Attiya Zainib
3 min read
Bell Global Equities Fund, managed by Bell Asset Management, released its Q3 2026 investor letter. The Fund delivered a strong third quarter of 2026, with its Platform Class returning 5.4% and outperforming the MSCI World ex-Australia Index, which gained 1.5%. The result marked one of the strategy’s strongest quarters of relative performance, following a challenging period for its Quality at a Reasonable Price (QARP) approach. During the quarter, global markets faced rising bond yields, higher energy prices and geopolitical tensions, while investor enthusiasm for artificial intelligence continued to support mega-cap technology stocks. The fund benefited from renewed strength in companies positioned to support AI infrastructure and advanced computing, while selected software and financial holdings faced pressure from concerns about AI-driven disruption. Portfolio managers also used market weakness to initiate positions in businesses they believed offered attractive valuations and durable growth prospects, including an industrial welding equipment manufacturer and a global off-price retailer. At the same time, they exited certain holdings where acquisition-related risks or deteriorating earnings visibility weakened the investment case. Looking ahead, the managers see encouraging signs that market leadership may be broadening beyond speculative, momentum-driven stocks. Although they cautioned that the shift may not persist, they remain focused on high-quality businesses with sustainable profitability, strong balance sheets, pricing power and durable competitive advantages, believing these characteristics can support long-term returns without requiring a sustained change in market conditions. In addition, please check the Fund’s top five holdings to know its best picks in 2026.
In its third-quarter 2026 investor letter, Bell Global Equities Fund highlighted stocks like Lincoln Electric Holdings, Inc. (NASDAQ:LECO). Lincoln Electric Holdings, Inc. manufactures arc welding and cutting products, consumables, and automated welding systems. The one-month return of Lincoln Electric Holdings, Inc. (NASDAQ:LECO) was 4.04%, while its shares traded between $216.22 and $310.00 over the last 52 weeks. On October 28, 2026, Lincoln Electric Holdings, Inc. (NASDAQ:LECO) stock closed at approximately $280.59 per share, with a market capitalization of about $15.47 billion.
Bell Global Equities Fund stated the following regarding Lincoln Electric Holdings, Inc. (NASDAQ:LECO) in its Q3 2026 investor letter:
