SU-PA

SU-PA

SU-PA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
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
2025 Q4	Jan 20, 2026	Harding Loevner International Equity	4.2%	27.6%	005930.KS, 0700.HK, 1299.HK, 1398.HK, 2330.TW, 6758.T, ALC.SW, ALFA.ST, ALV.DE, ASML, ATCO-A.ST, BBVA, D05.SI, MELI, NTES, NVO, NVS, ROG.SW, SE, SU.PA	AI, defense, emerging markets, international, semiconductors, technology, Valuations	AI represents a capital-expenditure regime with two distinct camps: demand-side hyperscalers investing in compute capacity, and supply-side physical enablers spanning chip foundries, memory makers, and infrastructure providers. The portfolio holds companies across this ecosystem including TSMC, Samsung Electronics, ASML, and power management providers like Delta Electronics and Schneider Electric. The semiconductor ecosystem is central to AI buildout, with the portfolio holding foundries like TSMC, memory producers like Samsung Electronics, and equipment suppliers including ASML, Disco Corp, and Lasertec. These companies represent the physical enablers of AI infrastructure despite potential cyclical risks if AI capex slows. EM exposure increased to roughly 30% of the portfolio, the largest weight ever, driven by compressed valuations and opportunities in companies like CATL, Delta Electronics, Naver, and Tencent. The manager sees attractive risk-reward profiles in EM companies where fundamentals remain robust despite underperformance. Added BAE Systems amid broader European defense sell-off, capitalizing on sustained higher defense budgets in Europe and modernization push in the US. BAE's intellectual property, government relationships, and program execution track record support resilient profitability even through periods of restrained spending. Portfolio includes e-commerce operators MercadoLibre and Sea Limited, as well as Naver which is South Korea's second-largest e-commerce business. These companies benefit from AI-based targeting and automated ad-generation tools that can expand revenue opportunities and improve monetization.	BA LN 035420 KS	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 13, 2026	Generation Investment Management Global Equity	-	-	ADYEY, AMZN, ASML, CRM, CSL, DHR, GOOGL, LEGN.PA, MCO, MELI, MSCI, MSFT, SIK.SW, SNPS, SPOT, SU.PA, TMO, TSM, VWS.CO, WDAY	AI, Energy Transition, global, long-term, Quality, sustainability, technology, valuation	Generation believes computing power demand will roughly triple if a third of internet users interact with AI services via voice for 20 minutes daily. They invest across the AI build-out from chip manufacturing (TSMC, ASML) to electrical equipment (Legrand, Schneider) to cloud companies. Roughly one third of the portfolio is involved in AI build-out in some capacity. Generation focuses on quality companies with strong pricing power, indispensable products, and long-term thinking management teams. They believe quality stocks have had one of their weakest relative performances in 15 years, creating attractive valuations. The portfolio has never been so cheaply valued relative to benchmark despite faster earnings growth. MercadoLibre serves as Latin America's core digital infrastructure, operating in 18 countries with strong positions in Brazil, Argentina and Mexico. The platform handled 1.8 billion shipments in 2024, roughly doubling from 2020 figures. Over half a million SMEs sell on the platform representing upwards of 70% of gross merchandise sales. Generation invests across the payments ecosystem including Visa, Mastercard, PayPal, and Adyen. Adyen processes EUR 1.4 trillion of payments with a single global platform approach. More than half of MercadoLibre users say Mercado Pago was their first digital payment method, demonstrating the financial inclusion benefits. The portfolio includes renewable energy companies like Vestas Wind Systems and energy efficiency companies like Legrand and Schneider Electric. Companies are setting science-based emissions targets with 67% of portfolio covered by validated targets. The transition faces political headwinds but technological and economic advances continue to accelerate.		View
2025 Q4	Jan 11, 2026	Thornburg International Equity Fund	4.5%	34.2%	005930.KS, 4901.T, 6501.T, 6758.T, 8306.T, AZN, BABA, BNP.PA, BZ, CP, DPW.DE, LIN, NN.AS, ROG.SW, SU.PA, TTE	China, Europe, fundamentals, international, Japan, value	Trade tensions remained a significant theme with continuing negotiations between the U.S. and major trade partners including China, which is also in contentious trade talks and tit-for-tat tariff and procurement walls with the European Union. Technology-related industries showed strength, particularly in Northeast Asia and the U.S., where chip stocks rallied on AI optimism during the fourth quarter. The U.S. Federal Reserve cut its target rate 25 basis points in December. The Bank of Japan lifted its rate a quarter point while the ECB stood pat, creating rate differentials that played out in currency markets.		View
2025 Q4	Jan 11, 2026	Impax Global Environmental Markets Fund	-1.5%	14.0%	A, AI.PA, AMAT, ITRI, KYGA.L, LIN, MSFT, RNR, SU.PA, TSM, UNP, VIE.PA	AI, Energy Efficiency, Environmental, global, Industrial Gases, semiconductors, technology, Waste management	AI-related investments drove portfolio performance with impressive execution from semiconductor foundries, chip equipment manufacturers, and power management companies. The team maintains high conviction in a picks and shovels approach to AI, focusing on performance efficiency and companies improving power supply delivery. Despite market concerns about elevated AI capital expenditure, the team believes AI-driven secular tailwinds remain intact. Energy efficiency remains a core focus with holdings in HVAC, heat pumps, and power management electronics. Weaker US residential construction volumes contributed to underperformance from energy-efficient HVAC and heat pump exposure. The strategy emphasizes companies bending the total power demand curve and improving efficiency of power supply. Industrial gases holdings like Linde and Air Liquide provide operationally defensive businesses with resilient end markets and clear multi-decade pricing power. These companies operate within oligopolistic market structures benefitting from durable demand and attractive pricing power, serving as portfolio ballast despite current muted volume growth. Waste and recycling holdings offer compelling reward-to-risk characteristics through operationally defensive businesses tied to resilient end markets. The team maintains exposure to high-quality businesses in waste and recycling as portfolio ballast, benefiting from oligopolistic market structures and durable demand patterns. Smart and efficient grids exposure faced challenges with companies like Itron disappointing on order intake expectations. However, grid upgrades remain attractive secular growth opportunities over the long-term as part of the broader infrastructure modernization theme. Water infrastructure holdings experienced underperformance during the quarter due to factors including profit taking and poor business execution. Despite near-term challenges, water infrastructure remains part of the long-term environmental markets opportunity set.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Mar 16, 2026	Substack	Rijnberk Invest Insights	Schneider Electric	Industrial	Electrical Equipment	Bull	Euronext Paris	AI infrastructure, AVEVA, data centers, digital flywheel, EcoStruxure, Electrification, Grid modernization, Industrial automation, recurring revenue, Schneider Electric	View Pitch

BSD Shareholders of SU-PA

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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