The London Company Small-Mid Cap 2025 Q2 (NEU)
Pitch Summary: NewMarket Corporation (NEU) – NEU outperformed this quarter, fueled by strong AMPAC revenue growth from better volume and product mix, despite weaker Petroleum Additives results. The planned capacity expansion for the AMPAC business signals robust demand for rocket additives in a stable, oligopolistic market. Management prioritizes debt reduction and shareholder returns through dividends […]
The London Company SMID Cap 2025 Q2 (AER)
Pitch Summary: AerCap Holdings (AER) – AER delivered strong performance this quarter, bolstered by solid Q1 2025 results and a favorable UK court ruling on $1B in insurance claims related to the Russia-Ukraine War. With the largest aircraft portfolio in a seller’s market, AerCap is well-positioned to grow book value per share through strategic asset […]
The London Company SMID Cap 2025 Q2 (NEU)
Pitch Summary: NewMarket Corporation (NEU) – NEU outperformed this quarter, fueled by strong AMPAC revenue growth from better volume and product mix, despite weaker Petroleum Additives results. The planned capacity expansion for the AMPAC business signals robust demand for rocket additives in a stable, oligopolistic market. Management prioritizes debt reduction and shareholder returns through dividends […]
The London Company Small Cap 2025 Q2 (NEU)
Pitch Summary: NewMarket Corporation (NEU) – NEU outperformed this quarter, fueled by strong AMPAC revenue growth from better volume and product mix, despite weaker Petroleum Additives results. The planned capacity expansion for the AMPAC business signals robust demand for rocket additives in a stable, oligopolistic market. Management prioritizes debt reduction and shareholder returns through dividends […]
The London Company Large Cap 2025 Q2 (TEL)
Pitch Summary: TE Connectivity Ltd. (TEL) – TEL was a top performer after reporting better than expected by stronger margins and cash flow despite a mixed demand environment. Results were driven by AI momentum in the Industrial segment and a stabilizing Transportation segment. Its diversified portfolio, high-value products, and market leadership, combined with disciplined capital […]
The London Company Large Cap 2025 Q2 (NEU)
Pitch Summary: NewMarket Corporation (NEU) – NEU has been a top performer this year driven by strong AMPAC revenue growth from improved volume and product mix, despite weaker Petroleum Additives performance. Its localized production and sales model provides insulation from tariff impacts. Management continues to focus on paying down debt and returning cash to shareholders […]
TAMIM Fund Australia Small Cap Income 2025 Q2 (EGG AU)
Pitch Summary: Enero Group Limited (ASX: EGG) sold its 51% stake in OBMedia to minority shareholders for a nominal amount, incurring a non-cash loss of A$14–16 million. The divestment aligns with Enero’s strategy to focus on its high-performing agencies—Hotwire Global, BMF, and Orchard—to drive growth and value. Enero expects FY25 EBITDA at the upper end […]
T. Bailey Global Thematic Equity Fund 2025 Q2 (CHRY LN)
Pitch Summary: With a rise in NAV and a meaningful narrowing of the share price discount, Chrysalis delivered a strong quarter. The investment vehicle returned capital to shareholders through buybacks, reflecting management’s confidence in the underlying portfolio. A key highlight was further progress at Starling, where its Engine technology platform continues to attract interest as […]
Seven Corners Capital 2025 Q2 (GNW)
Pitch Summary: GNW continues to represent a discounted way to gain indirect exposure to its 81% owned mortgage insurance subsidiary, Enact Holdings, while receiving a free option on its legacy long-term care and life & annuity businesses. The stock traded at a persistent sum-of-the-parts discount of roughly 20%, despite the market ascribing zero value to […]
Stock Trade Compilation CincoHarbour Energy plc – HBR.L
Pitch Summary: Harbour Energy is a UK oil major with a strong production base and proven reserve replacement capability. The company generated significant free cash flow in 2025, which is being used for dividends, buybacks, and acquisitions. Its valuation and genuine dividend yield make it an attractive investment in the energy sector. BSD Analysis: Despite […]
2025 Portfolio reviewVisa Inc. – V
Pitch Summary: Visa faced a challenging year in 2025, with ongoing antitrust litigation and significant litigation expenses impacting its financial performance. The launch of the A2A card in the UK and acquisitions like Featurespace highlight Visa’s efforts to innovate and remain competitive. However, the company’s capital allocation strategy, focused on buybacks and infrastructure spending, raises […]
East72 Dynasty Trust 2025 Q4 (AVAP LN)
Pitch Summary: Avation is trading at a material discount to net asset value despite a significantly strengthened balance sheet and improved operating outlook. The company has reduced debt, refinanced upcoming maturities, sold aircraft above book value, and actively repurchased shares. Industry conditions for aircraft leasing are exceptionally strong, with high utilisation, limited supply, and favourable […]
East72 Dynasty Trust 2025 Q4 (DIE BB)
Pitch Summary: D’Ieteren’s shares have derated sharply due to higher leverage, reported profit declines, and investor scepticism around the private equity valuation of Belron. Our sum-of-the-parts analysis suggests the shares trade at roughly a 45% discount to intrinsic value, with Belron alone implying an effective mid-teens earnings multiple. Cyclical weakness in automotive retail and opacity […]
East72 Dynasty Trust 2025 Q4 (HANA LN)
Pitch Summary: Hansa Investment Company has now reached the culmination of a strategy that began over seventy years ago, resulting in a merged structure with Ocean Wilsons and access to a substantial cash balance. The shares trade at a 44% discount to reported NAV and close to a 68% discount on a pro-forma ex-cash basis, […]
Gator Capital Management 2025 Q2 (VRTS)
Pitch Summary: We believe Virtus Investment Partners offers a compelling investment from current levels. Virtus Investment Partners is a multi-boutique traditional investment manager. The company has several investment affiliates with their own investment teams and strategies. Virtus provides centralized sales, middle- and back-office services to support these teams. Virtus has grown by using cash flow […]
Frank Value Fund 2025 Q2 (VST)
Pitch Summary: It was the right decision to purchase more NRG during the AI factor freakout earlier this year and to also add Vistra to our portfolio amidst the tariff tantrum. Our valuation targets on NRG and Vistra are still materially higher here as most participants (indexers) are apathetic to the fundamentals, which continue to […]
Frank Value Fund 2025 Q2 (NRG)
Pitch Summary: The Fund’s #1 holding, NRG Energy, announced a transformative acquisition in Q2, adding generation assets in the Northeast US and Texas. The selling entity, LS Power, elected to take $2.8 billion of the consideration in NRG stock, making LS Power owners of 11% of NRG while committing to a 6-month lockup where LS […]
FMI Small Cap Equity 2025 Q2 (NSIT)
Pitch Summary: Insight Enterprises is a leading provider of information technology solutions in North America (81% of revenue), Europe (16%), and Asia-Pacific (3%). They provide value to customers by assisting them with the design, selection, procurement, integration, and management of their IT solutions. To vendor partners, Insight offers a cost-effective way to reach a large […]
First Eagle Global Fund 2025 Q2 (BABA)
Pitch Summary: Shares of Chinese technology giant Alibaba traded down following strong first quarter performance. While the company reported revenue and profit growth for its most recent quarter, results narrowly missed consensus expectations. We believe that Alibaba is well positioned to benefit from Chinese investment in generative artificial intelligence (AI). The company also continues to […]
First Eagle Global Fund 2025 Q2 (BDX)
Pitch Summary: Becton Dickinson develops and manufactures medical devices, instrument systems and reagents used in a variety of professional and public settings. The company reported lower-than-expected revenue for its most recent quarter because of weakness in its research instrument and diagnostics businesses resulting from lower global research spending and the impact of tariffs. We continue […]
