TEMN-SW-2

TEMN-SW-2

TEMN-SW-2

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q2	Jun 30, 2023	Brown Capital Management International All Company Fund	4.8%	14.4%	ABCM, AFX.DE, AUTO.OL, COH.AX, MBLY, MELI, NVO, REL.L, SIM.CO, TEMN.SW	AI, Exceptional Growth Companies, growth, healthcare, international, technology	The fund is actively reviewing portfolio companies to gauge the impact of generative AI on their businesses. RELX has developed Lexis+ AI, a generative AI platform for legal work built on proprietary legal content. All portfolio companies could see productivity improvements from adopting generative AI models.	MBLY ABCM REL.L	View
2024 Q1	May 9, 2024	Polen Capital – International Growth	3.3%	3.9%	AON, ASML, HDB, ICLR, MELI, SAP, TEMN.SW, TEP.PA	Banking, Cloud, E-Commerce, growth, India, international, Quality, software	SAP's transition to the cloud continues at a healthy pace with compelling 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.	MELI HDB TEMN.SW TP.PA AON SAP ICLR	View
2024 Q1	Mar 31, 2024	Brown Capital Management International All Company Fund	3.2%	3.2%	ASML, GRF.MC, MBLY, NVO, TEMN.SW	growth, healthcare, international, semiconductors, Team Management, technology	Novo Nordisk leads the global GLP-1 market with 55% share through blockbuster drug Wegovy. The obesity market was $24 billion in 2023, seven times larger than three years ago, and forecasted to double to $50 billion by 2028. GLP-1 drugs show promise beyond weight loss, with studies demonstrating cardiovascular and kidney disease benefits.	GRF TEMN.SW ASML NVO	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
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 Q4	Jan 6, 2026	The Baird Chautauqua International Growth Fund	0.1%	19.2%	2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, FFH.TO, GALDA.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX	AI, Automation, China, growth, international, semiconductors, Trade Policy, value	AI-related infrastructure demand drove commodities rally and memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Fanuc showcased significant advancements in AI-enabled robotics with commercialization potentially arriving in coming years. Significant de-escalation in U.S.-China trade tensions with Presidents Trump and Xi reaching agreement in October. U.S. reduced fentanyl-related tariffs and extended suspension of reciprocal tariffs for one year. Average effective U.S. tariff rate remains elevated at 17% compared to 2-3% at end of 2024. Economic data remained mixed despite trade war stabilization. Exports resilient but domestic demand stubbornly weak. Property sector downturn continues in fifth year. Policymakers identified raising household incomes as priority for boosting consumption, signaling recognition that economy's reliance on exports has become precarious. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with demand continuing to outpace supply and management seeing tightness across 2026. Fanuc reported strong robot orders up 38% year-over-year, driven by reshoring-related automation demand in North America, European automation investments, and new energy vehicle spending in China. Company showcased significant advancements in AI-enabled robotics at international robot show. Sea Limited reported strong results with revenue growing 38% and gross merchandise value growing 28%, though Shopee's adjusted EBITDA margin declined sequentially as management signaled preference for growth over near-term margin optimization with ongoing investments in logistics and fulfillment capabilities.		View
2025 Q4	Jan 6, 2026	The Baird Chautauqua Global Growth Fund	4.2%	22.1%	2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, GALP.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX	AI, China, growth, international, rates, semiconductors, Trade Policy, value	AI-related infrastructure demand drove materials and memory semiconductor outperformance. Fanuc showcased significant advancements in AI-enabled robotics with commercialization expected in coming years. Application software and IT services faced pressure on concerns that generative AI could disrupt traditional business models. Significant de-escalation in U.S.-China trade tensions with agreements reducing fentanyl-related tariffs and suspending reciprocal tariffs. Average effective U.S. tariff rate remains elevated at 17% versus 2-3% in 2024. Tariff pass-through to consumer prices has been more muted than initially feared but remains an upside risk to inflation. Chinese exports resilient despite trade tensions, with trade surplus crossing $1 trillion for the first time. Domestic demand remains weak with property sector downturn continuing. Policymakers signaled shift toward boosting household incomes as priority for consumption growth. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in the consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with management seeing supply tightness across 2026. Central bank policy paths diverged with Fed continuing easing, ECB holding steady, and BOJ raising rates to highest level in nearly three decades. Fed faces delicate balancing act between weakening labor market and inflation remaining above target.		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	Temenos	Software & Services	Application Software	Bull	SIX Swiss Exchange	Banking Software, Management Stabilization, margin expansion, Mission-Critical, Revenue Predictability, Subscription Transition, Switzerland	View Pitch
Apr 13, 2026	Fund Letters	Polen Capital - International Growth	Temenos AG	Information Technology	Application Software	Bull	SIX Swiss Exchange	Banking Software, Core banking, Digital transformation, Enterprise software, financial technology, short-seller, Switzerland	View Pitch
Apr 13, 2026	Fund Letters	Brown Capital Management International All Company Fund	Temenos	Information Technology	Application Software	Neutral	SIX Swiss Exchange	Banking Software, cloud, Digital transformation, financial services, Fintech, Implementation, SaaS, short-seller, Switzerland	View Pitch

BSD Shareholders of TEMN-SW-2

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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