Core Viewpoint - Wolters Kluwer has repurchased 149,912 ordinary shares for €13.5 million at an average price of €89.83 as part of its ongoing share buyback program, which aims to repurchase up to €200 million worth of shares by February 23, 2026 [2][3]. Share Buyback Program - The share buyback program was announced on November 5, 2025, with a total budget of €200 million for the period from November 6, 2025, to February 23, 2026 [3]. - As of January 14, 2026, a cumulative total of 269,925 shares have been repurchased, amounting to €24.3 million, with an average share price of €89.85 [3]. Treasury Shares - Shares repurchased will be held as treasury shares and are intended for capital reduction through share cancellation [4]. Company Overview - Wolters Kluwer is a global leader in professional information solutions, software, and services, serving customers in over 180 countries and employing approximately 21,900 people [5][6]. - The company reported annual revenues of €5.9 billion for 2024 and is headquartered in Alphen aan den Rijn, the Netherlands [6].

Core Viewpoint - Wolters Kluwer has initiated a share buyback program, repurchasing a total of 149,912 shares for €13.5 million at an average price of €89.83 during the period from January 8 to January 14, 2026, as part of a larger plan to repurchase shares worth up to €200 million by February 23, 2026 [2][3]. Share Buyback Program - The share buyback program was announced on November 5, 2025, with a total budget of €200 million allocated for repurchases from November 6, 2025, to February 23, 2026 [3]. - As of the latest report, a cumulative total of 269,925 shares have been repurchased in 2026, amounting to a total consideration of €24.3 million, with an average share price of €89.85 [3]. Treasury Shares and Capital Reduction - Shares repurchased will be held as treasury shares and are intended for capital reduction through share cancellation [4]. Company Overview - Wolters Kluwer reported annual revenues of €5.9 billion for 2024, serving customers in over 180 countries and employing approximately 21,900 people globally [5]. - The company is headquartered in Alphen aan den Rijn, the Netherlands, and is listed on Euronext Amsterdam [6].

Fundsmith Equity Fund Performance - Fundsmith Equity Fund's T Class Accumulation shares returned 0.8% in 2025, underperforming the MSCI World Index which returned 12.8% [1] - Since inception, the fund has outperformed the index by 1.7% per annum [1] - Underperformance in 2025 attributed to index concentration, growth of assets in Index Funds, and dollar weakness [1] Investment Focus and Strategy - Fundsmith Equity Fund highlighted Zoetis Inc. (NYSE:ZTS) as a key investment in its fourth-quarter 2025 letter [2][3] - The fund sold stakes in Brown-Forman and PepsiCo, and began purchasing Zoetis, EssilorLuxottica, Intuit, and Wolters Kluwer [3] - Zoetis is recognized as a leading veterinary pharmaceutical company, benefiting from long-term growth in pet healthcare spending [3] Zoetis Inc. Overview - Zoetis Inc. reported a market capitalization of $56.36 billion [2] - The company generated revenue of $2.4 billion in Q3 2025, reflecting a 1% increase on a reported basis and 4% on an organic operational basis [4] - Zoetis's share price faced challenges due to concerns over side effects from its drug Librela, although it remains prescribed by veterinarians [3] Hedge Fund Interest - Zoetis Inc. was held by 72 hedge fund portfolios at the end of Q3 2025, a slight decrease from 75 in the previous quarter [4] - Despite its potential, the company is not among the 30 most popular stocks among hedge funds [4]

Core Insights - Wolters Kluwer has acquired StandardFusion for approximately €32 million, enhancing its global leadership in audit and governance, risk, and compliance (GRC) solutions [2][3] Acquisition Details - The acquisition will integrate StandardFusion into Wolters Kluwer's TeamMate platform, creating a unified solution for audit and GRC, addressing the increasing demand for integrated risk and control oversight [3][4] - StandardFusion's platform is enterprise-ready, featuring over 150 compliance frameworks, which will enhance TeamMate's capabilities in quality assurance and compliance [5] Financial Impact - StandardFusion reported un-audited gross revenues of approximately €4 million (C$6 million) in 2024, with about 94% being recurring revenue [6] - The acquisition is expected to achieve a return on invested capital (ROIC) above 8% within 3 to 5 years, with around 40 full-time employees joining Wolters Kluwer [6] Company Overview - Wolters Kluwer reported annual revenues of €5.9 billion in 2024 and operates in over 180 countries, employing approximately 21,600 people [8]

Core Insights - Wolters Kluwer has appointed Maria Montenegro as the new CEO of its Corporate Performance & ESG division, succeeding Karen Abramson [2][5] - Montenegro has been with Wolters Kluwer since 2022, where she served as Chief Strategy & Innovation Officer, contributing to the company's strategic initiatives [3][4] - The CP & ESG division, established in March 2023, focuses on providing software and services for managing financial, operational, and sustainability performance [5] Leadership and Experience - Maria Montenegro brings nearly a decade of experience from McKinsey & Company, where she advised on portfolio strategy, M&A, and technology transformation [4] - Nancy McKinstry, CEO and Chair of the Executive Board, expressed confidence in Montenegro's ability to drive growth and transformation within the division [5] - The division is expected to achieve organic growth in line with previously stated guidance for 2025 [5] Market Position and Strategy - The CP & ESG division is recognized as a key part of Wolters Kluwer's strategy, with a focus on global growth opportunities in cloud-based AI-enabled enterprise software [5] - Wolters Kluwer reported annual revenues of €5.9 billion for 2024 and serves customers in over 180 countries [7]

Core Insights - The Fundsmith Equity Fund reported a total return of +0.8% for 2025, underperforming the MSCI World Index which rose by +12.8% [4][7]. - Since inception on November 1, 2010, the Fund has outperformed the Index by 1.7% per annum with a Sortino Ratio of 0.75, indicating less downside volatility compared to the Index [7][8]. - The Fund is ranked as the third best performer in the Investment Association Global sector of 155 funds since inception, with a return 322 percentage points above the sector average [8]. Performance Analysis - The Fund's performance in 2025 was impacted by three main issues: index concentration, the growth of assets in index funds, and dollar weakness [9][10][36]. - The top ten stocks in the S&P 500 accounted for 39% of its value and contributed 50% of its total return in USD by the end of 2025, highlighting significant market concentration [13][10]. - The rise of index funds has led to a momentum strategy that disproportionately benefits large-cap stocks, making it challenging for active funds to compete without holding these stocks [17][20]. Market Dynamics - The US dollar weakened against the pound from approximately $1.25/GBP to $1.35/GBP during 2025, affecting the GBP value of the Fund as most companies are US-listed [36][40]. - The price of gold reached a 50-year high of $4,319 per ounce, reflecting concerns about dollar strength and market conditions [39]. Portfolio Composition - The Fund's portfolio turnover was low at 12.7%, with a total cost of investment (TCI) of 1.06%, indicating a focus on minimizing trading costs [70][72]. - The weighted average free cash flow yield of the portfolio increased from 3.1% to 3.7% during 2025, suggesting improved valuation relative to the S&P 500 [68][69]. Stock Contributions - The top five detractors from the Fund's performance included Novo Nordisk, Automatic Data Processing, Church & Dwight, Coloplast, and Fortinet, with Novo Nordisk facing significant challenges in its market [45][46]. - Conversely, the top contributors were Alphabet, IDEXX, Philip Morris, Meta Platforms, and Microsoft, with Alphabet making its first appearance among the top contributors [51][52]. Investment Strategy - The Fund maintains a strategy focused on investing in high-quality companies with predictable growth and adequate returns on capital, avoiding momentum-driven investments [41][42]. - The Fund's management emphasizes the importance of understanding the underlying business performance and maintaining a long-term perspective on investments [60][79].

Core Viewpoint - Wolters Kluwer has repurchased 120,013 ordinary shares for €10.8 million at an average price of €89.87 as part of its ongoing share buyback program, which aims to repurchase up to €200 million worth of shares by February 23, 2026 [2][3]. Share Buyback Program - The share buyback program was announced on November 5, 2025, with a total budget of €200 million for the period from November 6, 2025, to February 23, 2026 [3]. - As of January 7, 2026, the cumulative shares repurchased in 2026 amount to 120,013, with a total consideration of €10.8 million and an average share price of €89.87 [3]. Treasury Shares and Capital Reduction - Shares repurchased will be held as treasury shares and are intended for capital reduction through share cancellation [4]. Company Overview - Wolters Kluwer is a global leader in professional information solutions, software, and services, serving customers in over 180 countries and employing approximately 21,900 people [5][6]. - The company reported annual revenues of €5.9 billion for 2024 and is headquartered in Alphen aan den Rijn, the Netherlands [6].

Core Viewpoint - Wolters Kluwer has initiated a share buyback program, repurchasing a total of 264,510 shares for €23.7 million at an average price of €89.54 during the specified period, as part of a larger plan to repurchase shares worth up to €200 million from November 2025 to February 2026 [1][2]. Group 1: Share Buyback Program - The share buyback program was announced on November 5, 2025, with a total intended repurchase of €200 million from November 6, 2025, to February 23, 2026 [2]. - Cumulatively, 8,563,863 shares have been repurchased in 2025, totaling €1.1 billion, with an average share price of €128.45 [2]. - Shares repurchased will be held as treasury shares and are intended for capital reduction through share cancellation [3]. Group 2: Company Overview - Wolters Kluwer reported annual revenues of €5.9 billion for 2024 and operates in over 180 countries, employing approximately 21,900 people [4]. - The company is headquartered in Alphen aan den Rijn, Netherlands, and is listed on Euronext Amsterdam, included in indices such as AEX and Euro Stoxx 50 [5].

Core Insights - Wolters Kluwer has repurchased 264,510 ordinary shares for €23.7 million at an average price of €89.54 during the period from December 18 to December 30, 2025 [1] - The company announced a share buyback program on November 5, 2025, intending to repurchase shares up to €200 million from November 6, 2025, to February 23, 2026 [2] - Cumulatively, 8,563,863 shares have been repurchased in 2025, totaling €1.1 billion at an average price of €128.45 [2] Share Buyback Program - The share buyback program is executed within the limits of relevant laws and regulations, specifically Regulation (EU) 596/2014 [2] - Shares repurchased will be held as treasury shares and used for capital reduction through share cancellation [3] Company Overview - Wolters Kluwer reported annual revenues of €5.9 billion for 2024 and serves customers in over 180 countries, employing approximately 21,900 people [5] - The company is headquartered in Alphen aan den Rijn, the Netherlands, and is listed on Euronext Amsterdam [6]

Core Insights - The legal market is at a crossroads, influenced by rate volatility, reputational premiums, and the accelerating impact of AI, which are expected to reshape engagement rules by 2026 [1] Group 1: Market Dynamics - Rate dynamics are anticipated to remain volatile, affecting legal operations and strategies [1] - The report highlights the importance of understanding reputational premiums in the legal sector [1] Group 2: Technological Impact - The accelerating impact of AI is identified as a significant factor that will influence the legal market landscape [1]