BLS CAPITAL FONDSMAEGLERSELSKAB A/S

BLS Capital Fondsmaeglerselskab manages a $2.94B 13F that tilts heavily toward financial services, consumer defensive, healthcare, and technology names — a combination that reads as a European absolute-return or long/short mandate with a quality-bias overlay. The top holdings are large-cap U.S. names with strong free-cash-flow characteristics: JPMorgan, Mastercard, and Eli Lilly anchor the book, while the mid-cap layer includes Fiserv, Progressive, and Humana — names that benefit from rate stability and durable consumer spending. The portfolio shrunk from $2.95B to $2.94B in Q1, a marginal change that reflects net selling across a handful of positions rather than a structural shift. The concentration in financial technology and payments infrastructure — Mastercard, Fiserv, PayPal, Block — is the most readable thematic bet in the book: a secular digitization-of-payments angle that cuts across multiple sectors.