RHHBY

RHHBY

RHHBY

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 27, 2025	Brown Advisors Global Leaders Strategy	12.6%	12.4%	AZO, COLOB DC, EXPN LN, GE, ILMN, INTU, MSFT, PBRI IJ, RHHBY, TSM, ZTS	Capital Allocation, downside protection, global franchises, IRR, Quality	The commentary emphasizes investing in a concentrated set of global franchises with strong customer outcomes and durable economics. Downside protection, disciplined capital allocation, and long-term IRR calibration are core to the process. Quality businesses are positioned to compound through cycles despite macro shocks.		View
2024 Q1	Apr 15, 2024	Mairs & Power – Growth Fund	0.0%	19.0%	CASY, NVDA, RHHBY, ULTA, VZ	-			View
2025 Q4	Jan 23, 2026	American Century Equity Income Fund	1.8%	11.9%	BDX, EPD, GOOGL, JNJ, JPM, MCD, MCHP, MDLZ, MDT, MMC, MU, NSC, PEP, PNC, RHHBY, SYY, TFC, UL	Consumer Staples, dividends, financials, healthcare, Quality, value	The fund continues to focus on higher-quality companies with stable revenues and profits, low indebtedness, resilient cash flows and predictable business models that are less sensitive to economic conditions. This approach is viewed as offering resilience amid continuing inflation and uncertain macroeconomic conditions. Healthcare led all sectors in the fourth quarter after being beaten down for much of the year. The fund remains keen on healthcare stocks, particularly those in the healthcare equipment and supplies industry, because they are attractively valued and demand tends to be less susceptible to changes in the economic environment. The fund's investment objective focuses on current income and long-term capital growth, with a strategy of investing in companies believed to be undervalued. The portfolio positioning emphasizes income generation through dividend-paying stocks and preferred securities.		View
2025 Q4	Jan 22, 2026	Thornburg Equity Income Builder Fund / Thornburg Investment Income Builder Fund	7.0%	37.0%	005930.KS, AVGO, AZN, BNP.PA, C, CME, DTEGY, ELE.MC, ENEL.MI, KPN.AS, MRK, NN.AS, NVS, ORAN, PFE, RHHBY, T, TSCO.L, TSM, TTE	dividends, financials, global, healthcare, Telecommunications, Utilities, value	The fund maintains exposure to dividend-paying firms with resilient businesses and strong capital structures. The portfolio's weighted average dividend yield of 4.2% significantly exceeds the MSCI Index's 1.7% yield. Most holdings have made reasonable progress growing their bases of paying customers and distributable cash flows to support multi-year dividend growth. The portfolio trades at attractive valuations with a weighted harmonic average 2025 consensus P/E ratio of 14.3x, well below the MSCI All Country World Index's 21.6x. The manager believes these businesses are valued very attractively relative to their own histories and other assets, incorporating significant intrinsic value. The fund focuses on businesses that occupy important positions in their respective markets and tend to be well capitalized. These firms retain their market positions providing important products and services that generate cash flows. The manager emphasizes resilient businesses with strong capital structures that can maintain operations through various market conditions.		View
2025 Q4	Jan 18, 2026	Distillate Capital International	0.0%	41.5%	005930.KS, 066570.KS, 1024.HK, 2319.HK, 2618.HK, 267270.KS, 601600.SS, 6594.T, 9618.HK, AEM, AUTO.L, BATS.L, CX, FMX, GIB.TO, MC.PA, RHHBY, RIO.AX	cash flow, fundamentals, international, Quality, valuation, value	U.S. equities are historically expensive by any measure and at a valuation level that has typically been associated with much more subdued future returns. The S&P 500 is near record multiples and trading at concerningly rich valuations primarily due to a short list of very large and expensive stocks. International stocks look very appealing even after significant outperformance in 2025. International stocks significantly outperformed their domestic counterparts in 2025, and the less expensive portions of the market did particularly well. International companies offer an important counterbalance to the richness of the broader U.S. market when selectively chosen and are beneficial from a diversification perspective. The strategy systematically filters out highly levered or fundamentally less stable companies and focuses on cash flow stability and low indebtedness thresholds. Quality metrics include fundamental stability scores and leverage ratios that differentiate the portfolio from broader market benchmarks.		View
2025 Q4	Jan 18, 2026	Mairs & Power – Balanced Fund	0.0%	6.6%	AMZN, CASY, ENTG, FI, GOOG, HD, HON, HRL, JPM, LLY, MSI, NEOG, PFG, RHHBY, ROK, TECH, TGT, TRV, TXN, UNH, USB, WEC, WFC	AI, Balanced, earnings, financials, healthcare, rates, technology	AI and increasing market concentration took center stage in 2025, with the rate of investment in technology and AI infrastructure spending driving market narrative. McKinsey projects nearly $7 trillion in capital expenditures will be needed worldwide by 2030 to build up AI infrastructure. The Fund believes we are entering a transition period for AI, moving into a higher risk phase with flood of capital and unusual financing structures. The consistency of corporate earnings is a major reason for continued stock market strength. The S&P 500 is projected to deliver 12% earnings growth in 2025, while small cap companies are showing their first signs of earnings growth recovery after three years of contraction, posting 13% growth in 2025. The Federal Reserve began cutting rates in the fourth quarter with cooling inflation giving policymakers confidence. Lower interest rates are expected to continue into 2026, which typically takes around a year to feel effects through the economy and would likely support small business hiring and consumer confidence.		View
2025 Q4	Jan 18, 2026	Mairs & Power – Growth Fund	2.7%	10.5%	FI, HRL, ISRG, JPM, MSFT, MSI, NVDA, NVT, RHHBY, TECH, UNH, ZTS	AI, growth, healthcare, large cap, technology, valuation	AI and increasing market concentration took center stage in 2025, driving market narrative with valuations pushing higher and corporate spending accelerating. The fund believes we are entering a transition period for AI with signals the cycle is moving into a higher risk phase given the flood of capital and unusual financing structures. AI-related companies continue to command premium valuations while other sectors remain reasonably priced. This valuation divide continues to guide investment activity, with the fund remaining wary of companies trading at exceedingly high valuations that imply exceptional multi-year earnings growth. The fund added Zoetis focusing on animal health pharmaceuticals with AI integration in R&D processes, and Intuitive Surgical leveraging AI to enhance robotic surgical systems. Both companies represent opportunities to harness AI for long-term competitive advantages in healthcare.		View
2025 Q4	Jan 13, 2026	Oakmark Global Select Fund	2.9%	20.7%	BABA, BAYRY, CHTR, CNHI, GOOGL, IQV, MBG.DE, RHHBY, SNY	China, Europe, global, healthcare, Pharmaceuticals, technology, value	The fund is positioned in pharmaceutical companies with strong fundamentals and growth potential. Bayer benefited from positive drug trial results and potential Supreme Court review of litigation matters. Sanofi was added as a new position, featuring the blockbuster drug Dupixent and strong R&D pipeline despite being weighed down by vaccine market volatility and patent cliff concerns. The fund maintains exposure to Chinese e-commerce through Alibaba despite near-term headwinds. While the core e-commerce business performs well and cloud revenue growth accelerates, the company faces earnings pressure from Quick Commerce subsidies. The managers believe losses will reduce over time and see long-term positioning in Chinese AI as valuable.	SAN FP BABA BAYN GR	View
2023 Q3	Mar 10, 2023	Ariel Global Fund	6.9%	0.0%	BAP, BC51 GR, DLG LN, GSK, ML FP, RHHBY, VZ	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 30, 2026	Fund Letters	Robert Feitler	Roche Holding AG	Health Care	Pharmaceuticals	Bull	New York Stock Exchange	diagnostics, innovation, Oncology, Patent cliff, Pharma Pipeline	View Pitch
Jan 23, 2026	Fund Letters	George Droulias	Roche Holding AG	Health Care	Pharmaceuticals	Bull	Swiss Exchange	cashflow, diagnostics, pharma, pipeline, Volatility	View Pitch

BSD Shareholders of RHHBY

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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