Bell Global Equities Fund, managed by Bell Asset Management, released its May investor update. A copy of the letter can be downloaded here. The global equity market continued its rally in May, driven by accelerating AI infrastructure spending and a stronger-than-expected earnings season. The Fund (Platform Class) returned 2.1%, underperforming the MSCI World ex-Australia Index’s 4.5% return in May 2026. Information Technology holdings drove the positive return in the month, along with modest contributions from Health Care and Consumer Discretionary exposures. However, the portfolio underperformed compared to the benchmark, primarily due to the high returns from the benchmark’s mega-cap technology and semiconductor stocks. In addition, please check the Strategy’s top five holdings to know its best picks in 2026.
In its May 2026 investor letter, Bell Global Equities Fund highlighted Amphenol Corporation (NYSE:APH). Amphenol Corporation (NYSE:APH) is a leading manufacturer of electrical, electronic, and fiber optic connectors serving a broad range of end markets. On July 8, 2026, Amphenol Corporation (NYSE:APH) closed at $158.22 per share. One-month return of Amphenol Corporation (NYSE:APH) was 7.16%, and its shares gained 66.19% over the past 52 weeks. Amphenol Corporation (NYSE:APH) has a market capitalization of $201.16 billion.
Bell Global Equities Fund stated the following regarding Amphenol Corporation (NYSE:APH) in its May 2026 investor update:
“The ongoing dispersion in performance across the market continued to create attractive opportunities for long-term quality-focused investors during May. Among the portfolio additions, we established a position in Amphenol Corporation (NYSE:APH), one of the world’s largest designers and manufacturers of electrical, electronic and fibre optic connectors and interconnect systems. The industry structure is a particularly compelling aspect of the long term story: the connector market is highly fragmented, and once a connector or cable assembly is designed into a platform – such as a vehicle model or server architecture it typically remains in place for years, creating multi-year recurring revenue streams. Amphenol’s well-established bolt on acquisition strategy provides a consistent additional growth lever. The shares came under meaningful pressure in May amid a market debate around whether Amphenol’s content in future AI racks would diminish as architectures transition from copper toward optical networking, an area where the company has historically been perceived as less established. We believe this concern is overdone, and Amphenol has moved decisively to address it, joining a multi source agreement alongside 3M and a group of technology leaders to develop open, interoperable optical connector specifications for AI data centres. Meanwhile, the fundamentals remain firmly intact. First-quarter sales rose nearly 60% year-over-year to a record level of over US$7.5 billion, while earnings growth of close to 70% easily beat expectations. Furthermore, strong Q2 guidance underpins ongoing earnings upgrades. We view the May pullback as a rare opportunity to invest in a dominant, acquisitive compounder at a meaningful discount to intrinsic value.”
Amphenol Corporation (NYSE:APH) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 112 hedge fund portfolios held Amphenol Corporation (NYSE:APH) at the end of the first quarter, up from 103 in the previous quarter. Amphenol Corporation (NYSE:APH) generated record sales of $7.6 billion in Q1 2026, an increase of 58% year over year in U.S. dollars, 57% in local currency. While we acknowledge the risk and potential of Amphenol Corporation (NYSE:APH) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Amphenol Corporation (NYSE:APH) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Amphenol Corporation (NYSE:APH) and shared a bullish thesis on the company. In addition, please check out our hedge fund investor letters Q2 2026 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
