Bell
Bell Global Equities Fund Wholesale Class
Jul 2026 → Aug 2026
Our archive holds 2 letters from this strategy, behind 2 investment theses and positions in 26 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year — follow all of Bell for every strategy.
What it bought and sold
Bottom 5 - Relative Contribution Alphabet Inc. Class A -0.2$% Dick's Sporting Goods,… -0.20%
We exited our long-standing position in Roche, one of the world’s leading pharmaceutical and diagnostics companies, as the shares had performed strongly, valuation expanded and several positive pipeline catalysts had played out, resulting in a less compelling risk-reward relative to other opportunities in the portfolio.
Following the rally, we exited our position as the higher valuation reduced our expected upside and we identified more attractive opportunities elsewhere in the portfolio.
We re-established a position in >eysight, a leading provider of electronic test and measurement solutions, after having exited earlier this year on valuation grounds.
Bottom 5 - Relative Contribution Alphabet Inc. Class A -0.2$% Dick's Sporting Goods,… -0.20% Pan Pacific… -0.09% Tencent Holdings Ltd -0.09% Aon Plc Class A -0.0+%
- AddedFujikura Ltd.Jul 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.
Having said that, we have reduced the position size following the recent strong share price performance.
Given these fundamentals, we used the short- term weakness to add to our position.
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.
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.
Also held
- Meta Platforms, Inc.
- Broadcom Inc.
- Apple Inc.
- Microsoft Corporation
- Amazon.com, Inc.
- Visa Inc.
- Dick's Sporting Goods, Inc.
- Pan Pacific International Holdings Corporation
- Veeva Systems Inc.
- NVIDIA Corporation
- LPL Financial Holdings Inc.
- Accenture Plc
- Alphabet Inc.
- NIIDIA Corporation
- Iisa Inc.
- SAP SE
- JPMorgan Chase & Co.
Its investment theses
- Manhattan AssociatesJul 2026Manhattan Associates is a category-leading supply chain software company with strong bookings, cloud compounding and high switching costs.
- Intuitive SurgicalJul 2026Intuitive Surgical leads robotic-assisted surgery, with recurring revenue, installed base advantages and long-term growth from rising penetration.