Meridian Hedged Equity Fund 2025 Q3 (ICE)
Pitch Summary: Intercontinental Exchange, Inc. operates a global network of exchanges, clearing houses, and data services spanning major asset classes, including energy, equities, fixed income, and U.S. residential mortgages. We like the company for its resilient business model. It combines transaction-based revenues that benefit from market volatility with a growing base of recurring data and […]
Meridian Hedged Equity Fund 2025 Q3 (LBRDK)
Pitch Summary: Liberty Broadband Corp. is a holding company with a 26% ownership stake in cable operator Charter Communications and full ownership of GCI, a broadband and wireless provider in Alaska. The investment case remains straightforward: Liberty Broadband’s shares trade at a meaningful discount to the value of its underlying assets— primarily its Charter stake—with […]
Fairtree Global Equity Fund 2025 Q3 (AAPL)
Pitch Summary: Apple added 62 bps to performance during the quarter, supported by sustained demand for its premium hardware products and continued expansion of its services business. Revenue diversification and consistent capital returns reinforced investor confidence despite macro headwinds. BSD Analysis: Fairtree remains bullish on Apple’s durable ecosystem and consistent cash generation. Services growth, high […]
Fairtree Global Equity Fund 2025 Q3 (BABA)
Pitch Summary: Alibaba contributed positively to the fund’s performance, adding 52 bps of absolute return. The company benefited from improved investor sentiment following strong quarterly results, continued focus on AI and cloud initiatives, and management’s reaffirmation of shareholder return commitments through buybacks. BSD Analysis: Fairtree believes Alibaba’s renewed strategic focus on profitability and its leadership […]
Miller Howard Investments Income-Equity Strategies 2025 Q3 (TTE)
Pitch Summary: We exited our longstanding holding in TotalEnergies (TTE). While Total remains a well-run company, we see aggressive buybacks and growth spending making dividend coverage too thin in a weak oil market. BSD Analysis: TotalEnergies is the most balanced of the European supermajors, blending low-cost upstream, profitable LNG, and a credible renewable portfolio. Cash […]
Miller Howard Investments Income-Equity Strategies 2025 Q3 (COP)
Pitch Summary: ConocoPhillips (COP), a pure-play oil and gas producer nearing the end of a major investment cycle. Three large projects coming online are expected to generate $3 billion in annual cash flow, while reduced capital spending adds another $3 billion. Conoco also holds, in our view, the deepest remaining high-quality drilling inventory in the […]
Polen Capital – Emerging Markets Growth 2025 Q3 (PROS)
Pitch Summary: Prosus rallied as its core holding Tencent posted strong results, driven by domestic gaming recovery and ad revenue growth from improved monetization of its Video Accounts platform. Prosus also benefited from its active share buyback program aimed at narrowing the discount between its NAV and share price. The company’s asset-light strategy and exposure […]
Madison Small Cap Fund 2025 Q3 (EXP)
Pitch Summary: Small cap initiated on Eagle Materials, a leading U.S. manufacturer of heavy construction materials such as Portland cement, concrete, and aggregates, and light building materials such as wallboard and recycled paperboard. We view Eagle as an excellent company with very attractive financial traits. EXP aligns well with our preference for high-quality holdings, given […]
Longleaf Partners Global Fund 2025 Q3 (PVH)
Pitch Summary: PVH performed well… demonstrating that while quarterly earnings could have some volatility, the long-run earnings per share power of this company remains intact at over $10 per share. After hiccups at the Calvin Klein brand earlier this year, the company has gotten it back on track. PVH also remains our largest share repurchaser […]
Longleaf Partners Global Fund 2025 Q3 (4613 JP)
Pitch Summary: Global paint company Kansai Paint was a contributor in the quarter as the company delivered on earnings growth projections and benefited from reduced global trade tensions. Under the leadership of Kunishi Mori, the company implemented a number of shareholder friendly policies such as well-timed share repurchases and recently an increased dividend. The paint […]
Harris Associates International Equity Strategy 2025 Q3 (BABA)
Pitch Summary: Alibaba Group was a contributor during the quarter. The China-headquartered technology conglomerate’s stock price rose significantly following earnings that reflected rapid Chinese AI growth. Its Cloud segment posted healthy revenue growth, and management indicated that this momentum is expected to continue in the coming quarters. Additionally, Alibaba has solid traction in both its […]
Longleaf Partners Fund 2025 Q3 (BIO)
Pitch Summary: Bio-Rad Laboratories, a healthcare products manufacturer, was a positive contributor after the company reported steadier earnings than the market expected in a difficult environment. This sets the company up for the ability to grow earnings in 2026 and beyond, more in-line with previous industry trends. The company’s important investment in Sartorius has also […]
Longleaf Partners Fund 2025 Q3 (REGN)
Pitch Summary: After a slow start to our holding period this year, Regeneron has found its footing and grown its value per share back to above where we started the year in our opinion. We still do not have to pay anything for multiple high quality pipeline candidates, and the company has become one of […]
Longleaf Partners Fund 2025 Q3 (RYN)
Pitch Summary: We initiated positions in both Rayonier and PotlatchDeltic in the quarter. Rayonier was an immediate contributor. … the two companies announced an accretive merger after quarter end. Southeastern has a strong long-term history investing in timberland assets, including these two companies multiple times before. This has been a tough year for housing-related stocks… […]
Longleaf Partners Fund 2025 Q3 (ACI)
Pitch Summary: We wrote about supermarket operator Albertsons earlier this year as a contributor in tougher stock market times. We took some off the table then but added back to our position in the third quarter on weakness. The stock was down on a quarterly earnings report that did not excite the market but was […]
Longleaf Partners Fund 2025 Q3 (IAC)
Pitch Summary: Both companies have two of our lowest P/V ratios well under 50%. IAC’s spin-off of Angi earlier this year worked well. Currently, after deducting the market value for IAC’s holding in MGM, we are getting the rest of IAC for free. We expect increased management urgency on value realization at both companies in […]
Longleaf Partners Fund 2025 Q3 (MAT)
Pitch Summary: Children’s toy, media, and consumer products creator Mattel was a detractor for the quarter. Second quarter sales were below expectations as North American retailers adjusted ordering to domestic shipping vs. importing directly. This was to buy time to see if tariff rates abated, which resulted in a two-month lag in sales recognition. This […]
Longleaf Partners Fund 2025 Q3 (CNX)
Pitch Summary: As the company’s hedges mature, share repurchases continue and its Deep Utica resource potential becomes more apparent, the company should trade at a premium 10-15x FCF multiple. This, combined with higher-than-expected FCF per share from its integrated, low-cost approach, could drive the stock price well over $50 per share. BSD Analysis: CNX screens […]
Longleaf Partners Small-Cap Fund 2025 Q3 (TRIP US)
Pitch Summary: TripAdvisor – While in the short term TripAdvisor will trade on macro travel sentiment and short-term traffic numbers, we have been pleased with the growth in value per share and other developments at the company, as we also wrote about in our most recent Research Perspectives. BSD Analysis: TripAdvisor is stabilizing after years […]
Longleaf Partners Small-Cap Fund 2025 Q3 (MAT US)
Pitch Summary: Mattel detracted from quarterly results due to temporary shipment delays tied to tariff uncertainty. However, the fund noted underlying demand strength, margin improvement, and significant buybacks underway. Longleaf believes 2026 will mark a strong rebound with multiple new films and digital products driving revenue growth. BSD Analysis: Mattel’s turnaround is real — supply-chain […]
