie Générale des Établissements Michelin	Consumer Discretionary	Tires & Rubber	Bear	Euronext Paris	BEV, Brand Superiority, Electric Vehicles, OEM Sales, Raw Materials, Sustainability, Tire Manufacturing, Volume Weakness, Wear Particle Regulation	View Pitch

BSD Shareholders of ML-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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