ExlService Holdings, Inc.
US ˙ NasdaqGS ˙ US3020811044

SecurityEXLS / ExlService Holdings, Inc.
InstitutionComerica Bank
Latest Disclosed Ownership52,482 shares
Latest Disclosed Value $ 2,227,312
Comerica Bank reports 16.67% decrease in ownership of EXLS / ExlService Holdings, Inc.

On January 29, 2026 - Comerica Bank filed a 13F-HR form disclosing ownership of 52,482 shares of ExlService Holdings, Inc. (US:EXLS) valued at $2,227,336 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 14, 2025 disclosing 62,979 shares of ExlService Holdings, Inc.. This represents a change in shares of -16.67% during the quarter. The current value of the position is $1,541,921 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-01-29 2025-12-31 13F EXLSERVICE HOLDINGS COM 302081104 52,482 -10,497 -16.67 2,227 -19.66 0.0089
2025-11-14 2025-09-30 13F EXLSERVICE HOLDINGS COM 302081104 62,979 -3,181 -4.81 2,773 -4.31 0.0104
2025-08-14 2025-06-30 13F EXLSERVICE HOLDINGS COM 302081104 66,160 -179 -0.27 2,897 -7.47 0.0112
2025-05-14 2025-03-31 13F EXLSERVICE HOLDINGS COM 302081104 66,339 -4,140 -5.87 3,132 0.13 0.0132
2025-02-14 2024-12-31 13F/A-1 EXLSERVICE HOLDINGS COM 302081104 70,479 -7,105 -9.16 3,128 5.68 0.0126
2025-02-14 2024-12-31 13F EXLSERVICE HOLDINGS COM 302081104 70,479 -7,105 3,128 0.0105
2024-11-14 2024-09-30 13F EXLSERVICE HOLDINGS COM 302081104 77,584 -5,811 -6.97 2,960 13.15 0.0117
2024-08-15 2024-06-30 13F EXLSERVICE HLDGS COMMON 302081104 83,395 -8,381 -9.13 2,615 -10.38 0.0109
2024-05-16 2024-03-31 13F EXLSERVICE HLDGS COMMON 302081104 91,776 -2,098 -2.23 2,918 0.79 0.0126
2024-02-14 2023-12-31 13F EXLSERVICE HLDGS COMMON 302081104 93,874 1,650 1.79 2,896 11.99 0.0133
2023-11-21 2023-09-30 13F EXLSERVICE HOLDINGS COMMON 302081104 92,224 82,131 813.74 2,586 0.0135
2023-08-22 2023-06-30 13F EXLSERVICE HLDGS EQU 302081104 10,093 -12,380 -55.09 0 -100.00 0.0002
2023-01-26 2022-12-31 13F EXLSERVICE HLDGS COM 302081104 22,473 -10,808 -32.47 4 -99.95 0.0301
2022-10-28 2022-09-30 13F EXLSERVICE HLDGS COM 302081104 33,281 4,312 14.88 5,541 30.16 0.0467
2022-08-02 2022-06-30 13F EXLSERVICE HLDGS COM 302081104 28,969 -221 -0.76 4,257 -4.08 0.0350
2022-04-27 2022-03-31 13F EXLSERVICE HLDGS COM 302081104 29,190 12 0.04 4,438 27.68 0.0322
2022-02-18 2021-12-31 13F EXLSERVICE HLDGS COM 302081104 29,178 -1,338 -4.38 3,476 -8.36 0.0256
2021-11-22 2021-09-30 13F EXLSERVICE HLDGS COM 302081104 30,516 -1,324 -4.16 3,793 -0.89 0.0228
2021-08-26 2021-06-30 13F EXLSERVICE HLDGS COM 302081104 31,840 -2,435 -7.10 3,827 16.61 0.0228
2021-04-28 2021-03-31 13F EXLSERVICE HLDGS COM 302081104 34,275 -1,633 -4.55 3,282 5.56 0.0196
2021-01-28 2020-12-31 13F EXLSERVICE HLDGS COM 302081104 35,908 -445 -1.22 3,109 13.30 0.0197
2020-10-30 2020-09-30 13F EXLSERVICE HLDGS COM 302081104 36,353 -1,016 -2.72 2,744 13.95 0.0199
2020-07-31 2020-06-30 13F EXLSERVICE HLDGS COM 302081104 37,369 2,924 8.49 2,408 24.38 0.0186
2020-05-01 2020-03-31 13F EXLSERVICE HLDGS COM 302081104 34,445 559 1.65 1,936 -23.30 0.0178
2020-02-07 2019-12-31 13F EXLSERVICE HLDGS COM 302081104 33,886 78 0.23 2,524 15.46 0.0191
2019-10-31 2019-09-30 13F EXLSERVICE HLDGS COM 302081104 33,808 -424 -1.24 2,186 1.11 0.0173
2019-08-02 2019-06-30 13F EXLSERVICE HLDGS COM 302081104 34,232 -1,566 -4.37 2,162 0.79 0.0173
2019-05-02 2019-03-31 13F EXLSERVICE HLDGS COM 302081104 35,798 2,193 6.53 2,145 14.04 0.0174
2019-02-06 2018-12-31 13F EXLSERVICE HLDGS COM 302081104 33,605 215 0.64 1,881 -9.39 0.0160
2018-11-01 2018-09-30 13F EXLSERVICE HLDGS COM 302081104 33,390 -3,113 -8.53 2,076 -7.57 0.0167
2018-08-01 2018-06-30 13F EXLSERVICE HLDGS COM 302081104 36,503 252 0.70 2,246 4.03 0.0157
2018-05-01 2018-03-31 13F EXLSERVICE HLDGS COM 302081104 36,251 1,196 3.41 2,159 -0.96 0.0154
2018-02-02 2017-12-31 13F EXLSERVICE HLDGS COM 302081104 35,055 -986 -2.74 2,180 -0.77 0.0145
2017-11-06 2017-09-30 13F EXLSERVICE HLDGS COM 302081104 36,041 251 0.70 2,197 12.03 0.0159
2017-08-03 2017-06-30 13F EXLSERVICE HLDGS COM 302081104 35,790 -1,682 -4.49 1,961 8.82 0.0147
2017-05-03 2017-03-31 13F EXLSERVICE HLDGS COM 302081104 37,472 1,523 4.24 1,802 1.12 0.0137
2017-02-08 2016-12-31 13F EXLSERVICE HLDGS COM 302081104 35,949 2,519 7.54 1,782 7.22 0.0141
2016-08-11 2016-06-30 13F EXLSERVICE HLDGS COM 302081104 33,430 -240 -0.71 1,662 -5.35 0.0144
2016-05-11 2016-03-31 13F EXLSERVICE HLDGS COM 302081104 33,670 246 0.74 1,756 24.54 0.0157
2016-02-05 2015-12-31 13F EXLSERVICE HLDGS COM 302081104 33,424 -112 -0.33 1,410 13.89 0.0138
2015-11-12 2015-09-30 13F EXLSERVICE HLDGS COM 302081104 33,536 -30,906 -47.96 1,238 -44.43 0.0117
2015-08-13 2015-06-30 13F EXLSERVICE HLDGS COM 302081104 64,442 33,157 105.98 2,228 91.41 0.0096
2015-05-15 2015-03-31 13F EXLSERVICE HLDGS COM 302081104 31,285 -29,117 -48.21 1,164 -32.87 0.0099
2015-02-13 2014-12-31 13F EXLSERVICE HLDGS COM 302081104 60,402 29,895 97.99 1,734 132.75 0.0075
2014-10-21 2014-09-30 13F EXLSERVICE HLDGS COM 302081104 30,507 497 1.66 745 -15.72 0.0066
2014-08-12 2014-06-30 13F EXLSERVICE HLDGS COM 302081104 30,010 -818 -2.65 884 -7.24 0.0075
2014-05-15 2014-03-31 13F EXLSERVICE HLDGS COM 302081104 30,828 -1,381 -4.29 953 7.08 0.0073
2014-02-11 2013-12-31 13F EXLSERVICE HLDGS COM 302081104 32,209 -764 -2.32 890 -5.22 0.0069
2013-11-12 2013-09-30 13F EXLSERVICE HLDGS COM 302081104 32,973 5,740 21.08 939 16.65 0.0065
2013-08-13 2013-06-30 13F/A-1 EXLSERVICE HLDGS COM 302081104 27,233 27,233 805 0.0066
2013-08-08 2013-06-30 13F EXLSERVICE HLDGS COM 302081104 81,699 2,415
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.