UPM-HE

UPM-HE

UPM-HE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	Platinum International Fund	-0.2%	-	000001.SZ, 005930.KS, 051910.KS, 6479.T, 7011.T, ALLFG.L, INDI.NS, MCHP, PDD, SUZB3.SA, UBS, UPM.HE, WIZZ.L, ZTO	AI, China, Corporate Governance, E-Commerce, global, Japan, value	Chinese e-commerce companies like PDD Holdings and ZTO Express are showing strong growth despite economic headwinds. PDD delivered strong earnings as Chinese consumers boosted online purchases and gained market share. ZTO Express is the leading delivery service in China, growing from 6 billion to 30 billion parcels annually over five years.		View
2023 Q3	Sep 30, 2023	Platinum Global Fund (Long Only)	-1.0%	-	005930.KS, 051910.KS, 0700.HK, 1789.HK, 6479.T, AIR.PA, CCJ, CS, IFX.DE, IGLTA.NS, MCHP, PDD, SLB, SUZB3.SA, TCOM, TSM, UBS, UPM.HE, VAL, WIZZ.L, ZTO	Banking, China, energy, global, special situations, value	Energy holdings were the strongest contributors with oil field services companies Schlumberger and Valaris up nearly 20% and nuclear/uranium stocks like Cameco up 29%. Both sectors are emerging from deep recessions with nuclear arguably emerging from a 40-year hibernation in the West.		View
2024 Q2	Jun 30, 2024	Platinum Global Fund (Long Only)	-2.0%	-	005930.KS, AAPL, ADBE, AMZN, AVGO, GOOGL, JD, META, MSFT, NFLX, NKE, NVDA, PUMA.DE, TCEHY, TRIP, TSM, UBS, UPM.HE, WIZZ.L, ZTO	AI, China, global, semiconductors, technology, value	AI-related companies enjoyed several positive developments with TSMC raising prices for leading-edge nodes used to make AI chips. Apple highlighted that AI functionality will be the next competitive battleground for smartphones, boosting DRAM producers as new phones would likely need 10-12GB of RAM to handle AI tasks.		View
2023 Q2	Jun 30, 2023	Platinum Global Fund (Long Only)	2.0%	-	005930.KS, 0700.HK, 1348.T, 1810.HK, 2057.HK, 2338.HK, 5901.T, 6479.T, AGL.AX, ALLFG.L, BAX, INDIGO.NS, MCHP, META, RH, UPM.HE	China, energy, Japan, Recovery, technology, Travel	InterGlobe Aviation benefited from competition elimination post-COVID, driving price discipline in Indian airfare markets. The investment case is playing out with very large increases in profitability as the market recovers.		View
2024 Q1	Mar 31, 2024	Platinum International Fund	6.5%	6.5%	005930.KS, AMZN, ASML, AVGO, BEZ.L, DINO.WA, EADSY, GOOGL, IGLOY, META, MU, NFLX, RYAAY, TCOM, TM, TSM, UBSG, UPM.HE, ZEAL.CO, ZTO	AI, global, semiconductors, technology, Travel, value	The fund holds companies that benefit from AI spending including TSMC, Micron, and Broadcom. Their strategy focuses on reasonably-valued businesses that perform well if AI continues to grow but have strong non-AI businesses as downside protection. Overall AI exposure is roughly 14% of the portfolio.		View
2024 Q1	Mar 31, 2024	Platinum Global Fund (Long Only)	5.7%	5.7%	005930.KS, AIR.PA, AVGO, GOOGL, INTC, META, MU, TCOM, TRU, TSM, UBS, UPM.HE, WIZZ.L, ZTO	AI, global, semiconductors, technology, Travel	Fund holds companies benefiting from AI investment including TSMC, Micron, Meta, and Alphabet. Manager takes measured approach, investing in reasonably-valued businesses that perform well if AI spending continues but have strong non-AI businesses as foundation. Overall AI exposure is roughly 14% of portfolio.		View
2023 Q1	Mar 31, 2023	Platinum Global Fund (Long Only)	9.7%	9.7%	005930.KS, 0700.HK, 2057.HK, 2338.HK, 6588.HK, 6954.T, AIR.PA, ALLFG.L, BKNG, BMW.DE, EBS.VI, EQNR, IFX.DE, INF.L, ISP.MI, MCHP, MU, NXPI, SLB, STJ.L, TCOM, TRU, UPM.HE, WIZZ.L	Banking, China, Europe, Recovery, semiconductors, Travel	European ultra-low-cost airline Wizz Air was the largest contributor with 56% gains as air travel demand and pricing continued rising post-COVID. Gains also seen in Booking Holdings, Trip.com and Airbus as the travel sector recovery continued.		View
2024 Q4	Dec 31, 2024	Platinum International Fund	1.0%	8.0%	005930.KS, 2318.HK, 700.HK, ALLFG.L, AVGO, CFR.SW, DSV.CO, GOOGL, NICE, TCOM, TM, TRU, TSM, UPM.HE, ZTO	China, global, Long/Short, technology, underperformance, value	Fund holds AI-themed investments primarily in hardware and semiconductor manufacturers that power AI models. Recently added NICE, which provides cloud-based contact centre software with new AI modules that create tangible savings for customers by diverting workloads and assisting in training.		View
2023 Q4	Dec 31, 2023	Platinum International Fund	0.0%	4.2%	6479.T, AIR.PA, CATL, GJET.NS, ICE, IFX.DE, PDD, SSNLF, SUZB3.SA, TM, TU, UBS, UPM.HE, ZTO	China, defensives, Electric Vehicles, semiconductors, technology, value	Chinese EV producers have gained competitive advantage by focusing on lower-cost EVs. BYD and CATL are seen as drivers of continuous improvement across the supply chain. While politics may restrict Chinese companies' ability to export to US and European markets, their home market continues to grow strongly.		View
2023 Q4	Dec 31, 2023	Platinum Global Fund (Long Only)	3.2%	14.3%	005930.KS, 1928.HK, 6862.T, BALL, BAX, CATL, HEIA.AS, IFX.DE, IGPA.NS, JD.L, MU, PDD, RBI.VI, TCOM, TRU, UBS, UPM.HE, WIZZ.L, ZTO	Beverages, Cautious, E-Commerce, global, Opportunities, semiconductors	After a difficult couple of years, semiconductor company shares are turning up on recovering demand for core chips for PCs and mobile phones but also on the increased demand for the high-end chips required for AI-focused technologies. Broad strength across semiconductor names including Micron, Infineon and Samsung Electronics.		View
2025 Q4	Jan 3, 2026	Protean Select	0.0%	10.8%	ADDV.ST, AFRY.ST, ASMO.PA, BOULE.ST, CLAS-B.ST, EQT.ST, HOLMEN-B.ST, ITAB.ST, MAERSK-B.CO, NLF.CO, PEXIP.OL, REJL.ST, RUSTA.ST, SINCH.ST, STO.ST, SUZB3.SA, UPM.HE	Energy Transition, Esg, Forest Products, Long/Short, Nordics, small cap, value	Nordic forest industry faces structural headwinds from eucalyptus competition taking market share, climate-related harvesting challenges, and currency pressures. Holmen specifically struggles with integrated mills, declining paper demand, and the contradiction between maximizing forest values and industrial margins. Discussion of carbon sequestration claims by forest companies being questionable, with unclear regulations and varying calculation methods. Energy super-profits from forest companies are viewed as transient arbitrage opportunities that should not be extrapolated indefinitely.		View
2025 Q4	Jan 3, 2026	Protean Small Cap	4.7%	20.7%	ADDV.ST, AFRY.ST, ASMO.PA, BOULE.ST, CLAS-B.ST, EQT.ST, HOLMEN-B.ST, ITAB.ST, LINDEX.ST, MAERSK-B.CO, NILFSK.CO, PEXIP.OL, REJL.ST, RUSTA.ST, SINCH.ST, STO.ST, UPM.HE	active management, Forest Products, IPO, Nordics, Outperformance, small caps	Nordic forest industry faces structural headwinds from eucalyptus competition taking market share, climate challenges affecting harvesting, and currency pressures. Holmen specifically struggles with integrated mills and declining paper demand while being long and short wood prices asymmetrically. Protean Small Cap delivered strong performance with 20.7% returns in 2025, outperforming benchmark by 13.4%. Portfolio includes cornerstone IPO investment in Arctic Falls and successful positions in companies like Rusta and Pexip. Focus on Nordic markets through multiple fund strategies including small cap, hedge fund, and low-fee active fund. Strong performance across Nordic-focused strategies with significant assets under management growth.		View
2024 Q1	Mar 31, 2024	Lansdowne Partners European Fund	7.0%	7.0%	AHT.L, ASML, BOL.ST, CAP.PA, CFR.PA, CPG.L, DG.PA, EL.PA, IBE.MC, INF.L, ISP.MI, KBC.BR, LDO.MI, LIN, ML.PA, NESN.SW, NVO.CO, REL.L, RYA.L, SAMPO.HE, SE.PA, SHEL.L, SIK.SW, TELE2-B.ST, UPM.HE	defense, Europe, financials, growth, healthcare, technology, value	European defense spending expected to experience major up-cycle with potential to add over EUR 80bn to regional defense budgets to meet NATO 2% GDP requirement. Leonardo positioned to benefit from increased equipment procurement and electronic content trends.	EL.PA REL.L LDO.MI KBC.BR ASML.AS	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of UPM-HE

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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