Group 1 - CNH Industrial is considered one of the best high volume stocks to buy according to Wall Street analysts, with Truist lowering the price target to $14 from $17 while maintaining a Buy rating [1] - Truist's research note indicates that Q3 2025 results in Machinery, Infrastructure Services, and Multi-Industry Industrial Technology are expected to be mixed, with Machinery facing margin risks in H2 due to tariff headwinds [2] - Margin pressure from tariffs is anticipated to be contained to 2025, with a potential offset in 2026 [2] Group 2 - Robert W. Baird analyst Mircea Dobre maintained a Hold rating on CNH Industrial with a price target of $11, while Tami Zakaria of JPMorgan also kept a Hold rating with a $12 price target [3] - CNH Industrial operates in the equipment and services sector, focusing on agricultural and construction equipment across various global regions, with three main segments: Agriculture, Construction, and Financial Services [4]

其一，中国农业存在"大国小农"的基本面。他表示，近些年，多地政府在积极推动土地集约化管理，土 地流转明显加快。特别是在中原地区，大量小地块被汇集成大地块，并涌现出一些大型合作社，因此大 型农机设备的需求显著提高。 其二，虽然国内玉米、小麦等主要作物的农业机械化率均已达到90%左右。但在他的观察，中国农机正 进入量变到质变的阶段，即从追求农机数量转向追求农机的质量和效率。在这个过程中，大型、智能化 农机设备的需求逐步提升。 李康表示："在极端天气增多的背景下，大型合作社也在追求更耐用、更高效的农机设备。因为极端天 气容易导致农业作业的窗口期缩短，这就要求农机设备变得更加高效、智能，同时能连续多天运转，以 尽快完成农业生产。" 10月15日，作为一家大型跨国农业机械制造商，凯斯纽荷兰推出了包括5款大马力拖拉机在内的系列拖 拉机新品。在近三年国内拖拉机市场销量逐渐下滑的背景下，农机公司大规模推农机新品的举动并不多 见。 从2023年起，中国农机市场进入调整期，产销量呈逐年下滑的态势。国家统计局数据显示，2024年，全 国累计生产拖拉机数量同比下降11.26%。2025年前8月，此数据依旧延续负增长态势。 新产品发布 ...

攻细分、抢替换、国产化 中国农机市场的销量增长已告别黄金期，进入存量市场周期，主要原因之一在于国内主要作物的机械化 率已处于高位。据凯斯纽荷兰提供的数据，玉米的机械化率已经达到90.6%，小麦的机械化率达到了 97.6%，大米的机械化率为86.9%，大豆的机械化率为87.9%。 进入2025年，整体市场的表现依然不佳。受市场饱和与收益下降影响，拖拉机整体销量逐年下降，凯斯 纽荷兰预计2025年降幅将扩大至10%左右；收割机整体销量在2024年曾获得8%的增长，凯斯纽荷兰预 计2025年将下滑10%。 "整个行业的数据表现呈现出下行态势，但其实细分市场的情况不太一样。以拖拉机市场为例，虽然今 年截至目前的销量较去年下降，但200马力以上细分领域实现了增长；收割机也一样，10公斤以上喂入 量的机型较去年有所增长。我们有200马力以上的拖拉机，以及喂入量10公斤以上的联合收割机，这是 我们具备优势的产品线。今后凯斯纽荷兰会继续深耕擅长的领域，并引入一些更加适合中国农业需求和 农业发展的设计。"凯斯纽荷兰中国及蒙古国总裁李康说。 Luca Mainardi进一步指出，凯斯纽荷兰的核心竞争力在大型高端的农机设施，从中国 ...

Core Points - CNH will announce its financial results for Q3 2025 on November 7, 2025, with a live webcast starting at 11:30 a.m. ET [1] - A replay of the financial results conference call will be available for 12 months on the corporate website [1] Company Overview - CNH Industrial (NYSE: CNH) is a global leader in equipment, technology, and services, focusing on innovation, sustainability, and productivity [3] - The company offers a wide range of agricultural and construction products through its brands, including Case IH, New Holland, and others [3] - CNH has a workforce of over 35,000 employees, emphasizing a diverse and inclusive workplace [4]

Core Insights - The Fund underperformed the MSCI World ex USA Index for the quarter but has outperformed the benchmark since inception [5] - Consumer discretionary and materials sectors were the largest contributors to performance, while industrials and communication services were the largest detractors [5] - Geographically, the portfolio is heavily weighted towards Europe ex U.K. (68.4%), followed by the U.K. (11.5%) and Asia ex Japan (9.3%) [5] Performance Analysis - Kering was the top contributor during the quarter, driven by leadership changes and improving revenue trends [7] - CNH Industrial was the top detractor, facing weak results and soft demand, particularly in the U.S., but management expects a rebound in 2025 [8] Portfolio Activity - Six new positions were added to the Fund, while nine were exited during the quarter [9] - New purchases included Bunzl, which is expected to return to stable growth despite recent execution issues [10] - Dassault Systèmes, a leader in virtual twin technology, is viewed as a high-quality investment opportunity despite a nearly 40% decline in share price [11] Company Highlights - FEMSA, a diversified Latin American conglomerate, is well-positioned for growth through strategic divestments and share buybacks [12] - Hexagon has upgraded its management team and is expected to see improvements in return on capital employed and cash flow [13] - Siemens Healthineers is positioned for profitable growth in medical technology, with a favorable product cycle and turnaround in its diagnostics business [16] Investment Returns - The Fund's average annualized total returns show strong performance across various time frames, with the Institutional Class returning 26.51% year-to-date [18]

New Holland digital technology New Holland introduces digital technology enhancements FieldOps Case IH and FieldOps New Holland Case IH digital enhancements New Holland and Case IH digital enhancements How AI is accelerating innovation in agriculture Basildon, October 9, 2025 AI is reshaping agriculture - and CNH is at the forefront of this transformation. In one of the world’s oldest industries, we have been supporting farmers through innovation and engineering for over 180 years. Today, as the ...

Group 1 - CNH's New Holland brand is advancing sustainable farming with the T7 Methane Power tractor, which is designed for farmers to adopt alternative fuel solutions [3][4] - The T7 Methane Power tractor features a gas tank capacity of 657 liters (173 gallons US), allowing it to operate for a full eight-hour silage shift [4] - Biogas is becoming increasingly popular in the agricultural sector, with CNH investing in Bennamann, a UK start-up that provides on-farm fueling stations and micro-digesters for converting cattle manure into fuel [5] Group 2 - CNH Industrial is a global leader in equipment, technology, and services, focusing on innovation, sustainability, and productivity [6] - The company has a diverse portfolio of brands, including Case IH, New Holland, STEYR, Raven, and others, providing a wide range of agricultural and construction solutions [6][7] - CNH has a history of over two centuries as a pioneer in its sectors, with a workforce of over 35,000 employees dedicated to empowering customers [7]

Field Image New Holland Combine Corn Header Automation Field Image New Holland ForageCam CNH brand New Holland wins two 2025 Agritechnica Innovation Awards Basildon, September 22, 2025 New Holland, a global agriculture brand of CNH, has triumphed at the 2025 Agritechnica Innovation Awards. New Holland received two silver medals for its Corn Header Automation and ForageCam™ - both industry-first technologies. These awards recognize the most innovative industry solutions and will be given out this Nov ...

Core Insights - CNH Industrial is a leading global equipment, technology, and services company focused on innovation, sustainability, and productivity [1][2] - The company operates under various brands, including Case IH, New Holland, CASE, and New Holland Construction Equipment, providing a comprehensive range of agricultural and construction products [1] - CNH has a workforce of over 35,000 employees, emphasizing a diverse and inclusive workplace aimed at empowering customers [2] Company Overview - CNH Industrial is dedicated to breaking new ground through strategic direction, R&D capabilities, and investments [1] - The company offers 360° agriculture applications, from machinery to digital technologies that enhance agricultural efficiency [1] - Regionally focused brands include STEYR for agricultural tractors, Raven for digital agriculture, Hemisphere for satellite-based positioning, Flexi-Coil for tillage systems, Miller for application equipment, and Eurocomach for mini and midi excavators [1] Historical Context - With a history spanning over two centuries, CNH has been a pioneer in its sectors, continuously innovating to drive customer efficiency and success [2]

Core Viewpoint - CNH Industrial N.V. has successfully priced an offering of €500,000,000 in principal amount of 3.875% notes due September 3, 2035, with an issue price of 98.906% of the principal amount [1][2]. Group 1: Offering Details - The closing of the offering is expected on September 3, 2025, and the notes will be issued under CNH's Euro Medium Term Note Programme [2]. - The net proceeds from the offering will be used for general corporate purposes, including repayment of existing debt [2]. - Application will be made for the notes to be admitted to trading on the Global Exchange Market of Euronext Dublin [2]. Group 2: Regulatory and Distribution Information - The notes will be offered and sold only outside the United States to institutional investors that are not "U.S. persons" and will not be registered under the U.S. Securities Act [4][5]. - The offering has not been registered with the Commissione Nazionale per le Societá e la Borsa (CONSOB) under Italian securities legislation, and may only be offered to qualified investors [6]. - This press release is directed only to persons outside the United Kingdom and those with professional experience in investment matters [7]. Group 3: Company Overview - CNH Industrial is a global equipment, technology, and services company focused on innovation, sustainability, and productivity [11]. - The company provides strategic direction and R&D capabilities to its brands, including Case IH, New Holland, CASE, and others, delivering a full lineup of agricultural and construction products [11]. - CNH has a history of over two centuries as a pioneer in its sectors, with a workforce of over 35,000 employees dedicated to customer success [12].