PUB-PA

PUB-PA

PUB-PA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Brandes International Equity Fund	10.4%	22.3%	005930.KS, 086280.KS, 6273.T, BABA, CAP.PA, CX, ERJ, GSK.L, HEI.DE, HEIA.AS, KER.PA, OTEX.TO, PETR4.SA, PUB.PA, SAN.PA, STM, TAK, TSM, UHR.SW, WPP.L	AI, Automation, emerging markets, Europe, industrials, international, technology, value	AI-related investments drove strong performance across multiple holdings. Alibaba benefited from aggressive AI investment plans and growth in AI-related products and cloud revenue. Samsung and TSMC gained from positive AI sentiment. Capgemini is positioned to benefit from increased corporate spending on enterprise AI applications despite near-term headwinds.	6273.T	View
2024 Q1	May 9, 2024	Polaris International Equity	5.8%	10.1%	000270.KS, 000660.KS, 005930.KS, 007700.KS, 055550.KS, 066570.KS, 2338.HK, 4502.T, 6758.T, 8002.T, ANTO.L, BPOP, DTG.DE, GNC.L, HNR1.DE, LUMI.TO, MEOH, MNDI.L, MUV2.DE, NOMD.L, NXT.L, OTEX, PUB.PA, SKG.L, TEP.PA, YAR.OL	Asia, cyclicals, Europe, international, materials, technology, value	The electrification of everything and resurgent Chinese economy drove demand, while supply constraints from declining production rates at productive mines and political disruptions created tight market conditions. This benefited pure copper players like Lundin Mining and Antofagasta PLC, both jumping over 20% for the quarter.		View
2024 Q1	May 9, 2024	Polaris Global Equity	6.9%	12.7%	000660.KS, 005930.KS, 066570.KS, ALSN, ANTO.L, CG, CROX, DCOM, DTG.DE, HNR1.DE, LUN.TO, MKSI, MSFT, MUV2.DE, NXT.L, OTEX, PUB.PA, SKG.L, SONY, TEP.PA	AI, Copper, financials, global, industrials, rates, technology, value	AI was a driving force behind divergent results for portfolio holdings. Publicis Groupe advanced after announcing a strategy to become the industry's first AI-powered Intelligent System. Teleperformance declined on concerns that generative AI will disrupt their call center business. Microsoft continues to benefit from AI demand despite no longer being the cheapest stock in the portfolio.		View
2026 Q1	Apr 29, 2026	Cambiar International Equity Fund	-3.4%	-3.4%	3064.T, AIR.PA, COLOB.CO, EDP.LS, PUB.PA, RYA.L, SAP, SWM	AI, energy, international, Quality, value			View
2026 Q1	Apr 22, 2026	Pzena International Value ADR Strategy	1.1%	1.1%	005930 KS, 6326.T, 7733.T, ACN, BAS.DE, EQNR, MC.PA, NOK, P911.DE, PUB.PA, RKT.L, SHEL, UU.L	AI, China, energy, Europe, international, Recovery, value		P911.DE UU.L MC.PA	View
2026 Q1	Apr 21, 2026	BNY Mellon Global Equity Income Fund	2.4%	2.4%	BARC.L, COP, FANG, MSFT, PSX, PUB.PA, SGOB.PA, UMG.AS	AI, dividends, energy, Geopolitical, income, rates, valuation			View
2026 Q1	Apr 21, 2026	Brandes International Equity Fund	2.6%	2.6%	005930 KS, 4502.T, 4503.T, CAP.PA, ENGI.PA, F34.SI, KER.PA, OTEX, PBR, PUB.PA, SAP, STM, SW.PA, WPP.L	AI, emerging markets, energy, Europe, international, Pharmaceuticals, semiconductors, value			View
2026 Q1	Apr 17, 2026	Polaris International Equity	5.1%	5.1%	000270 KS, 000660 KS, 005930 KS, 055550 KS, 2318 HK, 6758.T, 8002.T, BABA, BPOP, CAP.PA, DNB.OL, E, IAG.L, LUN.TO, MEOH, PUB.PA, RYA.L, TEP.PA, TTE, YAR.OL	diversification, energy, Geopolitical, international, materials, technology		RYA.L 000270.KS 8002.T DNB.OL 005930.KS 000660.KS TTE.PA ENI.MI LUN.TO MEOH YAR.OL	View
2026 Q1	Apr 16, 2026	Ariel International Fund	-2.9%	-2.9%	2454.TW, 300176.SZ, 3436.T, 6383.T, BAYN.DE, ENGI.PA, EUROB.AT, IFX.DE, INF.L, MKS.L, ORA.PA, PUB.PA, SYENS.BR, SZG.DE, WCH.DE	Asia, Europe, Geopolitical, inflation, international, technology, Utilities, value			View
2026 Q1	Apr 16, 2026	Ariel Global Fund	-2.5%	-2.5%	1024 HK, 2454.TW, 6383.T, BAYN.DE, ENGI.PA, EUROB.AT, FDX, FITB, FSLR, IFX.DE, INTC, MKS.L, ORA.PA, PUB.PA, SZG.DE	AI, Automation, Energy Transition, financials, Geopolitical, global, semiconductors, value			View
2024 Q1	Apr 15, 2024	ClearBridge Investments International Growth ADR Strategy	5.7%	0.0%	0388.HK, 1299.HK, 8035.T, ASML, EDP.LS, IBE.MC, ITX.MC, MC.PA, MNDY, NESN.SW, NVO, PUB.PA, RACE, SAF.PA, SAND.ST, SAP, SE.PA, SONY, SU, TSM, ZEAL.CO	AI, Europe, growth, international, Japan, Luxury, Rate Cuts, semiconductors	Positions tied to generative AI drove performance for the second straight quarter. Semiconductor equipment makers Tokyo Electron and ASML, which manufacture equipment critical to the development of GPUs that power large language models, were top contributors. Enterprise resource planning software maker SAP was also a standout.		View
2025 Q1	Mar 31, 2025	BNY Mellon Global Equity Income Fund	7.8%	7.8%	1299.HK, AZN, B3SA3.SA, BAE.L, CME, CSCO, DEO, DPSGY, EL, JNJ, MDT, PUB.PA, SIEGY, SNY, STLA, TAP, UMG.AS	defense, dividends, Equity, global, income, inflation, rates, value	NATO members' pledges to significantly increase defense spending due to US pressure boosted defense stocks like BAE Systems, which reported record annual profits for 2024 and huge increase in sales guidance for 2025.		View
2025 Q1	Mar 31, 2025	Brandes International Equity Fund	10.8%	10.8%	005930.KS, 1876.HK, 4502.T, BABA, BNP.PA, CA.PA, ERJ, GSK.L, HEI.DE, HEIA.AS, HEN3.DE, ISP.MI, ORA.PA, PUB.PA, RR.L, SAN.PA, STM, TSM, UHR.SW, WPP.L	aerospace, Beverages, emerging markets, Europe, financials, international, semiconductors, value	The fund emphasizes value investing philosophy with holdings trading at compelling valuation levels relative to benchmarks. International stocks and value stocks offer attractive return potential based on current valuations, with value stocks trading in the cheapest quartile relative to growth stocks historically.	RI.PA CAP.PA WMMVY	View
2025 Q3	Oct 24, 2025	Brandes International Equity Fund	8.1%	32.2%	005930.KS, 086280.KS, 4502.T, 6273.T, BABA, CAP.PA, CX, ERJ, GSK.L, HEI.DE, HEIA.AS, KER.PA, OTEX, PBR, PUB.PA, SAN.PA, STM, TSM, UHR.SW, WPP.L	AI, Automation, emerging markets, Europe, international, Outperformance, technology, value	AI-related investments drove strong performance across multiple holdings. Alibaba benefited from aggressive AI investment plans and growth in AI-related products and cloud revenue. Samsung and TSMC gained from positive AI sentiment. The fund sees AI deployment as a catalyst for enterprise spending and IT services recovery.	SMC JP SMC JP	View
2025 Q3	Oct 16, 2025	Polaris Global Equity	5.0%	18.5%	000660.KS, 005930.KS, 055550.KS, 5019.T, 6758.T, 8306.T, 8591.T, ABBV, ALSN, BARRY.SW, BPOP, CAP.PA, CG, CVS, DHL.DE, DTG.DE, ELV, GD, IAG.L, IPS.PA, JAZZ, LKQ, LNTH, LUN.TO, MEOH, MG, MKSI, MNDI.L, MPC, NEE, PUB.PA, SBH, SLM, UNH, UTHR, VIPS	AI, Energy Transition, financials, global, healthcare, semiconductors, Trade Policy, Valuations	The current two-speed economy is characterized by a narrow AI-driven boom versus subdued growth across most other industries. Just seven mega-cap U.S. tech stocks drove nearly 60% of the S&P 500 gains in 2025 to date. The frothy valuations in the AI tech sector should make investors cautious, as concentrated indices could face material correction if the AI boom busts.		View
2025 Q3	Oct 16, 2025	Polaris International Equity	4.8%	24.5%	000660.KS, 005930.KS, 055550.KS, 5019.T, 6758.T, 8306.T, 8591.T, BPOP, CAP.PA, DPW.DE, DTG.DE, IAG.L, JAZZ, LUN.TO, MEOH, MG, MNDI.L, PUB.PA, TEP.PA, VIPS	AI, Energy Transition, Europe, financials, international, Japan, semiconductors, Trade Policy	AI enthusiasm drove market gains with concentration in mega-cap tech stocks. Samsung and SK Hynix benefited from HBM memory progress and AI chip demand. The manager notes frothy AI valuations and warns of potential correction if the AI boom busts.		View
2025 Q3	Oct 15, 2025	Ariel Global Fund	5.0%	-	009150.KS, 0425.HK, 3436.T, 6460.T, 6981.T, BT-A.L, FDX, FME.DE, FSLR, HUM, INF.L, INTC, MTB, PUB.PA, ROG.SW, SYENS.BR, VT	AI, Energy Transition, global, healthcare, semiconductors, Telecommunications, value	The fund is positioned to benefit from Edge AI adoption through holdings in semiconductor and electronic component companies. Murata Manufacturing is benefiting from rising demand for Edge AI which significantly increases multilayer ceramic capacitor content per device. Samsung Electro-Mechanics is well-positioned to benefit from rising Edge AI adoption and accelerating demand for AI accelerators.		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
2024 Q3	Sep 30, 2024	Ariel International Fund	7.6%	0.0%	005930.KS, CHKP, FUJHY, JD, PUB.PA, SNY, STLA, TSCO.L	Autos, China, cybersecurity, healthcare, international, Stimulus, technology, value	JD.com benefited from China's stimulus measures that boosted consumer confidence and spending. The company's strategic diversification into general merchandise, third-party marketplace expansion, and advertising monetization contributed to consecutive quarterly earnings beats. JD.com is positioned to capitalize on China's home appliance trade-in program.	TSCO.L PUB.PA 005930.KS STLA FUJHY SNY CHKP JD	View
2024 Q3	Sep 30, 2024	Ariel Global Fund	6.9%	0.0%	005930.KS, 7270.T, AD.AS, CHKP, CMA, DANSKE.CO, DLG.L, JD, PUB.PA, SNY, STLA, TFC, TSCO.L, USB, WAL	Automotive, Banking, China, cybersecurity, global, Pharmaceuticals, Stimulus, value	Ariel's non-consensus approach seeks to identify undervalued, out-of-favor franchises that are misunderstood and therefore mispriced. The fund believes growth stocks are trading at elevated valuations, whereas value stocks remain cheap. They strongly believe reasonably priced, higher quality companies offering sustainable, profitable growth and robust balance sheets will be the drivers of future outperformance.	WAL TSCDY PUB.PA CMA STLA 7270.T 005930.KS SNY CHKP JD	View
2024 Q2	Jun 30, 2024	Polaris International Equity	5.8%	10.1%	000270.KS, 000660.KS, 005380.KS, 055550.KS, 066570.KS, 2338.HK, 8001.T, 8002.T, ANTO.L, BARN.SW, DG.PA, DNB.OL, DTG.DE, FTK.DE, GNC.L, IPS.PA, JAZZ, LUN.TO, MEOH, MG, MUV2.DE, NOVN.SW, OTEX, PUB.PA, SVEG.OL, TEP.PA, U11.SI, YAR.OL	AI, Asia, Copper, Europe, international, materials, technology	Copper prices increased over 20% from mid-February to late May due to tight supply and high demand from energy transition applications such as electric vehicles, as well as artificial intelligence and automation. Lundin Mining and Antofagasta PLC benefited from these copper trends.		View
2025 Q1	Mar 31, 2025	Ariel International Fund	11.7%	11.7%	0002.HK, 7832.T, AQN, BBNI.JK, BIDU, CHKP, ELE.MC, ISP.MI, NOKIA.HE, ORA.PA, PUB.PA, SRG.MI, TSCO.L, TSM, V03.SI	AI, Banking, international, tariffs, technology, Utilities, value	The quarter tested American leadership in Artificial Intelligence as the Magnificent Seven fell nearly 15% amid questions about U.S. AI dominance. TSMC shares decreased on weakening sentiment regarding AI growth, though the company is expected to benefit from secular AI growth trends longer-term.	ISP.MI BBNI.JK AQN.TO TSM PUB.PA TSCO.L ORA.PA CHKP 7832.T	View
2025 Q1	Mar 31, 2025	Polaris Global Equity	4.1%	4.1%	000660.KS, 005930.KS, 066570.KS, ABBV, ALSN, ARW, CFR, CG, CVS, DCOM, DG.PA, DNB.OL, DTE.DE, EBC, ENI.MI, FTK.DE, GILD, HNR1.DE, IAG.L, INCH.L, IPG, LOOM.ST, MEOH.TO, MGA.TO, MKSI, MPC, MSFT, MTB, MUV2.DE, NTRS, NXT.L, OTEX.TO, PFS, PUB.PA, SBH, SDZ, SW, TTE, UTHR, VIPS, WBS, WMB, WSBC	AI, energy, Europe, financials, global, tariffs, technology, Trade	The Trump Administration has initiated far-reaching changes to reset decades of global trade agreements. Tariffs came to the forefront of every discussion in global markets, with broader-than-expected tariffs causing market volatility. By disrupting natural trade flows, tariffs can lead to reduced economic efficiency and slower global growth.		View
2025 Q1	Mar 31, 2025	Polaris International Equity	5.7%	5.7%	000660.KS, 005930.KS, 066570.KS, 6758.T, DG.PA, DNB.OL, DTE.DE, DUNI.ST, ENI.MI, FTK.DE, HNR1.DE, IAG.L, INCH.L, LOOM.ST, MEOH.TO, MG.TO, MUV2.DE, NXT.L, OTEX.TO, PUB.PA, SDZ.SW, SPOG.OL, SW, TTE.PA, VIPS	AI, energy, Europe, financials, international, semiconductors, tariffs, Trade Policy	The Trump Administration initiated far-reaching changes to reset decades of global trade agreements. Tariffs came to the forefront of every discussion in global markets, disrupting natural flow of trade and comparative advantage, leading to reduced economic efficiency and slower global growth.		View
2023 Q4	Jan 18, 2024	Polaris Global Equity	6.9%	12.7%	000270.KS, 000338.SZ, 000660.KS, 005930.KS, 6758.T, 7267.T, AD.AS, ALSN, AMC, BERY, BPOP, BWY.L, COF, ENI.MI, GD, HNR1.DE, IBOC, IPS.PA, JAZZ, KGX.DE, MSFT, MUV2.DE, NOV, NOVN.SW, NXT.L, PUB.PA, SBH, SDZ.SW, SKG.L, SLM, TW.L, WBS, YAR.OL	AI, Banking, financials, global, interest rates, value	Banking sector outperformed after Fed shifted narrative from rate increases to possible declines in 2024. Thirteen financial holdings recorded gains exceeding 15%, including U.S. banks and German reinsurers benefiting from hard market pricing and better investment returns.		View
2023 Q4	Jan 18, 2024	Polaris International Equity	5.8%	10.1%	000270.KS, 000660.KS, 005930.KS, 2338.HK, 6758.T, 7267.T, 8001.T, AD.AS, AMC.L, ANTO.L, BPOP, BWY.L, DG.PA, DTG.DE, ENI.MI, FTK.DE, HNR1.DE, IPS.PA, JAZZ, KGX.DE, LUN.TO, MEOH, MUV2.DE, NVS, NXT.L, PUB.PA, SDZ.SW, SKF-B.ST, SKG.L, TEP.PA, TW.L, YAR.OL	AI, consumer discretionary, industrials, international, rates, value	Manager emphasizes purchasing cash-flow generative companies at excellent values, noting that more appropriately priced cost of capital is particularly beneficial for value stocks. The gale force headwind of growth over value stocks for the past decade is shifting, especially in international markets.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Ariel International Fund	Publicis Groupe SA	Communication Services	Advertising	Bull	Euronext Paris	advertising, Data Analytics, digital platform, france, growth, Marketing, technology	View Pitch
Apr 13, 2026	Fund Letters	Ariel International Fund	Publicis Groupe SA	Communication Services	Advertising	Bull	Euronext Paris	advertising, Data Analytics, digital platform, france, Marketing communications, Revenue Growth, technology	View Pitch
Apr 13, 2026	Fund Letters	Ariel Global Fund	Publicis Groupe SA	Communication Services	Advertising	Bull	Euronext Paris	advertising, Data Analytics, digital platform, Digital transformation, france, Marketing, Revenue Growth, technology	View Pitch

BSD Shareholders of PUB-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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