Investment Pitches

Pitch Summary:
Wingstop benefits from a simple, scalable franchise model with strong unit economics. Brand awareness continues to grow, supporting domestic and international expansion. Digital ordering and delivery enhance margins and customer engagement. We believe Wingstop can compound earnings through disciplined store growth and marketing.

BSD Analysis:
Wingstop is a franchising juggernaut with incredible unit economics, brand heat, and digital ordering penetration. Menu simplicity and strong franchisee economics fuel rapid unit expansion. Wing prices have stabilized, giving restaurants margin breathing room. The company executes brilliantly in digital, delivery, and marketing. International growth is barely tapped. Wingstop is one of the most impressive growth stories in restaurants. A pure-play compounding machine.

Pitch Summary:
Galderma operates in attractive niches within dermatology with strong brand recognition and recurring demand. Growth in aesthetics and skincare is supported by demographic trends and rising consumer spending on appearance-related treatments. The company benefits from innovation and practitioner loyalty. We see durable growth and expanding margins as scale improves.

BSD Analysis:
Galderma is a dermatology-focused pharmaceutical and aesthetics company with leading brands in injectables, skincare, and therapeutic dermatology. The aesthetics business has strong secular tailwinds driven by aging demographics and rising social acceptance of cosmetic treatments. Prescription dermatology provides stable recurring revenue. Galderma’s brand equity and distribution footprint give it pricing power. Margins are attractive compared to peers due to category mix. The company is building a diversified dermatology empire. A high-quality specialty pharma with an aesthetics kicker.

Pitch Summary:
TSMC continues to benefit from its dominant position in advanced semiconductor manufacturing. Demand for leading-edge chips is being driven by artificial intelligence, high-performance computing, and advanced mobile applications. Its scale, technological leadership, and customer relationships create formidable barriers to entry. Capital intensity limits competition while ensuring long-term relevance. We view TSMC as a core holding leveraged to secular semiconductor demand.

BSD Analysis:
TSMC is the most important manufacturing company on earth — the linchpin of advanced semiconductors globally. Its lead in process technology remains years ahead of competitors. AI accelerators, HPC, smartphones, and automotive chips all depend on TSMC’s cutting-edge nodes. Geopolitical risk is the permanent tax investors pay, but diversification into Japan and the U.S. helps. Margins are exceptional for a manufacturer due to pricing power and scale. TSMC is an irreplaceable asset in global tech. Long-term secular winner with strategic indispensability.

Pitch Summary:
Vanke has historically been regarded as one of the strongest operators in China’s property sector. However, prolonged weakness in housing demand, falling prices, and tighter financing conditions continue to weigh on the business. While balance sheet discipline differentiates Vanke from weaker peers, profitability remains under pressure. Policy support has been uneven and confidence slow to recover. We remain cautious given structural headwinds facing the sector.

BSD Analysis:
Vanke is one of China’s largest residential developers but now faces the same structural overhang choking the entire sector — weak demand, restrictive financing, and policy uncertainty. The company is better capitalized and more disciplined than most peers, but the macro headwinds are severe. Diversification into property management helps stabilize cash flow. Government support for “quality developers” offers some lifeline, but growth is gone for now. Vanke’s survival odds are higher than peers, yet upside is capped without a real sector recovery. This is a deep-value, high-risk China property name.

Pitch Summary:
Mayora is a high-quality consumer staples business with strong local brands and extensive distribution across Indonesia and export markets. Rising incomes and population growth continue to support long-term volume growth. The company benefits from scale advantages in sourcing and manufacturing, allowing it to defend margins despite input cost volatility. Management has demonstrated discipline in brand investment and pricing. We believe Mayora can compound earnings steadily as consumption trends normalise post-inflation.

BSD Analysis:
Mayora is an Indonesian FMCG powerhouse with strong brands in biscuits, coffee, and confectionery. Domestic consumption growth is steady, and Mayora’s distribution network gives it deep market penetration. Export growth adds diversification, especially across Asia and the Middle East. Margins benefit from brand equity and economies of scale. Commodity inflation is a recurring headwind, but pricing actions tend to stick. This is a stable emerging-markets consumer winner. A quiet compounder in a very attractive demographic market.

Pitch Summary:
Wizz Air is a stock we did not get right. We invested in Wizz due to its potential as a low-cost Eastern European airline with a long growth runway into under-served and increasingly prosperous regions. Over the past two years, around 20% of its fleet was grounded due to Pratt & Whitney engine issues. Management had expected normalisation as aircraft returned to service, reducing inefficiencies and unit costs. However, FY25 results pushed out this recovery, guiding to another year of cost pressure. While the stock could recover sharply, it no longer meets our quality or risk-reward requirements and we reduced the position.

BSD Analysis:
Wizz Air’s hyper-low-cost model gives it an edge in an industry where cost is destiny. Its expansion strategy targets underserved, price-sensitive markets where demand recovers quickly. Operational volatility has been painful, but normalization is underway. The order book is huge, setting up years of growth if execution cooperates. Wizz is not a stock for the faint of heart, but the upside is significant if margins revert to pre-disruption levels. A high-beta play on European travel.

Pitch Summary:
Cameco’s operations span much of the nuclear fuel cycle and reactor technology. We took a position believing the uranium price was incongruent with the new investment needed to satisfy future demand. The uranium market had been capital-starved for more than a decade as excess secondary supply and inventories weighed on prices. Renewed enthusiasm for nuclear energy, both as a low-carbon baseload power source and due to new demand from data centres and artificial intelligence, has revived the sector. Cameco benefits from tightening fuel markets, geopolitical disruption following Russia/Ukraine, and its joint venture with Westinghouse, which provides exposure to reactor newbuilds.

BSD Analysis:
Cameco’s leverage to long-term uranium contract cycles makes it uniquely positioned for a supply-constrained market. Utilities have undercontracted for years, and Cameco controls the volumes they need. Its pivot toward integrated nuclear services via Westinghouse is a strategic upgrade. Supply disruptions in Kazakhstan and geopolitical tensions add tailwinds. Cameco’s balance sheet is clean and operational discipline strong. This cycle favors incumbents — especially Cameco.

Pitch Summary:
Wizz Air is a stock we didn’t get right – the stock fell 25% this quarter. We invested in Wizz given its potential as a low-cost Eastern European airline with a strong growth runway – expanding into under-served regions that were increasingly prosperous and integrated. Over the past two years, Wizz had to ground around 20% of their fleet due to manufacturing defects in their Pratt and Whitney engines. According to management, the business should have normalised over the past two to three quarters as more planes returned to the sky. This should have reduced business inefficiency and cut unit costs. However, in their FY25 results the company further delayed this normalisation, guiding to another year of cost pressures. The business may well recover and the stock could easily double, but it no longer meets our quality requirements and the risk/reward ratio is no longer positive. We sold down the position in June.

BSD Analysis:
Wizz Air is the ultra-low-cost European carrier with unmatched cost discipline and a footprint across fast-growing Central and Eastern Europe. Its young fleet and aggressive route expansion offer strong operating leverage as demand rebounds. Fuel and operational disruptions have hurt margins, but the cost base remains among the lowest globally. Wizz grows faster than peers because it enters markets incumbents avoid. If execution stabilizes, earnings power is enormous. High risk, high reward. The purest ULCC growth story in Europe.

Pitch Summary:
Cameco’s operations span much of the nuclear fuel cycle and reactor technology. We took a position two years ago believing the uranium price was incongruent with the new investment needed to satiate future demand. The uranium market had been capital starved for over a decade, as excess secondary supply and existing inventory meant there was a supply overhang. Renewed enthusiasm for nuclear energy, both as a low carbon baseload power source and because of new demand from data centres/artificial intelligence has revived the sector. Cameco can thrive in this changing marketplace. Its joint venture with Westinghouse provides exposure to reactor newbuilds. It is benefiting from a tight fuel cycle thanks to Russia/Ukraine. Historically, customers in the uranium space suffer from FOMO on supply and pay less attention to price. All these forces can drive Cameco outperformance and we maintain our buy position

BSD Analysis:
Cameco is one of the world’s most strategic uranium suppliers, perfectly positioned for nuclear energy’s global revival. Its tier-one assets like Cigar Lake give it low-cost, high-grade production with long mine lives. Contract pricing is tightening as utilities secure long-term supply. Cameco also benefits from its JV with Westinghouse for downstream nuclear services. Volatility in uranium is constant, but the structural thesis is the strongest in decades. Cameco is the blue-chip way to play nuclear’s renaissance. High quality in a high-torque sector.

Pitch Summary:
We initiated a position in ICICI Bank, one of the leading private sector banks in India, reflecting our constructive view on the long-term growth potential of the Indian financial system. The bank has been gaining market share in both retail and corporate banking while maintaining a strong capital position and improving asset quality. Management has focused on conservative underwriting and risk management, which has helped reduce non-performing loans and support healthy return on equity. We see ICICI as a key beneficiary of rising income levels, formalization of the economy, and increased credit penetration in India over the next decade.

BSD Analysis:
ICICI Bank has emerged as one of India’s most disciplined private-sector banks, with clean underwriting, rising deposit share, and strong digital capabilities. Its asset quality has improved dramatically over the past decade, positioning it as one of the region’s most trusted lenders. Loan growth tracks India’s accelerating consumption and investment cycles, giving ICICI a multi-year demand runway. Margins remain robust due to a strong retail mix and low funding costs. Governance, once a concern, is now a competitive advantage. As India formalizes financially, ICICI is positioned at the epicenter. A top-tier EM banking compounder.

Pitch Summary:
ICON plc was among the largest relative detractors as the shares underperformed despite solid execution and resilient fundamentals. The market reacted negatively to near-term guidance that reflected some normalization in biotech funding and a slightly slower pace of new awards, even though the overall backlog remains healthy. Management continues to emphasize disciplined cost control and integration synergies following prior acquisitions, but investor sentiment has become more cautious around the CRO space after a strong multi-year run. We view the recent weakness as more sentiment-driven than fundamental, but given the number of other attractive opportunities, we modestly rebalanced the position.

BSD Analysis:
ICON is a top-tier clinical research organization with deep capabilities in complex trials, especially oncology and rare diseases. Outsourced R&D continues to grow as pharma pipelines diversify and regulatory hurdles rise. The PRA Health acquisition boosted scale, margins, and backlog visibility. While biotech funding cycles introduce some noise, ICON’s diversified client base smooths the ride. Trial complexity only increases from here, favoring large, sophisticated CROs. ICON’s execution record is excellent and customer relationships sticky. A long-duration compounder in drug development infrastructure.

Pitch Summary:
Globant was also a meaningful detractor as the stock declined following results that highlighted pockets of client spending softness and higher-than-expected investment to support long-term growth. Revenue growth decelerated as some large customers delayed projects and became more cautious on discretionary digital transformation initiatives. Management reiterated confidence in the medium-term demand outlook but acknowledged that near-term growth would be more modest as the company balances utilization, headcount, and investment. Given the still-full valuation and increased uncertainty around the pace of re-acceleration, we reduced our position.

BSD Analysis:
Globant is one of the rare IT services firms that actually feels like a digital-native studio, not a legacy outsourcer. Its strength lies in product design, cloud-native builds, and AI-driven transformation — all the areas enterprises are still spending on even when budgets tighten. Globant’s culture and talent model enable premium pricing and deep client stickiness. Growth remains strong across geographies, and margins are healthy for a services company. The company wins business that Accenture and Infosys struggle to deliver with the same creativity. Cyclicality exists, but Globant’s work sits squarely in must-have modernization priorities. A high-quality digital transformation compounder.

Pitch Summary:
Aon was a top detractor in the quarter as the shares sold off sharply after the company reported results that, while fundamentally solid, disappointed elevated investor expectations. Organic revenue growth remained healthy, but the market focused on modest margin compression and slightly softer guidance in certain segments. In our view, the selloff reflected a de-rating from a previously rich valuation rather than a material deterioration in the long-term earnings power of the business. We continue to see Aon as a high-quality franchise with strong competitive advantages, but given the more modest growth profile and valuation, we trimmed the position in favor of more compelling opportunities.

BSD Analysis:
Aon is the undisputed, high-margin global leader in commercial risk and human capital consulting, whose essential services provide an unbreakable moat. The core thesis is that as the world becomes more complex, the need for Aon's specialized analytics and advisory services becomes non-discretionary. The company helps clients understand, quantify, and mitigate complex and emerging risks like cyber, climate, and supply chain disruption. Aon maintains a fortress balance sheet and uses its superior cash flow to execute strategic M&A and return capital. Its business model is structurally superior, focusing on two key areas of need—Risk Capital and Human Capital—across nearly every major industry. Aon is a compounding powerhouse, selling non-cyclical intelligence into a perpetually complex global economy.

Pitch Summary:
SAP was a strong contributor as the market continued to reward the company’s successful transition from on-premise licenses to cloud-based subscriptions. Cloud revenue and backlog both grew at a robust double-digit rate, driven by adoption of S/4HANA and the broader cloud portfolio. Management raised its medium-term outlook as higher-margin cloud revenue becomes a larger share of the mix, supporting both top-line visibility and operating margin expansion. Investors are increasingly recognizing SAP as a structurally growing cloud business rather than a mature license vendor, which we believe is still not fully reflected in the valuation.

BSD Analysis:
SAP is the undisputed, entrenched enterprise software giant whose stock is a high-conviction bet on the final, massive migration cycle to S/4HANA Cloud. The core thesis is the non-discretionary nature of its software: every major global enterprise is a captive customer of its core ERP (Enterprise Resource Planning) system. The company is driving a structural shift, forcing customers to upgrade to its cloud-native S/4HANA platform, which generates superior, predictable subscription revenue. This conversion process requires migrating complex data structures (General Ledger, Asset Accounting, etc.), creating a multi-year, non-cyclical revenue stream that justifies its premium valuation.

Pitch Summary:
Tokyo Electron remains a key beneficiary of the ongoing investment cycle in leading-edge semiconductor manufacturing, as customers increase spending on advanced logic and memory capacity. The company continues to gain share in critical process steps where its technology is highly differentiated, helping support solid orders and a robust backlog. Management has highlighted healthy demand tied to AI, high-performance computing, and advanced foundry nodes, which is helping offset cyclical weakness in more commoditized segments. While near-term results can be volatile given the capital intensity of the industry, we believe Tokyo Electron’s strong competitive position and deep customer relationships position it well to compound earnings over the cycle.

BSD Analysis:
Tokyo Electron (TEL) is an essential, high-growth semiconductor equipment oligopolist whose stock is a direct, leveraged play on the increasing complexity of AI chips. The core moat is its leadership in deposition systems, which are non-discretionary for manufacturing next-generation devices. The company's new Episode™ 1 single-wafer metal deposition platform is a game-changer, integrating up to eight process modules to perform complex chemical vapor deposition (CVD). This innovation is crucial for reducing contact resistance and depositing uniform films on the intricate, tiny structures required for smaller AI chipsets. TEL's technology, which enables film deposition on ever finer device structures, is directly supporting the evolution of AI processors.

Pitch Summary:
MercadoLibre delivered strong results as the company continues to execute on its strategy of combining e-commerce and fintech to drive growth and improve profitability. Revenue grew strongly in U.S. dollar terms, supported by robust growth in both commerce and fintech. Gross merchandise volume on the platform increased at a healthy pace, with particularly strong performance in Brazil and Mexico, while total payment volume processed through Mercado Pago grew sharply, reflecting increasing adoption both on- and off-platform. The company’s advertising business also remained a bright spot, with revenue growing significantly and now representing a rising share of GMV. We believe MercadoLibre remains well positioned to benefit from secular growth in e-commerce, digital payments, and financial inclusion across Latin America, and as the company continues to scale, we expect operating leverage and margin expansion to support attractive long-term earnings growth.

BSD Analysis:
MercadoLibre is the unassailable, high-growth titan of Latin America’s digital economy, offering a conviction bet on the structural growth of e-commerce and fintech in the region. The core thesis is driven by its dominant position, leveraging both its e-commerce platform and its rapidly growing Mercado Pago fintech arm to streamline inefficiencies and bridge accessibility gaps. As the region's leader, it is not just adapting to rising internet adoption and digital payment demand—it is shaping the future. MercadoLibre's ability to address key regional challenges in logistics and financial inclusion cements its role as a critical player in the region's economic evolution.

Pitch Summary:
Zimmer Biomet is a leading medical device company and a pure play in orthopedics. In our view, orthopedics is an attractive product category that should benefit from long-term tailwinds stemming from an aging population, greater activity levels among seniors and increased adoption of specialized robotics that improve surgical efficiency. In addition, market share within the space tends to be sticky, as physicians are typically trained to use leading brands like Zimmer Biomet, reinforcing longstanding brand loyalty. New management recently completed several multi-year initiatives that we think will streamline operations and reinvigorate product innovation. The market has yet to ascribe value to these improvements, providing the opportunity to initiate a position in a dominant, growing company at a discounted valuation to peers and the broader market.

BSD Analysis:
Zimmer Biomet is emerging from a long operational slog with a sharper product portfolio and cleaner execution. Orthopedics has secular tailwinds — aging populations, rising joint replacements, and a return of elective procedures. Margins are recovering as supply chain issues ease. Surgeon loyalty and hospital contracts remain durable moats. Investors have priced ZBH like a perpetual laggard, but the turnaround is showing real traction. As procedure volumes normalize globally, Zimmer’s earnings power should look materially stronger. This is a classic medtech recovery play with catalysts lining up.

Pitch Summary:
Salesforce is a leading technology company that offers a collection of software products aimed at providing businesses with a full front office productivity suite. We believe Salesforce is a wonderful business going through a transformation into a profitable, shareholder-focused enterprise. Since management announced their renewed focus on operating discipline a couple years ago, Salesforce’s margins have increased substantially. In our view, there is further room to improve as the company leverages its unique position to help businesses deploy AI and continues to restructure its sales organization. Since exiting our position in Salesforce in December, the stock price has declined by over 30% despite continuing to report fundamental results that are in line with our expectations. We were pleased to buy the stock, but we first established our position using a put writing strategy to lower our entry price. We believed the puts were overvalued as they implied that Salesforce was among the most volatile large companies, which was completely at odds with our assessment of its business value.

BSD Analysis:
Salesforce has completed one of the most dramatic margin transformations in enterprise software, proving the model can be both high-growth and high-cash-flow. AI integration across the full product suite gives Salesforce new pricing and upsell levers. Churn remains extraordinarily low because the platform is fully embedded in business workflows. Activist pressure forced management to respect profitability, and shareholders are finally seeing the payoff. The stock still trades below where a best-in-class SaaS operator should. Salesforce at scale is a cash machine with optionality. This is enterprise software royalty with real operating discipline now.

Pitch Summary:
Nike Cl B is a global leader in athletic footwear, apparel, and equipment. The company has built a leading global brand through decades of successful product innovation, marketing and partnerships with premier athletes. Since peaking in 2021, Nike’s stock price has declined to roughly a third of its previous high, largely due to challenges in its direct-to-consumer initiative and concerns over tariffs. In our view, Nike's new CEO is implementing a credible plan to improve fundamental performance by bolstering wholesaler relations and diversifying distribution while further increasing product innovation. We believe these actions will help to improve the health of the business over the medium term, resulting in better growth and enhanced margins. These concerns provided us with the opportunity to purchase shares at a meaningful discount to our estimate of intrinsic value.

BSD Analysis:
Nike is working through a brand and product reset, but its global cultural relevance is still unmatched. The return to wholesale partners is actually helping reignite demand rather than diluting the brand. Innovation slowed, but the upcoming product slate looks healthier and more athlete-led. China remains noisy, but Nike’s long-term equity there is stronger than bearish narratives suggest. Cash generation remains elite even in transition periods. When Nike hits the next innovation cycle, earnings can ramp faster than the market expects. This is a temporarily bruised champion, not a fading one.

Pitch Summary:
Amazon is the world's largest online retailer and provider of cloud services. The company is a dominant player in massive end markets with secular growth tailwinds. Amazon benefits from a wide competitive moat supported by scale, customer loyalty, and network effects. We think it is a well-managed business that will use AI to improve operational efficiency, enhance customer experience, and fuel long-term demand growth at Amazon Web Services (AWS). Despite this favorable outlook, Amazon’s stock price fell recently due to a combination of tariff and short-term macroeconomic concerns. We were pleased to purchase shares in what we believe is one of the world's best companies at a discount to our estimate of intrinsic value.

BSD Analysis:
Amazon has evolved into a cloud, logistics, and AI powerhouse while investors stayed fixated on retail margins. AWS is still the most profitable cloud platform on Earth, and its AI services give it another decade of expansion. Retail profitability is finally inflecting thanks to regionalized fulfillment and stricter cost control. Advertising is the stealth moneymaker — a high-margin engine that keeps surprising to the upside. Capex is enormous, but Amazon builds moats no one else can compete with. Bears complain about valuation, then get steamrolled when earnings reaccelerate. Amazon remains one of the most dominant business ecosystems in the world.