What smart money is saying about Linde
9 funds in our archive have pitched Linde, most recently Baillie Gifford Global Alpha in June 2026.
Linde plc functions as a global industrial gas and engineering powerhouse, extending its operations throughout North and South America, Europe, the Middle East, Africa, and the Asia Pacific. The company's comprehensive product line features atmospheric gases like oxygen, nitrogen, argon, and various rare gases, alongside a diverse array of process gases such as carbon dioxide, helium, hydrogen, specialized electronic gases, and acetylene. Beyond gas supply, Linde is also adept at designing and constructing turnkey process plants. These engineering solutions serve both third-party customers and its own gas business facilities, covering types like olefin, natural gas, air separation, hydrogen, and synthesis gas plants. Linde's extensive client base spans numerous sectors, including healthcare, energy, general manufacturing, food and beverage carbonation, fiber-optics, steel production, aerospace, chemicals, and water treatment. Established in 1879, the company is headquartered in Woking, United Kingdom.
Get an email when a fund buys, sells or pitches it
Fund signal · last 12 months
15 lettersMore funds are buying than selling
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q1 2025 and Q3 2026, 17 fund letters reported a position in Linde, with 5 buys (opened or added) and 1 sell (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 5 | 0 | 0 | 0 |
| Q2 2026 | 4 | 2 | 0 | 3 |
| Q1 2026 | 2 | 1 | 0 | 1 |
| Q4 2025 | 4 | 1 | 1 | 3 |
| Q3 2025 | 0 | 0 | 0 | 2 |
| Q2 2025 | 1 | 1 | 0 | 0 |
| Q1 2025 | 1 | 0 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 17 positions · 6 moves
- September 2026
Listed in Tributary Capital Management Multi-Cap Core Equity Strategy’s reported holdings.
Linde - September 2026
“Industrial gas producer Linde rounded out the top detractors list as the stock gave back a portion of its solid year-to-date gains.”
Linde - September 2026
“TOP DETRACTORS Materials was the largest headwind to fund performance, with CRH and Linde among the sector’s detractors.”
Linde - September 2026
“In the third quarter of 2026, we underperformed the Benchmark, while outperforming our all-cap international growth Proxy Benchmark and the Peer Group. From a sector or theme perspective, adverse stock selection effect in the Materials sectors, primarily attributable to select holdings (Linde plc, Lynas Rare Earths Limited, and AMG Critical Materials N.V.) across a few themes, was the largest detractor from relative performance during the quarter.”
Linde - HoldsNakano World Growth FundSeptember 2026
Listed in Nakano World Growth Fund’s reported holdings.
Linde - New positionEdgewood Large Cap Growth CompositeJune 2026
“During the quarter we initiated new positions in Linde, Tesla, Amazon, and Reddit, extending our Physical AI investment theme.”
Linde - June 2026
“New positions in Linde, Equinix, Schneider Electric, Arista Networks, Galderma, and Disco were initiated; positions in Universal Music Group, Alcon, and Intuit were exited.”
Linde - June 2026
Listed in Munro Climate Change Leaders Fund’s reported holdings.
Linde - June 2026
“At the steadier end of the range sits the exceptionally run Linde.”
Linde - March 2026
“During the quarter-end rebalance of the Quality Premier strategy, we added to our holdings in Danaher (DHR), Netflix (NFLX) and Linde plc (LIN), and trimmed Intuit (INTU) and Meta Platforms (META).”
Linde - HoldsBuffalo Growth FundMarch 2026
“Live Nation benefited from a strong earnings report and, perhaps more importantly, the dismissal of a lawsuit from the Department of Justice. Going forward, Live Nation will continue to benefit from consumer demand for entertainment experiences. Linde plc (LIN), a leading global industrial gases and engineering company, was another top contributor during the period.”
Linde - December 2025
“Within industrials, we remain focused on Siemens Energy and Schneider Electric, where we believe data centers will remain supportive for earnings revisions. We also exited Italian bank UniCredit as it reached its price target, as well as U.K.-based industrial gases producer Linde which we viewed as having limited upside.”
Linde - AddedMar Vista US QualityDecember 2025
“We added to our holdings in Amazon.com Inc. (AMZN), Linde plc (LIN), and Visa Inc. (V) and trimmed Amphenol Corp. (APH), Oracle Corp. (ORCL), SAP SE (SAP), and Salesforce Inc. (CRM).”
Linde - December 2025
“our high-quality businesses, such as industrial gas company Linde and aggregates producer Vulcan Materials, lagged despite sound fundamentals.”
Linde - December 2025
“Bottom Quarterly Contributors AutoZone shares fell during the quarter as margin performance fell short of elevated investor expectations, despite continued strength in underlying demand for auto parts and accessories. Fiserv stock declined as investors reacted negatively to execution struggles and a reset of the financial technology company’s earnings algorithm. We sold the position during the quarter. Microsoft experienced weakening investor sentiment around the potential return on some of its AI-related capital expenditures. We view the sell-off as a temporary setback and not reflective of the company’s longer-term prospects. Linde, a multinational provider of industrial gases, reported solid third-quarter results but issued guidance for the fourth quarter and full year that disappointed investors amid weakness in its European markets.”
Linde - New positionFederated Hermes Sustainable Global EquityJune 2025
“Investment strategy Federated Hermes Sustainable Global Equity is a high-conviction global equity strategy. It aims to generate attractive financial returns by investing in companies that are aligned with achieving positive outcomes for society and the environment and ultimately support the United Nations Sustainable Development Goals (UN SDGs). The Strategy is a concentrated, high active-share strategy. We believe that ‘impactful,’ ‘leading’ and ‘improving’ companies play a critical role in contributing towards a more sustainable future and are well-positioned to benefit from structural sustainability trends over the long term. We believe sustainable investments are companies with business models geared towards creating value for society, with a positive or improving sustainability profile, and whose activities have an overall positive impact through their products and services. Our long-term holding periods and stewardship expertise enable us to develop effective and enduring engagement with these companies that can deliver additional impact and provide greater insight. From a sector perspective, the Strategy remains overweight Industrials, Information Technology and Healthcare, and underweight Consumer Discretionary, Communication Services, with zero-weight in Energy and Utilities. Over the H1 period, we added five positions in Clean Harbors, ServiceNow, T-Mobile, Nasdaq, and Linde, and closed out two positions in WEX and Gartner.”
Linde - March 2025
“Our second best performer was Linde, which returned over 11%.”
Linde
Also mentioned · 1
These funds discuss Linde as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedBaumann CapitalDecember 2025
“think Linde or Air Liquide), as well as a homecare health business (called Vivisol) that has grown to 750k patients, making it the largest home respiratory care provider in Italy, Belgium, and the Netherlands.”
Linde
Fund coverage · 9 theses
- Baillie Gifford Global AlphaJune 2026
Linde is an industrial gas producer that out-earns competitors and compounds through acquisitions and client partnerships in a fragmented industry.
Read the full thesis - Edgewood Large Cap Growth CompositeJune 2026
Linde plc is part of the manager's Physical AI theme, benefiting from the expansion of AI into transportation, manufacturing, energy, and healthcare.
Read the full thesis Linde is a durable industrial gas compounder with recurring contracts, pricing power, and structural growth tailwinds across key end markets.
Read the full thesis- Artisan Global Opportunities StrategyMarch 2026
Linde is the leading industrial gases company with pricing power and long-term contracts, benefiting from helium and electronics tailwinds and added to on improving fundamentals.
Read the full thesis - YCG InvestmentsDecember 2025
Linde is the largest industrial gases company with take-or-pay contracts, dense local distribution moats, inflation protection, and secular volume growth driving rising returns on capital.
Read the full thesis - Mar Vista US QualityDecember 2025
Linde is a high-quality industrial gases leader with transitory volume headwinds and a $10+ billion backlog in clean hydrogen and electronics supporting long-term growth.
Read the full thesis - Munro Climate Change Leaders FundDecember 2025
Linde plc is a leading industrial gases company with substantial decarbonisation opportunities and disciplined execution, including blue hydrogen projects and efficiency-driven earnings growth.
Read the full thesis - Munro Climate Change Leaders FundSeptember 2025
Linde is an industrial gas leader with efficiency-enhancing products and strong exposure to blue hydrogen and clean energy projects.
Read the full thesis - AcatisAugust 2025
Linde is the world's largest manufacturer of industrial gases, benefiting from long-term supply contracts, high switching costs, and local monopolies that ensure stable, recurring cash flows.
Read the full thesis
Read every full thesis on Linde
Read all 9 theses in full, with each fund's reasoning, and get unlimited access to the archive.
View plans→