NXT

NXT

NXT

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 24, 2025	Andrew Hill Investment Advisors	-	-	AMSC, COST, EQT, GE, GEV, GLD, GOOGL, META, MSFT, NVDA, NXT, SEDG, SYK, TMO, VRTX, YETI	AI, Energy Transition, equities, Federal Reserve, gold, Rate Cuts, Solar, technology	The AI buildout continues to drive equity market performance with companies like Microsoft and Meta showing strong results from AI products. However, momentum is stalling for first-tier AI companies despite excellent earnings, suggesting the next phase may be led by second-tier companies focused on energy infrastructure for data centers.	YETI	View
2025 Q2	Jul 28, 2025	Harry Qelm Baabsman	-	9.7%	ADBE, BIRD, BWA, CRM, FLNC, GOOGL, HFG.DE, LIGHT.AS, LYFT, MGA, NVDA, NXT, PUM.DE, S92.DE, SEDG, SHOP.TO, THO, VWSB.CO, ZAL.DE, ZM	AI, clean energy, Cloud, E-Commerce, Solar, technology, value, Wind	Solar equipment companies like Nextracker grew 59% since December, while SMA Solar and SolarEdge combined grew 50%. The fund sees solar as a primary energy source with rapidly increasing presence, moving from below 0.5% to 5-7% of total energy consumption and above 10% of electricity generation worldwide.	ADBE PUM GR VWSB GR NXT ZAL GR ZM CRM	View
2025 Q1	May 31, 2025	Janes Henderson Global Sustainable Equity Fund	0.0%	0.0%	AAPL, APG, ICLR, LLY, MCK, NXT, PGR, PRY.MI, STN, SU.PA, UNH, WAB	AI, Energy Transition, Esg, growth, industrials, sustainability	The fund benefits from investments in renewable energy infrastructure including solar trackers, cables for wind and solar projects, and companies enabling the broader energy transition. Nextracker's solar tracker solutions and Prysmian's cables for renewable energy projects demonstrate strong performance in this theme.	PGR MCK ICLR APG PRY.MI NXTR	View
2026 Q1	Apr 8, 2026	Andrew Hill Investment Advisors, Inc.	-	-	1211 HK, AAPL, COST, EQT, GE, GEV, GOOGL, GRMN, MSFT, NFGC, NVDA, NXT, OKE, RIVN, TSLA, VRTX, YETI	AI, energy, geopolitics, Iran, Natural Gas, oil, semiconductors, technology		EQT OKE GOOGL AAPL NXT	View
2025 Q1	Mar 31, 2025	Forager International Shares Fund	-3.0%	-3.0%	4733.T, CAT, CLH, CRH, CROX, FI, FLTR.L, FOUR, INGA.AS, JD.L, LLOY.L, MOTR.L, NUTX, NXT, YETI, ZBRA	Cash, deployment, Europe, healthcare, small cap, tariffs, volatility	Trump's erratic tariff measures represent the largest upheaval to global trade since the Second World War. The unstructured, ad-hoc calculations behind which country gets whacked with what tariffs have erased confidence that there is a grand strategy in mind. These tariffs represent an enormous tax on already-struggling US consumers and are likely to cause a recession.	NUTX	View
2024 Q4	Feb 19, 2025	Harry Qelm Baabsman	-	-8.5%	AAPL, ADBE, AMZN, BIRD, CRM, CSIQ, GOOGL, HFG.DE, LIGHT.AS, META, MSFT, NVDA, NXT, PUM.DE, SEDG, SHOP, TPIC, TSLA, ZAL.DE, ZM	clean energy, Europe, long-term, technology, undervalued, value	The fund maintains deep exposure (up to 30% of portfolio) to wind, solar, and battery companies despite extreme sector decline in 2024. Manager views this as cyclical weakness similar to post-Fukushima crisis 2011-2013, with mathematical evidence showing global power generation shifting toward renewables at 3-5x the rate of fossil fuel installations.		View
2024 Q4	Dec 31, 2024	North Sky Capital	-	-	AMZN, GOOGL, META, MSFT, NXT, TSLA	AI, Battery Storage, clean energy, Data centers, Energy Storage, infrastructure, Renewable Energy, Solar	Infrastructure funds increased exposure to lithium-ion battery storage more than any other renewable sector in 2024. Recent validation through December liquidity event for mature storage projects in New York. Data centers need massive battery systems to store electrons from intermittent sources like wind or solar for 24/7 dispatch.		View
2025 Q4	Jan 19, 2026	Forager Australian Shares Fund	-1.9%	24.8%	ARX.AX, BVS.AX, CAT.AX, CCL.AX, CRH, EML.AX, FISV, FIX, IEL.AX, INCH.L, INGA.AS, LNR.TO, MAH.AX, NUTX, NXT, NZX.NZ, OFX.AX, PLT.AX, PPS.AX, WISE.L, ZEG.L	Australia, dispersion, Mining, Quality, small caps, technology, Tourism, value	Small cap stocks significantly outperformed large caps in 2025, with the Small Ordinaries returning almost 25% versus 10% for the All Ordinaries. Small resources companies drove much of this outperformance with a 73% return, while small industrials delivered a more modest 9% return. Mining services investments like Macmahon benefited from enthusiasm for gold, silver and copper, with the company's share price almost doubling in 2025 after almost a decade of mediocre returns. New contracts for civil infrastructure acquisition Decmil position the company well for future revenue guidance. Australian tourism is finally showing signs of recovery with international arrivals hitting 97% of 2019 levels in recent months. Travel has historically grown at a multiple of GDP growth and there is still catching up to do. Tourism stocks remain very cheap on recovered earnings expectations. AI enthusiasm drove strong performance in tech-heavy indices, but also created concerns about software companies' competitive moats. The theory that AI diminishes software value through 'vibe coding' is one the manager is willing to bet against at the right price, particularly for established platforms with security and reliability advantages. Quality businesses with strong moats and decades of earnings growth suffered in 2025 as share prices had been growing faster than earnings. High multiples became problematic even for the best businesses, resulting in years of no returns while earnings catch up or significant derating if both earnings and multiples come into question.	MAH AU PLT AU OFX AU ARX AU	View
2025 Q4	Jan 19, 2026	Forager International Shares Fund	-2.0%	15.0%	AUTO.L, BKNG, CRH, CRM, FISV, FIX, FLUT, G24.DE, INCH.L, INGA.AS, IT, LNR.TO, NUTX, NXT, PSI.TO, REA.AX, SES.MI, WISE.L, XRO.AX, ZEG.L	AI, global, Quality, small caps, technology, Travel, value	AI companies' insatiable demand for data centres and power generation led to significant returns for heating and cooling system installer Comfort Systems and solar equipment company Nextpower. Markets are increasingly questioning whether new AI-enabled competitors and solutions threaten the dominance of application software companies. The fund added three technology companies that have each halved over 2025 and hopes to add more. Many tech stocks had become expensive but recent falls present opportunities, though most still aren't cheap enough including Xero. International arrivals into Australia set post-Covid records in recent months, with August, September and October combined seeing arrivals hit 97% of 2019 levels. Travel has historically grown at a multiple of GDP growth and there is still catching up to do. Quality businesses with strong moats and decades of earnings growth suffered in 2025 as share prices had been growing faster than earnings. High multiples became a problem even for the best businesses, resulting in years of no returns or significant derating.	ARX AU ZEG LN NXT NUTX FISV	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 9, 2026	Fund Letters	Andrew Hill Investment Advisors, Inc.	NextPower	Solar	Electrical Equipment	Bull		clean technology, energy efficiency, renewable energy, robotics, Solar, Utility Scale	View Pitch
Jan 20, 2026	Fund Letters	Steve Johnson	Nextracker Inc.	Industrials	Electrical Equipment	Bull	NASDAQ	Execution, Policy, renewables, Solar, valuation	View Pitch
Jan 8, 2026	Fund Letters	Mr. Damir Babanazarov	Nextracker Inc.	Industrials	Electrical Components & Equipment	Bull	NASDAQ	growth, renewable energy, Solar, spin-off, Tracking Systems	View Pitch
Aug 8, 2025	Seeking Alpha	Brewvestor Insights	Nextracker	Energy	Solar	Bull	NASDAQ	—	View Pitch

BSD Shareholders of NXT

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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