Bell Global Equities Fund, managed by Bell **** et Management, released its May investor update. A copy of the letter can be downloaded here. The global equity market continued its rally in May, driven by accelerating AI infrastructure spending and a stronger-than-expected earnings season. The Fund (Platform Class) returned 2.1%, underperforming the MSCI World ex-Australia Index's 4.5% return in May 2026. Information Technology holdings drove the positive return in the month, along with modest contributions from Health Care and Consumer Discretionary exposures. However, the portfolio underperformed compared to the benchmark, primarily due to the high returns from the benchmark's mega-cap technology and semiconductor stocks. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its May 2026 investor letter, Bell Global Equities Fund highlighted Amphenol Corporation (NYSE:APH). Amphenol Corporation (NYSE:APH) is a leading manufacturer of electrical, electronic, and fiber optic connectors serving a broad range of end markets. On July 8, 2026, Amphenol Corporation (NYSE:APH) closed at $158.22 per share. One-month return of Amphenol Corporation (NYSE:APH) was 7.16%, and its shares gained 66.19% over the past 52 weeks. Amphenol Corporation (NYSE:APH) has a market capitalization of $201.16 billion.
Bell Global Equities Fund stated the following regarding Amphenol Corporation (NYSE:APH) in its May 2026 investor update:
"The ongoing dispersion in performance across the market continued to create attractive opportunities for long-term quality-focused investors during May. Among the portfolio additions, we established a position in Amphenol Corporation (NYSE:APH), one of the world's largest designers and manufacturers of electrical, electronic and fibre optic connectors and interconnect systems. The industry structure is a particularly compelling aspect of the long term story: the connector market is highly fragmented, and once a connector or cable **** embly is designed into a platform – such as a vehicle model or server architecture it typically remains in place for years, creating multi-year recurring revenue streams. Amphenol's well-established bolt on acquisition strategy provides a consistent additional growth lever. The shares came under meaningful pressure in May amid a market debate around whether Amphenol's content in future AI racks would diminish as architectures transition from copper toward optical networking, an area where the company has historically been perceived as less established. We believe this concern is overdone, and Amphenol has moved decisively to address it, joining a multi source agreement alongside 3M and a group of technology leaders to develop open, interoperable optical connector specifications for AI data centres. Meanwhile, the fundamentals remain firmly intact. First-quarter sales rose nearly 60% year-over-year to a record level of over US$7.5 billion, while earnings growth of cl
In its May 2026 investor letter, Bell Global Equities Fund highlighted Amphenol Corporation (NYSE:APH). Amphenol Corporation (NYSE:APH) is a leading manufacturer of electrical, electronic, and fiber optic connectors serving a broad range of end markets. On July 8, 2026, Amphenol Corporation (NYSE:APH) closed at $158.22 per share. One-month return of Amphenol Corporation (NYSE:APH) was 7.16%, and its shares gained 66.19% over the past 52 weeks. Amphenol Corporation (NYSE:APH) has a market capitalization of $201.16 billion.
Bell Global Equities Fund stated the following regarding Amphenol Corporation (NYSE:APH) in its May 2026 investor update:
"The ongoing dispersion in performance across the market continued to create attractive opportunities for long-term quality-focused investors during May. Among the portfolio additions, we established a position in Amphenol Corporation (NYSE:APH), one of the world's largest designers and manufacturers of electrical, electronic and fibre optic connectors and interconnect systems. The industry structure is a particularly compelling aspect of the long term story: the connector market is highly fragmented, and once a connector or cable **** embly is designed into a platform – such as a vehicle model or server architecture it typically remains in place for years, creating multi-year recurring revenue streams. Amphenol's well-established bolt on acquisition strategy provides a consistent additional growth lever. The shares came under meaningful pressure in May amid a market debate around whether Amphenol's content in future AI racks would diminish as architectures transition from copper toward optical networking, an area where the company has historically been perceived as less established. We believe this concern is overdone, and Amphenol has moved decisively to address it, joining a multi source agreement alongside 3M and a group of technology leaders to develop open, interoperable optical connector specifications for AI data centres. Meanwhile, the fundamentals remain firmly intact. First-quarter sales rose nearly 60% year-over-year to a record level of over US$7.5 billion, while earnings growth of cl
4 months ago
