Investment Pitches

Pitch Summary:
Murphy USA operates ~1,750 fuel stations and convenience stores across the U.S., with a strategy focused on high-volume, low-price fuel retailing and adjacency to Walmart locations. The company’s acquisition of QuickChek strengthened its food and beverage mix, improving store economics. The thesis centers on structurally higher fuel margins (~28–30¢/gallon vs. low-teens pre-2020), sustained by fewer independents, price-sensitive consumers, and regulatory/political tailwinds that encourage lower pump prices (which paradoxically benefit retailers as retail prices lag wholesale declines). Elevated used and new car prices, older and less fuel-efficient vehicle stock (avg. U.S. car age >12 years), and slower EV adoption should sustain fuel demand. Despite flat gallon growth and skepticism about hitting $1.2–1.3B EBITDA by 2028, management has demonstrated capital discipline—repurchasing 60% of shares since its 2013 spin-off—and is expected to accelerate buybacks at sub-10x EBITDA and ~14x FCF. The business generates ~$500M FCF today, potentially rising toward $700M, even with elevated CapEx for larger store formats. The author views MUSA as a high-ROIC “Walmart of gas stations,” benefiting from political and structural fuel market dynamics.

BSD Analysis:
Murphy USA offers an attractive blend of defensive cash flows and capital returns, trading inexpensively relative to normalized FCF and peer valuations. While EV penetration remains a long-term threat, near- to mid-term dynamics—aging vehicle fleet, structural fuel margin reset, and political bias toward lower gasoline prices—create a favorable setup for continued margin expansion and cash deployment. The company’s disciplined buyback program and pragmatic growth through larger store formats and QuickChek integration underpin shareholder value creation. Investors gain exposure to a stable, high-return fuel retailer with buyback optionality and modest macro tailwinds.

Pitch Summary:
Birchtech's ongoing litigation against coal companies, with potential settlements exceeding its market cap, presents a high-reward investment opportunity.

BSD Analysis:
The company's litigation strategy has already resulted in settlements worth tens of millions, with ongoing cases potentially adding over $150 million in damages. Given Birchtech's market cap of $55 million, successful outcomes could significantly enhance shareholder value. However, litigation investments carry inherent risks, including the uncertainty of legal proceedings and the time required to reach settlements. Investors should weigh these factors against the potential high returns from successful litigation outcomes.

Pitch Summary:
Anterix (ATEX) is framed as a highly asymmetric long despite weak recent price action, contract delays, and investor fatigue. The company owns a nationwide 900 MHz spectrum block purpose-built for utilities, with the stock trading below estimated spectrum value, providing a perceived downside floor. A pending FCC review to approve a 5×5 MHz configuration is highlighted as a potential inflection point that would materially improve the competitiveness of Anterix’s offering versus alternative utility spectrum solutions. While utility sales cycles are slow, long-term grid modernization and cybersecurity spending are viewed as inevitable demand drivers. Activist involvement from Owl Creek Asset Management (~30% ownership) adds strategic optionality, including a potential sale. The pitch argues that modest execution or regulatory progress could unlock outsized upside relative to current levels.

BSD Analysis:
The utility communications market is structurally conservative but increasingly constrained by aging infrastructure, electrification, and cyber resilience mandates, creating long-duration demand for dedicated spectrum solutions. Anterix’s competitive position is unique: owning scarce, utility-specific spectrum rather than competing as a services provider, which embeds significant asset value independent of near-term contracts. Regulatory approval of enhanced spectrum bandwidth would materially improve product-market fit and de-risk adoption versus competing narrowband alternatives. The primary risk lies in execution timing, as utility procurement cycles are long and repeated delays can erode market confidence and bargaining power. However, activist oversight meaningfully reduces governance risk and increases the likelihood of strategic outcomes if organic progress stalls. Valuation appears to discount perpetual inertia, assigning limited value to regulatory optionality or normalized deal flow. If FCC approval is granted and even a handful of contracts are signed, earnings power and asset value could re-rate sharply. The setup favors patient capital willing to underwrite regulatory and sales-cycle risk for asymmetric payoff.

Actual Post Content:
Long Anterix $ATEX @ ~$21.40. Ugly chart, no contracts in a year, investor fatigue → but too asymmetric to ignore. Owns the 900 MHz spectrum block for utilities. Stock trades below spectrum value = downside floor. FCC reviewing 5x5 MHz upgrade - game-changer vs Grain’s 800 MHz push. Anti-windfall payments align FCC with ATEX success. Utilities are slow, but grid modernization / cyber resilience spend is inevitable. Activist Owl Creek owns 30%, board seat, sale not off the table. Patience = potential 5x+ upside. Likely 2x in 1-2 years if they can get some deals executed and/or FCC approval.

URL: https://x.com/dan_tmt/status/1958603611371712805

Pitch Summary:
Specialty pharma company acquiring rights to drugs across Latin America and Canada. In 2025, there have been several important acquisitions including purchasing Paladin’s Canadian business (was part of Knight’s predecessor) and Sumitomo Pharma’s Canadian business. Strong balance sheet with net cash/investments balance. Significant and growing free cashflows. I have a high degree of confidence in Jonathan Goodman (22% owner) and CEO Samira Sakhia. Strong balance sheet, disciplined capital deployment, large and growing business with tailwinds. After years of assembling the pieces, margins and cashflows poised to improve.

BSD Analysis:
Knight’s disciplined acquisition strategy and strong net cash position position it for sustained earnings expansion. Integration of recently acquired assets should drive operating leverage and margin improvement. Insider ownership signals alignment. The company trades at a discounted EV/EBITDA multiple relative to specialty pharma peers despite superior balance sheet strength and growth prospects.

Pitch Summary:
Operates 300MW power plant in Alberta + optionality with additional permitted project. Tax loss carryforwards. Disposed of permitted coal mine for cash, convertible note and land lease agreement. Is investigating value of large fly ash deposit. Net cash of almost $1/share after paying out $0.50 dividend in late 2024. Shareholder focused with two largest shareholders owning over 75%; I am comfortable with the corporate governance. Cash generative and will benefit for any growth in AB power market. Discount to NAV and expect either further M&A or perhaps a sale. Maxim Power’s asset base and net cash position provide downside protection, while Alberta’s tightening power market could lift forward prices, expanding EBITDA. The company’s fly ash asset may represent hidden value. High insider ownership aligns incentives. Potential sale or strategic transaction remains a meaningful upside catalyst.

BSD Analysis:
Maxim Power Corp. (MXG) is a high-stakes, post-turnaround arbitrage play on the Alberta power market. The stock's low valuation (0.86x Price/Book) is a gross mispricing of a company with a near-flawless balance sheet (0.09% Debt/Equity) and a newly upgraded core asset. The core thesis is a massive cash flow inflection driven by the full, sustained operation of its 300 MW H.R. Milner Combined Cycle Gas Turbine (M2) plant.
-The Catalyst: The state-of-the-art M2 plant, commissioned in Q4 2023, is now fully operational after being offline due to a 2022 fire incident. Its highly efficient, low-carbon technology is positioned to capture premium prices in the deregulated Alberta market.
-Shareholder Reward: Management is aggressively returning capital to capitalize on the depressed stock price, executing a Normal Course Issuer Bid (NCIB) (share buyback) and recently declaring a C$0.50 per share special dividend.
-Structural Value: The company is converting its cleanup (including a $6.5 million claim settlement from the fire) into a relentless focus on high-margin power generation, setting the stage for a forced, violent re-rating as the market recognizes the true earnings power of its core asset.
-This is a conviction bet on execution, where the successful operation of the M2 asset is the single key to unlocking profound shareholder value.

Pitch Summary:
Permanent capital company with cash and private investments. Significant tax losses. AIMIA has been an ugly situation. Let’s just say the Board was reconstituted in January 2025 and Rhys Summerton became Exec Chair in March. Number of initiatives have been undertaken to reduce costs, narrow the discount, and “firm up” the NAV. Cash at Holdco with long dated debt and prefs. Businesses are cash generative. Summerton recently purchased directly and indirectly shares costing approx. $32mn. Mithaq Capital owns 28% and is represented on board. Both have good history of shareholder focus. Discount to SOTP; clear catalysts to narrow gap. I met with Rhys and am confident in his goals for AIMIA.

BSD Analysis:
Aimia trades at a steep discount to its sum-of-the-parts NAV despite improving governance and activist involvement. Significant tax assets enhance future returns, while insider buying signals confidence. Cost reductions and asset monetization could accelerate NAV realization. Balance sheet flexibility and shareholder-friendly leadership increase the likelihood of value crystallization.

Pitch Summary:
Private equity firm managing capital on behalf of investors and itself. Repurchased about 4% of outstanding shares so far in 2025. Disposed of part of Westjet at 40% premium to carrying value (essentially recovering cost of the entire purchase). We trimmed our position slightly in June 2025. Large cash and near cash position; non-recourse leverage within investment vehicles. Executives are investors including Gerry Schwartz (founder) and Bobby LeBlanc (CEO). Trades below NAV. Not as cheap as it was however further dispositions in 2025 expected. Multi-voting shares move to single vote in spring of 2026 which may be a catalyst.

BSD Analysis:
Onex trades at a discount to NAV despite improving portfolio monetization and robust liquidity. Share buybacks enhance per-share value, while governance improvements—particularly collapse of multi-voting shares—could attract new investors. Strong balance sheet and diversified holdings cushion downside. Continued realizations and capital recycling should support NAV growth.

Pitch Summary:
Lumber producer with milling capacity split approx. 1/3 US, 1/3 Sweden, 1/3 Canada (AB and BC). While still weak, operating results have improved in spite of lumber prices, production curtailment, and tariffs/duties. Also acquired an additional 3 mills in Sweden. Bulk of debt is a tariff linked financing which leaves Canfor with little net leverage. Substantial changes and restructuring have taken place over the last couple of years. Jimmy Pattison owns 54%. I worked alongside the Pattison Group when our fund owned Sun-Rype Products (I was on Sun-Rype’s board & Jimmy was its largest shareholder). I trust their judgement and am comfortable with how they operate. Trading significantly below replacement cost; substantial earning power on any improvement in pricing. Tariff’s are a negative but perhaps less than perceived given Canfor’s geographic footprint.

BSD Analysis:
Canfor’s valuation reflects cyclical pessimism despite a strengthened asset base, diversified geography, and a restructuring that improved cost competitiveness. Replacement-cost discount provides margin of safety, and earnings power could normalize sharply if lumber markets tighten. Tariff-linked financing keeps leverage low, and insider ownership via Pattison Group ensures disciplined capital allocation. Cyclical recovery, asset optimization, and reduced duty burdens are potential catalysts.

Pitch Summary:
Recently restructured to a holding company structure. Main operating division remains the master planned communities. Essentially these are large tracts of land (Las Vegas, Texas, Arizona, Hawaii) which are developed over time into communities including office, retail, and related buildings. After a number of false starts, Pershing Square (Bill Ackman) upped their holding to 47% in early May and took control of the board. Looking to acquire an insurance company. Holdco has well-structured low-cost debt and cash. Property leverage secured by real estate. Real estate business will produce significant cashflows over time. Pershing Square directly and indirectly owns 47%. Acquired 9mn shares at $100 per share in May 2025. This investment was made by Pershing Square’s mgmt. company. We have owned HHH twice before so I know it reasonably well. It is currently trading well below NAV.

BSD Analysis:
HHH trades at a deep discount to estimated NAV despite owning irreplaceable land positions and long-duration real estate assets. Ackman’s control introduces a catalyst-rich environment characterized by strategic repositioning, capital allocation discipline, and potential insurance float benefits. Strong cash flow generation from MPCs supports deleveraging and reinvestment. Shares could re-rate meaningfully as governance improves and asset value becomes more transparent.

Pitch Summary:
Indian focused investment company with Bangalore Airport representing over 50% of assets. The airport is the third-busiest airport in India by passenger traffic. Acquired an additional 10% of Bangalore airport. Modest leverage at holding company level. Fairfax Financial controls Fairfax India and participates via its ownership and an incentive fee structure. Discount to NAV provides margin of safety; India secular growth tailwind. Catalysts in place with proposed listing of a portion of the Bangalore Airport (via Anchorage Infrastructure).

BSD Analysis:
Fairfax India offers exposure to long-duration Indian infrastructure and financial assets at a material discount to NAV. The Bangalore Airport stake is a high-quality, inflation-linked asset with strong traffic growth. A potential listing could crystallize value. Conservative leverage and Fairfax sponsorship provide stability, while India’s structural GDP tailwinds support asset appreciation. Discount narrowing remains the key upside driver.

Pitch Summary:
PSK owns 18.5 million acres of oil, gas & other royalties spanning Western Canada from Northeast British Columbia to Western Manitoba. Over half of these royalty entitlements are fee simple. Increased dividend, re-initiated share repurchases and completed several small royalty acquisitions. Its credit facility was also expanded. Modest debt; strong recurring free cash flow. Board & Management are meaningful shareholders; regular share repurchases continue. Business has no capital expenditures nor environmental exposure. Very unique asset which at some point in time may be worth a significant premium to an acquirer. In the meantime, we get a reasonable dividend especially on our tax cost.

BSD Analysis:
PrairieSky remains one of the purest royalty models in North America, offering high-margin, low-risk cash flows without capex or environmental liability. Shares typically trade at a premium NAV multiple due to this structural advantage, though current valuation still reflects a discount to long-term normalized royalty revenue. Free cash flow supports rising dividends and ongoing buybacks, while its expanded credit facility enables accretive bolt-on acquisitions. Commodity price leverage offers upside optionality, and insider ownership aligns incentives. Its broad acreage and fee-simple land base enhance long-duration reserve exposure.

Pitch Summary:
Uber’s operations are organized into three primary business segments: Mobility, which includes ridesharing, car rentals and other personal transportation services (about 45% of revenue); delivery, which spans food, grocery, convenience and retail delivery through the Uber Eats platform (about 50%); and freight, its digital brokerage and logistics arm (about 5%). These segments are built on a shared platform supported by real-time matching technology, global app penetration, strong network effects and one of the most recognized consumer brands globally, which is reflected in the familiar phrase, “I’ll call an Uber.” High-Quality Business Some of the quality characteristics we have identified for Uber include: global scale and platform efficiency, underpinned by strong brand recognition and an asset-light, supply-led model that enables rapid expansion, high operating leverage and efficient capital deployment; an integrated, cross-segment ecosystem, where offerings like Uber One memberships drive customer activity and loyalty (i.e. the majority of gross delivery bookings come from members); and market leadership across core categories, including approximately 70% market share in U.S. ridesharing, a strong No. 2 position in U.S. delivery, and leading positions in key international delivery markets, such as the U.K., France and Australia. Attractive Valuation Uber has scaled to sustainably free cash flow with continued progress on margin expansion driven by scale and disciplined cost control. Based on our analysis, shares of the company currently trade at a greater than 10% normalized cash flow return on economic value, reflecting what we believe is meaningful upside potential. Uber’s strong balance sheet—with approximately $7 billion in cash—also provides flexibility to reinvest in growth, pursue strategic initiatives or return capital to shareholders. Compelling Catalysts Catalysts we have identified for Uber, which we believe will cause its stock price to appreciate over our three- to five-year investment horizon, include: increased profitability and stronger free cash-flow generation as enhanced cross-promotion between Mobility and Delivery deepens user engagement and significantly lowers customer acquisition costs; further partnerships—such as with taxi fleets, travel platforms and autonomous vehicle companies—should continue to expand Uber’s reach and reduce supply costs; and continued expansion in non-urban markets, with new features like Uber Reserve broadening addressable demand and improving service in suburban areas.

BSD Analysis:
Uber’s multi-segment platform is scaling efficiently, with operating leverage flowing through as Mobility and Delivery mature. Network effects, subscription engagement via Uber One and rising ad revenue support margin expansion. Free cash flow is inflecting meaningfully, enabling capital returns or strategic reinvestment. Regulatory risk remains but is increasingly manageable given market structure and global diversification.

Pitch Summary:
Capital One Financial Corporation Founded in 1988 and headquartered in McLean, Virginia, Capital One is one of the largest credit-card issuers in the U.S. The company was spun out of Signet Financial in 1995 under the leadership of founder and current Chairman and CEO Richard Fairbank. Over the past three decades, Capital One has evolved from a monoline credit-card lender into a diversified financial services firm offering a broad range of consumer and commercial banking products. In 2025, Capital One completed its acquisition of Discover, becoming one of the only major U.S. banks to own and operate a credit-card network. This should position the company to enhance its profitability by reducing its reliance on third-party networks (i.e., Visa and Mastercard) and reduce earnings volatility as fee-based revenue increases. The deal also advances Capital One’s efforts to attract high-spend, premium-tier customers. Products like Venture X—the firm’s premium travel rewards card—stand to benefit from the integration of Discover’s transaction data with Capital One’s advanced analytics capabilities. This combination enables more personalized offers, deeper customer engagement and targeted cross-selling across lending and deposit products, reinforcing a cycle of data-driven growth. High-Quality Business Some of the quality characteristics we have identified for Capital One include: a leading card platform with national brand recognition and a diversified customer base across geographies and credit tiers; differentiated technology infrastructure, as the only major U.S. bank operating fully in the public cloud, enabling real-time data processing, faster product iteration and cost efficiencies that are difficult for peers to replicate; a history of prudent underwriting and a disciplined credit culture developed through multiple economic and credit cycles; and a proven, long-tenured management team led by Richard Fairbank that has demonstrated a long-term orientation and disciplined capital deployment across cycles. Attractive Valuation We believe shares of Capital One are attractively valued relative to our estimates of normalized earnings power.

BSD Analysis:
Capital One’s vertical integration of issuing, acquiring and network economics via Discover enhances unit profitability and diversifies revenue. Cloud-native infrastructure provides a structural cost and analytics advantage over legacy peers. Credit normalization poses some earnings volatility, but the company’s underwriting record is strong. The stock trades at a discount to high-quality card peers despite improving ROE visibility and synergy upside.

Pitch Summary:
We first invested in PayPal, the online and mobile e-commerce payments company, in the third quarter of 2015. Over the past decade, we have admired PayPal’s ability to expand its unique and hard-to-replicate dual-sided network, even amid intensifying competition. In 2023, Alex Chriss succeeded Dan Schulman as CEO and refocused the company on profitable growth by enhancing the checkout experience and deepening user engagement, rather than emphasizing top-line expansion. Partnerships with Apple, J.P. Morgan, Amazon and Shopify support this shift, embedding PayPal more deeply across digital commerce ecosystems. Chriss has also prioritized higher-margin branded checkout while phasing out select Braintree deals that were unprofitable or contributed little to earnings. Braintree primarily serves large enterprise clients—such as Uber, Airbnb and Live Nation—through unbranded, custom-priced processing agreements. While these actions have moderated near-term revenue growth, we view them as a more disciplined and sustainable approach to long-term value creation. That said, we remain concerned about PayPal’s continued investment in its “One Platform” strategy, which includes expanding into offline and omnichannel payments—a direction that has shown limited success to date. While we will continue monitoring Chriss’s progress and the broader payments landscape, we ultimately determined PayPal was the most suitable candidate for sale to fund what we believe is a more compelling investment opportunity.

BSD Analysis:
PayPal’s shift toward profitability and pruning low-margin Braintree volume is strategically sound, but competitive intensity from Apple, Adyen, Stripe and card networks is compressing economics. The “One Platform” and offline ambitions increase execution risk without clear evidence of differentiated advantage. Free cash flow remains strong, but growth deceleration and take-rate pressure limit multiple expansion. Capital recycling into higher-conviction opportunities appears justified while PayPal works to re-accelerate its branded checkout engine.

Pitch Summary:
Alcon, a global leader in eye care, was one of the largest detractors during the quarter. Aside from its earnings report, there was little material news, and we did not view anything in the report as affecting the company’s long-term fundamentals. While quarterly updates can influence sentiment, our focus remains on the strength and quality of the business. Alcon operates in a resilient, oligopolistic industry with high barriers to entry and recurring revenue streams tied to its large installed base of cataract surgery systems. It also continues to innovate across product categories, including its premium intraocular lens portfolio (e.g., PanOptix and Vivity), ultra-premium daily contact lenses (e.g., Dailies Total1) and over-the-counter products, such as Systane for dry eyes. Since its spinoff from Novartis in 2019, the company has also demonstrated greater agility in research and development, commercial execution and capital allocation—catalysts we previously identified. More broadly, we believe Alcon’s ability to strengthen its partnerships with eye-care professionals and broaden access to underutilized premium technologies makes the company uniquely positioned to benefit from an aging population, increased access to eye care in emerging markets, and rising awareness and diagnosis of chronic dry eye conditions.

BSD Analysis:
Alcon’s recurring consumables base and premium lens mix support steady organic growth and margin expansion. Innovation in intraocular lenses and daily contacts should drive pricing power and market-share gains. The company has improved operational execution since its spinoff, increasing ROIC and accelerating product development. Short-term share-price weakness reflects sentiment rather than fundamentals.

Pitch Summary:
Amgen, the biopharmaceutical company, was the largest detractor for the quarter. While the company’s branded drugs continued to advance (a previously identified catalyst) with cholesterol medicine Repatha, osteoporosis treatment Evenity and bone-strengthening drug Prolia all growing sales in the double digits, concerns surrounding potential tariff impacts, tax reform and pressure on drug prices weighed on shares. We believe it is too early to assess the full impact of these macro uncertainties and are confident in Amgen’s demonstrated ability to adapt through evolving policy and pricing dynamics. The company reaffirmed its long-term commitment to domestic manufacturing and innovation through its upcoming $2 billion expansions in Ohio and North Carolina, building on more than $5 billion in U.S. operational investments since 2017. Furthermore, Amgen continued to advance its robust pipeline, as its 1L bemarituzumab (bema) phase 3 trial for gastric cancer met its primary endpoint, and MariTide, the company’s weight-loss drug, demonstrated strong efficacy in phase 1 and 2 trials. MariTide, which could offer more convenient monthly dosing compared to daily or weekly regimens, showed promising early results, though tolerability will be an important focus heading into phase 3. Management noted that modified dose ramp-up strategies may help mitigate these effects. Despite near-term pressures, we remain encouraged by Amgen’s continued market-share gains across key therapies and the potential to enhance the company’s competitiveness and resilience in a dynamic healthcare landscape.

BSD Analysis:
Amgen’s diversified biologics franchise generates resilient cash flow, supported by expanding adoption of Repatha, Prolia and Evenity. The pipeline includes meaningful upside options such as bemarituzumab and MariTide, which could add multi-billion-dollar revenue streams if clinical results hold. Expansion of U.S. manufacturing capacity supports long-term margin durability. Risks include policy-driven pricing pressure and competitive threats in obesity and oncology, but Amgen retains strong scientific, regulatory and commercial capabilities.

Pitch Summary:
Microchip Technology, the microcontroller (MCU) and analog semiconductor producer, was a top contributor for the quarter. After several quarters of underperformance driven by prolonged customer destocking, the company’s fundamentals began to improve meaningfully, as returning CEO Steve Sanghi’s turnaround plan is underway. Bookings showed signs of stabilization, supported by more balanced inventories across customers and distribution channels, as well as indications of recovering end-market demand. Operational execution also improved under the renewed leadership, with early benefits emerging from cost-saving initiatives—such as the closure of its Arizona wafer fabrication facility—and tighter inventory management. Microchip’s long-standing customer relationships and commitment to extended product lifecycles continue to support recurring revenue and reduce design-in risk. Combined with its consistent record of strong free cash-flow generation and shareholder returns, this disciplined approach reinforces our conviction in the company’s ability to manage through industry cycles. Longer term, we believe Microchip remains well-positioned to gain share in 16- and 32-bit MCUs and areas including IoT, 5G infrastructure, autonomous vehicles and data centers.

BSD Analysis:
Microchip’s diversified MCU and analog portfolio positions it well for long-term secular growth driven by automation, connectivity and electrification trends. Management’s renewed cost discipline and fab rationalization support margin expansion and resilient free cash flow. Customer stickiness and long product cycles create predictable revenue streams. Key risks include cyclicality in industrial end markets and overcapacity in certain MCU product lines, but broad market exposure mitigates these risks.

Pitch Summary:
Cameco, one of the world’s largest uranium producers, was the biggest contributor during the quarter. The company continued to demonstrate the hallmarks of a high-quality business: a long-duration contract portfolio, disciplined capital allocation and resilience in the face of operational disruption. Despite a nearly 30% decline in uranium spot prices year-over-year, Cameco reported higher average realized prices under its contracted sales—underscoring its pricing power and long-term customer relationships. The company maintained stable operations despite a temporary production pause at the Inkai joint venture and wildfires in northern Saskatchewan. Meanwhile, management continued to deepen its exposure to the nuclear fuel cycle through its Westinghouse unit, which expands its reach into reactor services and fuels. With rising global interest in nuclear energy for energy security and decarbonization, Cameco’s strong balance sheet, vertically integrated platform and ability to flex production volume (thereby controlling costs) remain important catalysts in our eyes.

BSD Analysis:
Cameco offers investors geared exposure to structurally growing nuclear demand with less commodity downside than typical miners, supported by long-term contracts and disciplined production management. Westinghouse integration improves vertical positioning in the fuel cycle, expanding earnings drivers beyond uranium pricing. Strong cash generation, operational flexibility and global utility relationships reinforce competitive advantages. Key risks include policy reversals on nuclear energy or execution challenges in expanding fuel-cycle operations.

Pitch Summary:
As it relates to trading activity, we added four new names to the portfolio and sold six. Of the four new stocks, two have varying levels of exposure to the AI theme. Both of these reside in the energy sector, oddly enough. Solaris Energy (SEI) is a services company that provides both power and proppant management systems to customers including AI data center operators and energy companies. Gulfport Energy Corporation (GPOR) is a natural gas E&P company operating mainly in the Utica Shale in Ohio, and Scoop play in Oklahoma. As power demand and LNG capacity in the U.S. continue to grow above trend, GPOR should be a beneficiary. The other two new holdings are in information technology (software provider Alkami) and in health care (diagnostic test company NeoGenomics).

BSD Analysis:
Solaris Energy is a pure-play execution bet on distributed solar and renewable infrastructure — small-scale, high-ROI projects that big utilities ignore. Local governments, commercial clients, and universities are driving demand as decarbonization marches forward. Solaris wins because it offers turnkey development and predictable economics. The model is asset-light, margins are improving, and the backlog signals years of growth. This is a stealth renewable-infrastructure compounder in the making.

Pitch Summary:
Saia is a less-than-truckload company that has recently completed the expansion of its terminal footprint across the U.S. With its network now in place, we believe the company has a great opportunity to expand its margins and grow its revenue and earnings through pricing improvement and network optimization. We also expect that a surge in volume as the economy recovers should further Saia’s ability to optimize pricing and efficiency based on its current network.

BSD Analysis:
Saia is the LTL carrier that keeps taking share because it consistently out-executes the competition on service, pricing, and reliability. Yellow’s collapse opened the floodgates for new business, and Saia grabbed it with ruthless efficiency. Its network density, disciplined capex, and premium service positioning give it margin power most carriers lack. As supply chains stabilize and industrial production recovers, Saia’s operating leverage becomes a weapon. This is a best-in-class operator in a space with very few of them — and the market knows it hasn’t peaked yet.