SHEL

SHEL

SHEL

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 4, 2025	GROW Funds	-	-	1179.HK, 1211.HK, 9988.HK, AHT, AMAT, AMZN, ASML, BLK, CB, GOOGL, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO	AI, Bubble, China, Cloud, infrastructure, semiconductors, technology, valuation	AI is driving massive infrastructure investments in data centers and cloud computing, with companies like OpenAI committing $300 billion over five years. However, the gap between infrastructure spending and revenue-generating applications remains concerning, creating a dangerous bubble environment with little room for error.	MDT HTHT 1211.HK BABA	View
2025 Q3	Sep 30, 2025	Thornburg Global Opportunities Fund	11.3%	32.2%	0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, BTRW.L, C, CACI, FCX, GOOGL, META, NN.AS, NVO, ORA.PA, RELIANCE.NS, SAP, SCHW, SHEL, T, TSCO.L, TSM, TTE	Communications, financials, global, growth, semiconductors, technology, Telecom, value	The fund holds significant positions in Taiwan Semiconductor Manufacturing and Samsung Electronics, both showing strong performance. Taiwan Semiconductor returned 32.4% YTD with 22.5% trailing 5-year revenue growth. Samsung Electronics delivered 67.5% YTD returns despite negative 2024 performance.		View
2025 Q3	Sep 30, 2025	Emerald Wealth Partners – Focused Equity Strategy	4.7%	10.9%	1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HTHT, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO	AI, Bubble, China, Cloud, infrastructure, semiconductors, technology, Valuations	AI is driving massive infrastructure investments by cloud computing leaders and enterprises developing large language models. The scale of investments is staggering, with OpenAI committing $300 billion over five years for data center services. However, progress in monetizable end-use applications remains limited, creating a concerning gap between infrastructure spending and revenue-generating applications.		View
2023 Q3	Sep 30, 2023	Castlebay Investments	-	-	BP, RKT.L, SHEL	earnings, Quality, ROE, United Kingdom, valuation, value	The fund maintains a Quality value investment approach, focusing on companies with high returns on capital and equity. Their quality companies have delivered superior earnings and cashflow growth (69% vs 38% for MSCI UK) but have been overlooked by investors during the rotation to deep value stocks. The fund's quality metrics show 42% ROE vs 14% for the market, and 21% operating margins vs 16%.	RKT.L	View
2023 Q3	Sep 30, 2023	PM Capital Global Companies Fund	2.5%	-	1211.HK, AHT.L, AMAT, AMZN, ASML, BABA, BLK, CB, GOOGL, HUYA, ICE, LMT, LSEG.L, MDT, META, MSFT, ORCL, SHEL, TEL, TMO	AI, Bubble, China, Cloud, Electric Vehicles, infrastructure, technology, Valuations	AI transformation driving massive infrastructure investments by cloud computing leaders and enterprises developing LLMs. The scale of investments is staggering with OpenAI committing $300 billion over five years for data center services. However, the gap between infrastructure spending and revenue-generating applications remains concerning, with current fundamentals at risk if practical monetizable end-uses don't materialize quickly.	MDT HTHT AVGO\|BYD\|CRWD\|MELI\|MSFT\|NFLX\|NVDA\|NVO\|ORLY\|SPOT BABA	View
2023 Q2	Aug 4, 2023	Eagle Capital Management	-	-	AMZN, AON, BAYRY, COF, COP, GOOGL, META, MSFT, NFLX, SHEL, UNH	AI, Cloud, Data, disruption, Distribution, energy, technology	Eagle views AI as creating both opportunities and risks across three categories: automation, personalization, and generative AI. The firm believes distribution control and data moats provide defensive advantages, while atoms businesses face less disruption than bits businesses.		View
2025 Q2	Jul 31, 2025	Pzena International Value ADR Strategy	7.3%	19.4%	6367.T, 6479.T, 6981.T, 7733.T, BABA, CON.DE, DTG.DE, EVK.DE, RXL.PA, SBRY.L, SHEL, SNY	Currency, Europe, international, Japan, Restructuring, tariffs, value, volatility	The portfolio focuses on undervalued companies with characteristics for improved valuations, establishing new positions in Japanese companies at attractive entry points and adding to positions on relative weakness.	6367.T 6981.T	View
2023 Q2	Jul 18, 2023	Sandhill Investment Management	-	22.3%	1928.HK, 2282.HK, AIB.I, BIRG.I, CABK.MC, CGF.AX, CRN.AX, CSTCF, DEO, EDV.AX, FCX, FDV.AX, GQG.AX, HEIA.AS, INGA.AS, LLOY.L, NEM, NEM.AX, RI.PA, SHEL, SIE.DE, SNY, SPEC.L, TECK, WYNN	Automation, commodities, Copper, European Banks, gaming, gold, Onshoring, value	European banks are significantly undervalued relative to US and Australian peers, trading at circa 8x earnings. Rising infrastructure and defence spending in Europe could stimulate industrial activity and credit demand, supporting a recovery that could take years to play out fully.	AIBG.L NEM SCCO LYG	View
2025 Q2	Jul 16, 2025	Harding Loevner International Equity	9.2%	14.8%	002352.SZ, 005930.KS, 0669.HK, 0700.HK, 1299.HK, 2057.HK, 2308.TW, 2318.HK, 2330.TW, 300760.SZ, 4507.T, 4519.T, 4684.T, 6146.T, 6301.T, 6383.T, 6690.HK, 6758.T, 6861.T, 6869.T, 8113.T, ADYEN.AS, AI.PA, ALC, ALFA.ST, ALV.DE, ASML, ASSA-B.ST, ATCO-A.ST, ATD.TO, BAP, BBVA, BHP, CNR, COLOB.CO, D05.SI, DSY.PA, EPI-A.ST, FMX, GFNORTEO.MX, GMAB, HDB, HLN.L, LIN, MELI, MFC, NESN.SW, NTES, NVS, NZYM-B.CO, OR.PA, RIO, ROG.SW, RYA.L, SAF.PA, SAP, SEB-A.ST, SHEL, SOON.SW, SU.PA, SY1.DE, TLKM	aerospace, AI, defense, Europe, Health Care, international	Health care equities have underperformed despite strong fundamentals due to political and regulatory uncertainty in the US and beyond. Policy risks include drug pricing reforms, Medicaid funding cuts, and reduced NIH funding. However, the sector's structural advantages remain intact with continued innovation like GLP-1 therapies.		View
2025 Q2	Jul 16, 2025	Harding Loevner Global Equity	10.2%	7.9%	0700.HK, 1299.HK, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, CPG.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPIA.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGS.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, V, VRTX, WALMEX.MX	AI, Cloud, Data centers, global, growth, semiconductors, technology	AI models released in 2024 have demonstrated marked improvement in performance against new benchmarks, including major strides in reasoning to solve complex problems. Many companies can now point to real products and applications as well as measurable effects on their businesses. Competition among big tech companies appears to be intensifying as more companies join the race to develop cutting-edge AI systems.	ADBE BKNG ADBE	View
2025 Q2	Jul 10, 2025	Guinness Global Energy	-	5.3%	BP, CNQ, COP, CVE, CVX, DVN, E, ENB, EOG, EQNR, FANG, GALP.LS, IMO, KMI, OMV.VI, PTR, REP.MC, SHEL, SU, TTE, XOM	dividends, energy, Geopolitical, Natural Gas, oil, Opec, valuation	Oil prices rose sharply intra-month due to Israel-Iran conflict, with Brent reaching $80/bl before falling back to $68/bl. OPEC+ continues increasing production quotas while US shale production growth slows due to lower rig counts and capital discipline.		View
2023 Q2	Jul 10, 2023	Tapasya Investment Fund	-	23.1%	AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL	energy, Politics, tariffs, technology, Trade Policy, value	Trump's newly announced global tariffs package represents a fundamental shift in economic policy that markets are rejecting. The tariffs are based on flawed calculations and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and create policy uncertainty that hinders long-term business investment.	STZ RIVN SLB AVALX TDW AMZN GOOGL	View
2023 Q2	Jul 10, 2023	Tapasya Investment Fund	-	23.1%	AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL	energy, Politics, tariffs, technology, Trade Policy, value	Trump's newly announced global tariffs package represents a fundamental shift in economic policy that markets are rejecting. The tariffs are based on flawed calculations and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and create policy uncertainty that hinders long-term business investment.	STZ RIVN SLB AVALX TDW AMZN GOOGL	View
2025 Q2	Jun 30, 2025	Merchant West	-	-	BP, BRK-A, COLB.CO, CVX, DHR, ISRG, NPN.JO, SHEL, SHP.JO, SYK, TTE, XOM	demographics, energy, healthcare, Investment Management, liquidity, policy, South Africa, technology	JSE liquidity has been declining with trading concentrated in fewer stocks. Large asset managers face significant challenges building meaningful positions in illiquid stocks without moving prices. This creates opportunities for boutique managers who can access under-researched small and mid-cap companies.	TTE TTE FP	View
2023 Q2	Jun 30, 2023	Latitude Global Fund	-	-	AAPL, AMZN, AZO, BP, EQNR, GOOGL, MSFT, SHEL	AI, Capital Cycle, energy, oil, technology, value	Manager acknowledges AI revolution driving tech stock performance but maintains limited exposure due to belief that profits will take years to materialize. Views early stages of disruption as risky, preferring to wait for market clarity similar to mobile phone and eCommerce revolutions.	SHEL EQNR	View
2023 Q2	Jun 30, 2023	City Different Investments – Global Equity	3.6%	16.9%	AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL	Electric Vehicles, oil, Politics, Recession, tariffs, Trade Policy, value	Trump's newly announced global tariffs package is being poorly received by markets, causing a 12% decline in five days. The tariffs are based on flawed math and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and slow economic growth.	STZ RIVN SLB AVALX TDW AMZN GOOGL	View
2025 Q1	May 21, 2025	Fairtree Global Equity Fund	1.5%	1.5%	ABT, AMZN, AVGO, BABA, BID.JO, BP, EVO.ST, GFI, GOOGL, JD, JPM, KO, KSPI.L, MSFT, NVDA, ORCL, PDD, SHEL, TTE	AI, China, E-Commerce, energy, Global Equity, Recession, tariffs, technology	AI-related US companies experienced pronounced volatility following the release of Deepseek, a Chinese Large Language model trained at significantly lower cost but producing similar results to current US models. Chinese companies' advancements in AI have reinforced their position as a significant force in the technology sector.		View
2025 Q1	Apr 9, 2025	GDS Investments	-	-	AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL	Electric Vehicles, oil, Politics, Recession, tariffs, Trade Policy, uncertainty, value	Trump's newly announced global tariffs are being poorly received by markets, causing a 12% decline in five days. The tariffs are based on flawed math and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and slow economic growth. The implementation creates uncertainty that makes long-term business investments harder to justify.	STZ RIVN SLB VAL TDW AMZN GOOGL	View
2024 Q1	Apr 8, 2024	TEAM Asset Management	-	-	1928.HK, BAC, BHP, CGF.AX, CNI.AX, CRN.AX, FCX, FDV.AX, HEIA.AS, IMD.AX, ING, JPM, MIN.AX, RPRX, SHEL, SIE.DE, SMR.AX, SNY, WDS.AX, WYNN	banks, Copper, defense, Europe, global, infrastructure, tariffs, valuation	Tariffs have become the primary market driver, creating uncertainty across global markets. The impact varies from direct effects on European holdings to second-order effects on consumer sentiment and corporate capital expenditure. Increasing US protectionist policies have accelerated Europe's decision to significantly increase infrastructure and defense spending.		View
2025 Q1	Apr 30, 2025	Guinness Global Energy	9.4%	9.4%	BP, CNQ, COP, CVE, CVX, DVN, E, ENB, EOG, EQNR, FANG, GALP.LS, IMO, KMI, OMV.VI, PTR, REP, SHEL, SU, TTE, XOM	dividends, energy, Geopolitical, global, Natural Gas, oil, value	Oil prices remained robust with Brent averaging $75/bl in Q1 2025, supported by lower supply expectations and geopolitical tensions. The managers believe oil remains good value at around 2.7% of global GDP, well below historical averages. They see potential for higher prices driven by OPEC+ production management and geopolitical supply disruptions.		View
2024 Q1	Apr 30, 2024	Guinness Global Energy	-	10.2%	BP, CNQ, COP, CVE, CVX, DVN, E, EOG, EQNR, FANG, GALP.LS, IMO, OMV.VI, PTR, PXD, REP.MC, SHEL, SU, TTE, XOM	dividends, energy, free cash flow, Gas, oil, Opec, valuation	Oil prices strengthened in March driven by tighter supply/demand fundamentals, Middle Eastern tensions, and good OPEC+ compliance. Brent rose 16% year-to-date while 5-year forward prices increased 5%. The fund sees oil remaining affordable at current levels, representing only 2.8% of global GDP versus 30-year average of 3%.		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 2, 2026	Thornburg Global Opportunities Fund	3.2%	3.2%	0027.HK, 0700.HK, BABA, BNP.PA, C, CACI, DTE.DE, FCX, GOOGL, LLY, META, RELIANCE.NS, SAP, SCHW, SHEL, T, TSCO.L, TSM, TTE	energy, financials, global, growth, semiconductors, technology, Telecommunications, value			View
2026 Q1	Apr 18, 2026	ACATIS Investment	-	-	1810 HK, AIXA.DE, BNTX, CCJ, COP, EQNR, HAL, IFX.DE, KHC, KWS.DE, LYB, NEM, PBR, ROST, SHEL, SU.PA, VIST, WPM, YAR.OL	AI, China, commodities, Fertilizers, geopolitics, Iran War, nuclear, oil, Precious Metals, Value Investing			View
2024 Q1	Apr 15, 2024	Harding Loevner International Equity	9.5%	11.5%	005930.KS, 0700.HK, ADYEN.AS, ALV.DE, ASML, BBVA, BHP, BNTX, D05.SI, HDB, IFX.DE, MELI, NESN.SW, OR.PA, ROG.SW, SAP, SHEL, SONY, SU.PA, TSM	AI, diversification, growth, international, Japan, Quality, semiconductors, technology	The fund has significant portfolio-level exposure to AI growth through a diverse set of fundamentally strong companies. AI beneficiaries fall into two categories: companies providing AI-enhanced goods and services, and companies developing underlying AI technology including semiconductor manufacturers and infrastructure providers.		View
2026 Q1	Apr 13, 2026	Harding Loevner International Equity	1.1%	1.1%	005930 KS, 035420 KS, 2308.TW, 2371.T, 300750.SZ, 6146.T, 6758.T, ADYEN.AS, ASML, BA.L, HDFCBANK.NS, SE, SHEL, TSM	AI, diversification, energy, Geopolitical, international, Quality, semiconductors, technology			View
2026 Q1	Apr 13, 2026	Harding Loevner Global Equity	-5.6%	-5.6%	0700.HK, ADBE, ASML, BKNG, CME, HDFCBANK.NS, HEI, RYA.L, SAF.PA, SAP.DE, SHEL, SLB, SONY, SU.PA, TSM, TW	aerospace, AI, energy, Geopolitical, infrastructure, Quality, Resilience, technology			View
2023 Q1	Apr 12, 2023	Sandhill Investment Management	-	9.4%	1928.HK, BAC, BHP, CGF.AX, CNI.AX, COR.AX, FCX, HEIA.AS, IMD.AX, ING, JPM, MIN.AX, QUB.AX, RPRX, SHEL, SIE.DE, SMR.AX, SNY, WDS.AX, WYNN	banks, Buybacks, Copper, defense, Europe, infrastructure, tariffs, valuation	Tariffs have become the primary market driver, creating uncertainty across global markets. The impact varies from direct effects on European holdings to second-order effects on consumer sentiment and corporate capital expenditure. Increasing US protectionist policies have accelerated Europe's decision to significantly increase infrastructure and defense spending.		View
2026 Q1	Mar 31, 2026	Orbis Global Equity	-	-	005930 KS, ALNY, BA.L, BRKR, CSU.TO, EQT, EXPN.L, GMAB, ICON, INSM, IQV, NTES, SE, SHEL, TSM, TTI, UNH, WLK, XPO	AI, energy, Global Equity, healthcare, semiconductors, technology, value			View
2026 Q1	Mar 31, 2026	Emerald Wealth Partners – Focused Equity Strategy	-3.7%	-3.7%	0700.HK, BAESY, CRM, CSU.TO, LMT, MSFT, NOW, SHEL, TTE	AI, defense, energy, Geopolitical, private credit, Quality, software, value		0700.HK	View
2025 Q1	Mar 31, 2025	BlackRock Advantage Global Fund	-1.1%	-1.1%	AAPL, AMZN, BAC, GOOGL, META, MSFT, NVDA, NVS, SHEL, SPGI	AI, Europe, global, Japan, Quality, Sentiment, technology	The fund's positioning in the IT sector began to evolve toward artificial intelligence adopters over enablers, which helped stem losses in March as large-cap technology winners capitulated. However, cooling sentiment toward the AI opportunity emerged after Chinese companies released rival, low-cost AI models.		View
2025 Q1	Mar 31, 2025	Hotchkis & Wiley Global Value Fund	6.0%	6.0%	AIG, BAB.L, CMCSA, CVS, D, ELV, ERIC, FFIV, FIS, GOOGL, HEINY, SHEL, SIE.DE, WDAY, WPP	Europe, global, healthcare, industrials, Outperformance, technology, valuation, value	Value significantly outperformed growth in Q1 2025, with MSCI World Value returning +4.8% versus -7.8% for growth. The valuation spread between growth and value remains wide at 27x vs 15x price to normal earnings, suggesting promising outlook for value investing. The portfolio trades at an attractive 9x price to normal earnings ratio.	WDAY GOOGL WPP SIE.DE BAB.L CVS	View
2025 Q1	Mar 31, 2025	PM Capital Enhanced Yield Fund	1.1%	1.1%	1928.HK, BAC, BHP, CGF.AX, CNI.AX, COR.AX, FCX, GMEXICOB.MX, HEIA.AS, IMD.AX, ING, JPM, MIN.AX, RPRX, SHEL, SIE.DE, SMR.AX, SNY, WDS.AX, WYNN	Coal, Copper, European Banks, Global Equities, infrastructure, tariffs, Valuations	President Trump's tariff policies created uncertainty and market correction, with direct impacts on European holdings and second-order effects on consumer discretionary companies. Tariffs ranging from 10% to almost 50% across all US trading partners were announced in early April.		View
2025 Q4	Feb 13, 2026	Eagle Capital Management	0.0%	17.5%	ASML, BAYRY, LSEGY, SAP, SHEL, TSM, TSMC	Agriculture, energy, international, semiconductors, software, technology, value	ASML operates as an effective monopoly in EUV lithography tools, supplying every major foundry producing leading-edge semiconductors. TSMC dominates pure play semiconductor foundry manufacturing with over 90% of advanced logic chips and is at the epicenter of AI infrastructure buildout. Both companies benefit from growing demand for complex silicon wafers driven by AI adoption. Bayer operates the world's largest crop science business with leading market share in the U.S. and South America. The company is working through legal issues related to glyphosate while agriculture is in a downcycle. Crop science R&D is likely to benefit from advances in AI, with Bayer having the broadest and deepest seed and trait data sets. London Stock Exchange Group operates critical financial market infrastructure and data businesses. The company has a near-monopoly in interest rate derivatives through London Clearing House and leads electronic fixed-income trading through Tradeweb. While AI disruption concerns exist for the data business, the company's data assets should benefit from broader distribution. SAP is the world's largest enterprise software application company with ERP systems serving as the backbone for much of the Fortune 500. The company is converting its massive installed base from on-premise to higher-value cloud subscriptions. Extraordinary switching costs result in retention rates well above 90%. Shell is one of the world's largest integrated energy companies with the largest LNG business globally. New leadership has prioritized shareholder returns and hydrocarbon cash flows. The company has bought back nearly 25% of its shares over the past four years while maintaining a 4% dividend yield.	TSM SHEL LN SAP GR LSEG LN BAYN GR ASML NA	View
2025 Q4	Feb 11, 2026	Latitude Global Fund	0.0%	21.0%	AI.PA, ASSA-B.ST, AZO, COR, DEO, DG.PA, DLTR, EIF.PA, GOOGL, ICE, JPM, MCK, RPRX, RYA.L, SHEL, TSCO.L, UNH, V	AI, Buybacks, Europe, growth, healthcare, infrastructure, retail, value	Lower-income Americans continue to feel the squeeze, and local stores like Dollar Tree present unbeatable value and convenience. Their investments in merchandising and distribution are key competitive advantages in a world of tariffs and potential inflation. The company's prospects are bright, especially if we do ever see a rise in unemployment, which tends to benefit discount stores. Healthcare stocks have broadly underperformed the market since the election of President Trump, due to a plethora of regulatory, pricing and tariff risks. However, the distribution model has proven its strong resilience, with companies having meaningfully reduced their dependence on drug pricing. They are in effect a toll road on the US healthcare system and the opposite of economic rent-seeking businesses. Covid, somewhat ironically given the cancellation of so many flights, impacted the industry positively, as around 10% of aircraft were withdrawn from the market due to bankruptcies. Moreover, post-Covid supply chain shocks at Boeing and Airbus mean that the fleet is not going to be replaced any time soon. Ryanair's cost advantage almost doubled from levels in 2019. Google would be best positioned in an AI world, given its vertically integrated model and its pedigree in AI. The AI revenue model is clearly highly uncertain and far from guaranteed, but the likely attributes of winners in this space are data, processing power and distribution. Google dominates all three. Investing in physical assets in a world with an infrastructure deficit, and the potential resurgence of inflation, is very appealing. The requirement for renewed infrastructure investment in Europe is in the early stages, and competition will remain low giving both Vinci and Eiffage a meaningful competitive advantage. Combining low valuations and high cash conversion, our companies will generate around a 7% of their market cap in free cash flow. We expect them to pay an average dividend of 2.6% and are committed to share buybacks of around the same level. This is a 5% annual tailwind to the portfolio's fundamental growth outlook over the coming years.	ICE JPM GOOGL RYAAY RPRX MCK AZO DLTR	View
2024 Q4	Feb 10, 2025	Eagle Capital Management	-	-	AER, AMZN, AON, CMCSA, COP, GOOGL, HUM, LNSTY, MSFT, SHEL, UNH, WDAY, WWD	earnings, energy, healthcare, long-term, technology, value	Eagle defines value as a philosophy anchored in math, seeking investments that can generate double-digit returns by reaching a 10% yield on capital employed. The firm analyzes long-term earnings power rather than current multiples, as demonstrated by their 10-year forward earnings yield analysis of S&P 500 companies.	HUM UNH COP AMZN	View
2024 Q4	Dec 31, 2024	Harding Loevner Global Equity	-	14.5%	0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, 9962.T, AAPL, ABBV, ACN, ADBE, ADYEN.AS, ALC, ALFA.ST, AMAT, AMZN, ATCO-A.ST, ATKR, ATU.TO, AVGO, BBCA.JK, BKNG, CME, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, RGEN, ROG.SW, ROK, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TW, UNH, VRTX, WMMVY	AI, Data centers, geopolitics, global, growth, semiconductors, technology, Trade Policy	Artificial intelligence continues to drive significant investment and growth across multiple sectors. The manager discusses the sustained momentum in AI development, with companies like OpenAI, xAI, Anthropic raising billions for infrastructure spending. New large language models have launched showing significant improvements, particularly in creating chains of thought to simulate human reasoning. The runway for model development remains long, suggesting sustainable demand for increasingly powerful hardware.		View
2024 Q4	Dec 31, 2024	BlackRock Advantage Global Fund	-0.7%	18.6%	AAPL, AMZN, BAC, CME, GOOGL, MS, MSFT, NVDA, SHEL, TT	Election, global, large cap, Macro, Sentiment, technology	The fund struggled with security selection in the IT sector as perceived artificial intelligence winners evolved throughout the quarter. AI-related technology stocks were part of the speculative growth rally that dominated markets.		View
2024 Q4	Dec 31, 2024	Latitude Global Fund	-	-	AI.PA, AZO, BAC, BP, COR, DEO, DG.PA, DLTR, FGR.PA, GOOGL, GS, HEIA.AS, IBKR, IMB.L, JPM, KO, MCK, RYA.L, SHEL, SONY, TSCO.L, UL, UNH, V, WEC	Banking, Consumer Staples, Defensive, energy, global, healthcare, value	Strong performance from US banks with Goldman Sachs +52%, JP Morgan +44%, and Bank of America +34%. Banks benefiting from consolidation, technology investments, and potential regulatory improvements under Trump administration. Credit risks remain low with income-driven rather than credit-driven economic expansion.		View
2023 Q4	Dec 31, 2023	Latitude Global Fund	-	-	AAP, AI.PA, AZO, BAC, DEO, DG.PA, EIFFAGE.PA, EQNR, GOOGL, GS, JPM, MCK, SHEL, SONY, TSCO.L, V, WEC	Buybacks, Consumer Staples, dividends, earnings, energy, global, Utilities, value	Manager holds significant allocation to consumer staples companies including Tesco, Unilever, Diageo, Imperial Brands, Heineken, and Coca-Cola. Sector trades at lowest valuation relative to market in 30 years aside from dot-com bubble. Expects earnings growth of 5-10% with potential for 20-50% valuation improvement as margins expand following input cost pressures.		View
2023 Q3	Nov 14, 2023	Third Point Partners	3.9%	14.0%	BBWI, DHR, HTZ, J, MC.PA, MSFT, PCG, SHEL, UBS, VST	credit, Event-Driven, Leverage, Mortgage, private credit, rates, Structured Credit	The market's current obsession with balance sheet strength creates opportunities to distinguish companies with real versus perceived leverage problems. Third Point sees attractive opportunities in improving credits with bulletproof securities yielding 10%-13%, focusing on defensive industries like healthcare and telecommunications.		View
2023 Q3	Nov 10, 2023	Eagle Capital Management	0.7%	-	AMZN, COP, GOOGL, META, MSFT, OXY, SHEL, V	Capital Allocation, energy, Magnificent Seven, oil, technology, value	Eagle built positions in three energy stocks over 16 months based on attractive long-term supply-demand balance, quality assets well-positioned on the global cost curve, and strong capital allocation by management teams. The thesis centers on supply investment being subdued due to pressure from shareholders, regulators, and environmental groups, while decline rates require 9% annual new supply creation to meet demand growth. Electric vehicles represent a paradox - their threat to demand is actually depressing supply investment before the world is ready, creating opportunity.	DOXY SHEL COP	View
2024 Q3	Oct 30, 2024	Guinness Global Energy	-	7.8%	0857.HK, BP, CNQ.TO, COP, CVE.TO, CVX, DVN, E, EOG, EQNR, FANG, GALP.LS, IMO.TO, OMV.VI, PXD, REP.MC, SHEL, SU.TO, TTE, XOM	CashFlow, dividends, energy, Gas, oil, Opec, valuation	Brent and WTI oil prices strengthened in September on OPEC+ supply cuts and declining inventories. Saudi Arabia and Russia extended voluntary production cuts through year-end, keeping markets undersupplied at 1.5m b/day. Global oil inventories declined 300m barrels over six months to late 2022 lows.		View
2025 Q3	Oct 19, 2025	LVS Advisory – Event Driven	-	10.4%	BP, CW, E, GLNG, LNG, SHEL, TLN, XOM	Argentina, energy, infrastructure, LNG, nuclear, Power Generation	Electricity demand is accelerating due to AI computing surge, electric vehicle adoption, and global middle class growth. Demand for power is growing faster than supply, creating a nearly 50-gigawatt deficit over the next 5 years. This trend is driving higher electricity prices and incentivizing new power plant construction.		View
2025 Q3	Oct 19, 2025	LVS Advisory – Growth	-	15.7%	BP, CW, E, GLNG, LNG, SHEL, TLN, XOM	Electricity, energy, infrastructure, LNG, Natural Gas, Power Generation	Electricity demand is accelerating due to AI computing surge, electric vehicle shift, and rising global middle class. Demand is growing faster than supply, with estimates showing a nearly 50-gigawatt deficit over the next 5 years in the US. This creates a powerful investment thesis for power generation businesses.		View
2023 Q3	Oct 17, 2023	Mawer International Equity Fund	6.9%	16.0%	ASML, CCA.TO, CME, CNQ.TO, DG, EQNR, KSPI.L, MC.PA, NVO, SHEL, SU.TO, T.TO, TSM, TXN, VZ	energy, global, healthcare, inflation, rates, semiconductors	Energy companies positioned to benefit from higher oil prices performed strongly during the quarter. Canadian Natural Resources, Suncor Energy, Equinor, and Shell were among the stronger performing holdings as oil prices moved higher.		View
2025 Q3	Oct 14, 2025	Pzena Investment Management	-	-	005930.KS, AAPL, AMZN, BABA, BAX, BIDU, CHTR, GOOGL, LKQ, META, MSFT, NVDA, SCS, SHEL, SPB, TEP.PA, TSLA, TSM, WIZZ.L, WNS	AI, global, Outperformance, portfolios, small caps, value	Small caps trade near historic lows relative to large caps, creating an attractive long-term entry point after years of Magnificent Seven dominance. Despite superior fundamental returns over the past decade, small caps have been driven down by sentiment and multiple compression. History suggests extreme valuation gaps like today's have often been followed by multi-year periods of small-cap outperformance.	WIZZ SPB TPN BAX	View
2025 Q3	Oct 14, 2025	Harding Loevner Global Equity	2.5%	10.6%	0700.HK, 1299.HK, 2308.TW, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, CPG.L, CSGP, D05.SI, DE, DHR, DPLM.L, ELV, EPI-A.ST, GLOB, GMAB, GOOGL, HDB, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY	AI, diversification, global, healthcare, momentum, technology, valuation	AI represents a real secular change reshaping industries but creates broad uncertainty in markets. The impact could be incremental or profoundly disruptive, making historical fundamentals less reliable. Markets reward companies perceived as central to AI buildout while penalizing those that don't fit the narrative.	TCEHY US GOOGL US TMO US ELV US VRTX US ACN US	View
2025 Q3	Oct 14, 2025	Guinness Global Energy	-	14.2%	BKR, BP, COP, CVE, CVX, E, EOG, EQNR, FANG, GALP.LS, HAL, OMV.VI, REP.MC, SHEL, SLB, SU, TTE, VLO, WMB, XOM	energy, global, Natural Gas, oil, Opec, Russia, Ukraine	Oil prices remained mixed in September with WTI falling slightly while Brent stayed flat. Ukrainian attacks on Russian oil infrastructure and OPEC production decisions continue to drive price volatility. The fund expects oil prices to move higher over the next twenty years due to population growth, developing world industrialization, and diminishing fossil fuel supplies.	EOG REP SM HAL VAL	View
2024 Q3	Oct 11, 2024	Horizon Investment	-	-	2282.HK, AIB.I, BIRG.I, CABK.MC, CGF.AX, DEO, EDV.AX, FCX, FDV.AX, HEIA.AS, INGA.AS, LLOY.L, NEM, RI.PA, SHEL, SIE.DE, SNY, SPEC.L, TECK.TO, WYNN	Automation, commodities, Copper, European Banks, gaming, gold, Onshoring	European banks are significantly undervalued relative to US and Australian peers, trading at circa 8x earnings. Expected to benefit from rising infrastructure and defense spending in Europe stimulating industrial activity and credit demand. Holdings include Lloyds Banking Group, CaixaBank, ING Groep, and Bank of Ireland.		View
2024 Q3	Oct 10, 2024	Skybound Wealth Management	3.5%	37.8%	1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, ICE, LMT, LSEG.L, META, MSFT, NVDA, ORCL, RVTY, SHEL, TMO	AI, Bubble, China, Cloud, Electric Vehicles, infrastructure, technology, Valuations	AI transformation driving massive infrastructure investments by cloud computing leaders and enterprises developing LLMs. The scale of investments is staggering with OpenAI committing $300 billion over five years for data center services. However, progress in monetizable end-use applications remains limited, creating a concerning gap between infrastructure spending and revenue-generating applications.	MDT HTHT 1211.HK BABA	View
2024 Q3	Oct 10, 2024	Pittenger & Anderson	-	-	AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL	energy, Politics, Recession, tariffs, technology, Trade Policy, value	Trump's newly announced global tariffs package represents a fundamental shift in economic policy that markets are rejecting. The tariffs are based on flawed math and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and slow economic growth. The implementation creates uncertainty that makes long-term business investments harder to justify.	STZ RIVN SLB VAL TDW AMZN GOOGL	View
2023 Q3	Oct 1, 2023	Lexington Wealth Management	-	-	1928.HK, BAC, BHP, CGF.AX, CNI.AX, CRN.AX, FCX, HEIA.AS, IMD.AX, ING, JPM, MIN.AX, NEE, RPRX, SHEL, SIE.DE, SMR.AX, SNY, WDS.AX, WYNN	Copper, European Banks, global, infrastructure, tariffs, valuation	Tariffs have become the primary market driver, creating uncertainty across global markets. The fund analyzes both direct impacts on holdings and second-order effects including consumer sentiment, inflation, and corporate capital expenditure decisions.		View
2024 Q4	Jan 9, 2025	Mountain Vista Wealth Management	-	-	1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HTHT, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO	AI, Bubble, China, Cloud, infrastructure, technology, Valuations	AI is driving massive infrastructure investments in data centers and cloud computing, creating a bubble-like environment with stretched valuations. The manager sees AI as transformative but warns that progress in monetizable applications remains limited while FOMO drives excessive spending.	MDT HTHT 1211.HK BABA	View
2025 Q4	Jan 21, 2026	Guinness Global Energy	0.0%	9.0%	BP, CNQ.TO, COP, CVX, FANG, SHEL, SU.TO, TTE, VLO, XOM	energy, Exploration, Gas, Integrated, oil, Production	The letter positions global energy equities as long-term beneficiaries of population growth, industrialization, and constrained fossil fuel supply, which together support structurally higher energy prices. Energy companies are viewed as a partial hedge against inflation given their linkage to real assets and commodity pricing. A disciplined, value-biased approach combines top-down energy market analysis with bottom-up stock selection in a concentrated portfolio of large, established energy producers.		View
2025 Q4	Jan 20, 2026	Harding Loevner Global Equity	1.9%	12.7%	0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300760.SZ, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, COMP.L, CSGP, D05.SI, DE, DHR, DPLM.L, EFX, ELV, EPI-A.ST, FN, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY	AI, global, international, semiconductors, technology, value	AI represents a capital-expenditure regime with two distinct camps: hyperscalers investing in computing capacity and physical enablers of the buildout. The US market is more dependent on AI continuing to surprise to the upside due to richer valuations and concentrated exposure. Global semiconductor ecosystem enables AI buildout, spanning chip foundries, memory-chip makers, and equipment manufacturers. International markets are more heavily tilted toward this manufacturing and infrastructure provider segment. International markets trade at roughly half the multiples of US stocks, offering more attractive valuations. Non-US markets start from cheaper valuations and possess more diverse growth opportunities unrelated to AI.	GOOG	View
2025 Q4	Jan 14, 2026	Emerald Wealth Partners – Focused Equity Strategy	2.1%	13.2%	1179.HK, 8035.T, AHT.L, AMAT, AMZN, ASML, AVGO, BLK, CB, CSU.TO, DE, DEO, GOOGL, LMT, LSEG.L, MSFT, NOW, ORCL, SHEL, TMO	AI, China, Quality, semiconductors, technology, Trade Policy, value	AI dominated 2025 with massive data center investment announcements including OpenAI's $300 billion commitment and Meta's five-gigawatt Hyperion data center. The manager sees AI driving demand for semiconductor tools and custom chips, positioning companies like Applied Materials, ASML, and Broadcom to benefit from the infrastructure buildout. Semiconductor companies were top performers with Applied Materials up 59.6% and ASML up 55.8%. The manager emphasizes the bright prospects for chip design tools given silicon requirements for AI deployment, while also initiating Broadcom for its custom chip capabilities serving cloud hyperscalers. Trump announced the highest tariffs since the 1930s, with effective rates settling around 17% after negotiations. This triggered initial market corrections but companies adapted by flexing supply chains, with macroeconomic consequences remaining benign on inflation and GDP fronts. China had a strong year with the Hang Seng up 32% as investors warmed to signals that regulatory tightening was over. Chinese tech companies demonstrated ability to deploy AI efficiently at lower costs despite GPU restrictions, while valuations became attractive after years of consolidation. The manager focuses on high-quality compounders trading at discounts after being left out of the AI rally. They target companies generating strong free cash flow with high ROIC that can redeploy capital effectively, finding opportunities in unloved sectors and geographies like Swiss stocks at multi-year valuation lows.		View
2025 Q4	Jan 11, 2026	Thornburg Global Opportunities Fund	6.5%	41.1%	0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, C, CACI, COF, FCX, GOOGL, LLY, META, NN.AS, ORA.PA, RELIANCE.NS, SAP.DE, SCHW, SHEL, T, TSCO.L, TSM, TTE	Digital Economy, financials, global, growth, semiconductors, technology, Trade Policy, value	The fund holds significant positions in semiconductor companies including Samsung Electronics, Taiwan Semiconductor Manufacturing, and Contemporary Amperex Technology. These technology firms were leading contributors to portfolio performance during Q4 2025, with the manager highlighting their role in the digital economy transformation. Financial intermediaries represent 20.5% of the portfolio, with the manager believing they should benefit from interest rates determined primarily by free market forces. Key holdings include Citigroup, Bank of Ireland, BNP Paribas, NN Group, Capital One, and Charles Schwab, which were significant contributors to Q4 performance. The portfolio includes major e-commerce platforms Alibaba Group, Tencent Holdings, and Meta Platforms, though these were among the most significant detractors from Q4 performance. The manager maintains exposure to firms tied to the digital economy despite recent underperformance. Energy investments comprise 6.9% of the portfolio, including positions in Shell PLC and Total Energies SE. The manager notes periodic fluctuation of investor confidence in industrial commodity sector businesses, with Total Energies contributing positively to Q4 performance. The manager explicitly discusses evolving U.S. trade policies and their impact on global trade flows, noting that winners and losers among multi-national producers of tradeable goods will become obvious in time. The current outlook for many global businesses remains uncertain due to new trade policies.		View
2024 Q3	Sep 30, 2024	BlackRock Global Dividend Fund	7.2%	14.8%	AAPL, ACN, ALLE, AMAT, AZN, LVMUY, MDLZ, MSFT, NVDA, NVO, OTIS, PM, SHEL, TSM, TXN	dividends, global, healthcare, industrials, Quality, technology	The fund focuses on carefully selected quality companies with strong dividend growth potential. The portfolio managers aim to provide dividend growth and consistent returns with lower volatility over the long-term through global dividend-paying companies.		View
2023 Q3	Sep 30, 2023	Vanguard International Value Fund	-5.4%	6.3%	005490.KS, 005930.KS, 0700.HK, 1398.HK, 1821.HK, 2331.HK, 2688.HK, 6146.T, AIR.PA, ASML, BABA, BBDC4.SA, BP, CFR.SW, HOLN.SW, HSBA.L, MC.PA, MLCO, NOVOB.CO, PBR, ROG.SW, RYA.L, SHEL, TSM, ZEEL.NS	Developed Markets, Diversified, emerging markets, international, value	The fund employs fundamental, value-oriented investment process seeking undervalued stocks from non-U.S. markets. Investment advisors use fundamental research to construct portfolios of undervalued stocks in developed and emerging markets. ARGA's investment philosophy is based on the belief that investors overreact to short-term developments, leading to opportunities to generate gains from investing in good businesses at great prices.		View
2024 Q2	Jul 31, 2024	Guinness Global Energy	0.0%	10.3%	BP, CNQ, COP, CVE, CVX, DVN, E, EOG, EQNR, FANG, GALP.LS, IMO, OMV.VI, PTR, REP.MC, SHEL, SNP, SU, TTE, XOM	dividends, energy, Free Cash, global, Natural Gas, oil, Opec, valuation	Oil prices strengthened in June with WTI closing at $81.5/bl and Brent at $87/bl. OPEC+ maintained production quotas while aspiring to add spare capacity back in 2025. The managers see oil demand growth of 1.0-1.3m b/day in 2024, with aviation being a key driver as global flights are now 13% above 2019 levels.		View
2024 Q2	Jul 18, 2024	Harding Loevner International Equity	9.5%	11.5%	700.HK, ALV.DE, ASML, BAP, BBVA, BHP.AX, D05.SI, GFNORTEO.MX, HDFC.NS, ICICIBANK.NS, IFX.DE, LIN, NESN.SW, NVDA, NVO, OR.PA, RIO, SAP.DE, SHEL, TSM	AI, Banking, emerging markets, international, M&A, Political Risk, semiconductors, technology	AI beneficiaries like semiconductors and semiconductor equipment surged by double digits, with TSMC continuing to soar on sustained demand for AI-related chips for NVIDIA and others. Returns within IT were bifurcated as direct AI beneficiaries outperformed while software & services fell.		View
2023 Q1	May 17, 2023	Third Point Offshore Fund	1.1%	-3.0%	AIG, AMD, BABA, BBWI, CL, CRM, CS, DHR, DIS, FIS, GLEN.L, GOOGL, LVMH.PA, MSFT, PCG, SHEL	activism, credit, Hedge Fund, Multi-Strategy, Structured Credit			View
2025 Q1	Mar 31, 2025	Harding Loevner Global Equity	-2.1%	-2.1%	002230.SZ, 0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, COMP.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, UNH, VRTX, WMMVY	AI, Geopolitical, global, Policy Uncertainty, Quality, semiconductors, technology, Trade Policy	The letter extensively discusses heightened US policy uncertainty, particularly around trade policy, with early salvos in the new trade war hitting China, then re-targeting Canada, Mexico, and US allies in Europe and Asia. The manager notes that tariffs and policies aimed at forcing US self-sufficiency create business uncertainty and undermine investment appetite.		View
2025 Q1	Mar 31, 2025	Harding Loevner International Equity	5.1%	5.1%	005930.KS, 1299.HK, 6146.T, 6367.T, AI.PA, ALV.DE, ASML, BBVA, D05.SI, HDFCBANK.NS, LIN, MELI, MFC.TO, NESN.SW, OR.PA, ROG.SW, SHEL, SNE, SU.PA, TSM	AI, international, Policy Uncertainty, semiconductors, tariffs, Trade Policy	The Trump administration has implemented heightened US policy uncertainty with tariffs expanding beyond China to include Canada, Mexico, and European allies. This creates business uncertainty and undermines investment confidence as companies become less willing to commit capital when rules become increasingly arbitrary.		View
2023 Q1	Mar 31, 2023	Third Point Partners	3.9%	14.0%	AIG, AMD, BABA, BBWI, CL, CRM, DHR, DIS, FIS, GLEN.L, GOOGL, MC.PA, MSFT, PCG, SHEL	activism, credit, Equity, Hedge Fund, Multi-Strategy			View
2022 Q1	Mar 31, 2022	Third Point Offshore Fund	1.1%	-3.0%	GLEN LN, PCG, SHEL	-			View
2023 Q4	Jan 2, 2024	VGI Partners	0.0%	0.0%	AMZN, CME, DIS, GEHC, KVUE, META, RHM.DE, SHEL, SPOT, TECK	AI, Concentration, defense, global, Long/Short, Quality, Streaming, technology	Amazon's investments in artificial intelligence including chip company Annapurna and Anthropic provide material foothold in AI technology stack. AWS exposure to AI infrastructure requirements and continued LLM investment will contribute strongly to growth. Meta's AI investments in cloud infrastructure and recommendation engines have been important in improving engagement and growing user base.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Eagle Capital Management	Shell plc	Energy	Oil, Gas & Consumable Fuels	Bull	LSE	Asset Optimization, capital returns, Deepwater, energy, global leader, high-margin, LNG, natural gas, Oil & Gas	View Pitch
Apr 28, 2026	Fund Letters	Latitude Global Fund	Shell plc	Energy	Oil, Gas & Consumable Fuels	Bull	London Stock Exchange	Chemicals, earnings yield, Integrated Oil, margin of safety, Marketing, renewables, UK Listing, valuation discount	View Pitch
Aug 13, 2025	Seeking Alpha	Manika Premsingh	Shell plc	Energy	Oil & Gas Integrated	Neutral	NYSE	—	View Pitch

BSD Shareholders of SHEL

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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