NOC

NOC

NOC

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 9, 2025	LRT Capital Management	-	8.1%	ABG, CCI, CHE, CIGI, CMCSA, COR, CVX, DRI, FN, GOOGL, GPI, ICLR, MKTX, NOC, PBR-A, RLI, SNEX, SSD, TTC, UNH	Consolidation, healthcare, infrastructure, Long/Short, Low Beta, Quality, Systematic	The manager emphasizes investing in category-defining enterprises with durable competitive moats, strong brand equity, and disciplined capital allocation. Holdings are characterized as best-in-class operators with fortress-like balance sheets and long-term compounding potential.		View
2024 Q2	Jul 3, 2024	LRT Capital Management	0.0%	15.8%	ABG, ALB, BALL, CCI, CHE, CIGI, DECK, DINO, ELS, EXPO, GPN, LAD, NOC, RLI, SSD, TSM, TTC, TXN, WH, XOM	Beta Hedging, Long/Short, quantitative, risk management, Systematic			View
2025 Q2	Jul 16, 2025	Harding Loevner Global Equity	10.2%	7.9%	0700.HK, 1299.HK, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, CPG.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPIA.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGS.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, V, VRTX, WALMEX.MX	AI, Cloud, Data centers, global, growth, semiconductors, technology	AI models released in 2024 have demonstrated marked improvement in performance against new benchmarks, including major strides in reasoning to solve complex problems. Many companies can now point to real products and applications as well as measurable effects on their businesses. Competition among big tech companies appears to be intensifying as more companies join the race to develop cutting-edge AI systems.	ADBE BKNG ADBE	View
2025 Q2	Jun 30, 2025	Munro Global Growth Fund	16.1%	7.7%	1211.HK, AMZN, BAE.L, CEG, CRH, GEV, GOOGL, LLY, MA, META, MSFT, NOC, NVDA, ORCL, SIEGY, TSM, VRT	AI, Climate, defense, energy, global, growth, security, technology	AI infrastructure spending continues to accelerate with hyperscalers committing billions to capex. Nvidia's data centre revenues could potentially double as they address over $500 billion of a trillion-dollar AI infrastructure opportunity. New opportunities emerging in robotics and sovereign AI applications.	SIE.DE MSFT ENR GR MSFT	View
2024 Q1	May 21, 2024	LRT Capital Management	0.0%	15.8%	ABG, ALGN, CCI, CHE, CIGI, CMCSA, CSWI, DINO, EXPO, FIX, GNRC, GPN, LAD, NOC, PBR-A, RLI, SAIA, SSD, TXN, WH	Beta, Hedging, Long/Short, quantitative, SMID Cap, Systematic	The fund maintains cautious positioning with low market beta exposure of 16.63% at month end. The manager continues to be cautious on the overall market as evidenced by current low market beta. Despite poor April performance, the strategy seeks to generate positive returns while controlling downside risks.		View
2025 Q1	May 2, 2025	LRT Capital Management	-	6.0%	ABG, CBOE, CCI, CHE, CIGI, CMCSA, COR, CVX, DRI, FIX, GPI, MKTX, NOC, PBR-A, REXR, RLI, SSD, TTC, UNH, WH	Beta, Fiscal, Hedging, Long/Short, Trade Policy, volatility	President Trump's universal tariff plans have roiled global markets and created policy uncertainty. The manager views tariffs as economically detrimental, comparing them to Import Substitution Industrialization policies that have failed historically. Hastily implemented tariffs will negatively affect the U.S. economy through slower growth, higher inflation, higher interest rates, and economic weakness.		View
2026 Q1	Apr 8, 2026	ClearBridge Investments Dividend Strategy	-	-	ADP, APO, AVGO, BX, ENB, EQT, HON, LHX, MSFT, NOC, ORCL, OTIS, RTX, TSM, WMB, XOM	AI, defense, dividends, energy, Geopolitical, inflation, semiconductors, software			View
2025 Q1	Apr 5, 2025	ClearBridge Investments Dividend Strategy	-	-	AIG, APO, AVGO, CVS, EIX, GILD, GOOGL, ITX.MC, KO, MSFT, NESN.SW, NOC, RTX, SAP, SRE, TEL, TMUS, WMB, XOM	defense, dividends, energy, tariffs, Utilities, value	The strategy focuses on companies with ability to deliver continued, robust dividend growth. Portfolio emphasizes quality compounders with steady dividend policies like Inditex.	TEL ITX.MC CVS	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
2026 Q1	Apr 13, 2026	Mawer International Equity Fund	0.2%	0.2%	0700.HK, AD.PA, AON, APH, BAM, BHP.AX, BNZL.L, BWXT, CACI, DB1.DE, EQNR, HDB, MSFT, NOC, SHOP.TO, SII.TO, SKE.TO	AI, defense, diversification, energy, Geopolitical, inflation, Quality			View
2025 Q1	Mar 31, 2025	ClearBridge Investments Large Cap Value	-	-	AAP, AVGO, BRK-B, CVS, CVX, EIX, GOOGL, LLY, MCHP, MCK, META, NOC, NVO, ORCL, ORLY, PGR, RTX, SRE, TRV, VNOM	AI, defense, energy, financials, healthcare, large cap, Utilities, value	The managers have taken advantage of expensive momentum-driven stocks to reallocate capital into areas where valuations are more reasonable yet fundamentals remain stable and defensive. The valuation gap between growth and value had reached historically extreme levels, making a reversion long overdue.		View
2024 Q4	Dec 31, 2024	Harding Loevner Global Equity	-	14.5%	0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, 9962.T, AAPL, ABBV, ACN, ADBE, ADYEN.AS, ALC, ALFA.ST, AMAT, AMZN, ATCO-A.ST, ATKR, ATU.TO, AVGO, BBCA.JK, BKNG, CME, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, RGEN, ROG.SW, ROK, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TW, UNH, VRTX, WMMVY	AI, Data centers, geopolitics, global, growth, semiconductors, technology, Trade Policy	Artificial intelligence continues to drive significant investment and growth across multiple sectors. The manager discusses the sustained momentum in AI development, with companies like OpenAI, xAI, Anthropic raising billions for infrastructure spending. New large language models have launched showing significant improvements, particularly in creating chains of thought to simulate human reasoning. The runway for model development remains long, suggesting sustainable demand for increasingly powerful hardware.		View
2023 Q4	Dec 31, 2023	Carillon Eagle Growth & Income Fund	-	-	AVGO, AZN, BLK, CVX, FDX, GPC, JPM, MSFT, NOC, PNC	AI, banks, dividends, energy, rates, technology, value	Broadcom appears to be one of the first real beneficiaries of generative artificial intelligence with meaningful revenue expected to show up in 2024. Microsoft's Azure cloud business has seen AI contribute strongly to its growth.		View
2025 Q3	Nov 23, 2025	Lux Capital	-	-	000660.KS, 005930.KS, ACN, AMZN, BA, CAP.PA, GOOGL, INTC, IT, LMT, META, MSFT, MU, NOC, NVDA, ORCL, RTX, TSLA	AI, Automation, Biotechnology, defense, geopolitics, Physical Sciences, semiconductors, Venture Capital	AI hyperscalers are spending over $400 billion in capex pursuing compute supremacy. The AI boom is profoundly physical requiring gigawatts of power, thousands of tons of copper wiring, and teraliters of cooling water. AI is transitioning from communication AI to physical AI including robotics, biology, defense, and manufacturing applications.		View
2025 Q3	Oct 9, 2025	ClearBridge Investments Dividend Strategy	-	-	AVGO, CMCSA, DEO, GOOGL, KO, LHX, META, MMC, NESN.SW, NOC, NSC, ODFL, ORCL, RTX, SRE, TEL, TMUS, TRV, UNH, UNP	AI, defense, dividends, large cap, Quality, risk management, technology, valuation	AI enthusiasm continued to propel the S&P 500 higher with sizable gains in IT and tech proxy sectors. The Strategy profited from AI exposure through holdings like TE Connectivity, Broadcom, and Oracle, though maintained disciplined risk management approach.	ODFL MARSH LHX TEL ORCL AVGO	View
2023 Q3	Oct 31, 2023	The London Company Income Equity	10.4%	14.6%	AAPL, CCI, CVX, NOC, NSC, PAYX, PFE, PGR, PM, TGT, TXN, VZ	defense, dividends, energy, large cap, Quality, technology, value	The Income Equity strategy focuses on higher overall dividend yield orientation and companies with attractive shareholder yields. The portfolio emphasizes dividend-paying companies as a significant component of expected total returns in the current environment.		View
2024 Q3	Oct 2, 2024	LRT Capital Management	0.0%	15.8%	ABG, ALGN, AMT, APO, BALL, CAAP, CGNX, CHE, CIGI, COP, DINO, EXPO, FIX, MCK, NOC, PAGS, RLI, SAIA, SSD, TSM	Alpha Generation, Long/Short, quantitative, risk management, Systematic			View
2025 Q3	Oct 14, 2025	Harding Loevner Global Equity	2.5%	10.6%	0700.HK, 1299.HK, 2308.TW, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, CPG.L, CSGP, D05.SI, DE, DHR, DPLM.L, ELV, EPI-A.ST, GLOB, GMAB, GOOGL, HDB, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY	AI, diversification, global, healthcare, momentum, technology, valuation	AI represents a real secular change reshaping industries but creates broad uncertainty in markets. The impact could be incremental or profoundly disruptive, making historical fundamentals less reliable. Markets reward companies perceived as central to AI buildout while penalizing those that don't fit the narrative.	TCEHY US GOOGL US TMO US ELV US VRTX US ACN US	View
2025 Q4	Jan 30, 2026	Unison Asset Management	0.0%	0.0%	AAPL, AMAT, AXP, BAC, BRK-B, CDW, DE, ELV, GOOGL, JPM, LMT, META, NOC, NU, NVDA, ONON, TSLA, TSM, UNH, WFC	AI, Cloud, Long Term, semiconductors, technology, value	AI continues to assert itself across markets and the real economy in ways that demand to be addressed. The race is for AGI, with wealth accruing to whoever reaches it first. Big Tech's AI spending accounts for roughly 90% of corporate capex and contributes an estimated half of total U.S. GDP growth in 2025. TSMC represents a durable bottleneck in the infrastructure layer—the point of least slack in the global silicon supply chain. All roads lead to TSMC, with approximately 67% share of global foundry revenue and roughly 90% share of leading-edge nodes. Alphabet's cloud business made meaningful progress with revenue expected to reach approximately $57 billion (+32% YoY), while operating profit is projected to nearly double. Revenue backlog is growing faster than reported revenue, underscoring the persistent supply-demand imbalance. By designing proprietary silicon and committing to capital outlays for data centers on a financial scale attainable by only a handful of nation-states, these firms have constructed a physical moat that is, for all practical purposes, unreplicable. On Holding represents a play on the growing scarcity of the real. As digital marketing becomes commoditized and AI floods the world with generic content, value migrates toward physical community and technical prestige. On is selling membership in a curated, physical ecosystem that AI cannot replicate.	AMRZ HOLN SW NU ONON BRK.B TSM GOOGL	View
2025 Q4	Jan 20, 2026	Harding Loevner Global Equity	1.9%	12.7%	0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300760.SZ, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, COMP.L, CSGP, D05.SI, DE, DHR, DPLM.L, EFX, ELV, EPI-A.ST, FN, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY	AI, global, international, semiconductors, technology, value	AI represents a capital-expenditure regime with two distinct camps: hyperscalers investing in computing capacity and physical enablers of the buildout. The US market is more dependent on AI continuing to surprise to the upside due to richer valuations and concentrated exposure. Global semiconductor ecosystem enables AI buildout, spanning chip foundries, memory-chip makers, and equipment manufacturers. International markets are more heavily tilted toward this manufacturing and infrastructure provider segment. International markets trade at roughly half the multiples of US stocks, offering more attractive valuations. Non-US markets start from cheaper valuations and possess more diverse growth opportunities unrelated to AI.	GOOG	View
2023 Q4	Aug 1, 2024	LRT Capital Management	0.0%	15.8%	ABG, ALB, ALGN, BALL, BF-B, CCI, CHE, CIGI, CSWI, DINO, EXPO, GPN, LAD, NOC, PSX, RLI, SSD, TPL, TSM, WH	Defensive, Long/Short, Market Neutral, Quality, risk management, valuation	Manager emphasizes owning high-quality companies that outperformed during December's challenging environment. Portfolio companies are described as firing on all cylinders with strong fundamentals.		View
2024 Q1	Jul 22, 2024	Qualivian Investment Partners	2.4%	15.3%	AJG, AMZN, BRO, DHR, GOOGL, JNJ, META, NOC, ORLY, SPGI, WSO	compounders, Concentration, large cap, Quality, technology, value	The fund focuses on quality compounders with wide moats, long reinvestment runways, and outstanding capital allocation. Portfolio companies demonstrate superior margins, growth, and return characteristics compared to the S&P 500. The fund seeks companies expected to compound capital at mid-teens rates over extended periods.		View
2023 Q3	Apr 10, 2023	LRT Capital Management	0.0%	15.8%	ABG, ACGL, ALGN, AZPN, BALL, CCI, CHE, DINO, ELS, EME, FIX, JKHY, NOC, RLI, SSD, TPL, TSM, URI, WH, WSM	Hedging, Long/Short, Quality, SMID Cap, Systematic	The fund focuses on high quality, diversified, and liquid companies with economic moats. The strategy emphasizes businesses with strong competitive dynamics that are unlikely to be meaningfully affected by small changes in interest rates.		View
2025 Q1	Mar 31, 2025	Harding Loevner Global Equity	-2.1%	-2.1%	002230.SZ, 0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, COMP.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, UNH, VRTX, WMMVY	AI, Geopolitical, global, Policy Uncertainty, Quality, semiconductors, technology, Trade Policy	The letter extensively discusses heightened US policy uncertainty, particularly around trade policy, with early salvos in the new trade war hitting China, then re-targeting Canada, Mexico, and US allies in Europe and Asia. The manager notes that tariffs and policies aimed at forcing US self-sufficiency create business uncertainty and undermine investment appetite.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 22, 2026	Substack	Alpha Seeker 84	Northrop Grumman	Aerospace & Defense	Defense	Neutral	New York Stock Exchange	Aeronautics, B-21 program, Buyback program, capital expenditures, Defense, defense budget, F/A-XX, Munitions, Northrop Grumman, Weapons	View Pitch
Jan 14, 2026	Seeking Alpha	Seeking Alpha	Northrop Grumman Corporation	Aerospace & Defense	Defense	Bull	New York Stock Exchange	aerospace and defense, B-21 program, defense budget, engineering resources, F/A-XX program, fighter jets, Northrop Grumman, stock discount, US Navy, valuation	View Pitch
Nov 6, 2025	Seeking Alpha	Seeking Alpha	Northrop Grumman Corporation		Aerospace & Defense	Bull		Aerospace & Defense, B-21 Raider, Defense Systems, innovation, Northrop Grumman, profitability, Reinvestment Strategy, Sentinel ICBM, Space Technology, valuation	View Pitch
Aug 13, 2025	Seeking Alpha	Moretus Research	Northrop Grumman Corporation	Industrials	Aerospace & Defense	Neutral	NYSE	—	View Pitch

BSD Shareholders of NOC

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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