OR-PA

OR-PA

OR-PA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q4	Feb 8, 2026	SGA – International Growth	1.0%	9.6%	1299.HK, 6098.T, 9983.T, ADYEN.AS, ALC, AON, ARM, BABA, CP, DSY.PA, EXPN.L, FEMSAUBD.MX, GALD, GRAB, HDFCBANK.NS, HEIA.AS, HLN.L, INFY, LIN, MELI, OR.PA, SAP, SE, SGE.L, SHOP, SRT3.DE, STE, TEAM, TSM, UL, UMG.AS, WALMEX.MX, WCN, YUMC	AI, Cyclical, E-Commerce, growth, international, Quality, Southeast Asia, valuation	SGA continues to believe the most attractive long-term AI opportunities reside with businesses building long-term value through proprietary data and integrated workflows. The portfolio is positioned to capture AI value through companies providing essential intellectual property and manufacturing capability for the AI ecosystem, including TSMC, Arm Holdings, SAP, and Dassault Systemes. The portfolio focuses on high-conviction quality growth businesses anticipated to achieve consistent mid-teens earnings growth with reduced variability. Despite market headwinds favoring cyclical assets, SGA maintains conviction in quality companies with predictable revenue and cash flow generation that should become more sought after if market volatility increases. New positions were established in Sea Limited and Grab Holdings, both Southeast Asian consumer internet companies with integrated ecosystems. Sea operates Shopee e-commerce platform with integrated payments and logistics, while Grab provides super-app services for ride-hailing, food delivery, and digital payments across Southeast Asia.	TEAM ARM DSY FP SRT GR 9983 JP	View
2025 Q4	Feb 8, 2026	SGA – Emerging Markets Growth	0.6%	22.8%	035420.KS, 0700.HK, 1299.HK, 1398.HK, 9983.T, BABA, BJFN, CPALL.BK, CPI.JO, FEMSA, GRAB, HDFCBANK.NS, HTHT, INFY, MELI, MMYT, OR.PA, SE, SLM.JO, TCS.NS, TME, TOTS3.SA, TSM, UL, WALMEX.MX, XP, YUMC	AI, Cyclical, E-Commerce, emerging markets, Quality, semiconductors, valuation	The rapid acceleration in artificial intelligence has been a key catalyst behind the recent cyclical resurgence across emerging markets. Large-scale capital expenditure by global hyperscalers has driven sharp increases in demand for semiconductors and data-center infrastructure. However, SGA believes the current trend of AI CapEx growth is unsustainable and has largely run its course due to structural constraints in power availability, skilled labor, and capital availability. Several investments in e-commerce leaders across Asia and Latin America, including MercadoLibre, Sea Limited and Alibaba, faced a more competitive operating environment during the period. As long-term investors, SGA observes that competitive intensity in these markets tends to ebb and flow over shorter time horizons, with market leaders typically emerging from such periods with strengthened strategic positions given inherent network effects. The portfolio's underweight to South Korean semiconductor companies, including Samsung Electronics and SK Hynix, was a key driver of relative underperformance. These stocks continued to benefit from strong AI-related memory demand and elevated investor enthusiasm. Memory chips are largely a commoditized product with weak pricing power, extreme capital intensity and pronounced boom-bust cycles that lead to volatile earnings. SGA sees worrying signs of excess and weakening lending discipline from credit markets. The scale of capital required has led to greater reliance on private credit markets and off-balance-sheet structures. Transactions such as Meta's $27 billion joint venture with Blue Owl Capital highlight both the availability of capital and the risk of excess. The sustained focus on cyclicality and momentum has driven the quality factor to historically depressed relative levels. The valuation premium for high-quality stocks has compressed to levels typically observed only during periods of crisis. SGA remains committed to businesses with pricing power, recurring revenues, and strong balance sheets - attributes that may be underappreciated in today's momentum-driven market.	OR FP TME GRAB SE BABA 9983 JP INFY TSM	View
2025 Q4	Jan 23, 2026	Aoris International Fund	0.0%	0.0%	ACN, AMZN, APH, ATCO-A.ST, CPRT, FAST, GWW, HLMA.L, IHG.L, JKHY, MSCI, OR.PA, RELX.L, SAP.DE	AI, international, long-term, Quality, technology, value	AI drove exceptional growth for data center-focused holdings like Amphenol and Halma, while creating market perception challenges for service companies like Accenture and RELX. The manager believes AI will ultimately benefit rather than harm these service businesses, as enterprise AI adoption requires complex change management and enhances rather than replaces proprietary data solutions. The manager emphasizes owning durable, resilient, market-leading businesses with competitive advantages and capable management. The portfolio focuses on companies with consistent earnings growth records, strong market positions, and the ability to gain market share over time through superior execution. The manager describes an unusually wide valuation gap between intrinsic value and share prices, with portfolio holdings trading at an average 25% discount to fair value. This stretched elastic band effect creates attractive prospective returns as valuations normalize over time.		View
2025 Q4	Jan 21, 2026	Polen Capital – Global SMID Company Growth	-2.7%	1.8%	0700.HK, ADBE, AMZN, BSX, CSGP, GOOGL, ICLR, LLY, MELI, NVDA, OR.PA, ORCL, PAYC, SGE.L, SHL.DE, SHOP, SPOT, TSM, WDAY, WTW	AI, global, growth, Quality, software, technology	The market experienced AI bubble concerns in Q4 that prompted a short-lived 5% sell-off, though NVIDIA's strong earnings report in late November alleviated the worst fears. Despite waning market enthusiasm in the AI trade, the managers believe the datacenter capex cycle should continue with revenues and earnings for critical players growing rapidly as they struggle to keep up with increasing demand. The portfolio's emphasis on quality growth investing was challenged by the market's preference for high-beta growth stocks, contributing to underperformance. The managers remain focused on competitive advantages and long-term business fundamentals while constantly re-assessing growth trajectories of portfolio companies competing in evolving global markets. Spotify was added as a new position, with the managers viewing it as a scaled two-sided network enjoying secular growth as streaming and smartphone proliferation become global norms. They believe music is the most under-monetized form of digital entertainment, with Spotify serving over 600 million active users and potential for greater than 20% annual free cash flow growth. Tencent Holdings was initiated as a new position, representing one of China's largest technology companies with leading positions in gaming, social media and payments. Despite economic headwinds, Tencent has remained a consistent growth business, compounding earnings growth at more than 30% annualized over the past 3 years.	SPOT 0700 HK ORCL LLY	View
2025 Q4	Jan 20, 2026	Harding Loevner International Small Companies Equity	-1.9%	15.1%	0005.HK, 0700.HK, AAPL, BHP.AX, BP.L, GSK, HSBA.L, LLY, MARS, MC.PA, MKC, MSFT, NESN.SW, OR.PA, PAN, SANOFI, SAP.DE, SHOP.TO, VOW3.DE, WEED.TO	AI, Consumer Staples, gold, growth, international, momentum, Quality, small cap	The fund emphasizes quality-growth investing that demands relentless skepticism toward market narratives and constant scrutiny of company fundamentals. They focus on financially strong, well-managed companies equipped with durable competitive advantages, operating in industries poised for long-term growth. The letter discusses how price momentum is a well-documented phenomenon where securities whose prices have risen are more likely to keep rising in the short run. When momentum takes hold, fundamentals usually fade from view while narratives are used to justify price moves. AI enthusiasm has lifted hardware and semiconductor stocks while weighing on shares of software and services holdings. The fund discusses AI infrastructure buildout and questions about the durability of demand across the AI supply chain, while also addressing concerns about AI disrupting IT services businesses. Gold is trading at its highest inflation-adjusted level in five decades, but it is a volatile commodity. Gold-mining companies have not had a great history of profitability other than when prices are unusually high, yet surging gold prices sparked a rally in mining stocks.	EVT GR HERDEZ MM 4527 JP 002891 CH CWK LN DIA IM	View
2025 Q4	Jan 18, 2026	Mayar Capital	4.5%	14.1%	005930.KS, 7476.T, 7974.T, BFAM, BKNG, BNNTF, CAP.PA, CFR.SW, CRDA.L, GOOGL, JNJ, KVUE, NESN.SW, NKE, OR.PA, PYPL, SOLV, TW.L, UL, UPS, V, VWS.CO	defense, fundamentals, global, Quality, Speculation, value	The fund maintains its disciplined value investing approach, focusing on boring companies with durable competitive advantages trading at reasonable prices. The manager emphasizes that fundamentals eventually win out despite current market speculation. The manager identifies significant red flags in circular financing fueling the AI boom, comparing it to vendor financing of the late 90s. Companies like Oracle, OpenAI, Nvidia and CoreWeave participate in arrangements that effectively fund their own customers' purchases. Strategy Inc. (formerly MicroStrategy) serves as a cautionary tale of speculative excess. The stock fell 60% as its premium to Bitcoin holdings evaporated, forcing the company to sell equity to cover preferred dividends rather than buy more Bitcoin.	NKE TW LN BKNG	View
2025 Q4	Jan 18, 2026	Magellan Global Opportunities Fund No. 2	1.4%	0.0%	AMT, AMZN, CMG, CRM, DG, ES, GOOGL, MA, MELI, META, MSFT, NESN.SW, NVO, OR.PA, SAP, TSM	AI, Cloud, consumer, Defensive, global, Quality, technology	AI continues to drive market leadership with companies like Alphabet demonstrating ability to leverage full stack approach. Microsoft's positioning affected by shifting views on AI leadership through OpenAI relationship. Meta doubling down on AI investments despite uncertain returns from non-core initiatives. AWS showing acceleration in Q3 growth as increased capex delivers returns. All incumbent cloud providers viewed as long-term winners despite short-term performance variations. Microsoft Azure growth moderating but still positioned well. Consumer environment remains challenging heading into 2026. Dollar General delivering operational improvements. Nestlé positioned to adapt with leading brands in attractive categories like coffee and pet care despite near-term margin pressures.		View
2025 Q4	Jan 15, 2026	Baillie Gifford -International Concentrated Growth	-6.7%	16.7%	0700.HK, 1211.HK, 1810.HK, 2413.T, 3690.HK, ADYEN.AS, ASML, ATCO-A.ST, BABA, BNTX, CPNG, DHER.DE, KER.PA, KINV-B.ST, MELI, MRNA, NU, NVDA, NVO, OCDO.L, OR.PA, PDD, RACE, RMS.PA, SAP, SE, SHOP, SPOT, TSLA, TSM, WISE.L	AI, concentrated, E-Commerce, growth, international, semiconductors, technology	Artificial intelligence continues to drive rapid operational progress across portfolio companies, with TSMC benefiting from AI-led demand and advanced nodes accounting for 74% of wafer revenue. ASML sees increasing lithography intensity driven by artificial intelligence. The managers view compute and generative AI as accelerating across industries as a key structural change driving economies over the next decade. E-commerce continues to reshape retail through greater convenience and lower costs, with portfolio companies like MercadoLibre, Shopify, and Sea Limited representing dominant positions in their respective markets. Despite near-term margin pressures from investments in logistics and fulfillment, the managers remain confident in the long-term digitization trend and competitive positioning of these platforms. The semiconductor sector shows strong momentum with TSMC reporting over 40% year-on-year revenue growth and ASML seeing substantial EUV demand with expectations for 15% sales growth in 2025. The managers emphasize the irreplaceable technology leadership and competitive moats of these companies as compute intensity rises globally. Digital media consumption continues progressing with Spotify demonstrating strong operating leverage, reaching 713 million users and 281 million subscribers while expanding operating margins to mid-teens levels. The platform's ecosystem depth and innovation strengthen its competitive position as media digitization advances.		View
2025 Q4	Jan 15, 2026	Baillie Gifford – US Equity Growth	-2.4%	17.2%	1299.HK, 6146.T, 6857.T, 6861.T, ADYEN.AS, ARGX, ASML, ATCO-A.ST, DSV.CO, GALP.SW, MELI, NU, OR.PA, RACE, RMS.PA, SE, SHOP, SPOT, TSM, WTC.AX	AI, E-Commerce, growth, international, semiconductors, technology	Artificial intelligence demand is driving structural growth in semiconductor testing equipment and memory chips. Advantest benefits from sustained AI data center investment with improved visibility, while SK Hynix leads in high-bandwidth memory (HBM) technology critical for AI infrastructure bottlenecks. The fund maintains significant exposure to semiconductor leaders across the value chain. TSMC and ASML delivered strong performance, while new position SK Hynix represents technological leadership in memory chips with two-year order book visibility driven by structural AI demand. Sea Limited showed strong growth with group revenues rising 40% year-on-year, led by Garena gaming and Shopee marketplace expansion. Management continues investing in logistics and fulfillment infrastructure despite near-term profitability pressures in Latin American operations. Spotify demonstrated continued operating progress with 11% user growth to 713 million and 12% subscriber growth to 281 million. Operating margins expanded to mid-teens with record quarterly free cash flow, supported by pricing optimization and advertising efficiency improvements.	GALD SW DSV DC RACE SE SPOT	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Mar 16, 2026	Substack	Rijnberk Invest Insights	L'Oréal S.A.	Consumer Goods	Personal Products	Bull	Euronext Paris	beauty industry, Brand investment, cash flow, Competitive Advantage, Emerging markets, innovation, long-term growth, market share, Pricing power, resilience	View Pitch

BSD Shareholders of OR-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
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