Galderma Group AG/ADR

• HC Heptagon Capital Future Trends Equity Fund Q3 2026 Commentary ↗ Future Trends added Align Technology, exited Novo Nordisk and Xylem, and increased Nextpower, Axon Enterprise and Siemens Energy after weakness. The fund argues that earnings momentum, guidance upgrades and lower valuation multiples support its concentrated growth holdings, while the Novo sale reinforces earlier action when company evidence deteriorates. Q3 2026 ALGN $12BASML $591BGALDY $55B +7
• HC Heptagon Capital Future Trends Equity Fund Future Trends Equity Fund Sustainability Report 2025 ↗ Future Trends Equity Fund added nine investments and exited seven, selling Fortinet and TeamViewer after corporate fundamentals deteriorated while reallocating elsewhere on conviction. It profiles Galderma, Helios Towers, MDA Space, Nextpower and Uber, and pressed First Solar to change its long-serving auditor. 2025 FSLR $19BGALDY $55BHTWS $3.2B +4
• CC Chautauqua Capital Management Q2 2026 International & Global Funds Market Commentary ↗ Chautauqua trimmed semiconductor and automation winners, added to Adyen and Constellation Software, and built 3i and AIA as valuations in lagging holdings compressed despite continued earnings growth. It pairs TSMC, ASML, Keyence and Fanuc with software, China and health-care franchises, arguing that durable cash generation and competitive moats can close the gap between intrinsic value and prices. Q2 2026 453950 ADYEY $31BASML $591B +4

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