Capgemini SE

• Tweedy, Browne Q2 2026 Commentary ↗ Global value portfolios added Capgemini and bioMérieux at discounts to intrinsic value, expanded Autotrader, Berkeley Group and Nihon Nohyaku, and trimmed chemicals and holdings nearing value. Tweedy, Browne warns that AI capital spending, stretched US technology valuations and financing excess echo the pre-2000 market, while smaller and mid-cap non-US holdings remain cheaper. Q2 2026 — 005930 $1.2T4368 $2BBMXXY $10BCAPMF $22B
• Polaris Capital Management First Quarter 2026 Global Equity Composite Commentary ↗ Polaris Global Equity Composite benefited from energy, technology, materials and utilities as the Strait of Hormuz closure reshaped sector leadership. The portfolio exited Methanex, Sally Beauty, UnitedHealth and Capgemini, then initiated Eastman Chemical and Ryanair on valuation, cost-cutting and supply-demand catalysts. FIRST QUARTER 2026 +5.9% CAPMF $22BDNBBF $48BE $86BMEOH $4.5B
• Polaris Capital Management First Quarter 2026 International Equity Composite Commentary ↗ Polaris International Equity Composite sold Methanex after it reached its valuation target, exited Capgemini as the outsourcing thesis weakened, and initiated Ryanair after an oil-driven selloff. The portfolio favors international diversification, financial holdings that benefit from higher rates, and quality companies trading at dislocated valuations. FIRST QUARTER 2026 +5.1% MEOH $4.5BRYAAY $29BBABA $290BBABWF $26B

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