Latest News for HLBZF

Our top-performing stocks this quarter were Samsung Electronics, Shell and Lam Research. Our worst contributors were IQVIA, American Express and Heidelberg. We exited our investments in Everest Group and PayPal during the quarter.

Heidelberg Materials ETR: HEI used its 137th annual general meeting to highlight record 2025 results, a higher proposed dividend, continued share buybacks and progress on decarbonization and digitalization initiatives.

The building-materials group's results from current operations before depreciation and amortization—the company's preferred metric—fell 12.3%.
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