PUM-DE

PUM-DE

PUM-DE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Magellan Global Opportunities Fund No. 1	-	-	ADS.DE, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, PUM.DE, RKT.L, SAP, T, TSM, UMG.AS, UNH, YUM	AI, consumer, global, growth, Quality, semiconductors, technology	Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI's long-term potential, considerable uncertainty remains on the pace and degree of monetisation, resulting in increasing risks to the market.		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
2024 Q2	Jul 19, 2024	Harry Qelm Baabsman	-	-16.5%	ADBE, AMZN, ASC.L, CRM, CSIQ, ENPH, GOOGL, HFG.DE, NVDA, PUM.DE, SEDG, SIGNF, TPIC, ZAL.DE, ZM	clean energy, Cloud, Cyclical, Europe, growth, long-term, value	The fund is heavily invested in clean energy companies, particularly solar energy firms like SolarEdge and Canadian Solar. The manager expects a recovery in the clean energy sector by 2025 after the current oversupply cycle. Solar energy installations continue to grow globally, with 2022 seeing 1185 Gigawatts installed.	TPIC HFG.DE SEDG	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
2025 Q3	Oct 16, 2025	Magellan Global Opportunities Fund No. 1	3.0%	-	ADS.DE, AMD, AMT, AMZN, AVGO, DEO, DISH, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, PUM.DE, RKT.L, SAP, SATS, T, TSM, UMG.AS, UNH, YUM	AI, consumer, global, Quality, semiconductors, technology	Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are circular in nature and heavily dependent on OpenAI growing and monetising its user base given limited current revenue. While positive on GenAI potential long term, considerable uncertainty remains on pace and degree of monetisation.		View
2023 Q3	Sep 30, 2023	Rondure New World Fund	-1.3%	-1.3%	0388.HK, 0700.HK, 2330.TW, 2331.HK, 9142.T, BBRI.JK, FPT.VN, GMXT.MX, GRGS.L, HDFCBANK.NS, KOF.MX, PUM.DE, PXT.TO, REC.MI, TCS.NS, YUMC	China, Currency, emerging markets, interest rates, international, Japan, small caps, value	The fund is overweight small-cap stocks which have been a challenging place to invest, especially as declining liquidity is more acute for smaller companies. Small caps have underperformed significantly versus large caps this quarter and year-to-date, creating a drag on performance but potentially better opportunities for active investors.		View
2023 Q3	Sep 30, 2023	Rondure Overseas Fund	-5.8%	-4.8%	0388.HK, 0700.HK, 2330.TW, 2331.HK, 9142.T, ALTEN.PA, BBRI.JK, FPT.VN, GMXT.MX, GRG.L, HDFCBANK.NS, KOF.MX, PUM.DE, PXT.TO, REC.MI, TCS.NS, YUMC	China, Currency, emerging markets, international, rates, small caps, value	The fund is overweight small-cap stocks which have been a challenging place to invest since inception, especially now as declining liquidity is more acute for smaller companies. Small caps have underperformed significantly this year relative to large caps, creating a drag on performance but potentially better opportunities for active investors.		View
2023 Q1	Mar 31, 2023	Rondure New World Fund	-1.3%	-1.3%	002430.SZ, 005930.KS, 051900.KS, 2330.TW, 3088.T, 3391.T, 6415.TW, DMP.AX, GMXT.MX, HCLT.NS, INMART.NS, MELI, PUM.DE, PXT.TO, TECHM.NS, TGS.OL	Banking, China, E-Commerce, emerging markets, India, Mexico, Travel	The quarter featured cascading collapse of several U.S. banks including Credit Suisse failure, creating the most serious banking crisis since 2008. Rondure was underweight financials which served them well as the sector was one of the poorer performers during the quarter.		View
2023 Q1	Mar 31, 2023	Rondure Overseas Fund	-5.8%	-4.8%	002430.SZ, 005930.KS, 051900.KS, 2330.TW, 3088.T, 3391.T, 6415.TW, DMP.AX, HCLT.NS, INMART.NS, MELI, PUM.DE, PXT.TO, TECHM.NS, TGS.OL	Banking, China, emerging markets, Quality, Travel, value	The quarter featured cascading collapse of several U.S. banks including Credit Suisse failure, creating the most serious banking crisis since 2008. The fund was underweight financials which served them well as the sector was one of the poorer performers during the quarter.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Mar 16, 2026	Substack	Triples Investing	Puma SE	Consumer Goods	Athletic Apparel	Bull	Frankfurt Stock Exchange	Anta Sports, athletic apparel, board representation, brand turnaround, China market expansion, Fila success, premium acquisition, Puma, strategic partnership, undervaluation	View Pitch

BSD Shareholders of PUM-DE

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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