TS

TS

TS

Market Cap: $25.08B

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 12, 2025	Azvalor Iberia	24.1%	-	CEPU.BA, Gold, LOMA.BA, SLB, SRUUF, TGS.BA, TS	Coal, contrarian, emerging markets, energy, oil, small caps, undervalued, value	Azvalor focuses on contrarian value investing, buying forgotten and undervalued companies while avoiding expensive growth stocks. The firm emphasizes finding strong companies with unique market positions trading at attractive multiples due to short-term pessimism.		View
2025 Q2	Aug 12, 2025	Azvalor Internacional	-1.7%	-	CEPU.BA, Gold, LOMA.BA, SLB, SRUUF, TGS.BA, TS	Coal, commodities, contrarian, emerging markets, energy, oil, small caps, value	Azvalor positions as contrarian value investors, focusing on forgotten and mistakenly overlooked companies trading at attractive valuations. They emphasize small value companies trading at 13.9x earnings versus large growth at 32x earnings, seeking opportunities in shunned sectors.		View
2025 Q2	Jul 16, 2025	Harding Loevner Emerging Markets Equity	10.1%	11.5%	000333.SZ, 018880.KS, 035720.KS, 1211.HK, 2317.TW, 2330.TW, 3690.HK, 4966.T, BABA, GEELY, GLOB, KSPI.L, LREN3.SA, MELI, RDNI3.SA, SE, SHOP.TO, TCS.NS, TS, TTI	AI, Brazil, competition, E-Commerce, emerging markets, South Korea, Taiwan, Trade Policy	Brazilian e-commerce companies like MercadoLibre face intensifying competition from foreign entrants like Shopee, driving innovation in logistics and payment services. MercadoLibre has built competitive advantages through deep local market knowledge, integrated ecosystems, and massive logistics investments. Competition is spurring market expansion as e-commerce penetration remains low at under 20% in Brazil.	018880.KS 2317.TW 4966.T MELI MELI	View
2026 Q1	Apr 13, 2026	Harding Loevner Emerging Markets Equity	-0.5%	-0.5%	2269 HK, 2454.TW, 300750.SZ, MELI, TCOM, TS	AI Infrastructure, E-Commerce, emerging markets, Energy Storage, Energy Transition, Renewable Energy, semiconductors, technology		2359.HK MELI 002594.SZ	View
2024 Q4	Dec 31, 2024	Harding Loevner Emerging Markets Equity	-	2.4%	000333.SZ, 005930.KS, 035420.KS, 0700.HK, 1299.HK, 1398.HK, 2308.TW, 2317.TW, 2330.TW, 2357.TW, 2454.TW, 300760.SZ, 9888.HK, 9988.HK, BABA, BBAS3.SA, BBDC4.SA, BBRI.JK, CATL, CLS.JO, COWAY, DIS.JO, EMAAR.DU, EPAM, GLOB, HDFCBANK.NS, HDFCLIFE.NS, ICICIBANK.NS, ITUB, JD, KSPI.KZ, MARUTI.NS, MELI, RDNI3.SA, SAFX.JO, SBER.ME, SBK.JO, TCOM, TCS.NS, TS, WEGE3.SA	AI, China, emerging markets, semiconductors, Stimulus, tariffs, Trade Policy	AI developments have boosted growth outlook for several EM companies. TSMC expects AI-related revenue to grow at 50% cumulative rate over next five years with 80% market share in leading-edge semiconductors. Delta Electronics commands 50% market share in sophisticated power supplies for high-end servers. IT services companies have started working on business-transformation projects helping clients adopt AI.		View
2022 Q4	Dec 31, 2022	Baron Emerging Markets Fund	9.0%	16.2%	268 HK, 587 HK, BAF IN, HAPVY, NHU SS, SMSN LN, TCEHY, TS, TSM	-			View
2024 Q3	Sep 30, 2024	Harding Loevner Emerging Markets Equity	12.2%	11.6%	005930.KS, 0700.HK, 1211.HK, 1299.HK, 2454.TW, ASML, BABA, EPAM, GLOB, HDFCBANK.NS, ITUB, JD, MARUTI.NS, MELI, TCOM, TCS.NS, TS, TSM, TTI.HK, WALMEX.MX	China, E-Commerce, emerging markets, growth, semiconductors, Stimulus, value, Vietnam	Chinese stocks rallied 25% in the final nine trading days of the quarter following extensive monetary and fiscal stimulus measures. The People's Bank of China reduced interest rates and bank-reserve requirements while implementing measures targeting the real-estate sector and establishing new facilities for institutional stock purchases.		View
2024 Q2	Jul 18, 2024	Harding Loevner Emerging Markets Equity	12.2%	11.6%	005930.KS, 0700.HK, 1211.HK, 1398.HK, 2330.TW, B3SA3.SA, BABA, CATL, EPAM, GFNORTEO.MX, GLOB, HDFCBANK.NS, ITUB, MARUTI.NS, MELI, RENT3.SA, TCS.NS, TS, TSMC, XP	AI, China, Elections, emerging markets, financials, semiconductors, underperformance, valuation	Strong performance driven by AI supply chain in Taiwan, particularly TSMC and semiconductor companies benefiting from NVIDIA chip orders. Portfolio holds AI-enabling companies like Aspeed which saw accelerating growth from hyperscalers and rising demand for traditional and AI servers.	ICICIBANK.NS RADL3.SA	View
2022 Q1	Mar 30, 2022	Harding Loevner Emerging Markets Equity	12.2%	11.6%	000333 CH, CATL LN, D3H GR, EPAM, SXC GR, TS	-			View
2023 Q4	Feb 28, 2024	Azvalor Iberia	0.0%	23.9%	CASH.MC, EDV.TO, ENO.MC, Gold, IMB.L, JDW.L, MCG.L, NE, NOV, TLW.L, TRE.MC, TS, TUB.MC, VALE, WHC.AX	contrarian, energy, Europe, Mining, Spain, value	Azvalor focuses on investing in companies trading at significant discounts to intrinsic value. The funds currently trade at around 55% of their estimated value, suggesting long-term expected returns above 10%. The firm emphasizes analyzing each company's fundamentals while avoiding market timing predictions.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Oct 24, 2025	Value Investors Club	evergreen121821	Tenaris S.A.	Energy	Oil & Gas Equipmen	Bull	NYSE	buybacks, OCTG, Seamless pipes	View Pitch

BSD Shareholders of TS

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
Steven A. Cohen	Point72 Asset Management	$86.8B	$10.2M	0.01%	266,087	+266,087	+100.00%	0.0408%
Dmitry Balyasny	Balyasny Asset Management	$76.6B	$8.8M	0.01%	228,960	-1,538,964	-87.05%	0.0351%
Israel Englander	Millennium Management LLC	$233.2B	$6.0M	0.00%	156,206	-418,217	-72.81%	0.0240%
Jeremy Grantham	GMO LLC	$39.1B	$12.8M	0.03%	332,238	+61,358	+22.65%	0.0509%
David Siegel & John Overdeck	Two Sigma Investments	$67.5B	$291,989	0.00%	7,594	-3,500	-31.55%	0.0012%
Cliff Asness	AQR Capital Management	$190.6B	$4.3M	0.00%	110,857	+40,001	+56.45%	0.0170%
Bruce Kovner	Caxton Associates	$3.2B	$680,220	0.02%	18,000	+18,000	+100.00%	0.0027%

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