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Bell

Jul 2023 → Aug 2026 · Publishes monthly · 5 funds

Our archive holds 28 letters from Bell, behind 32 investment theses and positions in 42 companies. Every quote below is copied verbatim from the letter it came from.

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28
Letters
42
Companies
25
Moves
32
Theses

5 strategies

Bell publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

What they bought and sold · 25 moves

  • TrimmedAlphabet Inc.
    August 2026
    “Bottom 5 - Relative Contribution Alphabet Inc. Class A -0.2$% Dick's Sporting Goods,… -0.20%”
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  • ExitedRoche Holding AG
    August 2026
    “We exited our long-standing position in Roche, one of the world’s leading pharmaceutical and diagnostics companies, as the shares had performed strongly, valuation expanded and several positive pipeline catalysts had played out, resulting in a less compelling risk-reward relative to other opportunities in the portfolio.”
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  • ExitedManhattan Associates, Inc.
    August 2026
    “Following the rally, we exited our position as the higher valuation reduced our expected upside and we identified more attractive opportunities elsewhere in the portfolio.”
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  • New positioneysight Technologies
    August 2026
    “We re-established a position in >eysight, a leading provider of electronic test and measurement solutions, after having exited earlier this year on valuation grounds.”
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  • TrimmedTencent Holdings Ltd
    August 2026

    Listed in Bell’s reported holdings.

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  • AddedFujikura Ltd.
    July 2026
    “Je also re-established positions in two AI beneficiaries that we exited earlier in the year for valuation reasons; Teradyne, a US listed automated testing equipment provider, and Fujikura, a Japanese manufacturer of electrical cabling and components.”
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  • TrimmedManhattan Associates, Inc.
    July 2026
    “Having said that, we have reduced the position size following the recent strong share price performance.”
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  • AddedDisco Corporation
    July 2026
    “Given these fundamentals, we used the short- term weakness to add to our position.”
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  • New positionIntuitive Surgical, Inc.
    July 2026
    “Additionally, a new position was established in leading Health Care company Intuitive Surgical, which is a high-quality business that we have followed for many years.”
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  • AddedTeradyne, Inc.
    July 2026
    “Je also re-established positions in two AI beneficiaries that we exited earlier in the year for valuation reasons; Teradyne, a US listed automated testing equipment provider, and Fujikura, a Japanese manufacturer of electrical cabling and components.”
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  • TrimmedAmazon.com, Inc.
    April 2026
    “This was largely funded through trimming some existing exposures such as mega cap technology stocks which have performed well, including Broadcom, Amazon and Alphabet.”
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  • TrimmedAlphabet Inc.
    April 2026
    “This was largely funded through trimming some existing exposures such as mega cap technology stocks which have performed well, including Broadcom, Amazon and Alphabet.”
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  • ExitedFujikura Ltd
    April 2026
    “Despite these favourable long-term dynamics, the strong share price appreciation has driven the valuation to levels that already discount a significant degree of optimism, and we therefore elected to exit the position at month-end.”
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  • ExitedAlimentation Couche-Tard Inc.
    April 2026
    “In terms of portfolio exits, one of the sales during the month was Alimentation Couche-Tard (ATD), which operates a large network of convenience stores and fuel retail assets across North America and Europe.”
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  • New positionASML Holding N.V.
    April 2026
    “We also re-established a position in a couple of previously held stocks which had previously been sold for valuation reasons, including ASML and HCA Healthcare.”
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  • New positionHCA Healthcare, Inc.
    April 2026
    “We also re-established a position in a couple of previously held stocks which had previously been sold for valuation reasons, including ASML and HCA Healthcare.”
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  • TrimmedBroadcom Inc.
    April 2026
    “This was largely funded through trimming some existing exposures such as mega cap technology stocks which have performed well, including Broadcom, Amazon and Alphabet.”
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  • New positionOtis Worldwide Corporation
    April 2026
    “Another position initiated during the month was Otis Worldwide, the global leader in elevators and escalators, with more than 80% of EBIT generated from its recurring service and maintenance operations.”
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  • New positionPan Pacific International Holdings Corporation
    April 2026
    “Among the portfolio changes in April, we established a position in Japanese discount retailer Pan Pacific International.”
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  • ExitedWW Grainger, Inc.
    April 2026
    “Other exits were mainly for valuation reasons where the forward looking risk-reward profile no longer justified maintaining the holding, including Fujikura (as discussed above) and WW Grainger.”
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  • TrimmedAlimentation Couche-Tard Inc.
    April 2026
    “In terms of portfolio exits, one of the sales during the month was Alimentation Couche-Tard (ATD), which operates a large network of convenience stores and fuel retail assets across North America and Europe.”
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  • AddedAccenture
    March 2025
    “With this quantification in mind, the recent 30%+ share price fall appears to capture both these concerns as well as those beginning to surface about the wide macro-economic backdrop, and we have thus used the very recent market weakness to re-establish a position in this high quality, long-term outperformer.”
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  • New positionUber Technologies
    March 2025
    “We also established a position in digital platform Uber Technologies.”
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  • TrimmedCencora, Inc.
    March 2025
    “While we modestly trimmed our position during the period to crystallise gains following the strong rally, we retain conviction in the name given its attractive risk-return profile and ongoing ability to compound through the cycle.”
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  • ExitedTencent Holdings Ltd.
    March 2025
    “On the other side of the ledger, Tencent was sold from the portfolio following its substantial rally year-to-date.”
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Companies held · 42

Every company Bell has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 32

Letter archive · 28

2026

2025

2024

2023

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