Investment Pitches

Pitch Summary:
Prysmian was a top contributor, supported by ongoing grid modernization demand. The company’s cable systems are central to power transmission upgrades needed for electrification and renewable integration.

BSD Analysis:
Prysmian benefits from accelerating energy infrastructure investment and regulatory-driven electrification. Strong order backlog and pricing power sustain earnings visibility, with further tailwinds from U.S. cost advantages under favorable tariff structures.

Pitch Summary:
Advanced Energy was one of the largest contributors to performance, benefiting from a surge in business related to the AI buildout. The company provides precision power conversion and management solutions essential to semiconductor and computing infrastructure expansion.

BSD Analysis:
AEIS is well positioned as a niche power systems supplier riding the AI hardware demand wave. Its exposure to high-growth segments like semiconductor equipment and data-center power solutions supports sustainable earnings growth. Strong margins and FCF generation enhance upside potential.

Pitch Summary:
GCI Liberty, spun off from Liberty Broadband, dominates Alaska’s telecom market. Trading at 10× EV/FCF and guided by John Malone (7% ownership), GCI benefits from unique tax advantages and monopoly-like economics in a high-barrier region. The “One Big Beautiful Bill” act further enhances tax shields, making GCI unlikely to pay cash taxes for a decade. With $900 million in buyout capacity and potential for serial acquisitions, the company could replicate Liberty Media’s value creation model. :contentReference[oaicite:6]{index=6}

BSD Analysis:
GCI’s low competition, strong FCF conversion, and tax assets create a compounding platform. Backed by Malone’s track record and Liberty’s deal flow, upside potential exceeds 2–3× in three years.

Pitch Summary:
Watches of Switzerland has been impacted by 39% tariffs on Swiss imports but retains a decade-long runway to expand in the U.S. The stock trades at ~10× FCF for a high-quality retailer with long-term partnerships, notably Rolex. While tariff uncertainty persists, management’s strategic execution and store expansion underwrite resilient growth. The final tariff level will likely normalize to 20–25%, aligning with Plural’s base case. :contentReference[oaicite:5]{index=5}

BSD Analysis:
Tariff overhang creates a buying opportunity in a dominant luxury retailer. Structural growth from Rolex alignment and U.S. expansion offsets near-term macro noise.

Pitch Summary:
Judges Scientific faced headwinds as U.S. colleges delayed capital spending amid uncertainty over federal science budgets. The company’s customers paused orders due to political noise rather than fundamental funding cuts. Congress is expected to maintain science budgets, and recent settlements with major institutions like Columbia signal normalization. With two decades of 20%+ ROIC reinvestment history and resilient balance sheet, Judges’ demand should rebound as visibility improves. :contentReference[oaicite:4]{index=4}

BSD Analysis:
Judges remains a proven compounder with disciplined M&A and niche exposure. Temporary budget uncertainty masks long-term secular demand. Expect earnings recovery as research funding stabilizes.

Pitch Summary:
Seaport Entertainment, spun off from Howard Hughes, holds prime New York Seaport properties valued at $850 million and $160 million in net cash. Management’s sale of a non-income property for $150 million demonstrated underlying asset value. Despite operational improvements and asset monetization, the stock is down 10% YTD due to investor neglect. As cash flow breakeven approaches in 2026 and profitability beyond, Seaport’s deep asset backing and turnaround trajectory make it materially undervalued. :contentReference[oaicite:3]{index=3}

BSD Analysis:
Seaport’s asset-rich balance sheet and improving operations create significant optionality. Value realization through property sales and breakeven milestones could drive rerating. Undervalued real estate turnaround with visible catalysts.

Pitch Summary:
Jet2’s stock declined 14% year-to-date despite operating above expectations. The company trades at 6.5× P/E, backed by a net cash position of £610 million (23% of market cap) and double-digit growth prospects. Management repurchased 20% of shares in the past 12 months, significantly enhancing per-share value. Investor concerns about UK macro weakness appear overstated. Jet2 remains well-positioned with industry-leading management, strong balance sheet, and high returns on capital. Continued buybacks at these valuations will rapidly compound intrinsic value per share. :contentReference[oaicite:2]{index=2}

BSD Analysis:
Jet2 combines disciplined capital returns, fortress balance sheet, and durable leisure travel demand. Its high FCF yield and structural advantages in low-cost travel support long-term compounding. Market pessimism offers a rare value dislocation.

Pitch Summary:
Ollie’s Bargain Outlet is a discount retailer offering a treasure-hunt shopping experience with brand-name merchandise at deeply discounted prices. Like Cognex, Ollie’s is a company we have owned before. We believe its differentiated closeout retail model benefits from several structural tailwinds, including an Amazon-resistant format, increased access to prime retail locations due to competitor store closures (e.g., Big Lots) and strong vendor relationships. Favorable cyclical trends are also in place, such as consumer trade-down behavior, ongoing disruption in the retail landscape and tariff-related volatility. These dynamics are driving strong availability of closeout inventory and accelerating growth in its loyalty program, Ollie’s Army, which now accounts for roughly 80% of total sales. Additionally, a relatively new management team is implementing improved systems and processes to further professionalize operations and support long-term expansion.

BSD Analysis:
The pitch frames OLLI as a structurally advantaged off-price retailer with traffic, sourcing, and loyalty tailwinds. With high cash conversion and unit growth runway, multiple expansion is plausible as execution continues.

Pitch Summary:
During the quarter, we initiated new GardenSM positions in Cognex, Waystar and Ollie's Bargain Outlet. Cognex, a leading manufacturer of machine vision systems, automates and optimizes processes across manufacturing and logistics. We reinitiated a position in the company during the quarter. Our investment thesis is supported by three key drivers: a new management team focused on aligning products with enhanced customer service and disciplined cost control; advancements in AI that reduce installation and operational costs, enabling access to small and mid-sized customers that were previously out of reach; and potential upside from a cyclical recovery in Cognex’s end markets, which could further strengthen the profit cycle.

BSD Analysis:
The manager is bullish on a cyclical and structural reset: new leadership, AI-enabled ease-of-use, and end-market recovery. As adoption broadens to SMEs, growth and margins should re-accelerate.

Pitch Summary:
MACOM designs and manufactures high-performance semiconductors. The company delivered better-than-expected quarterly results. However, it was required to assume operational control of the fabrication facility acquired from Wolfspeed approximately six months ahead of schedule, following Wolfspeed’s bankruptcy filing. This accelerated transition has temporarily weighed on MACOM’s near-term margin outlook, though we believe the impact will be short-lived. We took advantage of the resulting share price weakness to increase our position.

BSD Analysis:
The thesis is that temporary fab transition headwinds mask solid demand and execution. With strong design-in pipeline across optical/defense and improving mix, margins should recover; pullback offered an attractive add.

Pitch Summary:
Twist Bioscience is a life sciences company leveraging a proprietary silicon-based DNA writing platform with synthetic biology applications in drug discovery, diagnostics, agriculture and industrial materials. The company recently reported 18% revenue growth and improved gross margins, driven by strong demand in next-generation sequencing, which helped offset weaker synthetic biology product sales. We view Twist’s risk-reward profile as compelling and see the new Veracyte partnership as further validation of its platform, with potential to drive long-term upside. We used the recent pullback as an opportunity to add to our position.

BSD Analysis:
The manager is bullish on TWST’s platform leverage and improving unit economics. With NGS demand strength and strategic partnerships, margin expansion and scale effects can drive a path to profitability.

Pitch Summary:
Insmed is a commercial-stage biotech company focused on serious pulmonary diseases. Its lead product is ARIKAYCE®, an inhaled antibiotic that treats lung infections unresponsive to standard therapies. The company recently received FDA approval for Brinsupri™, the first once-daily oral treatment for non-cystic fibrosis bronchiectasis—a chronic and progressive lung condition with limited treatment options. With over one million diagnosed patients across the US, Europe and Japan, Brinsupri™ addresses a major unmet need, and we expect rapid adoption. In our view, Insmed also has a promising pipeline, including a third de-risked drug candidate with multibillion-dollar potential. Given the company’s increasing market capitalization, we began to pare back our CropSM position.

BSD Analysis:
The pitch emphasizes a validated commercial platform with a new blockbuster indication (NCFBE). With expanding TAM and pipeline optionality, revenue acceleration should drive operating leverage; valuation upside depends on execution.

Pitch Summary:
Modine is a global leader in thermal management solutions. The company is experiencing strong growth, driven by increased business with existing hyperscale customers as well as the addition of new accounts in the hyperscale segment. Rising demand across newer geographies, particularly in the US and Southeast Asia, and Modine’s expansion into advanced product lines, such as rack-level and modular data center cooling solutions, have further fueled this momentum. As a result, the company has significantly raised its revenue expectations for the year.

BSD Analysis:
Similar to the Global Discovery view, the small-cap team highlights MOD’s hyperscale momentum and product mix upgrade. Balance sheet flexibility, capacity investments, and secular compute demand support continued EBITDA growth.