Murata Manufacturing Inc

• NP NS Partners International Equity Strategy Commentary ↗ International Equity Strategy Commentary increased exposure to AI infrastructure through Murata Manufacturing, Lasertec, Prysmian, Belimo and VAT, while reintroducing SAP, Sony and Compass. The strategy reduced energy, materials and utilities, took profits in Rio and exited Weir Group, Thales, Kone, SSE and Sartorius. It favors semiconductor manufacturing, data-centre infrastructure and energy over AI applications. Q2 2026 MRAAY $57B
• KC Kathmandu Capital 2Q26 Letter to Investors ↗ Kathmandu Capital concentrated more than half the portfolio in Murata and Yageo, arguing that AI-server demand has created a durable shortage of high-capacitance MLCCs. The firm adopted a hybrid Taiwan trading framework, pairing long-term AI exposure with active sector rotation, technical signals and hedges. second quarter of 2026 MRAAY $57B
• CI Cambiar Investors Cambiar International Equity Fund Commentary ↗ Cambiar International Equity Fund lagged its benchmark as an underweight technology allocation missed an AI-driven semiconductor rally, while patient holdings in Nintendo, Coloplast and MonotaRo hurt shorter-term results. The team added Canadian National Railway and MTU Aero Engines, sold Barry Callebaut, Icon and UCB, and maintained a diversified, valuation-conscious approach with greater Industrials exposure. 2Q 2026 CNI $76BICLR $15BLDNXF $64B +1

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