DSV Panalpina

Wutthinan Yosmadee/iStock via Getty Images Performance Data 2,3 Average Annual Total Returns (USD %) 3 Mths YTD 1 Year 3 Year Since Inception (12/31/2019) Franklin International Growth Equity ADR SMA - Pure GROSS 7.19 10.81 29.57 -4.48 3.84 Franklin International Growth Equity ADR SMA - NET 6.41 8.40 25.86 -7.29 0.81 MSCI EAFE Index-NR 7.26 12.99 24.77 5.48 6.87 Click to enlarge Calendar Year Returns (USD %) 2023 2022 2021 2020 Franklin International Growth Equity ADR SMA - Pure GROSS 14.26 -30.54 1.69 33.76 Franklin International Growth Equity ADR SMA - NET 10.95 -32.63 -1.28 29.94 MSCI EAFE Index-NR 18.24 -14.45 11.26 7.82 The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Please visit www.franklintempleton.com for the latest performance figures. Past performance is not a guarantee of future results. An investment in this strategy can lose value. Periods less than one year are not annualized. Performance results are for the Franklin International Growth Equity ADR SMA which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. "Pure" gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure" gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model "wrap fee" which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary. Click to enlarge Performance Review International equities ended the third quarter of 2024 collectively higher as they recovered from bouts of heightened volatility, helped by resilient economic reports and interest-rate cuts by the US Federal Reserve and other central banks. QUARTERLY KEY PERFORMANCE DRIVERS Stocks Sectors Countries HELPED DSV (OTCPK:DSDVF) Industrials (Stock Selection) Denmark (Stock Selection) MercadoLibre (MELI) Materials (Stock Selection) Germany (Stock Selection, Overweight) CTS Eventim (OTCPK:CEVMF) Communication Services (Stock Selection) Argentina (Off-benchmark Exposure) HURT Disco (OTCPK:DSCSY) Health Care (Stock Selection) Japan (Stock Selection) ASML Information Technology (Overweight) Australia (Stock Selection) Evotec (OTCPK:EVOTF) Financials (Underweight) United States (Off-benchmark Exposure) Click to enlarge In information technology, shares of Disco, a Japanese maker of precision tools for the semiconductor industry, fell on speculation of tightened restrictions on semiconductor exports to China, and then were caught up in a global technology-led sell-off that started in late July, which particularly impacted companies benefiting from artificial intelligence chip demand. Netherlands-based supplier of silicon chip-making technology ASML weakened after the company trimmed third-quarter guidance when releasing its second-quarter 2024 results. In addition, concerns about the potential for further US government measures to restrict exports of the company's latest technology to China weighed on its stock price. In contrast, among industrials, Denmark-based transport and logistics company DSV added to relative returns after announcing the purchase of the logistics unit of Germany's state-owned Deutsche Bahn. The acquisition was confirmed after quarter-end and could potentially double DSV's revenues, leaving it positioned as the world's largest freight-forwarding company. Outlook & Strategy Looking ahead, we believe the broadening of market breadth is positive, as is the potential for further central bank easing. Despite the global technology pullback during the past quarter, we remain positive about the trajectory of artificial intelligence-related spending. Nevertheless, given recent events in the Middle East, it is possible that equity markets could experience an extended period of turmoil, or perhaps the crisis could remain relatively contained (as occurred in April). Likewise, it is unclear how successful the package of stimulus measures announced in September by Chinese authorities to boost the country's sluggish economy will be, notwithstanding the significant rebound in Chinese equity markets following the announcement. We continue to believe that our strategy of investing in what we regard as high-quality companies tied to long-term secular growth trends can perform well over an entire market cycle. Through a longer-term lens, we see promising growth opportunities for companies in areas like cybersecurity, e-commerce, medical technology, cloud computing and automation. Product Details 1 Inception Date 12/31/2019 Benchmark MSCI EAFE Index-NR Click to enlarge Not FDIC Insured | No Bank Guarantee | May Lose Value Investment Team John Remmert Years with Firm 22 Years Experience 37 Patrick McKeegan, CFA Years with Firm 5 Years Experience 15 Don Huber, CFA Years with Firm 22 Years Experience 43 Click to enlarge Footnotes 1 A composite is an aggregation of one or more portfolios into a single group that represents a particular investment objective or strategy. The composite return is the asset-weighted average of the performance results of all the fully discretionary portfolios in the composite. The composite return information provided herein includes the returns of Franklin Separately Managed Accounts, high-net- worth individual and institutional client portfolios and with respect to any periods prior to the inception of Franklin Separately Managed Accounts, reflects the performance of any such other portfolios. 2 Source for Index: FactSet. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. 3 Net Returns (NR) include income net of tax withholding when dividends are paid. Important Information The information contained in this piece is not a complete analysis of every material fact regarding the market and any industry, sector, security or portfolio. Statements of fact cited by the manager have been obtained from sources considered reliable but no representation is made as to their completeness or accuracy. Because market and economic conditions are subject to rapid change, opinions provided are valid only as of the date of the material, and are subject to change without notice. The manager's opinions are intended solely to provide insight into how the manager analyzes securities, may differ from that of other affiliated managers, and are not a recommendation or individual investment advice for any particular security, strategy or investment product. Any securities discussed may not represent an account's entire portfolio and in the aggregate may represent a small percentage of an account's portfolio holdings. There is no assurance that any such securities will remain in an account's portfolio, or that securities sold have not been repurchased. It should not be assumed that any securities transactions discussed were or will prove to be profitable. The information provided should not be considered a recommendation to purchase, sell or hold any particular security. All indexes are unmanaged and cannot accommodate direct investment. Investors should review their investment objectives, risk tolerance and liquidity needs before choosing a manager. There is no guarantee that investment strategies will work under all market conditions, and investors should evaluate their ability to invest for the long term, especially during periods of market downturns. Past performance is not an indicator or guarantee of future performance. Franklin Separately Managed Accounts claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organisation, nor does it warrant the accuracy or quality of the content contained herein. Franklin (the "Firm") is a global investment management group that manages equity, fixed income, balanced accounts, REIT funds, private funds, multi- asset strategies, fund-of-fund portfolios, risk premia strategies, ETFs, GCC fixed income and Sukuk strategies for institutional, retail, and sub-advised clients. For multi-asset strategies and fund-of-fund portfolios, the Firm may invest in various investment strategies advised by registered investment advisory entities within Franklin Resources, Inc. or unaffiliated investment managers. The Firm includes Franklin Templeton Investment Solutions which integrates Franklin Templeton Multi-Asset Solutions and QS Investors, Franklin Mutual Advisers, Franklin ETF and Franklin Venture Partners in addition to Franklin Equity Group, Franklin Templeton Fixed Income Group, and Templeton Global Macro. The Firm is comprised of individuals representing various registered investment advisories of Franklin Resources, Inc., a global investment organization operating as Franklin Templeton. Separately Managed Accounts (SMAs) are investment services provided by Franklin Templeton Private Portfolio Group, LLC (FTPPG), a federally registered investment advisor. Client portfolios are managed based on investment instructions or advice provided by affiliated subadvisors of Franklin Templeton. Management is implemented by FTPPG, the designated subadvisor or, in the case of certain programs, the program sponsor or its designee. Franklin International Growth Equity ADR SMA Composite consists of all fully discretionary portfolios with an investment objective that seeks to outperform the MSCI EAFE Index, or a similar index, on a gross of fees basis by investing in ADR securities of non-U.S. companies. Accounts included in this composite have limited exposure to emerging markets. The composite may include wrap fee accounts that pay a fully bundled fee (which includes trading expenses, administrative, custodial and investment management fees charged together as a percentage of the portfolio's assets) and non-wrap accounts that only pay an investment management fee to Franklin. Franklin Advisers, Inc. (Franklin) is responsible for Franklin Separately Managed Accounts' international growth equity strategy accounts, including those in the Franklin International Growth Equity ADR SMA Composite. Franklin is a sub-adviser to Franklin Separately Managed Accounts since the inception date of the composite. The primary benchmark is the MSCI EAFE Index-NR. The MSCI EAFE Index-NR is a free float-adjusted market capitalization weighted equity index comprised of securities in MSCI's developed market country-specific indexes, excluding the U.S. and Canada. All investments involve risks, including possible loss of principal. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. Equity securities are subject to price fluctuation and possible loss of principal. The investment style may become out of favor, which may have a negative impact on performance. Active management does not ensure gains or protect against market declines. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. The manager may consider environmental, social and governance ('ESG') criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC ("FTPPG"), refer to FTPPG's Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs. To obtain specific information on available products and services or a GIPS Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. Source: FactSet. Important data provider notices and terms available at www.franklintempletondatasources.com. These materials are being provided for illustrative and informational purposes only. The information contained herein is obtained from multiple sources that are believed to be reliable. However, such information has not been verified, and may be different from the information included in documents and materials created by the sponsor firm in whose investment program a client participates. Some sponsor firms may require that these materials be preceded or accompanied by investment profiles or other documents or materials prepared by such sponsor firms, which will be provided upon a client's request. For additional information, documents and/or materials, please speak to your Financial Professional or contact your sponsor firm. Franklin Templeton ('FT') is not undertaking to provide impartial advice. Nothing herein is intended to provide fiduciary advice. FT has a financial interest. Click to enlarge Original Post Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.» Mehr auf seekingalpha.com

DSV A/S (OTCPK:DSDVF) Q3 2024 Earnings Conference Call October 23, 2024 5:00 AM ET Company Participants Jens H. Lund – Group Chief Executive Officer Michael Ebbe – Group Chief Financial Officer Conference Call Participants Alexia Dogani – JPMorgan Lars Heindorff – Nordea Amy Li – UBS Ulrik Bak – SEB Muneeba Kayani – Bank of America Alex Irving – Bernstein Dan Togo – Carnegie Cedar Ekblom – Morgan Stanley Casper Blom – Danske Bank Peter Sehested – ABG Operator Welcome to the DSV Results for Q3 2024.» Mehr auf seekingalpha.com

Here is how DSV (DSDVY) and Westinghouse Air Brake Technologies (WAB) have performed compared to their sector so far this year.» Mehr auf zacks.com