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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, LVS Advisory - Growth. This analysis is provided for institutional research purposes only and is not investment advice.
"LVS Advisory's Growth portfolio focuses on deep value special situations and quality compounders. Vistance Networks offers $24-28 in value for $13.52 invested through asset sales and dividends, with the remaining business trading at 4.4x free cash flow."
LVS Advisory's Growth portfolio returned -4.2% in Q2 2026, underperforming after strong prior years. The manager remains confident in positioning and highlights two core investments. Vistance Networks represents a classic event-driven opportunity: a busted telecom infrastructure roll-up undergoing asset sales. After purchasing shares at $13.52, the company has paid or will pay approximately $18 in special dividends from selling business units to Amphenol and others. The remaining business generates $0.90 per share in free cash flow and trades at just 4.4x, with a likely sale process ahead. Total value is estimated at $24-28 per share. Hikari Tsushin is the manager's first Japanese investment, a Berkshire-style conglomerate with rare capitalistic culture and exceptional capital allocation discipline. The company requires 30% IRR hurdles on investments and has compounded shareholders' equity at 17% annually for 15 years. After backing out ¥1.3 trillion in cash and investments, the operating businesses trade at just 2.0x earnings. Management owns significant equity and the stock recently pulled back 15%, creating a buying opportunity.
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