Ariel International Fund 2025 Q2 (CHKP)
Pitch Summary: Israel-based provider of products for information technology security, Check Point Software Technologies Ltd. also traded lower during the period despite robust earnings, highlighted by a significant beat in product revenues and double-digit billings growth. Consumers are adopting more pillars of Check Point’s platform and engaging in larger strategic commitments with Infinity and Quantum […]
AMG Yacktman Focused Fund 2025 Q2 (005935 KS)
Pitch Summary: Contributors and Detractors Samsung has continued to be a strong contributor this year after being a significant detractor in 2024. It remains one of the most prominent global technology companies, and with its market position in memory chips, foundry, and phones, there are multiple paths to unlock value. South Korea has a new […]
Alpha Wealth Funds – The Insiders Fund 2025 Q2 (GOOG)
Pitch Summary: Google’s dominant market share and broad scope are often underestimated. We’re detailing this new, sizable position. Where Google has a near-monopoly or significant majority: 1. Search Engine Market Share: This is Google’s core business and where they hold overwhelming dominance, around 89-90% (as of May 2025, according to Statcounter Global Stats). While there’s […]
Alluvium Global Fund 2025 Q2 (BABA)
Pitch Summary: Alibaba was down 12.8%. Bear in mind, this comes off a stunning 55.3% March quarter return. Alibaba reported full year results, and by all accounts they were pretty good. Market chatter suggests some were disappointed by the Cloud revenue, but with 18% growth over the last year, we are not complaining. We liked […]
Alluvium Global Fund 2025 Q2 (THO)
Pitch Summary: Thor (up 18.1%), the recreational vehicle producer, released third quarter results which highlighted strong margins and cash flow, and management reassuringly maintained guidance. It also announced reauthorization of its share buyback, and that it had recently bought in the order of USD 25m. Thor operates in a cyclical industry which has been at […]
1 Main Capital 2025 Q2 (MCFT)
Pitch Summary: Three years after our exit, 1MC has re-initiated an investment in MCFT, a business we know well and have owned profitably several times in the past. I’ve long believed this to be a good business, but the last several years were challenging while the industry worked through a painful period of dealer inventory […]
Merion Road Capital 2025 Q3 (VCTR)
Pitch Summary: During the quarter I re-established a position in Victory Capital (“VCTR”). VCTR has closed their acquisition of the Amundi US business and now boasts over $300bn in assets under management. Net flows for the acquired business were positive in 2024 and for 2025 YTD. On a consolidated basis, there is upside to flows […]
BNY Mellon Appreciation Fund 2025 Q3 (MSFT)
Pitch Summary: Microsoft was one of the top contributors to the Fund’s performance, supported by strong earnings and continued AI-related cloud demand. The company’s Azure platform saw accelerating growth, driven by enterprise adoption of AI workloads. Its diversified revenue base and robust balance sheet continue to underpin steady earnings and cash flow growth. BSD Analysis: […]
Vulcan Value Partners – Large Cap 2025 Q3 (MEDP)
Pitch Summary: Medpace reported mid-teens revenue growth and 20% operating earnings growth. Management repurchased ~6% of outstanding shares amid weakness. Improved biotech funding and faster client decisions led to a raised full-year outlook. Vulcan noted a large increase in estimated value per share and trimmed after the stock outpaced its valuation growth. BSD Analysis: Medpace […]
Vulcan Value Partners – Large Cap 2025 Q3 (FISV)
Pitch Summary: Vulcan Value Partners re-initiated its position in Fiserv, a company it has owned multiple times before, citing high switching costs, strong cash generation, and essential financial services products. Despite a meaningful share price decline earlier in 2025, Fiserv’s value remained stable. Management plans to repurchase discounted shares using over $5 billion of expected […]
Vulcan Value Partners – All Cap 2025 Q3 (MEDP US)
Pitch Summary: Medpace reported strong results in the second quarter. The company’s revenue grew at a mid-teens rate while operating earnings were up 20% year over year. The management team took advantage of the company’s share price weakness throughout the quarter by repurchasing nearly 6% of the outstanding shares. Importantly, Medpace significantly increased its outlook […]
Vulcan Value Partners – All Cap 2025 Q3 (FISV US)
Pitch Summary: Fiserv Inc. is a company we have successfully owned multiple times in the past. It is a global payments solutions and financial services provider. The business consists of two segments: merchant solutions and financial solutions. Each of these segments provides essential products and services to its customers. Fiserv’s products have high switching costs, […]
Blue Tower Asset Management 2025 Q3 (CGEO LN)
Pitch Summary: The largest contributor to this quarter’s performance once again, was our investment in Georgia Capital (London:CGEO). In spite of the gain in the company’s share price so far this year, the shares still trade at a significant discount to the company’s NAV calculation. As a result of the gain, Georgia Capital is now […]
The London Company Large Cap 2025 Q3 (EQH)
Pitch Summary: Equitable Holdings, Inc. (EQH) – EQH a leading U.S. financial services company helping clients achieve retirement and wealth goals through three core businesses: Equitable (retirement and protection strategies), AllianceBernstein (global asset management), and Equitable Advisors (financial and wealth planning). Together, these franchises manage over $1 trillion in client assets. EQH operates with an […]
Orbis International Equity 2025 Q3 (JAR LN)
Pitch Summary: A good place to begin the discussion is with Jardine Matheson or “Jardines”, which we have mentioned in previous commentaries. Founded nearly 200 years ago, Jardines is one of Asia’s most storied conglomerates, with roots tracing back to Hong Kong’s early days as a British colony. Still controlled by the founding Keswick family, […]
Pabrai Wagons Fund 2025 Q3 (AMR US)
Pitch Summary: We believe a metallurgical coal miner or offshore oil driller that earns even single digit returns on the replacement cost of its assets can be a fantastic investment if its equity is purchased at a fraction of replacement cost. Roughly one-quarter of the Wagons Fund AUM is invested in three such businesses. BSD […]
Oakmark International Fund 2025 Q3 (FEMSAUBD MM)
Pitch Summary: FEMSA is a diversified Latin American conglomerate with leading market share positions in retail and beverages. Its retail operations are anchored by OXXO, Mexico’s largest and most dominant convenience store chain, while its Beverage segment includes a significant stake in Coca-Cola FEMSA. FEMSA is divesting non-core assets and redeploying proceeds into buybacks and […]
Plural Investing 2025 Q3 (JET2)
Pitch Summary: Jet2’s stock declined 14% year-to-date despite operating above expectations. The company trades at 6.5× P/E, backed by a net cash position of £610 million (23% of market cap) and double-digit growth prospects. Management repurchased 20% of shares in the past 12 months, significantly enhancing per-share value. Investor concerns about UK macro weakness appear […]
Oakmark International Small Cap Fund 2025 Q3 (KSPI JP)
Pitch Summary: Kansai Paint is one of the two market leaders in paint and coatings in Japan. The company’s products are used primarily for automobiles, construction, and ships along with bridges and residential housing. We have owned Kansai on and off over the past 15 years. We most recently sold out of the company in […]
Meridian Hedged Equity Fund 2025 Q3 (DHI)
Pitch Summary: D.R. Horton, Inc. is the largest homebuilder in the United States by volume, with a strategic focus on the entry-level and first-time buyer segments. Our investment thesis centers on the company’s ability to leverage its unmatched scale and production-oriented model to deliver affordable homes, a compelling value proposition in a market challenged by […]
