TEL

TEL

TEL

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	Carillon Eagle Growth & Income Fund	-	-	ABBV, ADP, CVX, ETN, MCD, MRK, NEE, RTX, TEL, UNH	-			View
2025 Q2	Jul 23, 2025	Madison Sustainable Equity Fund	6.1%	2.4%	AAPL, DHR, JPM, LLY, MSFT, NEE, ORCL, PGR, TEL, UNH	Esg, Governance, long-term, Quality, sustainability	The letter highlights sustainable investing as a source of long-term risk-adjusted returns. Management emphasizes high-quality companies that effectively manage environmental, social, and governance risks. Sustainability integration is positioned as enhancing durability and capital preservation.	UNH LLY PGR DHR NEE TEL JPM MSFT AAPL ORCL	View
2025 Q2	Jul 20, 2025	The London Company Large Cap	-0.4%	1.8%	BRK/B, FI, NEU, PGR, SCHW, TEL	cash flows, downside protection, large cap, Quality, valuation	The commentary highlights large-cap businesses with durable cash flows, conservative leverage, and strong competitive positions. A focus on quality and downside protection may lag in momentum-driven rallies but is designed to outperform over full cycles. Discipline and fundamentals remain central amid elevated valuations.	PGR BRK.B SCHW TEL NEU	View
2025 Q1	Apr 5, 2025	ClearBridge Investments Dividend Strategy	-	-	CVS, TEL	-			View
2025 Q4	Feb 10, 2026	FPA Source Capital	4.3%	18.4%	IFF, MSFT, MTN, SAF FP, TEL	Balance Sheet Strength, Capital Allocation, downside protection, free cash flow, Intrinsic Value	The letter emphasizes ownership of durable, cash-generative businesses trading at discounts to intrinsic value, with a focus on downside protection and long-term compounding. Management prioritizes strong balance sheets and disciplined capital allocation in a market characterized by elevated valuations and macro uncertainty. The strategy seeks asymmetric returns by concentrating capital in high-conviction opportunities while preserving liquidity for volatility-driven dislocations.	MSFT MTN IFF SAF FP TEL	View
2024 Q4	Dec 31, 2024	Madison Sustainable Equity Fund	-2.1%	17.4%	AAPL, ADBE, BKRP, DHR, ECL, GOOG, JPM, LIN, LLY, NEE, SCHW, TEL, UNH, V	-			View
2024 Q4	Dec 31, 2024	Madison Dividend Income Fund	-1.7%	7.6%	ROK, TEL	-			View
2025 Q3	Oct 28, 2025	The London Company Income Equity	5.8%	15.4%	AAPL, CMI, DEO, FIS, GLW, NSGRY, NTDOY, PM, TEL, UNH	Artificial Intelligence, dividends, healthcare, income, Quality	The portfolio outperformed its benchmark, led by AI-linked industrial and technology names such as Corning and TE Connectivity. Management added Cummins and UnitedHealth, citing durable advantages, resilient cash flows, and demographic-driven growth in healthcare. Despite near-term volatility, the fund remains focused on dividend yield, quality balance sheets, and steady earnings to preserve capital amid elevated valuations.	UNH TEL GLW UNH TEL GLW	View
2025 Q3	Oct 28, 2025	The London Company Large Cap	6.2%	8.1%	BRKR, EQH, FI, GOOG, NEU, ODFL, PGR, TEL	Artificial Intelligence, earnings, financials, Quality Investing, value	The portfolio modestly underperformed the benchmark as concentration in megacaps and volatility favored speculative names. Strong contributions from Alphabet and TE Connectivity reflected AI adoption and efficiency gains, while Fiserv and Progressive weighed on results. Management expects a rotation back toward quality and value discipline as valuations and concentration risks heighten in AI-driven markets.	EQH GOOG EQH GOOG	View
2025 Q3	Oct 21, 2025	Impax Global Environmental Markets Fund	4.5%	15.5%	2308 TT, APTV, CARR, DSFIR NA, KYGA, TEL	AI, Energy Efficiency, Environmental markets, sustainability, Waste management	Impax underperformed the MSCI ACWI as defensive and materials names lagged but saw strong gains from IT and efficient infrastructure exposure. The fund emphasizes long-term opportunities in sustainable sectors like environmental testing, waste management, and energy efficiency. AI-related grid and data infrastructure remain key secular drivers of portfolio growth.		View
2024 Q3	Oct 2, 2024	The London Company Income Equity	10.4%	14.6%	LOW, MRK, MSFT, PGR, SBUX, SCHW, TEL	-			View
2024 Q3	Oct 2, 2024	The London Company Large Cap	8.1%	14.6%	BLK, CB, CSCO, FDX, FI, GOOG, ORLY, PGR, SCHW, TEL	-			View
2025 Q3	Oct 16, 2025	Janes Henderson Global Sustainable Equity Fund	3.0%	18.9%	IFC CN, PRY IM, SGO FP, SPOT, TEL, TSM	Artificial Intelligence, Data centers, Electrification, semiconductors, sustainability	The fund focuses on AI as a catalyst for sustainable development, linking intelligence and electrification as dual engines of global progress. It highlights Prysmian, TE Connectivity, and TSMC as beneficiaries of electrification and AI infrastructure build-out, while maintaining exposure to innovation-driven sectors. Janus Henderson sees AI not as speculative mania but as a driver of long-term productivity and sustainability alignment.		View
2025 Q3	Oct 15, 2025	Madison Sustainable Equity Fund	6.5%	8.2%	AMZN, ANET, COST, GOOG, LLY, ORCL, PLAN CN, TEL, TJX, TXN, V	Artificial Intelligence, Cloud Computing, Esg, sustainability, technology	Madison underscores the integration of AI and sustainability within high-quality, large-cap equities. It highlights Oracle, Alphabet, Arista, and TE Connectivity as key beneficiaries of AI infrastructure growth and cloud expansion, while emphasizing ESG leadership at firms like Amazon, Microsoft, and Linde. The funds outlook favors technology and communication services, expecting AI adoption and sustainability initiatives to drive multi-year earnings growth.	TJX TEL ANET GOOGL ORCL	View
2023 Q3	Oct 15, 2023	Madison Investors Fund	7.8%	17.0%	A, ACGL, ADBE, DLTR, J, TEL, TXN	-			View
2025 Q4	Jan 7, 2026	ClearBridge Investments Dividend Strategy	0.0%	0.0%	AAPL, ADP, APD, AVGO, GOOGL, ITX.MC, KO, LHX, META, MMC, MSFT, NESN.SW, NVDA, ODFL, ORCL, TEL, TMUS, UL, UNP, XOM	AI, Concentration, diversification, dividends, large cap, semiconductors, technology, value	AI will radically change lives, labor markets and the economy, but investors already ascribe trillions of dollars of value to AI-related enterprises while aggregate AI-related revenues are minimal relative to embedded expectations. The landscape is evolving too swiftly to conclude today's favored players will be ultimate winners, with fundamental questions remaining about LLM commoditization and revenue sustainability. The strategy's average holding has grown its dividend at 10% over the last 12 months with similar growth expected in coming years. The fund maintains focus on dividend-paying companies as part of its core investment approach and diversification strategy. The ClearBridge Dividend Strategy trades at a significant discount to the broader market with a P/E ratio of 19.8x versus 24.7x for the S&P 500. The managers value securities based on free cash flow yields and gravitate toward those with asymmetric risk-reward profiles.		View
2025 Q4	Jan 29, 2026	FPA Crescent Fund	3.1%	17.7%	ADI, AMZN, AVTR, BDX, C, CHTR, CMCSA, CRM, GOOGL, HEIA.AS, IFF, JEF, KMX, META, MSFT, NOW, NTDOY, ORCL, SAF.PA, SAP, SNOW, TEL, WDAY	AI, global, healthcare, Quality, small caps, technology, value	The fund emphasizes being value aware, focusing on cases where both quality and value intersect. They avoid speculative areas where reward for taking risks is insufficient relative to potential returns. The strategy has generated equity-like returns while placing equal importance on capital preservation and appreciation over 30 years. The fund is actively investing in small to mid-cap global securities, believing the investment community is casting its gaze away from these market constituents that offer asymmetric risk-reward for those willing to look forward three to five years. Recent purchases demonstrate their commitment to this thesis. The fund discusses AI extensively through Microsoft's transformation and growth prospects. They analyze how AI/cloud developments transformed Microsoft's business model and examine the massive revenue growth required for current AI valuations to make sense, questioning whether Microsoft can add revenue equivalent to multiple major software companies combined.	MSFT	View
2025 Q4	Jan 18, 2026	Distillate Capital Fundamental Stability & Value	0.0%	0.0%	BMY, CAH, CSCO, ELV, FFIV, FI, GPS, HCA, JBHT, JNJ, LOW, MO, MPC, MRK, REGN, TDC, TEL, TMUS, UBER, VST	free cash flow, fundamentals, international, Quality, rebalancing, small caps, valuation, value	The firm emphasizes systematic value investing through their proprietary free cash flow valuation methodology. They focus on stocks trading at attractive valuations while avoiding richly valued names, with their U.S. FSV strategy trading at more than double the free cash flow yield of the S&P 500. The strategy systematically rotates out of names that have increased in value and reinvests into less expensive stocks. The firm filters for high quality companies with stable cash flows and low debt levels. Their investment process excludes negative free cash flow companies and avoids those with high amounts of leverage while seeking fundamental stability. This quality focus has historically been smart but was a drag on returns in 2025 as unprofitable stocks outperformed significantly. The firm sees significant opportunity in small and mid-sized U.S. stocks, though selectivity is critical given the large number of unprofitable and heavily-indebted companies. Their small/mid strategy filters out negative free cash flow companies and high leverage names. The S&P 600 excludes many troubled names and has considerably outperformed the Russell 2000 over time.		View
2025 Q4	Jan 18, 2026	Distillate Capital Small/Mid Cap Quality & Value	0.0%	0.0%	BMY, CAH, CSCO, ELV, FFIV, FI, GPS, HCA, JBHT, JNJ, LOW, MO, MPC, MRK, REGN, TDC, TEL, TMUS, UBER, VST	free cash flow, fundamentals, Quality, rebalancing, small cap, valuation, value	The letter extensively discusses valuation concerns across markets, highlighting that U.S. equities are historically expensive and trading at levels typically associated with subdued future returns. The firm's strategies focus on finding attractively valued stocks where quality and value overlap, with their portfolios trading at significant discounts to benchmarks. Quality is a core focus of the firm's investment process, emphasizing cash flow stability and avoiding highly leveraged or unprofitable companies. The letter discusses how their strategies systematically filter out negative free cash flow companies and those with high debt levels while seeking fundamental stability. The letter identifies significant opportunities in small and mid-sized U.S. stocks, noting that avoiding high debt levels and money-losing businesses has historically been smart but was a drag on returns in 2025. The firm sees this as creating attractive entry points for quality small cap investing.		View
2025 Q4	Jan 18, 2026	Distillate Capital Large Cap Value	0.0%	8.6%	000660.KS, 005930.KS, BMY, CAH, CSCO, ELV, FFIV, FI, HCA, JBHT, JNJ, LOW, MO, MPC, MRK, REGN, TEL, TMUS, UBER, VST	FCF, fundamentals, international, Quality, rebalancing, small caps, valuation, value	U.S. equities are historically expensive by any measure and at levels typically associated with subdued future returns. The S&P 500 is trading near record multiples with just 20 stocks accounting for over 50% of the market at a 120% premium to the rest. Historical analysis shows that rich starting valuations correlate with lower longer-term returns. Despite rich overall market valuations, many high quality stocks remain attractively valued. The firm's large cap strategy trades at a free cash flow yield more than double the S&P 500 and 60% above Russell 1000 Value. Value stocks significantly outperformed after the 2000 tech bubble when similar valuation disparities existed. Significant opportunities exist in smaller stocks where avoiding high debt levels and money-losing businesses has historically been smart but was an enormous drag on returns in 2025. Negative free cash flow stocks comprised 35% of Russell 2000 and rose 67% on average, demonstrating unusual market conditions.		View
2025 Q4	Jan 12, 2026	ClearBridge Investment Growth Strategy	-	-	ALNY, AVGO, DLB, DOCS, ELF, FCX, HLT, HOOD, MSGE, MSGS, ODFL, ONON, SHOP, TEL, TJX, TKO, UNH, VRTX, VST, XPO	AI, balance, growth, innovation, semiconductors, technology, volatility	The letter outlines a balanced growth approach combining participation in AI-driven momentum with downside protection through diversified stock selection. Emphasis is placed on companies with durable fundamentals, innovation-led growth, and disciplined capital allocation. Growth investing is positioned as increasingly selective amid heightened volatility and dispersion.	ELF SHOP	View
2024 Q2	Jul 22, 2024	The London Company Income Equity	10.4%	14.6%	AAPL, FAST, LOW, NSC, NSRGY, NTDOY, PM, TEL, TXN, VZ	-			View
2024 Q2	Jul 22, 2024	The London Company Large Cap	8.1%	14.6%	ALB, APD, GOOG, MLM, NEU, NSC, ODFL, TEL, TXN	-			View
2023 Q1	Apr 14, 2023	Madison Sustainable Equity Fund	6.1%	20.1%	ADI, DHR, GOOG, HD, LLY, NESR GR, ORCL, PEP, QCOM, TEL, TGT, USB	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	Mark Landecker	TE Connectivity plc	Information Technology	Electronic Components	Bull	New York Stock Exchange	Acquisitions, Automation, cashflow, Connectivity, data centers, dividends, Grid, reliability, Sensors	View Pitch
Jan 8, 2026	Fund Letters	Maya Bittar	TE Connectivity Ltd.	Information Technology	Electronic Components	Bull	New York Stock Exchange	Automation, Connectivity, growth, Industrials, Margins	View Pitch
Jan 8, 2026	Fund Letters	Brian Campbell	TE Connectivity Ltd.	Information Technology	Electronic Components	Bull	New York Stock Exchange	AI demand, buybacks, cash flow, Connectivity, Electronic Components	View Pitch
Nov 29, 2025	Fund Letters	Brian Campbell	TE Connectivity Ltd.	Information Technology	Electronic Components	Bull	NYSE	AI, Automation, Connectivity, diversification, Electrification, Margins, Sensors	View Pitch
Nov 29, 2025	Fund Letters	Maya Bittar	TE Connectivity Ltd.	Information Technology	Electronic Components	Bull	NYSE	Automation, Connectivity, growth, guidance, Industrials, Margins, Sensors	View Pitch
Nov 29, 2025	Fund Letters	John Baldi	TE Connectivity Ltd.	Information Technology	Electronic Components	Bull	NYSE	AI, Automation, Connectivity, dividends, growth, Industrials, Sensors	View Pitch
Nov 29, 2025	Fund Letters	Brian Campbell	TE Connectivity Ltd.	Information Technology	Electronic Components	Bull	NYSE	AI, Automation, Connectivity, diversification, Electrification, Margins, Sensors	View Pitch

BSD Shareholders of TEL

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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