Letters by company

Fagron NV

1 letter discussing ARSUF. Everything written about it on this site is on its ticker page.

FCL Capital Changing of the Guard FCL Opportunities exited BYD, HDFC Bank, Wise, Moncler, Ambev and Duolingo while building positions in Chinese and Brazilian value, AI infrastructure and discounted software incumbents. The portfolio argues that Anta, Tencent, Inter, ASML, SK Hynix, TSMC, Alphabet, Booking and Constellation Software offer inexpensive exposure to a shift away from US mega-cap leadership. October 2026 453950 ANPDF $28BASML $575B