TMV-DE

TMV-DE

TMV-DE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Harding Loevner International Small Companies Equity	16.7%	18.6%	3697.T, 4544.T, 7203.T, AAPL, ALTEN.PA, BC8.DE, BELIMO.SW, CYBR, GLOB, GOOGL, MELI, MSFT, NVDA, RPY.MI, TMV.DE	AI, cybersecurity, innovation, international, IT Services, small caps, technology	The accelerating adoption of artificial intelligence is viewed as a decisively structural trend with far-reaching effects on how people work. Companies in the portfolio are investing in AI to strengthen competitive advantages, with examples including Reply developing customized AI tools and Shift deploying AI engineers to achieve significant cost savings.	3697 JP 4527 JP GLOB CYBR	View
2025 Q2	Jul 17, 2025	Oakmark Fund- International Small Cap	17.0%	-	9962.T, ALI.PS, AMP.MI, ASML, AZE.BR, BKFA.OL, GXI.DE, JEN.DE, TMV.DE	Asia, Europe, financials, industrials, international, semiconductors, small cap, value	The fund consistently identifies companies trading at discounts to intrinsic value, with multiple new purchases made when stocks approached attractive entry points. Examples include Amplifon at its lowest valuation in over 10 years and TeamViewer trading at extremely attractive levels despite improving business quality.	9962.T JEN.DE BAKKA.OL ALI.PS AMP.MI TMV.DE 086790.KS JEN GR AMP IM TMV GR	View
2024 Q2	Jun 30, 2024	Oakmark Fund- International Small Cap	-3.1%	-	1444.T, 3739.T, ANDINAB.SN, ATEA.OL, BRAV.ST, DOM.ST, GN.CO, KCR.HE, OML.AX, SCHB.OL, SMDS.L, STJ.L, SUN.SW, TMV.DE	consumer, Europe, industrials, international, Nordic, small caps, technology, value	The fund consistently adds to stocks that underperformed despite unchanged intrinsic value and reduces exposure where the gap to intrinsic value narrowed. New purchases like Bravida and Embotelladora Andina were made at discounts to estimated intrinsic value, with Andina trading near 15-year low multiples despite improving business quality.	AKO.B.SN BRAV.ST	View
2025 Q1	Mar 31, 2025	Columbia Seligman Global Technology Fund	-12.7%	-12.7%	6723.T, AAPL, AVGO, BE, CHKP, EBAY, FFIV, GEN, GOOGL, GPN, LRCX, MRVL, MSFT, NVDA, ON, TER, TMV.DE, V	AI, Cloud, cybersecurity, global, semiconductors, tariffs, technology	AI continues to be the strongest theme in technology as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. Capital spending from publicly traded cloud service providers including Microsoft, Google, Amazon, Oracle and Meta is continuing to grow. However, concerns emerged about the size of AI-related capital expenditure spending and a slowdown in cloud spending as AI models become cheaper and more efficient.		View
2025 Q4	Jan 13, 2026	Oakmark Fund- International Small Cap	1.5%	29.4%	1128.HK, 4194.T, AZE.BR, BAER.SW, GXI.DE, JDEP.AS, KCR1V.HE, MEDX.SW, METSO.HE, TMV.DE	Europe, Industrial, international, small cap, software, value	The fund's top contributor Konecranes demonstrated strong performance with record earnings driven by margin improvement across all divisions and meaningful order intake increases in equipment divisions. The company raised 2025 financial guidance and maintains a leading position in lifting equipment and related services supportive of long-term profitable growth. TeamViewer was the top detractor after reporting underwhelming results and lowering annual recurring revenue guidance due to general weakness and integration challenges with its 1E acquisition. Despite temporary headwinds, the company is trading at an extremely attractive valuation according to the managers. New purchase Visional operates BizReach, a rapidly growing three-sided platform connecting employers, headhunters and job seekers that is disrupting the traditional headhunter market. The company benefits from secular tailwinds from increased job switching and has excellent management making sound long-term investments.	4194 JP TMV GR KCR FH	View
2024 Q3	Sep 30, 2024	Harding Loevner International Small Companies Equity	9.1%	4.8%	ALT.PA, BC8.DE, BCHN.SW, BLMO.SW, BOSS.SW, CKN.L, CRAN.L, CYBR, DPLM.L, GLOB, GRAF.L, KIN.TO, LOTB.BR, NEMN.DE, REY.MI, SNR.L, STE.DE, TECN.SW, TMV.DE, TOM.OL, VAIS.HE	emerging markets, Food, healthcare, industrials, international, small caps, technology	Human beings will continue to require food for survival, making food companies relatively immune to AI disruption. Cranswick benefits from growing protein demand as scientists find many people aren't eating enough protein to maintain muscle and ward off aging effects. Lotus Bakeries has built strong brand awareness through airline partnerships and achieved 20% household penetration in successfully penetrated markets.		View
2024 Q2	Jul 18, 2024	Harding Loevner International Small Companies Equity	9.1%	4.8%	1347.HK, AAPL, ACNB, ADVT.TW, ALTN.PA, AMZN, AWS, BCHT.DE, CYBR, GLOB, IBM, KIN.TO, LEM.SW, MSFT, NMET.DE, REP.MI, RMV.L, TMV.DE, VAIS.HE	competition, E-Commerce, international, Quality, small caps, underperformance	Allegro's success in defending against Amazon's entry into Poland demonstrates the opportunity for small-cap investors to identify situations where market fears about large new entrants are overestimated. Allegro leveraged smart parcel distribution strategy and network effects to maintain market position despite Amazon's significant resources.		View
2023 Q1	Mar 31, 2023	Oakmark Fund- International Small Cap	3.8%	0.0%	4613.T, CIGI.TO, MEDX.SW, SOW.DE, TMV.DE	Commercial real estate, Enterprise Software, Europe, small caps, Specialty Chemicals, value	TeamViewer exceeded expectations with 18% SMB growth and 42% Enterprise billing growth, while Software AG showed solid results with 7% product revenue growth despite margin compression from SaaS transition. Both companies demonstrate strong fundamentals in the enterprise software space.	MEDX.SW 4613.T CIGI.TO SOW.DE TMV.DE	View
2023 Q4	Jan 31, 2024	Harding Loevner International Small Companies Equity	9.1%	4.8%	002891.SZ, 036570.KS, 0522.HK, 0696.HK, 1269.TW, 1882.HK, 2175.T, 2371.T, 2395.TW, 2815.T, 3588.HK, 3654.TW, 4536.T, 4694.T, 4975.T, 500790.BO, 5031.KL, 6147.TW, 6199.T, 7956.T, 9962.T, ATE.PA, BC8.DE, BCHN.SW, BELN.SW, BGEO.L, BKT.MC, BOSN.SW, CEVI.ST, CHR.CO, CKN.L, CPA, CWK.L, CYBR, DALOG.KL, DIA.MI, DPLM.L, EVT.DE, FPE.DE, G24.DE, GFTU.L, GLOB, HERDEZ.MX, HFG.DE, HPG.HM, KWS.DE, KXS.TO, LDA.MC, LEHN.SW, LOTB.BR, MABANEE.KW, MEGACPO.MX, MFSL.NS, NEM.DE, PDIA.JK, PDXIF, PFV.DE, RAT.L, RENT3.SA, REP.MI, RMV.L, ROBR.PS, RUI.PA, SAB1L.VS, SBS.DE, SMNIF, SNG.BU, SNR.L, SQUP.DH, SXT, TECN.SW, THULE.ST, TMV.DE, TOM.OL, VAISF, YOUGF	AI, growth, international, Japan, Quality, small caps, Style Headwinds, technology	Japan represents the single-largest country weight in the international small-cap benchmark but has been a source of style headwinds for quality growth stocks. The manager discusses Japan's economic reforms, corporate governance improvements, and new TSE mandates that may benefit lower-quality companies in the short term but could increase the number of high-quality companies over time.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 27, 2026	Fund Letters	Oakmark Fund- International Small Cap	TeamViewer AG	Software & Services	Systems Software	Bull	XETRA	EBITDA margins, Enterprise software, Germany, recurring revenue, Remote Access Software, SaaS, Share Buybacks, SMB	View Pitch
Apr 13, 2026	Fund Letters	Oakmark Fund- International Small Cap	TeamViewer	Information Technology	Application Software	Bull	XETRA	acquisition, Application Software, Enterprise software, Germany, Remote Connectivity, SaaS, valuation	View Pitch

BSD Shareholders of TMV-DE

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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