Investment Pitches

Pitch Summary:
Robinhood has been the Partnership's most profitable investment to date. We began accumulating shares in May 2024, driven by our belief that the company was innovating rapidly, gaining market share, and winning customer loyalty in a large and growing market. At the time, the stock traded at a steep price-to-book discount compared to larger, slower-growing peers like Charles Schwab, Interactive Brokers, and Coinbase—an anomaly that astonished us. We attributed this discount to lingering stigma from Robinhood's controversial role in the GameStop "meme stock" saga, during which the company faced a collateral shortfall that nearly upended the business. But that was then. We believed investors had failed to recognize the significant operational and financial progress the company had made. Where others saw a meme stock, we saw a founder-led business with a powerful brand, a sticky and expanding user base, ample excess capital, and strong execution. We began buying shares for just over $18, and our cost basis is under $20 per share. As of this writing, Robinhood trades around $106 per share. Business results have dramatically exceeded expectations this year. Since Q1 2024, assets under custody have grown +115%, and earnings in the first half of 2025 are up +109% year-over-year. These results reflect a combination of product innovation, international expansion, strategic acquisitions, and favorable tailwinds from strong equity and crypto markets. We remain mindful that Robinhood's near-term performance is sensitive to investor sentiment and trading activity, especially in cryptocurrencies—so we've sized the position accordingly. As the share price rose sharply, we trimmed to keep the position in the 6–8% range. This is a rare example of us reducing a position we continue to like—purely because of valuation. While our preference is to let great businesses compound uninterrupted, in this case, the share price more than quadrupled in about a year. At a market cap of over $90 billion (up from $19 billion when we invested), we felt that a meaningful portion of the company's future growth prospects appeared to be reflected in the stock price. Notably, most of our gains realized to date have qualified as long-term for tax purposes. That said, we continue to hold a substantial position in Robinhood. We believe the company has years of growth ahead, supported by brand strength, product momentum, and a widening moat.

BSD Analysis:
Springview's Robinhood investment exemplifies successful contrarian value investing in a misunderstood growth story. The manager recognized that post-GameStop stigma created a significant valuation disconnect, with HOOD trading at steep discounts to slower-growing peers despite superior fundamentals. The thesis centered on the company's founder-led culture, sticky user base, and rapid innovation in a large addressable market. Exceptional execution has validated this view, with assets under custody growing 115% and earnings up 109% year-over-year in H1 2025. The 5x return from $20 to $106 per share demonstrates the power of identifying quality businesses trading below intrinsic value. While the manager prudently trimmed on valuation concerns at a $90 billion market cap, they maintain conviction in the long-term growth trajectory. The investment showcases disciplined position sizing and tax-efficient realization of gains, with most qualifying for long-term treatment.

Pitch Summary:
Within the real estate sector, DLF Ltd. had lacklustre performance for the quarter. As one of the largest residential and commercial real estate developers in India focused on the National Capital Region, DLF performed poorly on the back of an operationally weaker quarter when collections lagged pre-sales and gross margins were weaker than typical. Despite that, pre-sales were strong with a strong outlook given the launch pipeline, and the rental business delivered strong metrics, driving our long-term positive view on the name.

BSD Analysis:
Despite near-term operational challenges, the manager maintains a bullish long-term view on DLF Limited based on strong underlying business fundamentals and positive outlook indicators. The investment thesis acknowledges short-term headwinds including collections lagging pre-sales and weaker-than-typical gross margins during the third quarter, which contributed to the stock's underperformance. However, the manager emphasizes several positive factors that support the long-term investment case: strong pre-sales performance, a robust launch pipeline providing future revenue visibility, and strong metrics from the rental business segment. DLF's position as one of India's largest residential and commercial real estate developers focused on the National Capital Region provides significant market presence and development expertise. The manager's confidence reflects the company's ability to navigate temporary operational challenges while maintaining strong demand for its properties. The rental business strength provides recurring revenue stability and demonstrates DLF's diversified business model beyond pure development activities. The fund views current weakness as temporary, with strong pre-sales and launch pipeline supporting future earnings recovery.

Pitch Summary:
Also contributing to performance in China/Hong Kong was Contemporary Amperex Technology Co. As the world's largest electric vehicle (EV) battery and energy storage system (ESS) producer, Contemporary Amperex outperformed the benchmark in the third quarter, supported by resilient EV battery demand and stronger-than-expected ESS growth in China and abroad. Recent policy support on ESS from Beijing has lifted earnings expectations, whilst global AI infrastructure investment is expected to accelerate ESS deployments in the coming years, reinforcing CATL's leadership and margin outlook.

BSD Analysis:
The manager maintains a bullish position on Contemporary Amperex Technology (CATL) based on the company's dominant market position and multiple growth catalysts across electric vehicle batteries and energy storage systems. The investment thesis centers on CATL's status as the world's largest EV battery and ESS producer, providing significant scale advantages and market leadership. The manager highlights resilient EV battery demand combined with stronger-than-expected growth in energy storage systems both domestically in China and internationally. Recent policy support from Beijing specifically targeting ESS development has enhanced earnings expectations and provided regulatory tailwinds for the sector. The fund sees additional upside from global AI infrastructure investment, which is expected to accelerate ESS deployments as data centers require reliable backup power and grid stabilization. CATL's third-quarter outperformance demonstrates the company's ability to capitalize on both traditional EV growth and emerging AI-driven energy storage demand. The manager's confidence in CATL's leadership position and margin outlook reflects the company's technological advantages and expanding addressable market across multiple high-growth segments.

Pitch Summary:
Alibaba Group, the leading e-commerce company and AI/cloud service provider in China, performed well during the period due to the market's increasing confidence on Alibaba's mid-to long-term earnings growth outlook thanks to Alibaba's streamlined operations and clear strategies to focus on two growth areas (e-commerce/quick commerce and AI/cloud service) in the next decade. We believe Alibaba can deliver a sustainable double-digit earnings growth outlook in the next two to three years on improving China macroeconomics, Alibaba's improving monetisation and an increasing addressable market in the retail space, unlocking the new growth opportunities in the AI era.

BSD Analysis:
The manager presents a compelling bull case for Alibaba Group centered on the company's strategic refocus and positioning for sustainable growth in both traditional e-commerce and emerging AI/cloud services. The investment thesis highlights Alibaba's streamlined operations and clear strategic focus on two key growth verticals: e-commerce/quick commerce and AI/cloud services over the next decade. The manager expects sustainable double-digit earnings growth over the next two to three years, driven by three key factors: improving Chinese macroeconomic conditions, enhanced monetization capabilities, and an expanding addressable market in retail. The fund views Alibaba as well-positioned to capitalize on AI-era opportunities, leveraging its dominant e-commerce platform and growing cloud infrastructure. The manager's confidence reflects Alibaba's market leadership in Chinese e-commerce combined with significant growth potential in cloud and AI services. The position benefits from both cyclical recovery in Chinese consumer spending and structural growth in digital transformation. Alibaba's strong third-quarter performance demonstrates market recognition of the company's strategic repositioning and earnings growth potential.

Pitch Summary:
Within the IT sector, Samsung Electronics was a top contributor. As a leading memory chip and consumer electronics conglomerate, Samsung outperformed the benchmark in the third quarter due to its narrowing technology gap in high bandwidth memory versus peers and stronger-than-expected demand for commodity dynamic random access memory and NAND flash memory. We expect Samsung Electronics to deliver significant margin expansion in the coming quarters, with share prices likely to trend higher as these tailwinds persist.

BSD Analysis:
The manager maintains a bullish stance on Samsung Electronics based on the company's improving competitive position in memory semiconductors and strong demand fundamentals. The investment thesis centers on Samsung's narrowing technology gap in high bandwidth memory (HBM) compared to competitors, positioning the company to capture more market share in this critical AI-enabling technology. The manager highlights stronger-than-expected demand for both commodity DRAM and NAND flash memory, indicating broad-based strength across Samsung's memory portfolio. The fund expects significant margin expansion in coming quarters as these favorable demand and competitive dynamics persist. Samsung's outperformance during the third quarter demonstrates the company's ability to capitalize on the AI-driven memory boom. The manager's confidence in continued share price appreciation reflects expectations that current tailwinds will sustain Samsung's earnings momentum. The position benefits from both cyclical memory demand recovery and structural AI-related memory requirements driving long-term growth.

Pitch Summary:
Taiwan equities also advanced (14.33%), with the positive sentiment on tech stocks driven by growing AI adoption globally and global data centre vendors' comments on stronger capital expenditures (capex) outlook. For example, Oracle has recently revised up its fiscal-year 2026 capex plan by 40% to US$35 billion. OpenAI has signed a contract with Oracle recently to purchase US$300 billion in computing power over the next five years. The AI theme, including AI server infrastructure, AI at the edge and agentic AI, dominate the technology-heavy Taiwan and Korea equity market performance. We have revised up Taiwan gross domestic product growth to ~5% on the back of strong AI-related tech demand and corporate capex expansion. However, we are closely monitoring inventory levels for tech cycle as well as shifts in the political environment affected by US-China negotiations.

BSD Analysis:
The manager presents a bullish thesis on Taiwan Semiconductor Manufacturing driven by the artificial intelligence boom and robust capital expenditure growth from major technology companies. The investment case centers on Taiwan's dominant position in AI-related semiconductor manufacturing, with the manager highlighting Oracle's 40% increase in fiscal 2026 capex to $35 billion and OpenAI's massive $300 billion computing power contract as key demand catalysts. The fund has revised Taiwan's GDP growth expectations upward to approximately 5%, reflecting strong AI-driven technology demand and corporate investment expansion. The manager acknowledges monitoring risks including technology inventory cycles and potential US-China trade tensions that could impact the semiconductor supply chain. Taiwan's market performance of 14.33% in the quarter demonstrates strong momentum in AI infrastructure themes. The position reflects confidence in Taiwan's critical role in global AI infrastructure development. However, the manager maintains cautious oversight of geopolitical and cyclical factors that could affect semiconductor demand patterns.

Pitch Summary:
Shares of enterprise software developer Salesforce traded down after the company provided lower-than-expected forward sales guidance during its most recent earnings release. This prompted concerns about the company's transformation from a software-as-a-service (SaaS) business to an AI-powered enterprise business (its Agentforce platform) and an overall slowdown in revenue growth. We believe that Salesforce is well positioned to grow and scale Agentforce over time, and we continue to like its operational strength, market dominance and focus on balancing growth with improving profitability.

BSD Analysis:
The manager maintains a bullish stance on Salesforce despite guidance disappointment and transformation concerns, focusing on the company's AI platform potential and market leadership. While lower sales guidance has created near-term uncertainty about the transition from traditional SaaS to AI-powered enterprise solutions, the manager views this as a temporary challenge during a strategic transformation. Salesforce's Agentforce platform represents a significant opportunity to capture value from enterprise AI adoption, leveraging the company's existing customer relationships and CRM dominance. The manager emphasizes Salesforce's operational strength and market-leading position in CRM, which provide defensive moats and cross-selling opportunities for new AI products. The company's focus on balancing growth with profitability improvement demonstrates disciplined management and sustainable business practices. Despite revenue growth concerns, the manager appears confident in Salesforce's ability to successfully scale Agentforce and maintain its competitive advantages. The transformation to AI-powered enterprise solutions positions Salesforce for the next phase of enterprise software evolution. The manager views current weakness as a buying opportunity in a fundamentally strong business undergoing strategic evolution.

Pitch Summary:
Comcast is the largest multinational telecommunications and media conglomerate in the US, with brands including Xfinity cable, NBCUniversal (theme parks and TV stations with Peacock streaming service) and UK-based pay-TV company Sky. The company reported better-than-expected results for its most recent quarter, but shares traded lower due to ongoing declines in broadband subscribers. Our investment thesis remains intact, as we believe Comcast has the scale, density and cost advantages to outperform both fixed wireless and other fiber internet providers over the long term. Meanwhile, the other parts of the business have been performing well, and Comcast continues to generate strong cash flows and return capital to shareholders through both dividends and share buybacks.

BSD Analysis:
The manager maintains conviction in Comcast despite broadband subscriber headwinds, emphasizing the company's competitive advantages and diversified business model. While broadband subscriber losses create near-term pressure, the manager believes Comcast's scale, network density, and cost structure provide sustainable competitive advantages over fixed wireless and fiber competitors. The company's diversified portfolio including NBCUniversal's theme parks, television stations, and Peacock streaming service provides multiple revenue streams and reduces dependence on traditional cable. Recent better-than-expected results demonstrate operational resilience across the broader business portfolio. Comcast's strong cash flow generation supports consistent capital returns through dividends and share buybacks, providing direct shareholder value regardless of subscriber trends. The manager appears confident that Comcast's infrastructure investments and scale advantages will enable market share defense and eventual stabilization. The combination of competitive moats, business diversification, and strong cash generation creates a compelling long-term investment case. Despite cord-cutting pressures, the manager views Comcast as well-positioned to adapt and maintain profitability.

Pitch Summary:
Tobacco company Philip Morris reported better-than-expected earnings for its most recent quarter, but slightly soft sales weighed on the stock. The company attributed the sales weakness to supply issues in Indonesia and Turkey due to regulatory changes. However, its noncombustible products continue to lead growth. We remain constructive on this cash flow-generative business and are pleased with Philip Morris's commitment to returning cash to shareholders through reliable dividends and stock repurchases.

BSD Analysis:
The manager maintains a constructive view on Philip Morris despite temporary sales softness, focusing on the company's transformation and cash generation capabilities. The recent sales weakness in Indonesia and Turkey stems from regulatory-driven supply issues rather than fundamental demand problems, suggesting these headwinds are temporary and addressable. Philip Morris's noncombustible products continue to drive growth, reflecting successful execution of the company's transformation strategy away from traditional cigarettes. This product innovation positions the company well for evolving regulatory environments and changing consumer preferences. The manager emphasizes Philip Morris's exceptional cash flow generation, which provides financial flexibility and supports consistent shareholder returns. The company's commitment to reliable dividends and share buybacks demonstrates disciplined capital allocation and management's confidence in the business model. Despite regulatory challenges in specific markets, the overall transformation toward reduced-risk products creates long-term value. The manager appears confident that Philip Morris's diversified geographic presence and product innovation will drive sustained cash flow generation and shareholder returns.

Pitch Summary:
Shares of Elevance Health, the health insurer and healthcare-services provider formerly known as Anthem, traded lower on concerns about reductions in Medicaid coverage and increased utilization of services. The company reported a decline in earnings for its most recent quarter and reduced its forward guidance. We believe that margins will eventually stabilize as higher premiums cycle through its customer base. We continue to view Elevance as a well-managed company positioned to benefit from long-term secular demand for its managed care services in the US.

BSD Analysis:
The manager maintains a bullish long-term view on Elevance Health despite near-term margin pressures and guidance reductions. Current headwinds from Medicaid coverage reductions and higher utilization represent cyclical challenges rather than structural threats to the business model. The manager expects margin recovery as premium increases cycle through the customer base, reflecting the typical lag between cost inflation and pricing adjustments in managed care. Elevance's position as a well-managed industry leader provides operational advantages and scale benefits that should support margin recovery over time. The secular growth in demand for managed care services in the US provides a favorable long-term backdrop, driven by aging demographics and healthcare cost management needs. The manager's confidence in management quality suggests the company will navigate current challenges effectively while positioning for future growth. Despite near-term volatility, the fundamental value proposition of managed care remains intact, with Elevance well-positioned to capture this opportunity. The manager appears to view current weakness as a temporary setback in a structurally attractive business.

Pitch Summary:
Japan's Shimano, which manufacturers bicycle parts, fishing components and rowing equipment, lowered its forward guidance during the quarter because of weakness in overseas markets and ongoing inventory adjustments. Our investment thesis remains intact, as we are confident that Shimano can work through accumulated inventories after the strong but unsustainable demand for its products during the Covid-19 era. In addition to high-quality products and dominant global market share, the company has a strong history of returning capital to investors.

BSD Analysis:
Despite near-term headwinds, the manager maintains conviction in Shimano based on the company's fundamental competitive strengths and cyclical recovery potential. The current weakness stems from inventory adjustments following unsustainable COVID-era demand, representing a temporary rather than structural challenge. Shimano's dominant global market share in bicycle components provides pricing power and defensive moats that should support recovery as inventory levels normalize. The company's reputation for high-quality products creates customer loyalty and premium positioning that competitors struggle to replicate. Shimano's diversified product portfolio across cycling, fishing, and rowing equipment provides some stability during cycling market downturns. The manager emphasizes the company's consistent capital return policy, which demonstrates management's commitment to shareholder value creation. The combination of market leadership, product quality, and shareholder-friendly policies creates a compelling long-term investment case. The manager appears confident that current inventory issues are transitory and that Shimano will emerge stronger as demand patterns normalize.

Pitch Summary:
C.H. Robinson is the largest freight broker in North America, linking transportation providers to businesses across industries. The company has implemented automated AI processes to cut costs and expand margins. Improved pricing may be in prospect as stricter licensing requirements promulgated by the US Department of Transportation in September take hold and capacity tightens.

BSD Analysis:
The manager presents a bullish thesis on C.H. Robinson based on operational improvements and favorable industry dynamics. As North America's largest freight broker, the company benefits from scale advantages and network effects in connecting transportation providers with businesses. The implementation of automated AI processes represents a significant operational upgrade that should drive cost reduction and margin expansion over time. These technology investments position C.H. Robinson ahead of smaller competitors who may lack the resources for similar automation initiatives. The manager anticipates improved pricing power from new Department of Transportation licensing requirements that should tighten industry capacity and reduce competition. This regulatory change creates a favorable supply-demand dynamic that should benefit established players like C.H. Robinson. The combination of AI-driven efficiency gains and industry consolidation through regulatory barriers creates multiple drivers for margin improvement. The manager appears confident that C.H. Robinson's market leadership and technology investments will translate into sustained profitability growth.

Pitch Summary:
Our interest in Bowhead Specialty Holdings (BOW) stems from its strategic positioning in the attractive specialty insurance market, particularly within the Excess and Surplus (E&S) space. Their business model balances a "craft" approach for complex, individual risks with the newly launched "flow" business, Baleen, which targets smaller, hard-to-place risks using a tech-enabled platform. Critically, Bowhead leverages its strategic partnership with American Family (AmFam), utilizing AmFam's "A" rating, to help grow. The investment thesis here is compelling: BOW can capitalize on the favorable pricing environment in E&S and strong growth prospects in the specialty insurance market, leveraging their underwriting expertise without the burden of significant exposure to adverse development from older soft-market years due to their relatively recent inception. We anticipate that this focus will drive rapid and profitable premium growth, leading to material increases in both earnings per share (EPS) and book value per share. While it's important to note their reliance on net investment income due to currently lower underwriting margins, the potential for margin expansion as the business scales, coupled with the ramp-up of the innovative Baleen platform, makes BOW an interesting opportunity for sustained growth and potentially above-average valuation multiples.

BSD Analysis:
The manager identifies Bowhead Specialty Holdings as an attractive specialty insurance play positioned to capitalize on favorable E&S market dynamics. The company's dual business model combining craft underwriting for complex risks with the tech-enabled Baleen platform for smaller risks provides diversified growth opportunities. The strategic partnership with American Family Insurance leverages AmFam's "A" rating to accelerate growth while maintaining capital efficiency. BOW's relatively recent inception provides a competitive advantage by avoiding legacy exposure to adverse development from previous soft-market cycles. The manager expects rapid and profitable premium growth to drive material increases in both EPS and book value per share. While current underwriting margins are lower, requiring reliance on net investment income, the scaling business and Baleen platform ramp-up should drive margin expansion. The combination of favorable E&S pricing environment, underwriting expertise, and innovative technology platform positions BOW for sustained growth and potentially premium valuation multiples.

Pitch Summary:
Shares of tech giant Alibaba were strong during the quarter. With large infrastructure/data centers and leading open-source models, the company's cloud business has accelerated to capitalize on the AI boom in China. Its partnership with Nvidia, announced in September, further underscores Alibaba's commitment to its AI and cloud operations. At the same time, the company's core e-commerce business continues to grow, with improved operating efficiencies that enable it to return cash to shareholders through dividends and stock repurchases.

BSD Analysis:
The manager presents a bullish case for Alibaba based on its dual growth engines in AI/cloud and core e-commerce. Alibaba's cloud business is well-positioned to benefit from China's AI boom, supported by substantial data center infrastructure and leading open-source AI models. The strategic partnership with Nvidia, announced in September, validates Alibaba's AI capabilities and provides access to cutting-edge GPU technology for cloud services. This partnership should accelerate Alibaba's cloud growth and competitive positioning in the Chinese AI market. Meanwhile, the core e-commerce business continues to demonstrate resilience with ongoing growth and improving operational efficiency. The combination of operational improvements and cash generation enables meaningful capital returns through dividends and share buybacks, providing direct value to shareholders. The manager appears confident that Alibaba can successfully execute on both its traditional e-commerce strengths and emerging AI/cloud opportunities. This dual-engine growth strategy positions Alibaba to capture value from China's digital transformation and AI adoption.

Pitch Summary:
Warby Parker Inc. (WRBY) is a multichannel direct-to-consumer lifestyle brand that specializes in selling affordable eyewear, including prescription eyeglasses, sunglasses, and contact lenses, as well as providing eye exams and vision tests directly to consumers through its retail stores and e-commerce platform. We believe WRBY is an attractive investment because of its consistent market share gains, strong revenue growth, and EBITDA expansion relative to its peer group. The company has potential for long-term growth given the size of the US eyewear market at around $66 billion. WRBY currently only holds a 1% market share, and we believe its ability to capture share is high. We see WRBY growing in the mid-teens and expanding its return on invested capital to greater than 20% in the future. Furthermore, WRBY's recent partnership with Target is seen as a material store expansion opportunity. We believe WRBY can grow store count further than analysts currently estimate. From a responsible business perspective, Warby Parker is a certified B Corp, with the objective of providing access to products and services that promote vision and eye health while positively impacting the communities in which it operates. A notable initiative is its "Buy a Pair, Give a Pair" program, which has distributed millions of pairs of glasses to people in need for every pair purchased. Since it is topical, tariffs do impact WRBY's business. Roughly 20% of WRBY's cost of goods sold come from China. However, management has stated that they have flexibility in moving the supply chain, and we believe WRBY has pricing power to offset some of the tariffs if they are applied more broadly outside of China.

BSD Analysis:
The manager presents a compelling growth story for Warby Parker based on significant market share expansion opportunity and operational excellence. With only 1% market share in a $66 billion US eyewear market, WRBY has substantial runway for growth through continued market share gains. The company demonstrates strong operational metrics with consistent revenue growth, EBITDA expansion, and superior performance relative to peers. Management's target of mid-teens growth rates and return on invested capital expansion to over 20% indicates robust profitability potential. The strategic partnership with Target provides a material catalyst for accelerated store expansion beyond current analyst estimates. While tariff exposure from China-sourced goods (20% of COGS) presents a headwind, management's supply chain flexibility and pricing power should mitigate impact. The company's B Corp certification and social impact initiatives enhance brand differentiation and customer loyalty in the competitive eyewear market.

Pitch Summary:
Shares of Alphabet, the parent company of Google and YouTube, were strong during the quarter as the Department of Justice delivered favorable rulings on embedding Chrome as the default browser on phones and retaining the company's current corporate structure with no need to divest divisions. Beyond its core ad and search businesses, Alphabet provides a full stack solution within AI: spanning research, infrastructure/data centers and integrated end products. Valuation remains reasonable, in our view, and the company continues to share its ample store of cash with investors through dividends and buybacks.

BSD Analysis:
The manager maintains a bullish stance on Alphabet following favorable regulatory outcomes and the company's comprehensive AI positioning. The Department of Justice rulings allowing Chrome to remain the default browser and preserving Alphabet's corporate structure remove significant regulatory overhangs that had weighed on the stock. Beyond regulatory relief, the manager highlights Alphabet's full-stack AI capabilities spanning research, infrastructure, and end products, positioning the company to capture value across the entire AI ecosystem. The manager views current valuation as reasonable despite the stock's strong performance, suggesting further upside potential. Alphabet's substantial cash generation and shareholder-friendly capital allocation through dividends and buybacks provide additional support for the investment thesis. The combination of regulatory clarity, AI leadership, reasonable valuation, and strong cash returns creates a compelling multi-faceted bull case. The manager appears confident in Alphabet's ability to maintain its dominant market position while expanding into high-growth AI markets.

Pitch Summary:
Limoneira Company (LMNR) was our top detractor and underperformed in the first quarter of 2025, primarily due to the conclusion of its strategic review during this period, opting to focus on internal growth initiatives rather than pursuing external alternatives. This decision, while aimed at long-term value creation, may have contributed to short-term investor uncertainty, impacting stock performance. In short, our thesis remains that the company's assets currently trade at less than half of their true private market value. This is supported by the fact that management's strategy to increase cash flows and returns on capital is sound, focusing on: • Converting lemon acreage to avocados which are 5 times more profitable per acre • Monetizing land and water rights • Optimizing existing lemon acreage to improve cash flow stability and lessen market volatility.

BSD Analysis:
Despite recent underperformance, the manager maintains a strong bull thesis on Limoneira based on significant asset value disconnect. The company's assets are trading at less than half their estimated private market value, presenting a compelling value opportunity. Management's strategic focus on internal growth initiatives rather than external alternatives demonstrates disciplined capital allocation. The conversion strategy from lemon to avocado acreage offers substantial margin expansion potential, with avocados generating five times higher profitability per acre. Additional value creation opportunities include monetizing land and water rights, which represent undervalued assets on the balance sheet. Optimization of existing lemon operations should improve cash flow stability and reduce exposure to commodity price volatility. While short-term strategic review conclusion created investor uncertainty, the manager views this as a temporary headwind against a fundamentally sound long-term value creation strategy.

Pitch Summary:
Oracle is one of the world's largest independent enterprise software companies. The company reported a large increase in backlogs during the quarter, including a substantial, five-year cloud-computing contract with OpenAI. In addition to a significant near-term lift to Oracle's top line from this contract, we expect margins on these revenues to expand over time.

BSD Analysis:
The manager presents a bullish thesis on Oracle based on strong backlog growth and a significant multi-year cloud contract with OpenAI. The five-year OpenAI deal represents a substantial revenue opportunity that should provide both immediate top-line growth and expanding margins over time. Oracle's position as one of the largest independent enterprise software companies provides scale advantages in the competitive cloud infrastructure market. The partnership with OpenAI, a leading AI company, positions Oracle well to capitalize on the ongoing AI boom and enterprise demand for cloud computing services. The manager's confidence in margin expansion suggests Oracle's cloud business model is becoming more profitable as it scales. This strategic positioning in AI infrastructure appears to be driving both near-term contract wins and long-term competitive advantages. The substantial backlog increase indicates strong demand visibility and revenue predictability going forward.

Pitch Summary:
Palomar Holdings, Inc. (PLMR) was our top performer in the first quarter. PLMR is a specialty insurance company focused on underserved property catastrophe insurance markets in the United States, with a particular emphasis on earthquake coverage. Palomar's business strategy involves underwriting and analytical expertise, allowing them to concentrate on markets with limited competition. Their key product categories include earthquake, inland marine & other property, casualty, fronting, and crop. In February, Palomar reported strong fourth-quarter 2024 results that beat expectations, with significant growth in gross written premiums. The company also issued robust full-year 2025 guidance for adjusted net income, indicating continued positive momentum. Additionally, Palomar successfully closed its acquisition of First Indemnity of America (FIA) in early 2025, expanding into the surety market, which was seen as a positive development for diversification and growth. The anticipation of strong growth in key areas like earthquake and crop insurance for 2025 likely contributed to a favorable stock performance in the first quarter of 2025.

BSD Analysis:
The manager presents a compelling bull case for Palomar Holdings based on strong operational execution and strategic positioning. The company's focus on underserved property catastrophe markets, particularly earthquake coverage, provides a defensible competitive moat through specialized underwriting expertise. Recent fourth-quarter 2024 results exceeded expectations with significant gross written premium growth, demonstrating the company's ability to capitalize on favorable market conditions. Management's robust 2025 guidance for adjusted net income signals confidence in continued momentum. The strategic acquisition of First Indemnity of America expands Palomar's addressable market into surety insurance, enhancing diversification and growth prospects. The manager views PLMR as well-positioned to benefit from both defensive characteristics and compelling long-term growth opportunities in the specialty insurance space. Strong anticipated growth in earthquake and crop insurance segments for 2025 supports the positive investment thesis.

Pitch Summary:
Red Violet Inc. (RDVT) provides advanced data analytics and identity intelligence solutions through its two main platforms: FOREWARN, a safety tool for real estate professionals, and Interactive Data Inc. (IDI), an analytics platform serving multiple industries with applications in identity verification, fraud prevention, compliance, and due diligence. While FOREWARN has reached approximately 50% market penetration, IDI remains underpenetrated and offers significant expansion potential across both industry verticals and existing clients. The total addressable market continues to grow with the increasing relevance of big data, cybersecurity, and cloud-based technologies. RDVT's management team brings a strong track record, having built and sold two previous companies in this domain. The current platform's cloud-native, machine-learning-enabled architecture is scalable and well-positioned for enterprise adoption. As RDVT gains market share, its recurring revenue base and high margins support a premium valuation.

BSD Analysis:
The manager views RDVT as a compelling data analytics play with significant expansion potential and strong management credentials. The dual-platform strategy provides diversified revenue streams, with FOREWARN achieving 50% market penetration in real estate safety tools while IDI remains underpenetrated across multiple industries. The expansion opportunity in IDI across identity verification, fraud prevention, compliance, and due diligence applications represents substantial growth potential. The secular tailwinds from big data, cybersecurity, and cloud technologies support long-term market expansion. Management's proven track record of building and selling two previous companies in this domain provides execution confidence. The cloud-native, machine-learning-enabled architecture offers scalability advantages for enterprise adoption. The combination of recurring revenue base, high margins, and market share gains supports the manager's view that RDVT warrants a premium valuation as it captures expanding market opportunities.