REL-L

REL-L

REL-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	Bianco Research	-	-	BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO	Diversified, global, long-term, Private Capital, Public Companies, value creation	Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following a series of AI-related announcements which led to a significant re-rating of the shares. The manager took advantage of this performance to realize gains from Oracle.		View
2025 Q2	Jun 30, 2025	Castlebay Investments	-	-	AJB.L, CRDA.L, GRG.L, ITRK.L, MSFT, NXT.L, REL.L	Financial Repression, inflation, Quality, switching costs, United Kingdom, value	The fund focuses on quality companies with pricing power that can protect investors in a financial repression age. These businesses exhibit strong switching costs, high returns on equity, stable profit margins, and require less debt to generate superior returns.	AJB.L GRG.L	View
2023 Q2	Jun 30, 2023	Brown Capital Management International All Company Fund	4.8%	14.4%	ABCM, AFX.DE, AUTO.OL, COH.AX, MBLY, MELI, NVO, REL.L, SIM.CO, TEMN.SW	AI, Exceptional Growth Companies, growth, healthcare, international, technology	The fund is actively reviewing portfolio companies to gauge the impact of generative AI on their businesses. RELX has developed Lexis+ AI, a generative AI platform for legal work built on proprietary legal content. All portfolio companies could see productivity improvements from adopting generative AI models.	MBLY ABCM REL.L	View
2025 Q1	May 20, 2025	Tall Oak Capital Advisors	-	-	AEM, AMZN, AR, COST, EHC, EQIX, GOOGL, JPM, LLY, LRCX, MA, MELI, META, MRK, MS, MSFT, NVDA, PANW, REL.L, VRSK	Canada, Deglobalization, diversification, downside protection, global, Resilience, tariffs, Trade Policy	The first quarter marked a pivotal moment in global trade dynamics with the announcement of Liberation Day tariffs in early April, raising effective U.S. tariff rates to levels not seen in nearly a century. This signals a structural regime shift toward economic nationalism, strategic industrial policy, and deglobalization that will create more regionalized supply chains and persistent inflationary pressures.	MELI	View
2026 Q1	May 11, 2026	Liontrust GF Special Situations Fund	-8.5%	-8.5%	ATG.L, AZN.L, BP.L, CRW.L, DATA.L, GAMA.L, GSK.L, REL.L, SGE.L, SHEL.L, TCAP.L	AI, energy, oil, Quality, small caps, technology, Uk, valuation		ATG.L GAMA.L SHEL.L BP.L	View
2025 Q1	Apr 23, 2025	Oak Ridge investment	-	-	BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO	diversification, Funds, Long Term, NAV, Private Capital, Public Companies	Oracle, Microsoft and Alibaba Group were strongest performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following a series of AI-related announcements which led to significant re-rating of the shares. The company took opportunity to realise gains from Oracle position given strong AI-driven performance.		View
2026 Q1	Apr 14, 2026	Focus Wealth Management	-	-	ENX.PA, EXPN.L, LSEG.L, MSFT, REL.L, SAP.DE	AI, diversification, energy, geopolitics, inflation, Iran, technology, Valuations		MSFT	View
2026 Q1	Apr 13, 2026	ClearBridge Investments International Growth ADR Strategy	-	-	4063.T, 4307.T, 5802.T, 6920.T, 7532.T, ASM, ASML, CHKP, EADSY, ENGI.PA, IX, MELI, REL.L, RIO, SAP, SHOP, SPOT, WDS.AX	AI, defense, energy, Geopolitical, growth, international, Japan, semiconductors			View
2025 Q1	Apr 1, 2025	Guinness China	-0.1%	-0.1%	BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO	diversification, Funds, Long Term, NAV, Private Capital, Public Companies	Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of the shares. The company took opportunity to realize gains from Oracle given the strong AI-driven performance.		View
2025 Q1	Mar 31, 2025	Evolve Private Wealth	-	-	BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO	Diversified, Funds, Investment Trust, long-term, Private Capital, Public Companies	Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following a series of AI-related announcements which led to a significant re-rating of the shares. The company took the opportunity to realize gains from Oracle given the strong AI-driven performance.		View
2025 Q4	Feb 8, 2026	BlackRock Global Dividend Fund	2.2%	19.3%	000001.SZ, 000660.KS, AAPL, ALVY.DE, AVGO, AZN, BABA, CMS, GOOGL, KO, MSFT, REL.L, SONY, TSM	dividends, Europe, financials, global, healthcare, Quality, technology	AI infrastructure demand remains strong, supporting memory companies like SK Hynix. However, AI concerns are creating headwinds for some businesses like RELX, where sentiment remains cautious about AI's potential impact on parts of their operations. The fund focuses on carefully selected quality companies with strong dividend growth potential. The strategy aims to provide dividend growth and consistent returns with lower volatility over the long-term through high-quality, dividend-paying companies.	FBK IM	View
2024 Q4	Dec 31, 2024	Lansdowne Partners European Fund	-1.6%	7.3%	AHT.L, ASML.AS, CAP.PA, CFR.SW, CPG.L, EL.PA, FER.MC, INF.L, ISP.MI, KBC.BR, LDO.MI, LIN, ML.PA, NOVO-B.CO, REL.L, RTO.L, SAMPO.HE, SHEL.L, SIKA.SW, SU.PA, TEL2B.ST, WTB.L	concentrated, Europe, industrials, materials, value	The fund holds significant exposure to industrial companies including Compass Group, Leonardo, Schneider Electric, and RELX. These companies are experiencing varying performance driven by operational improvements, cost efficiency programs, and market share gains despite challenging end markets.	ML.PA LIN CAP.PA SIKA.SW LDO.MI EL.PA CPG.L	View
2025 Q3	Nov 25, 2025	Caledonia Investment	-	7.3%	BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO	AI, diversification, global, Private Capital, Public Companies, technology	Strong performance from Oracle, Microsoft and Alibaba Group driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of shares. AI developments are creating opportunities across technology holdings.		View
2025 Q3	Nov 17, 2025	Liontrust GF Special Situations Fund	-	-	AZN.L, GSK.L, QLT.L, REL.L, WEIR.L	Data Analytics, Mining, Pharmaceuticals, small cap, technology, UK Equities	GSK and AstraZeneca were top performers with strong earnings and guidance raises. GSK raised 2025 sales and earnings guidance after double-digit growth from specialty HIV and oncology drugs. AstraZeneca benefited from pricing agreement optimism and reiterated low double-digit core EPS growth guidance.		View
2025 Q3	Oct 9, 2025	ClearBridge Investments International Growth ADR Strategy	-	-	0700.HK, 1211.HK, 3064.T, 8035.T, ADYEN.AS, AEM, ALC, ARGX, ARM, BBVA, BVI.PA, CLS.TO, CPG.L, DOL.TO, DTE.DE, HDB, HSBA.L, KBC.BR, KOF, L.TO, LSEG.L, MELI, NVO, NVZMY, PRY.MI, REL.L, SAN, SAP, SFTBY, SIK.SW, SONY, SPOT, STMN.SW, TRI.TO, UCB.BR, VNA.DE	AI, banks, Biotechnology, China, Europe, growth, international, value	European biotechs Argenx and UCB delivered solid contributions with robust sales growth and positive clinical trial results. Argenx benefited from strong Vyvgart autoimmune treatment sales and renewed pipeline confidence. UCB rose on strong uptake of recently launched treatments Bimzelx and Rystiggo, plus positive Phase 3 seizure disorder trials.	CLS CN UCB BB	View
2025 Q3	Oct 31, 2025	Castlebay Investments	-	-	AZO, BA.L, BATS.L, BRBY.L, DGE.L, DNLM.L, DOM.L, HSBA.L, IMB.L, ITRK.L, LSEG.L, NVO, NXT.L, REL.L, RKT.L, RR.L, SHEL.L, ULVR.L	Banking, Branding, Quality, ROE, underperformance, United Kingdom, valuation, value	The fund focuses on Quality companies with high returns on equity (35% vs market 12%) and superior operating margins (21% vs market 16%). The manager emphasizes investing only in Quality companies within their investment universe, avoiding lower quality businesses despite market performance.		View
2023 Q3	Oct 25, 2023	ClearBridge Investments International Growth ADR Strategy	5.7%	0.0%	1299.HK, ADYEN.AS, AMS.PA, ARGX, ASML, AZN, BNP.PA, CPU.AX, DB1.DE, DSNKY, Gold, ITX.MC, KER.PA, LIN, MC.PA, NVDA, NVO, OCLSY, REL.L, ROG.SW, SAFRY, SAND.ST, SAP, SMCAY, SU, TEP.PA	AI, growth, international, Japan, Pharmaceuticals, semiconductors, value	The strategy remains committed to a disciplined, valuation approach to portfolio construction that delivers diversification by investing across three types of growth companies: secular, structural and emerging. The managers believe the portfolio is well-positioned to deliver alpha as headwinds of restricted global liquidity and lower-quality leadership begin to dissipate.	SMCAY ARGX AZN ASML	View
2025 Q3	Oct 19, 2025	Artisan International Fund	5.0%	34.0%	015760.KS, 0700.HK, 300750.SZ, 8306.T, 9988.HK, ABI.BR, AI.PA, AMZN, ARGX, BATS.L, BN.PA, BNP.PA, DB1.DE, DTEGY, LLOY.L, LSE.L, NG.L, REL.L, TSCO.L, UBS	Asia, defense, Electrification, Europe, financials, healthcare, international, technology	Government spending on defense will continue to grow systematically over the next decade as NATO countries have committed to spend 5% of their GDP over that time frame. Companies that offer high-quality defense systems and related components at attractive prices will inevitably grow their business. Several holdings within this theme are seeing their order books building over several years.	3750 HK 012450 KS UBSG SW UCB BB	View
2023 Q4	Jan 5, 2024	Sparrow Wealth Management	-	-	BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO	Diversified, Funds, Investment Trust, Long Term, Private Capital, Public Companies	Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of the shares. The company's AI focus contributed to strong returns across the Capital portfolio.		View
2025 Q4	Jan 23, 2026	American Century International Growth Fund	0.3%	15.6%	6758.T, 6954.T, 7532.T, AI.PA, AIR.PA, ASML, AZN, BABA, BVI.PA, GALDA.SW, GLE.PA, IBE.MC, RACE, REL.L, ROG.SW, SAP, SU.PA	AI, Automation, Europe, international, Japan, large cap, Pharmaceuticals	Artificial intelligence-related market uncertainty drove broad rotation into value and away from growth. While investment in data centers has created optimism, concerns persist about financing, supply chain and power constraints. Investors also continue to consider the impact of AI on traditional business models. Demand for AI-integrated processes and robotics has increased as businesses move to factory automation. Companies are poised to benefit from new applications in industries like agriculture. The fund initiated a position in FANUC, expecting revenue and earnings to accelerate as global automation demand grows. Companies in the pharmaceuticals industry have focused on new products in therapeutic areas with unmet needs, including cancer and skin conditions. These select companies with innovative product pipelines are positioned to benefit from an inflection in growth. The acceleration of digitalization is benefiting technology holdings exposed to cloud computing, automation, digital payments and IT services growth. Japan-based companies, in particular, are investing heavily to increase efficiency and profits as they seek to catch up with their international competitors.		View
2024 Q4	Jan 19, 2025	Sharp Capital	-	-	BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO	Diversified, global, Long Term, Private Capital, Public Companies, value	Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of the shares. The company's AI focus contributed to strong returns across the Capital portfolio.		View
2025 Q4	Jan 15, 2026	M&G Investment	0.0%	0.0%	000660.KS, 005930.KS, 0700.HK, 2308.TW, 2317.TW, BABA, BE, EXPN.L, GOOGL, LITE, LSEG.L, NVDA, REL.L, STX, TSM, WDC	AI, geopolitics, Polarisation, Quality, semiconductors, technology, value	AI remains a dominant theme with opportunities broadening beyond enablers to beneficiaries and providers. The team expects AI-related investment opportunities to encompass an increasing number of companies that stand to benefit from capital-fuelled AI advancements, while being selective about frothy valuations. Quality stocks suffered their worst relative decline in developed markets in more than two decades in 2025. The team is taking advantage of the market shunning quality stocks, finding opportunities in companies with high return on capital and good long-term defensive characteristics that have been unfairly de-rated. US Growth versus Value shows the widest valuation gap in decades, while Value has performed better in other regional markets, notably Europe and the UK. The team sees opportunities for Value catch-up as AI moves from builders to users across traditional sectors. Semiconductor cycle remains strong with companies like SK Hynix and Samsung Electronics delivering substantial earnings upgrades. However, there are risks that higher prices could lead to demand destruction as customers baulk at paying elevated prices for electronics.		View
2024 Q3	Sep 30, 2024	American Century International Growth Fund	6.6%	0.0%	0669.HK, 6501.T, 6861.T, 6981.T, 7011.T, 9983.T, AI.PA, ASML, AZN, BVI.PA, CLNX.MC, ICLR, LSEG.L, NESN.SW, NVO, ONON, RACE, REL.L, SAP, SU.PA	Energy Transition, growth, healthcare, infrastructure, international, Pharmaceuticals, semiconductors, technology	Governments have committed to major infrastructure investment with fiscal stimulus programs enabling large-scale infrastructure projects to begin. There are now a large number of megaprojects underway around the world offering long-term growth opportunities to companies involved in building and adjacent products and services.		View
2024 Q3	Sep 30, 2024	Lansdowne Partners European Fund	1.1%	9.1%	ASML, CAP.PA, CPG.L, DG.PA, EL.PA, IBE.MC, INF.L, ISP.MI, KBC.BR, LDO.MI, LIN, ML.PA, NESN.SW, NVO, REL.L, RTO.L, SCHN.PA, SHEL.L, SIKA.SW, TELE2.ST	Europe, industrials, infrastructure, Logistics, materials, value	UK logistics demand-supply dynamic is improving structurally with speculative construction starts down 30-40% over the last 12 months and stabilising demand environment. Segro positioned to deliver sustained 3-4% ERV growth with tier-1 assets and attractive development opportunities.	NOVO-B.CO ML.PA SGRO.L FER.MC SIKA.SW	View
2024 Q2	Jul 15, 2024	Cooper Investors Global Equities Fund (Unhedged)	5.5%	5.4%	ACN, AER, BKNG, CDW, CRM, ERF.PA, FER.MC, FERG.L, GEHC, GOOGL, HDB, LPX, LSEG.L, REL.L, ROL, RTO.L, SONY, TSM, ULTA, YUMC	AI, global, growth, Quality, semiconductors, value	Portfolio has 10% exposure through TSMC and Alphabet, with TSMC positioned to extract more value from AI profit pools and Alphabet leveraging AI across search, YouTube, and cloud. Manager sees AI revolution making companies with unique datasets more valuable as it permanently improves business models, citing examples like RELX's LexisNexis Legal business and GE Healthcare's diagnostic imaging.		View
2024 Q2	Jun 30, 2024	Lansdowne Partners European Fund	0.8%	7.9%	ASML, BOL.ST, CBK.DE, CPG.L, DG.PA, EL.PA, HLMA.L, INF.L, ISP.MI, KBC.BR, LIN, ML.PA, NVO, REL.L, RTO.L, RYA.L, SHEL.L, SIKA.SW, SU.PA, TEL2B.ST	Europe, industrials, technology, Telecom, value	ASML maintains monopolistic position in EUV lithography equipment with ROIC >30%. Despite weak Q1 orders of EUR 3.6bn versus Q4's EUR 9.2bn, the weakness is attributed to lumpy order patterns and TSMC's negotiating position. Supply chain feedback on 2nm remains positive, supporting EUV ramp expectations.	TEL2B.ST EL.PA ASML.AS	View
2023 Q2	Jun 30, 2023	ClearBridge Investments International Growth ADR Strategy	5.7%	0.0%	0005.HK, 0388.HK, 0700.HK, 4568.T, 7733.T, 8035.T, ACN, ALC, AMS.MC, ASML, CP.TO, DTE.DE, ITX.MC, KER.PA, LSEG.L, NICE, REL.L, TEP.PA, TRI.TO, XRO.AX	AI, growth, healthcare, international, Japan, semiconductors, technology, value	The team is excited about generative AI potential both from current portfolio positioning and innovative companies being researched. They believe AI will be adopted widely across sectors with productivity improvements. Portfolio holding Accenture positioned to guide companies with AI implementation.		View
2023 Q1	Apr 14, 2023	Mawer International Equity Fund	6.9%	16.0%	AMZN, BA.L, FBK.MI, GOOGL, HO.PA, MC.PA, MSFT, REL.L, RHM.DE, SHB-A.ST, TD.TO, WKL.AS	Banking, Bonds, Canada, defense, Europe, global, technology	Defense companies performed well in the quarter reflecting expectations for structurally higher defense spending by NATO countries. Holdings in defense companies such as Rheinmetall, Thales, and BAE Systems had strong returns.		View
2024 Q1	Mar 31, 2024	Lansdowne Partners European Fund	7.0%	7.0%	AHT.L, ASML, BOL.ST, CAP.PA, CFR.PA, CPG.L, DG.PA, EL.PA, IBE.MC, INF.L, ISP.MI, KBC.BR, LDO.MI, LIN, ML.PA, NESN.SW, NVO.CO, REL.L, RYA.L, SAMPO.HE, SE.PA, SHEL.L, SIK.SW, TELE2-B.ST, UPM.HE	defense, Europe, financials, growth, healthcare, technology, value	European defense spending expected to experience major up-cycle with potential to add over EUR 80bn to regional defense budgets to meet NATO 2% GDP requirement. Leonardo positioned to benefit from increased equipment procurement and electronic content trends.	EL.PA REL.L LDO.MI KBC.BR ASML.AS	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Aoris International Fund	RELX PLC	Communication Services	Professional Services	Bull	London Stock Exchange	Academic, Auto Insurance, Decision Tools, Embedded Solutions, financial services, Legal Services, Professional Data, recurring revenue, Workflow Integration	View Pitch
Apr 28, 2026	Fund Letters	Brown Capital Management International All Company Fund	RELX PLC	Communication Services	Professional Services	Bull	London Stock Exchange	Artificial Intelligence, Data Analytics, generative AI, information services, Legal Technology, professional services, SaaS, subscription model, UK	View Pitch
Apr 13, 2026	Fund Letters	Aoris International Fund	RELX PLC	Communication Services	Professional Services	Bull	LSE	AI technology, Data Analytics, Legal Tech, LexisNexis, margin expansion, professional services, SaaS	View Pitch
Apr 13, 2026	Fund Letters	Lansdowne Partners European Fund	RELX PLC	Communication Services	Professional Services	Bull	London Stock Exchange	analytics, GenAI, growth, Hard Currency Markets, Legal Services, professional services, risk management, technology integration	View Pitch

BSD Shareholders of REL-L

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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