TME

TME

TME

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 24, 2025	Polen Capital – Emerging Markets Growth	12.6%	14.5%	8069 TT, BABA, DLO, PDD, TME, WIZZ LN	Compounding, earnings growth, emerging markets, Quality, secular growth	The letter emphasizes long-term secular growth in emerging markets driven by rising middle-class consumption, digital adoption, and high-quality companies gaining share in underpenetrated markets. Management argues that short-term macro volatility and geopolitics obscure durable earnings growth and return-on-capital advantages. The strategy focuses on a concentrated set of resilient compounders capable of sustaining above-average growth through cycles.	8069 TT PDD WIZZ LN DLO BABA TME	View
2025 Q2	Jul 17, 2025	Polen Capital – International Growth	6.9%	6.9%	8035 JP, AON, BNZL LN, EVO SS, EXPN LN, GLOB, IBN, ICLR, INPST NA, MELI, MMYT, NVO, SAP GR, SE, TME	Compounding, earnings, International Growth, Quality, valuation	The letter emphasizes international growth opportunities in businesses with strong competitive positions and long-duration earnings power. Management argues that non-U.S. markets offer attractive relative valuations without sacrificing quality or growth. The focus remains on compounding intrinsic value over full market cycles.	IBN ICLR GLOB AON SAP GR 8035 JP MELI	View
2025 Q1	Apr 29, 2025	Polen Capital – Emerging Markets Growth	1.7%	1.7%	DLO, DNOPY, LVS, TME, TOTS3 BZ	-			View
2025 Q1	Apr 19, 2025	Polen Capital – International Growth	0.0%	0.0%	ADYEN NA, AON, GLOB, ICLR, LONN SW, MELI, NVO, SAP GR, TCEHY, TME, TSM, ULVR	-			View
2024 Q1	Apr 15, 2024	Baron Emerging Markets Fund	9.0%	16.2%	105560 KS, FYGGY, HDB, INDIGO IN, NU, TME, TSM, ZLAB	-			View
2025 Q4	Feb 8, 2026	SGA – Emerging Markets Growth	0.6%	22.8%	035420.KS, 0700.HK, 1299.HK, 1398.HK, 9983.T, BABA, BJFN, CPALL.BK, CPI.JO, FEMSA, GRAB, HDFCBANK.NS, HTHT, INFY, MELI, MMYT, OR.PA, SE, SLM.JO, TCS.NS, TME, TOTS3.SA, TSM, UL, WALMEX.MX, XP, YUMC	AI, Cyclical, E-Commerce, emerging markets, Quality, semiconductors, valuation	The rapid acceleration in artificial intelligence has been a key catalyst behind the recent cyclical resurgence across emerging markets. Large-scale capital expenditure by global hyperscalers has driven sharp increases in demand for semiconductors and data-center infrastructure. However, SGA believes the current trend of AI CapEx growth is unsustainable and has largely run its course due to structural constraints in power availability, skilled labor, and capital availability. Several investments in e-commerce leaders across Asia and Latin America, including MercadoLibre, Sea Limited and Alibaba, faced a more competitive operating environment during the period. As long-term investors, SGA observes that competitive intensity in these markets tends to ebb and flow over shorter time horizons, with market leaders typically emerging from such periods with strengthened strategic positions given inherent network effects. The portfolio's underweight to South Korean semiconductor companies, including Samsung Electronics and SK Hynix, was a key driver of relative underperformance. These stocks continued to benefit from strong AI-related memory demand and elevated investor enthusiasm. Memory chips are largely a commoditized product with weak pricing power, extreme capital intensity and pronounced boom-bust cycles that lead to volatile earnings. SGA sees worrying signs of excess and weakening lending discipline from credit markets. The scale of capital required has led to greater reliance on private credit markets and off-balance-sheet structures. Transactions such as Meta's $27 billion joint venture with Blue Owl Capital highlight both the availability of capital and the risk of excess. The sustained focus on cyclicality and momentum has driven the quality factor to historically depressed relative levels. The valuation premium for high-quality stocks has compressed to levels typically observed only during periods of crisis. SGA remains committed to businesses with pricing power, recurring revenues, and strong balance sheets - attributes that may be underappreciated in today's momentum-driven market.	OR FP TME GRAB SE BABA 9983 JP INFY TSM	View
2022 Q3	Oct 26, 2022	Polen Capital – International Growth	3.3%	3.9%	ADS GR, EPM, GLOB, ICLR, J2B GR, KER FP, MELI, SAP, TME	-			View
2024 Q3	Oct 18, 2024	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	ALIT, BLD, CWAN, ELF, EXLS, FEVR, FIVE, GSHD, KNSL, MPWR, PGNY, RVLV, TME, TTEK	-			View
2024 Q2	Jul 24, 2024	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	ALIT, BMBL, DATA LN, DLO, MDLM, MPWR, PGNY, PRO AU, TME	-			View
2022 Q3	Jul 11, 2022	Bireme Capital	-2.0%	-2.0%	ARPU, NFLX, TME, TWTR	-			View
2025 Q1	Mar 31, 2025	Artisan International Fund	9.3%	9.3%	012450 KS, 7182 JP, AI FP, ARGX BB, DTE GR, TCEHY, TME, UCB BB	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	HRISHIKESH (HK) GUPTA	Tencent Music Entertainment Group	Communication Services	Interactive Media & Services	Bull	New York Stock Exchange	Competition, Content, Margins, monetization, Streaming	View Pitch
Jan 20, 2026	Fund Letters	Chris Davies	Tencent Music Entertainment Group	Communication Services	Interactive Media & Services	Bull	New York Stock Exchange	China Internet, Content Monetization, Scalability, Streaming, Subscriptions	View Pitch
Jan 8, 2026	Fund Letters	Damian Bird	Tencent Music Entertainment Group	Communication Services	Movies & Entertainment	Bull	New York Stock Exchange	China, Margins, Music, platform, Streaming	View Pitch

BSD Shareholders of TME

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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