CTS Eventim AG & Co. KGaA

• Royce Investment Partners Royce International Premier Fund Manager Commentary ↗ Royce International Premier Fund retained CTS Eventim, Business Engineering, Cochlear, OBIC Business Consultants, and Hemnet despite share-price weakness, arguing that durable market positions and depressed valuations outweigh cyclical and AI-related concerns. It exited Intertek following EQT's acquisition and attributes relative weakness to stock selection and limited exposure to the AI infrastructure supply chain. first half of 2026 4828 $514MAT $561MCEVMF $6.7B +7
• Vulcan Value Partners First Quarter 2026 ↗ Vulcan Value Partners rotated from fully valued holdings into discounted businesses it expects to withstand or benefit from AI, led by SAP, Ares Management and Ryan Specialty. The firm argues that ERP software, private credit, specialist insurance broking and proprietary-data businesses retain durable advantages despite broad AI-driven selling. First Quarter 2026 SAP $254BAMZN $2.7TARES $37B +13

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