Bell
Bell Global Equities Fund
Global Large-cap
Jul 2023 → Apr 2026
Our archive holds 12 letters from this strategy, behind 15 investment theses and positions in 18 companies. Every quote below is copied verbatim from the letter it came from.
12 letters in 4 years · follow all of Bell for every strategy.
What it bought and sold
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.
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.
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.
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.
Also held
Its investment theses
- AstraZeneca PLCApr 2026AstraZeneca is a diversified biopharmaceutical compounder with a high-quality pipeline, durable growth, and attractive valuation.
- ASML Holding N.V.Apr 2026ASML is a semiconductor equipment leader with strong operating results, earnings upgrades, and a robust order book.
- HCA Healthcare, Inc.Apr 2026HCA Healthcare is a leading US hospital operator with scale advantages, strong free cash flow, and long-term earnings growth.
- Deutsche BoerseMar 2026Deutsche Boerse is a market infrastructure company with recurring revenues, structural growth drivers, and valuation upside.
- TE ConnectivityMar 2026TE Connectivity is a leading connector supplier with market share gains, double-digit growth potential, strong cash generation, and shareholder-friendly capital allocation.
- Abbott LaboratoriesJan 2026Abbott Laboratories is a diversified medtech leader with catalysts in Libre and PFA, enhanced oncology diagnostics, and an attractive entry after de-rating.
- SAP SEJan 2026SAP SE is a leading ERP provider with embedded software, attractive growth and valuation, and the capacity to adapt AI offerings despite near-term volatility.
- Atlas CopcoAug 2025Atlas Copco is a premium industrial productivity solutions provider with strong growth potential due to its robust margins, solid earnings trajectory, and a strong balance sheet, making it an attractive investment opportunity.
- DexcomAug 2025Dexcom is a fast-growing US MedTech company specializing in continuous glucose monitoring systems, poised for significant growth due to its strong market position and expanding opportunities in type 2 diabetes management.
- Deckers Outdoor CorporationJun 2025Deckers Outdoor Corporation is a strong financial performer in the footwear industry that recently became a portfolio addition after a significant decline in share price, presenting an opportunity for future gains despite anticipated volatility.