SGE-L

SGE-L

SGE-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	Jul 16, 2025	Polen Capital – Global SMID Company Growth	7.9%	1.9%	AAPL, ACN, ADP, ADYEN.AS, AON, AVGO, GOOGL, IDXX, MA, MSFT, NVDA, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS	AI, Cloud, cyclicals, Global Growth, Oracle, Quality, semiconductors	AI re-emerged as the dominant narrative driving much of the market's leadership in the second quarter. Oracle was positioned as a go-to cloud infrastructure provider for training generative AI models, experiencing significant revenue growth acceleration. The AI leadership extended to AI-adjacent infrastructure segments like utilities, select software businesses, and pockets within industrials.	IDXX SBUX ORCL GLOB IDXX SBUX ORCL	View
2024 Q1	May 9, 2024	Polen Capital – Global SMID Company Growth	3.5%	9.5%	AAPL, ABNB, ACN, ADBE, ADP, AMZN, GLOB, META, MSFT, NESN.SW, NVDA, OR.PA, PAYC, SAP, SGE.L, TSLA, WDAY	AI, Cloud, global, growth, Quality, technology	SAP's transition to the cloud continues at pace with strong cloud revenue growth and expanding cloud gross margins. Management is guiding cloud sales growth through 2025 in the mid-20% range. Amazon's AWS saw a long-awaited re-acceleration in revenue growth during the period.		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 15, 2026	Forager International Shares Fund	-12.7%	-12.7%	3673.T, 4194.T, 5038.T, AUTO.L, BVS.AX, CAR.AX, FIX, SGE.L, XRO.AX	AI, Cash Deployment, disruption, Japan, software, technology, value		AUTO.L SGE.L	View
2026 Q1	Apr 15, 2026	Forager Australian Shares Fund	-19.5%	-19.5%	3673.T, 4194.T, 5038.T, AUTO.L, BVS.AX, CAR.AX, CAT.AX, CCL.AX, EML.AX, FIX, HSN.AX, IEL.AX, MAH.AX, NAN.AX, NWL.AX, PPS.AX, RDY.AX, SGE.L, TNE.AX, XRO.AX	AI, Australia, small caps, software, technology, value			View
2025 Q1	Apr 15, 2025	Polen Capital – Global SMID Company Growth	-5.5%	-5.5%	ABNB, ABT, ACN, ADYEN.AS, AMZN, AON, CSGP, GLOB, GOOGL, MELI, NOW, NVDA, NVO, OR.PA, ORCL, PAYC, SAP, SGE.L, SHOP, WTW, ZTS	AI, global, growth, healthcare, Quality, tariffs, technology, volatility	Trump tariffs announced in February created market volatility and uncertainty, with semiconductors down 19% and Magnificent 7 down 15%. Managers expect limited direct impact on their portfolio given focus on branded software and services businesses with pricing power, though acknowledge potential 2nd order effects from reduced consumer spending.	MELI ADYEN WTW NVO AMZN GLOB AON ABT	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	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
2024 Q4	Dec 31, 2024	Artisan Global Discovery	2.7%	16.1%	ARGX, ASND, FWONA, GALDF, GXI.DE, HUBS, INSM, LYV, MPWR, MTSI, NZYM-B.CO, ON, ONTO, PSTG, SE, SGE.L, SPOT, SRT3.DE, TEAM, VCYT, WST	AI, Biotechnology, global, growth, healthcare, semiconductors, technology	Data centers are energy-intensive and with AI expansion, energy consumption is projected to grow exponentially. The team owns multiple technology category leaders positioned to help enable AI advances, including MACOM for networking chips, PureStorage for data storage, and Onto Innovation for inspection systems. Cloud software franchises are making steady progress introducing AI functionality into their leading solution suites.		View
2023 Q4	Dec 1, 2024	Polen Capital – International Growth	3.3%	3.9%	6920.T, AON, ASML, HDFCBANK.NS, ICLR, KER.PA, MDT, SGE.L, SHOP.TO, TEMN.SW, TEP.PA, TSM, UL	AI, E-Commerce, growth, healthcare, international, Quality, semiconductors, technology	The portfolio holds dominant semiconductor companies ASML and Lasertec, which play critical roles in extreme ultraviolet lithography and photomask inspection equipment. Lasertec saw rapid sales growth and management suggests semiconductor sales could be bottoming, though 2024 may deliver less exciting growth for the industry.	TEMN.SW HDFCBANK.NS TEP.PA MDT 6920.T SHOP.TO SGE.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
2024 Q3	Oct 17, 2024	Polen Capital – International Growth	3.3%	3.9%	8035.T, AON, ASML, EXPN.L, ICLR, MELI, NVO, ONON, SAP, SGE.L, TE.PA, TEMN.SW, UL	earnings, growth, international, Long Term, Quality, volatility	MercadoLibre continues to execute well in Latin America's largest ecommerce market, taking market share while expanding fintech offerings to over 150 million users. Recent earnings show acceleration despite challenging macro environment. Management continues to invest in product development and fulfillment capabilities to support longer-term growth.	ONON 8035.T ASML ICLR SAP MELI AON	View
2025 Q3	Oct 16, 2025	Polen Capital – Global SMID Company Growth	7.9%	1.9%	AAPL, ACN, ADP, ADYEN.AS, AON, AVGO, GOOGL, IDXX, MA, MSFT, NVDA, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS	AI, Cloud, cyclicals, Global Growth, Quality, semiconductors, technology	AI re-emerged as the dominant narrative driving much of the market's leadership in the second quarter. Oracle was positioned as a go-to cloud infrastructure provider for training generative AI models, experiencing significant revenue growth acceleration. The AI leadership extended to AI-adjacent infrastructure segments like utilities, select software businesses, and pockets within industrials.	GLOB IDXX SBUX ORCL	View
2025 Q3	Oct 14, 2025	Bell Global Equities Fund	3.4%	-	AAPL, AMZN, ASML, CNM, COLOB.CO, GOOGL, META, MMC, MSFT, NVDA, NVO, ORCL, PCTY, SAP.DE, SGE.L, SNPS, TER, TSM, V, WM	global, growth, Quality, semiconductors, technology, valuation	The fund follows a Quality at a Reasonable Price investment approach, focusing on financially robust, well-managed companies with sustainable earnings growth. The current environment has been challenging for quality-focused investors, with the MSCI World Quality Index underperforming by around 9% over the past 12 months.	WM SGE ASML	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 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
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
2024 Q2	Jul 16, 2024	Polen Capital – International Growth	3.3%	3.9%	6920.T, 8035.T, ADS.DE, AON, HDB, ICLR, SAP, SGE.L, TEP.PA	Banking, growth, healthcare, international, semiconductors, software	SAP's transition to the cloud continues at pace with strong cloud revenue growth and expanding cloud gross margins. Management is guiding cloud sales growth through 2025 in the mid-20% range. SAP is viewed as one of the more resilient software business models as it is essential to customers' day-to-day operations.	8035.T AON ICLR SGE.L TEP.PA SAP HDB	View
2023 Q1	Apr 19, 2023	Polen Capital – Global SMID Company Growth	3.5%	9.5%	ACN, ADP, ADYEY, AON, GOOGL, IDXX, MA, MSFT, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS	AI, global, growth, Oracle, Quality, semiconductors, technology	AI re-emerged as the dominant narrative driving much of the market's leadership in Q2. Oracle benefited significantly from its position as a go-to cloud infrastructure provider for training generative AI models, with the company appearing to be in early stages of significant revenue growth acceleration.	ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK SBUX ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO	View
2024 Q4	Jan 16, 2025	Polen Capital – International Growth	-	-	ACN, AON, CSL.AX, EVO.ST, GLOB, ICLR, KER.PA, MC.PA, MELI, MNDY, NU, NVO, SAP.DE, SGE.L, SHOP.TO, SPOT, SU.PA, TEMN.SW, WTW	E-Commerce, financials, growth, healthcare, industrials, international, software, technology	Shopify continues to fire on all cylinders with accelerating GMV growth of 24% despite tough comparisons. The company benefits from powerful tailwinds including eCommerce, mobile commerce, social media, digital payments, and seamless omnichannel. MercadoLibre remains Latin America's largest ecommerce business with a long runway for growth.	WTW SPOT SU.PA MNDY NU SAP SGE.L SHOP.TO	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Polen Capital - International Growth	Sage Group	Software & Services	Application Software	Bull	London Stock Exchange	Application Software, Mid-Teens Growth, Mission-Critical, recurring revenue, SaaS, SMB software, UK	View Pitch
Apr 27, 2026	Fund Letters	Polen Capital - International Growth	The Sage Group plc	Information Technology	Application Software	Bull	London Stock Exchange	AI Displacement, Enterprise software, financial management, small business, SMB, Software, valuation opportunity	View Pitch
Apr 23, 2026	Fund Letters	Forager International Shares Fund	Sage Group PLC	Software - Application	Application Software	Bull	New York Stock Exchange	Accounting Software, AI integration, capital returns, defensive, Mid-market, Mission-Critical, Regulatory Tailwind, SaaS, UK, US	View Pitch
Apr 13, 2026	Fund Letters	Polen Capital - International Growth	The Sage Group	Information Technology	Application Software	Bull	London Stock Exchange	Accounting Software, Application Software, Equity, Mid-market, Mission-Critical, SMB software, UK	View Pitch
Apr 13, 2026	Fund Letters	Polen Capital - International Growth	The Sage Group plc	Information Technology	Application Software	Bull	London Stock Exchange	Accounting Software, financial software, Mission-Critical, recurring revenue, SaaS, Share Buyback, SMB software	View Pitch

BSD Shareholders of SGE-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
No investor data available.

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: