BLS CAPITAL FONDSMAEGLERSELSKAB A/S

Hedge Fund • Value

BLS CAPITAL FONDSMAEGLERSELSKAB A/S is a Value-focused Hedge Fund led by Anna Grex Borre, reporting $7.8B in AUM as of Q3 2025 with 38% Consumer Cyclical concentration, 95% concentrated in top 10 holdings, and 19% allocation to YUMC.

CEOAnna Grex Borre

Portfolio Value: $2.9B
Positions: 11
Top Holding: YUMC at 19.45%
Last Reported: Q3 2025

AddressStrandvejen 724, Klampenborg, 2930, Denmark

Top Holdings

Largest long holdings in BLS CAPITAL FONDSMAEGLERSELSKAB A/S's portfolio (95.2% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Yum China Holdings YUMC	Restaurants Consumer Cyclical	$565.2M	19.45%	-$47.8M Sold	3.62% 13.2M shares	Q3 2021 Held for 4y 2m
2 Otis Worldwide OTIS	Industrial - Machinery Industrials	$407.1M	14.01%	+$72.2M Bought	1.13% 4.5M shares	Q2 2020 Held for 5y 5m
3 Automatic Data Processing, Inc. ADP	Staffing & Employment Services Industrials	$326.5M	11.23%	-$19.2M Sold	0.27% 1.1M shares	Q1 2020 Held for 5y 8m
4 Hilton Worldwide HLT	Travel Lodging Consumer Cyclical	$287.2M	9.88%	-$16.8M Sold	0.47% 1.1M shares	Q2 2024 Held for 1y 5m
5 Mastercard MA	Financial - Credit Services Financial Services	$256.9M	8.84%	-$14.7M Sold	0.05% 451.6K shares	Q4 2016 Held for 8y 11m
6 AutoZone AZO	Specialty Retail Consumer Cyclical	$245.1M	8.43%	-$53.7M Sold	0.34% 57.1K shares	Q4 2020 Held for 4y 11m
7 Zoetis ZTS	Drug Manufacturers - Specialty & Generic Healthcare	$214.7M	7.39%	+$18.6M Bought	0.33% 1.5M shares	Q1 2025 Held for 8 months
8 Expeditors International of Washington EXPD	Integrated Freight & Logistics Industrials	$164.1M	5.65%	-$9.4M Sold	0.99% 1.3M shares	Q2 2025 Held for 5 months
9 S&P Global SPGI	Financial - Data & Stock Exchanges Financial Services	$160.5M	5.52%	-$9.9M Sold	0.11% 329.7K shares	Q4 2015 Held for 9y 11m
10 Visa V	Financial - Credit Services Financial Services	$140.0M	4.82%	-$8.6M Sold	0.02% 410.1K shares	Q4 2015 Held for 9y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in BLS CAPITAL FONDSMAEGLERSELSKAB A/S's latest filing

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Market Value

$2.9B

Prior: $3.1B

Q/Q Change

-6.34%

-$196.7M

Net Flows % of MV

-4.49%

Turnover Ratio

5.37%

New Purchases

0 stocks

Added To

2 stocks

+$90.8M

Sold Out Of

0 stocks

Reduced Holdings

9 stocks

-$221.3M

Increased Positions

Position	Shares Δ	Change
1 Otis Worldwide OTIS	+21.56%	3.7M → 4.5M +$72.2M
2 Zoetis ZTS	+9.48%	1.3M → 1.5M +$18.6M

Decreased Positions

Position	Shares Δ	Change
1 Moody's MCO	-22.82%	377.6K → 291.4K −$41.1M
2 AutoZone AZO	-17.98%	69.6K → 57.1K −$53.7M
3 Yum China Holdings YUMC	-7.8%	14.3M → 13.2M −$47.8M
4 Visa V	-5.8%	435.4K → 410.1K −$8.6M
5 S&P Global SPGI	-5.8%	350.0K → 329.7K −$9.9M