What smart money is saying about Beiersdorf AG

Position history

Every position in Beiersdorf AG on record in the archive was reported in Q2 2026, across 2 fund letters, with no move described.

Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.

Fund activity · 2 positions

• HoldsNuance Investments Mid Cap Value Strategy

  June 2026

  “Somewhat paradoxically, uncertainty cannot only create conditions for stock prices to reflect undue pessimism, but it can also provide fertile ground for unbridled optimism as investors fill the unknown with their imagination, often driving prices toward the most optimistic possible outcome. One of the most significant sources of uncertainty investors must contend with today is the broad implications of artificial intelligence adoption on the economy and on individual businesses. We have shared thoughts on this topic as it pertains to our investment process in prior writing, but this quarter we wanted to focus on the sheer level of uncertainty this technology introduces. As with any truly transformative technology, the future remains uncertain and no one, including us, can predict exactly how artificial intelligence will unfold. Nonetheless, investors in technology hardware, cloud infrastructure, and other consensus AI beneficiary stocks have been handsomely rewarded in recent years. The aggressive flow of capital into the most mainstream expressions of optimism during periods of technological transformation is a recurring historical pattern in financial markets. Look no further than the darlings of the late 1990s internet boom, which included many telecom, technology hardware, and dot-com startups whose stocks performed spectacularly during the period. Interestingly, the uncertainty of the internet ultimately resolved even more favorably than many optimists could have imagined, yet most of the crowd favorite stocks of the era turned out to be massively mispriced. While the internet proved undeniably transformative and valuable, capturing that value through businesses that touched the internet or its build out proved to be far more challenging. With the clarity of hindsight, the value distribution ultimately favored many businesses outside of the consensus favorites of the time, many of which were not even publicly traded during the speculative period. During these types of market environments, not only does capital flow into the consensus technology beneficiaries, but it also flows out of companies that do not possess a captivating and exciting upside narrative on the technology. It is businesses with more certainty that fall out of favor, as they lack the speculative qualities that the market is chasing. The result is what we believe is a fundamental mispricing of stocks across a variety of unglamorous but fantastic businesses that have long served as wonderful vehicles for compounding wealth over the long term. Many of these businesses have long histories of thoughtfully embracing new technologies to deliver value for their shareholders. For example, take leading personal care and adhesives manufacturer Beiersdorf AG (BDRFY). In the late 1990s, the business steadily grew both sales and profits but lagged the crowd favorite Nasdaq Composite Index by roughly 26 percent annually for the three-year period ending in 1999. Businesses like BDRFY that generated stable cash flows from low-ticket, high-frequency consumer products sat out of the speculative frenzy. For the long-term investor, however, it was BDRFY’s distance from the popular stocks of the day that created the opportunity to own an out-of-favor, steady business that not only was unthreatened by the new technology but could leverage it to generate operational tailwinds that the market seemed to ignore. Over the subsequent years, the company utilized the internet and the tools it enabled, further entrenching its leadership position through e-commerce distribution, digital advertising, and supply chain improvements. From the end of 1999, BDRFY outperformed the Nasdaq Composite Index by approximately 49 percent annually over the next three years and handily outperformed the Index by 18 percent annually over the entire six-year period spanning 1997–2002, inclusive of the speculative frenzy years. We believe a similar type of opportunity exists in BDRFY today.”

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  Beiersdorf AG
• HoldsNuance Investments Concentrated Value Strategy

  June 2026

  “For example, take leading personal care and adhesives manufacturer Beiersdorf AG (BDRFY).”

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  Beiersdorf AG