NVT

NVT

NVT

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 24, 2025	Voya Small Company Fund	-	-	HIMS, MGNI, MUR, NSP, NVT, RKLB	AI, growth, healthcare, industrials, small cap, technology, value	The technology sector surged in 2Q25, driven by artificial intelligence growth as hyperscalers increased capital expenditure and improved ways to profit from their AI investments. The communication services sector also saw strong gains, benefiting from AI advancements and robust earnings.		View
2025 Q2	Jul 18, 2025	Mairs & Power - Growth Fund	-	1.9%	AAPL, AMZN, CGNX, FAST, FI, GOOGL, HRL, JPM, META, MSFT, NVDA, NVT, PANW, TECH, TSLA, TSM, UNH, WK	AI, Automation, cybersecurity, financials, growth, healthcare, large cap, technology	AI continues to dominate market performance with 40 AI-related stocks in the S&P 500 accounting for 75% of market returns since ChatGPT's 2022 launch. The infrastructure buildout is extraordinary with projected capital spending on AI data centers reaching $6.7 trillion by 2030. Machine vision technology has progressed more in the past six months than in the prior two decades thanks to AI, enabling systems to adapt and operate reliably in real-world conditions.	PANW CGNX	View
2025 Q2	Jul 18, 2025	Mairs & Power – Small Cap Fund	-	-8.3%	AIR, AZEK, CASY, CLFD, HUBG, INSP, JHX, KNF, MEDP, MGPI, NVT, PATK, TREX, WK	AI, healthcare, infrastructure, materials, small caps, technology, valuation	AI-related stocks in the S&P 500 have accounted for around 75 percent of the market's return since ChatGPT's 2022 launch. Roughly 40 percent of capital expenditures are linked to AI. Investment in infrastructure required to power, cool, and connect a more data-intensive economy continues, with the AI and data-center buildout fueling a multi-year capital-expenditure cycle.	JHX TREX PATK	View
2025 Q2	Jul 17, 2025	Ariel Appreciation Fund	5.8%	-	BWA, CLB, FI, GS, KMX, NTRS, NVT, SLB, SPHR, ZBH	AI, Financial Services, mid cap, Oil Services, small caps, tariffs, Trade Policy, value	Reignited enthusiasm for artificial intelligence themed stocks helped drive U.S. indices to new all-time highs during the quarter recovery. The manager expects the current market rally to broaden beyond the AI trade with support from tax cuts and deregulation.	GS FI KMX SLB CLB NVT SPHR NTRS GS FI KMX CLB	View
2024 Q1	May 7, 2024	Upslope Capital Management	14.8%	18.1%	8697.T, ATR, BALL, BARN.SW, CACI, CHG.L, DPLM.L, FTT.TO, GRMN, HSY, INTC, KOG.OL, NVT, NWC.TO, TECN.SW	Cocoa, commodities, defense, Hedging, Long/Short, mid cap, value	Unprecedented surge in cocoa prices creating crisis for chocolate industry. Manager sees this as opportunity for large players like Barry Callebaut and Hershey to gain market share from smaller competitors who may be wiped out. Expects cocoa prices to eventually revert like other commodity squeezes in history.	HSY BARN.SW	View
2025 Q1	May 1, 2025	Mairs & Power - Growth Fund	-4.7%	-4.7%	AAPL, AMZN, FI, GOOGL, JPM, LFUS, META, MSFT, NVDA, NVT, RHHBY, TSLA, TSM, UNH, V, WEC	AI, growth, large cap, semiconductors, tariffs, technology, volatility	The emergence of DeepSeek, a Chinese AI startup, jolted the Information Technology sector by unveiling large language models with comparable functionality to American rivals at a fraction of the cost. This undermined prevailing wisdom that AI requires exorbitant computing power and called into question vast AI investments. The fund remains excited about AI prospects but less enthusiastic about lofty valuations and has been reducing positions accordingly.	TSM	View
2026 Q1	Apr 29, 2026	Mairs & Power - Growth Fund	-3.8%	-3.8%	AMP, ENTG, FAST, LFUS, MSFT, MSI, NVT, SFM, TTC, WM	AI, Data centers, energy, Geopolitical, industrials, materials, technology, value		WM AMP SFM	View
2024 Q1	Apr 15, 2024	FMI Small Cap Equity	-0.8%	10.7%	ACGL, BRK.B, CNM, CSL, DLTR, ETN, G, GTES, MU, NOFCY, NVT, PGR, PHG, PLXS, RHI, SAFRY, SMIN, SONY, UNH, YOKOY	Balance Sheet, Construction, international, Quality, small cap, Valuations, value	FMI emphasizes investing in advantaged companies trading at discounts to intrinsic value for temporary reasons. Small Cap and International stocks continue to trade at meaningful discounts with relative valuations around two standard deviations below historical levels. The setup appears favorable for value-oriented investing.	WEIR.L SCHW GTES	View
2024 Q1	Apr 15, 2024	FMI All Cap Equity	-1.8%	11.2%	ACGL, BRK.B, CARR, CNM, CSL, DLTR, ETN, FERG, G, GTES, MAS, MU, NVT, PGR, PHG, PLXS, RHI, SCHW, SONY, UNH	Construction, financials, international, Quality, small caps, value	FMI emphasizes investing in advantaged companies trading at discounts to intrinsic value for temporary reasons. All portfolios trade at sizeable discounts to core benchmarks while owning well-run, durable businesses. The firm focuses on finding opportunities outside the Magnificent Seven where valuations and expectations are far less lofty.	WEIR.L SCHW GTES	View
2024 Q1	Apr 15, 2024	FMI Large Cap Equity	-4.0%	10.5%	6841.T, ACGL, BRK.B, CNM, CSL, DLTR, ETN, G, GTES, MU, NVT, PGR, PHG, PLXS, RHI, SAF.PA, SMIN.L, SN.L, SONY, UNH	active management, Construction, Finance, Quality, small caps, Valuations, value	FMI emphasizes investing in advantaged companies trading at discounts to intrinsic value for temporary reasons. All portfolios trade at sizeable discounts to core benchmarks while owning well-run, durable businesses. The firm focuses on finding opportunities where valuations and expectations are far less lofty than mega cap technology.	WEIR.L SCHW GTES	View
2024 Q1	Apr 15, 2024	FMI International Equity	-7.4%	2.7%	4403.T, 6841.T, ACGL, ATR, BECN, BRK.B, CSL, DCI, FBIN, GTES, MU, NVT, PHG, RHI, SAFRY, SCHW, SMIN.L, SN.L, SONY, SSD, WEIR.L	Construction, discount, international, Quality, small caps, Valuations, value	FMI emphasizes investing in advantaged companies trading at discounts to intrinsic value for temporary reasons. All portfolios trade at sizeable discounts to core benchmarks while owning well-run, durable businesses. The firm targets companies with attractive risk/reward profiles through full cycles.	WEIR.L SCHW GTES	View
2024 Q1	Apr 15, 2024	Ariel Appreciation Fund	9.9%	0.0%	BIO, KN, LAZ, MSGE, NVST, NVT, SNA, WBA	AI, earnings, Electrical, Entertainment, healthcare, mid cap, value	Investor enthusiasm around artificial intelligence drove broad-based market rally in Q1. AI-themed mega-cap stocks showed exuberance that may eventually prove excessive, though patient investors focus on fundamentals over market psychology.	BIO NVST KN WBA MSGE LAZ NVT	View
2024 Q1	Apr 15, 2024	Ariel Small Cap Value Strategy	10.1%	0.0%	CG, DNB, LAZ, LIND, MGPI, NVT, OSW, SPHR	AI, Electrical, Entertainment, small cap, Spirits, Travel, value	Investor enthusiasm around artificial intelligence drove broad-based market rally in Q1. AI-themed mega-cap stocks dominated performance, though their concentration and elevated valuations remain influential on overall market performance.	MGPI DNB OSW LIND NVT LAZ SPHR	View
2024 Q1	Apr 15, 2024	Mairs & Power – Small Cap Fund	0.0%	9.0%	AMZN, AZEK, CASY, CLFD, CTLT, CVRX, DOC, KNF, LFUS, MEDP, META, MGPI, MSFT, NVDA, NVT, PIPR, PLXS, TNC, WK	AI, financials, productivity, small caps, technology, value	Small cap stocks continue to trade at a significant discount to their larger cap peers, with small caps trading at a 32% discount to the broader market as measured by the S&P 500, and at a 14% discount to small cap stock's average as measured by the S&P 600. This is despite the average of analysts' earnings growth estimates for small cap companies outpacing large cap companies for the next several years. The fund sees great opportunities to invest in small companies with above-average growth prospects that are trading at favorable valuations.		View
2025 Q4	Feb 12, 2026	Artemis US Select Fund	7.0%	10.0%	AMAT, AMD, AXON, CAH, CTVA, ETN, IQV, KO, LLY, LYV, META, MU, NVT, PH, RCL, WDC	AI, growth, healthcare, Pharmaceuticals, semiconductors, technology, US Equities	The manager expects greater dispersion between AI winners and losers, having demonstrated ability to analyze and identify these groups over the past three years. AMD rallied after announcing significant AI-related partnerships, positioning the fund to benefit from continued AI trade evolution. Healthcare is a sector the manager is optimistic about and has been building exposure to following an extended period of underperformance. Eli Lilly's obesity and diabetes franchise continues to exceed expectations, particularly with Mounjaro sales ahead of estimates. The fund increased semiconductor exposure during the quarter, with Micron completely selling out of memory chips and forecasting higher profit margins. Applied Materials was added as a new position in semiconductor wafer fabrication equipment.		View
2023 Q4	Nov 1, 2024	Upslope Capital Management	14.8%	18.1%	8697.T, ATR, BALL, CACI, CHG.L, DPLM.L, EMG.L, FTT.TO, GRMN, INTC, KOG.OL, NVT, NWC.TO, TECN.SW	defense, Geopolitical, Long/Short, mid cap, reshoring, technology, value	Manager emphasizes defense stocks as a key investment theme driven by geopolitical tensions in Ukraine, Israel, and China. Specific investments include Chemring (UK defense contractor) and Kongsberg Gruppen (Norwegian defense company), with the manager stating to own defense stocks and broad reshoring winners.	INTC NWC.TO BWXT\|CCO CN\|NVTS\|PACK\|QDEL\|SG CHG.L	View
2025 Q3	Oct 24, 2025	Mairs & Power - Growth Fund	8.0%	10.1%	AAPL, AMZN, CGNX, FAST, FI, GOOGL, HRL, JPM, META, MSFT, NVDA, NVT, PANW, TECH, TSLA, TSM, UNH, WK	AI, Automation, cybersecurity, Data centers, growth, healthcare, large cap, technology	AI continues to dominate market performance with 40 AI-related stocks in the S&P 500 accounting for 75% of market returns since ChatGPT's 2022 launch. The fund remains excited about AI's potential to reshape industries and enhance productivity, having integrated AI tools into their own investment process. However, many AI-related stocks now appear generously valued, leading to selective position trimming where enthusiasm has outpaced fundamentals.		View
2025 Q3	Oct 24, 2025	Mairs & Power – Small Cap Fund	-	2.1%	AIR, AZEK, CASY, CLFD, HUBG, INSP, JHX, KNF, MEDP, MGPI, NVT, PATK, TREX, WK	AI, earnings, GLP1, infrastructure, small caps, technology, value	AI-related stocks in the S&P 500 have accounted for around 75% of market returns since ChatGPT's 2022 launch. Investment in infrastructure to power, cool, and connect a data-intensive economy shows durable momentum. The AI and data-center buildout is fueling a multi-year capital expenditure cycle extending beyond semiconductors to power generation, transmission, distribution, nuclear capacity, and thermal management.	PATK	View
2024 Q3	Oct 14, 2024	Upslope Capital Management	14.8%	18.1%	7011.T, 8697.T, ATR, BARN.SW, CHG.L, CME, CMPO, DPLM.L, FTT.TO, GRMN, HSY, KOG.OL, NVT, NWC.TO, TDY, WPK.TO	defense, Europe, Exchanges, Long/Short, Midcap, value, volatility	CME Group represents an attractive business that has been relatively out of favor versus peers due to exaggerated worries about new competition and the end of the interest rate hiking cycle. The financial exchange sector is comprised of durable, monopoly-like businesses with a history of predictable mean-reversion. CME is positioned to benefit from continued interest rate volatility and ever-expanding U.S. government debt issuance.	7011.T CMPO CME	View
2025 Q4	Jan 18, 2026	Mairs & Power - Growth Fund	2.7%	10.5%	FI, HRL, ISRG, JPM, MSFT, MSI, NVDA, NVT, RHHBY, TECH, UNH, ZTS	AI, growth, healthcare, large cap, technology, valuation	AI and increasing market concentration took center stage in 2025, driving market narrative with valuations pushing higher and corporate spending accelerating. The fund believes we are entering a transition period for AI with signals the cycle is moving into a higher risk phase given the flood of capital and unusual financing structures. AI-related companies continue to command premium valuations while other sectors remain reasonably priced. This valuation divide continues to guide investment activity, with the fund remaining wary of companies trading at exceedingly high valuations that imply exceptional multi-year earnings growth. The fund added Zoetis focusing on animal health pharmaceuticals with AI integration in R&D processes, and Intuitive Surgical leveraging AI to enhance robotic surgical systems. Both companies represent opportunities to harness AI for long-term competitive advantages in healthcare.		View
2025 Q4	Jan 18, 2026	Mairs & Power – Small Cap Fund	0.0%	4.0%	ABT, AIR, BSY, CASY, CVRX, EXAS, INSP, KNF, MEDP, MGPI, NVT, WK	AI, earnings, healthcare, rates, small caps, technology, Valuations	AI and increasing market concentration took center stage in 2025, with the rate of investment in technology and AI infrastructure spending driving market narrative. McKinsey projects nearly $7 trillion in capital expenditures will be needed worldwide by 2030 to build up AI infrastructure. The managers believe they are entering a transition period for AI, with signals that the cycle is moving into a higher risk phase given the flood of capital and unusual financing structures. Small cap companies are showing their first signs of earnings growth recovery after three years of contraction, posting 13% growth in 2025. Small cap stocks are still trading at a significant discount to the S&P 500, which the managers believe presents an attractive opportunity for long-term investors. Lower interest rates, reduced corporate tax burdens, and regulatory relief could offer further support to small caps. The Federal Reserve cut rates in the fourth quarter with expectations for lower interest rates continuing into 2026. Lower rates should provide a tailwind to profitability for smaller companies and make it easier for them to find talent. Interest rate changes take time to work through the economy, typically around a year to feel the effects.		View
2023 Q3	Sep 30, 2023	Mairs & Power - Growth Fund	0.0%	19.0%	AMZN, GOOGL, HRL, JPM, MSFT, NVDA, NVT, SCHW, T, TECH, TMUS, TTC, UNH, USB, VZ	AI, growth, healthcare, industrials, large cap, technology, Telecommunications, value	AI remains in the forefront of investors' minds and will have a profound effect on the economy and society over the coming years. The fund believes AI will have the largest impact in the near term on large enterprises that can harness AI to increase workforce productivity and improve customer experience. They remain skeptical of lofty valuations and have been trimming holdings accordingly.		View
2023 Q3	Sep 30, 2023	Mairs & Power – Small Cap Fund	0.0%	9.0%	AIR, AZEK, CASY, CFR, CLFD, DCI, FIBK, GBCI, JAMF, NVT, TTC, WK	AI, Banking, financials, industrials, small cap, technology, value	The fund views artificial intelligence as crucial for creating workforce efficiencies amid changing labor market dynamics. They see investment opportunities in technology companies utilizing AI to create efficiencies in the workforce. The fund favors companies likely to benefit from recent advancements in AI.		View
2024 Q2	Jul 23, 2024	Mairs & Power - Growth Fund	0.0%	19.0%	AAPL, AMZN, GGG, GOOGL, JPM, LLY, META, MSFT, NVDA, NVT, QCOM, ROK, TECH, USB, WK	AI, growth, healthcare, industrials, large cap, semiconductors, technology	The fund is well-positioned to benefit from AI adoption through holdings in Nvidia, which continues to see immense demand for GPU chips powering generative AI. Companies like Qualcomm and nVent are also benefiting from AI market enthusiasm, with Qualcomm's technology playing a big role in AI inferencing on smartphones and nVent's liquid cooling solutions needed for AI datacenters.	NVT QCOM	View
2024 Q2	Jul 23, 2024	Mairs & Power – Balanced Fund	0.0%	11.0%	AAPL, AMP, AMZN, CASY, ECL, ENTG, FAST, GGG, GOOGL, HRL, HSY, JPM, LFUS, LLY, MDT, META, MSFT, NVDA, NVT, TECH	Balanced, dividends, healthcare, industrials, rates, technology, value	The fund acknowledges the AI-fueled technology boom surrounding the largest companies but maintains valuation discipline. While remaining positive on long-term AI prospects, the fund's diversified approach left it underexposed to the narrow AI leadership group that drove market returns.		View
2024 Q2	Jul 23, 2024	Mairs & Power – Small Cap Fund	0.0%	9.0%	ALRS, ASB, AZEK, CASY, CFR, CLFD, CVRX, GBCI, HUBG, INSP, JBT, KNF, MEDP, MGPI, NVT, PIPR, QCRH, TNC, WK, WTFC	healthcare, interest rates, Regional Banks, small caps, technology, value	Small cap stocks currently trade at a 40% discount to the broader market as measured by the S&P 500, a 13% discount to the S&P 500 Equal-Weighted Index, and at a 15% discount to small cap stocks' long-term average. Analysts' earnings growth estimates for small cap companies outpace large cap companies for the next several years. The fund continues to see great opportunities to invest in small companies with above-average growth prospects that are trading at favorable valuations.		View
2024 Q2	Jul 15, 2024	Upslope Capital Management	14.8%	18.1%	8697.T, ATR, BALL, BARN.SW, CACI, CHG.L, DPLM.L, FTT.TO, GRMN, HSY, KOG.OL, NVT, NWC.TO, TDY, WPK.TO	defensives, Europe, Long/Short, mid cap, Quality, value	The fund holds multiple defense contractors including Kongsberg Gruppen, Teledyne, and Chemring Group. These companies are positioned to benefit from accelerating sector tailwinds and rising defense spending globally. Teledyne is specifically noted as being positively exposed to rising defense spending trends.	WPK.TO DSFIR.AS TDY	View
2023 Q2	Jun 30, 2023	Mairs & Power – Small Cap Fund	0.0%	9.0%	ALTR, ASB, AZEK, CFR, CLFD, ENTG, ENV, FIBK, GBCI, JAMF, LFUS, NVT, THRM, TTC	AI, Banking, healthcare, industrials, small caps, technology, Valuations	The manager discusses artificial intelligence as a key driver of Technology sector performance, noting investor excitement over AI has boosted large tech names like Alphabet, Amazon, Microsoft, and Nvidia. They maintain a favorable long-term view on Technology given growth in AI, automation, and cloud computing but are cautious near-term due to over-extended valuations.		View
2023 Q4	Jan 28, 2024	Mairs & Power – Small Cap Fund	0.0%	9.0%	AIR, ALTR, AZEK, CFR, CLFD, DGII, ENTG, INSP, JAMF, KNF, NVT, PIPR, SNBR, THRM	financials, healthcare, industrials, infrastructure, small cap, technology, value	Industrial companies are positioned to benefit from significant multi-year state and federal government infrastructure projects which will likely play out in the coming decade. Knife River is viewed as ideally positioned to address multiple significant state and federal infrastructure stimulus programs spanning many years.		View
2024 Q4	Jan 15, 2025	Upslope Capital Management	-7.3%	9.4%	7011.T, 8697.T, ATR, AXON, BARN.SW, CHG.L, CME, CMPO, CRL, DPLM.L, DSFIR.AS, GRMN, HSY, KOG.OL, NVT, NWC.TO, QQ.L, TDY, VFC, WPK.TO	Cyclical, defense, Europe, healthcare, Long/Short, turnaround, value	Multiple defense holdings including QinetiQ, Chemring, and Mitsubishi Heavy Industries positioned to benefit from accelerating UK, European, and Japanese defense spending. QinetiQ particularly well-positioned for AUKUS customers and evolving battlefield requirements.	QQ.L VFC CRL	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Mairs & Power - Growth Fund	nVent Electric PLC	Industrials	Electrical Equipment	Bull	NYSE	AI datacenters, Datacenter infrastructure, Electronic protection, liquid cooling, Minneapolis, organic growth, spinoff, thermal management	View Pitch
Apr 13, 2026	Fund Letters	Ariel Appreciation Fund	nVent Electric plc	Industrials	Electrical Components & Equipment	Bull	NYSE	data centers, electrical equipment, Electrification, Industrials, infrastructure, operational improvements, secular growth	View Pitch
Apr 13, 2026	Fund Letters	Ariel Appreciation Fund	nVent Electric plc	Industrials	Electrical Components & Equipment	Bull	NYSE	Bull, data centers, electrical equipment, Electrification, Free Cash Flow, infrastructure, margin expansion	View Pitch
Apr 13, 2026	Fund Letters	Ariel Small Cap Value Strategy	nVent Electric plc	Industrials	Electrical Equipment	Bull	NYSE	data centers, electrical equipment, Electrification, Free Cash Flow, infrastructure, innovation, margin expansion, organic growth	View Pitch

BSD Shareholders of NVT

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
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