First Eagle Global Fund 2025 Q2 (META)
Pitch Summary: Meta—the parent company of Facebook, Instagram and WhatsApp, among other social-media platforms—reported strong revenue and earnings growth during the quarter, driven by increases in both ad impressions and price per ad. The company continued to aggressively invest and hire in AI, even as it develops its core advertising businesses. We believe these results […]
FMI Large 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 […]
FMI International 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 […]
FMI All 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 […]
China Stocks Are the Most Compelling Opportunity in Global MarketsAlibaba Group Holding Limited – BABA
Pitch Summary: The investment thesis for Alibaba is centered on the belief that China’s economic environment is improving and that Alibaba is well-positioned to benefit from this trend. Despite past challenges, the company is expected to capitalize on supportive policies and a shift in consumer spending patterns. BSD Analysis: The Chinese market is experiencing a […]
Desert Lion Capital 2025 Q2 (ART SJ)
Pitch Summary: Argent is a vertically integrated industrial conglomerate operating across South Africa, the UK, and the US. The group comprises more than 20 subsidiaries in sectors ranging from steel fabrication to the manufacture of security barriers, specialty equipment, branded consumer and industrial goods, and fuel-storage and refueling systems. The market tends to dismiss Argent […]
Curreen Capital 2025 Q2 (CACC)
Pitch Summary: Credit Acceptance is a subprime auto lender, enabling subprime borrowers to buy vehicles from used car dealerships. The business has profitably gained share in a large and difficult market for more than two decades. Management allocates free cash flow to growing the business and repurchasing shares at attractive prices. Credit Acceptance currently trades […]
Cullen Enhanced Equity Income Fund 2025 Q2 (COP)
Pitch Summary: ConocoPhillips (COP) – The stock was purchased in the strategy during the quarter. ConocoPhillips is a leading independent exploration and production company with a global portfolio of low-cost, high-return assets and a disciplined capital allocation strategy. The company is approaching a free cash flow inflection as capital spending on major long-cycle projects begins […]
AVI Japan Opportunity Trust 2025 Q2 (3106 JP)
Pitch Summary: Kurabo Industries was the second largest contributor over the month, adding +41bps to performance as its share price rose by +5%. Kurabo Industries, established in 1988 as a textile manufacturer, has diversified its operations over the years to include chemicals, advanced technology, food and services, and real estate. Kurabo Industries has a history […]
AVI Worldwide Opportunities Fund 2025 Q2 (TFG NA)
Pitch Summary: In Nov-24, we initiated a position in Tetragon Financial (TFG). TFG is a multi-asset focused investment company with a diversified portfolio of CLO equity, hedge funds, private equity and real estate investments in addition to (mostly controlling) stakes in several asset management businesses. While TFG trades at an astonishingly large discount to NAV […]
AVI Worldwide Opportunities Fund 2025 Q2 (SEIT LN)
Pitch Summary: The largest contributor was SDCL Energy Efficiency Income (SEIT), an investment company focussed on energy efficiency and decentralised energy generation projects. We wrote on SEIT in last month’s newsletter. While SEIT typically appears alongside renewable energy funds in broker lists and AIC publications, its assets have different characteristics from those of this peer […]
Artisan International Fund 2025 Q2 (BAB LN)
Pitch Summary: While international markets delivered robust returns, the portfolio outperformed the MSCI EAFE Index and delivered another strong quarter of performance. Relative results were led by stock selections across multiple themes, sectors and industries. Industrials were a standout contributor with stocks ranging from aerospace and defense, machinery, electrical equipment and airlines among the numerous […]
Aristotle Core Equity Fund 2025 Q2 (AVGO)
Pitch Summary: Broadcom contributed to performance in the second quarter, as the company reported strong quarterly results for its AI compute and networking business, as well as its VMware segment. The company also provided positive commentary on the setup for the AI-related silicon business units for the rest of 2025, and also for 2026, as […]
Aristotle Core Equity Fund 2025 Q2 (ORCL)
Pitch Summary: Oracle contributed to performance in the second quarter, as the company reported strong quarterly results that highlighted continued strong demand for the company’s OCI infrastructure, sustained growth in the company’s SaaS apps business, and accelerating growth trends in the cloud database segment. Management highlighted RPO growth of over 100%, which speaks to continuing […]
Aristotle Atlantic Core Equity Strategy 2025 Q2 (AVGO)
Pitch Summary: Broadcom contributed to performance in the second quarter, as the company reported strong quarterly results for its AI compute and networking business, as well as its VMware segment. The company also provided positive commentary on the setup for the AI-related silicon business units for the rest of 2025, and also for 2026, as […]
Aristotle Atlantic Core Equity Strategy 2025 Q2 (ORCL)
Pitch Summary: Oracle contributed to performance in the second quarter, as the company reported strong quarterly results that highlighted continued strong demand for the company’s OCI infrastructure, sustained growth in the company’s SaaS apps business, and accelerating growth trends in the cloud database segment. Management highlighted RPO growth of over 100%, which speaks to continuing […]
Aristotle Small/Mid Cap Equity 2025 Q2 (CHE)
Pitch Summary: Chemed (CHE), engages in the provision of healthcare and maintenance services operating through two segments: VITAS and Roto-Rooter. The VITAS segment offers hospice and palliative care services to patients through a network of health care providers, social workers, clergy, and volunteers. The Roto-Rooter segment includes plumbing, drain cleaning, water restoration, and other related […]
Ariel Fund 2025 Q2 (ATGE)
Pitch Summary: Shares of global leader in for-profit education, Adtalem Global Education, Inc. (ATGE), traded higher following strong quarterly results featuring robust enrollment trends and continued margin expansion. We believe Adtalem’s focus on healthcare education provides a defensive growth profile supported by long-term demand for nurses and physicians. In our view, management has executed well […]
Ariel Appreciation Fund 2025 Q2 (GS)
Pitch Summary: We also repurchased global investment bank, Goldman Sachs Group, Inc. (GS), as macro uncertainty, geopolitical tensions and shifts in global trade policy drove the name back down within our midcap portfolios’ capitalization range in the quarter. In our view, GS has one of the strongest investment banking franchises on Wall Street. BSD Analysis: […]
Ariel Small Cap Value Strategy 2025 Q2 (ZBRA)
Pitch Summary: Also in the quarter, we bought shares of bar-code manufacturer, Zebra Technologies (ZBRA), which is held in other Ariel portfolios. ZBRA’s brand strength, distribution network and commitment to innovation enable it to take share, earn industry-leading profitability and penetrate new markets. A recent pullback in the stock price provided an attractive entry point. […]
