Longleaf Partners Small-Cap Fund 2025 Q3 (CNX US)
Pitch Summary: CNX Resources – 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 […]
Alpha Wealth Funds – The Insiders Fund 2025 Q3 (MRVL)
Pitch Summary: Marvell (MRVL) is a leveraged play on the AI and data-center supercycle without NVIDIA-level valuation risk. Custom silicon demand from hyperscalers (Amazon, Microsoft) and its expanding optical and Ethernet footprint offer asymmetric upside. Gross margins are improving as legacy storage fades. Insider buying and a $5 B buyback underscore confidence. Short-term noise from […]
Heartland Mid Cap Value Fund 2025 Q3 (DHI)
Pitch Summary: Consumer Discretionary. Our best-performing holding in the quarter, D.R. Horton (DHI), came from our Deep Value bucket. The largest homebuilder in the country, DHI enjoys around a 10% market share with scale advantages in a highly fragmented industry. The company has a particularly strong position in entry-level homes. To produce affordable housing, D.R. […]
Heartland Value Plus Fund 2025 Q3 (PHIN)
Pitch Summary: Another example is Phinia Inc. (PHIN), an auto parts company spun off from Borg Warner in 2023 that makes fuel systems for vehicle manufacturers and the aftermarket. In our opinion, the market has been overly pessimistic on PHIN’s outlook in the aftermath of President Trump’s ‘Liberation Day’ announcements on tariffs, and large insider […]
Heartland Value Plus Fund 2025 Q3 (BRC)
Pitch Summary: These are companies like Brady Corp. (BRC), a leading manufacturer of ID solutions and workplace safety products. In our view, the company is allocating capital wisely: They are actively buying back stock, consistently increasing dividends, and pursuing tuck-in acquisitions that complement their core business — all while maintaining low leverage. The company’s core […]
Alpha Wealth Funds – The Insiders Fund 2025 Q3 (GOOG)
Pitch Summary: We leave our thesis unchanged. Alphabet is up 34% plus from where we initiated our purchase at the beginning of last quarter. Alphabet aka Google is a fortress of recurring revenue: 90%+ gross margins in Search, unmatched AI/ML scale, and YouTube/TikTok-level engagement at half the valuation. Cloud is finally profitable, advertising spend rebounds […]
Kathmandu Capital 2025 Q3 (UI US)
Pitch Summary: Despite limited analyst coverage, UI has drawn growing investor attention as its share price reached an all-time high, making it one of the top performers on the NYSE this year, with gains of more than 100% year-to-date. The company continues to expand its suite of enterprise networking solutions. Its higher-margin and higher-ticket enterprise […]
JB Global Capital 2025 Q3 (LULU US)
Pitch Summary: Lululemon was initiated as a new position during the quarter. The company has grown revenue from $4B in 2020 to $11B over the last twelve months while maintaining 58% gross margins and 20% operating margins. With strong brand loyalty and international growth (22% YoY), profitability is robust globally—especially in China, where margins mirror […]
Hourglass Capital 2025 Q3 (FHI US)
Pitch Summary: Hourglass Capital exited its position in Federated Hermes after achieving a >60% gain since its 2023 purchase, as shares exceeded long-term valuation targets. The fund noted that the company’s consistent cash generation and capital returns validated its value thesis. The sale freed up capital for redeployment into new opportunities offering better risk-adjusted returns. […]
GreensKeeper Value Fund 2025 Q3 (FI)
Pitch Summary: Fiserv Inc. was the largest detractor in Q3 (-25.2%) as investors reacted to slower volume growth in its Clover merchant acquiring platform. Despite the weakness, management reaffirmed guidance, emphasizing continued profitability and aggressive buybacks. The fund added to its position, viewing shares as undervalued at 13x earnings. Fiserv’s diverse product base and steady […]
GreensKeeper Value Fund 2025 Q3 (GOOG)
Pitch Summary: Alphabet Inc. (GOOG) was the top contributor to the GreensKeeper Value Fund in Q3 2025, gaining +37.3% following a favorable court ruling in the search antitrust case. The stock also benefited from market share gains in AI-driven search, as its Gemini AI models gained momentum versus competitors. Gemini Enterprise, launched in September, integrates […]
Guinness Global Energy 2025 Q3 (REP SM)
Pitch Summary: Repsol was another key contributor to the Guinness Global Energy Fund during the third quarter. The company benefited from firm refining margins in Europe and higher gas realization prices. Management reiterated guidance for shareholder returns, emphasizing buybacks and an attractive dividend policy. Progress in renewables continues to diversify cash flows and reduce the […]
First Eagle Global Fund 2025 Q3 (CMCSA)
Pitch Summary: Comcast is the largest multinational telecommunications and media conglomerate in the US, with brands including Xfinity cable, NBCUniversal (theme parks and TV stations with Peacock streaming service) and UK-based pay-TV company Sky. The company reported better-than-expected results for its most recent quarter, but shares traded lower due to ongoing declines in broadband subscribers. […]
Guinness Global Energy 2025 Q3 (VAL)
Pitch Summary: Valero, the largest of the U.S. refiners, was among September’s strongest performers in the Guinness Global Energy Fund portfolio. The company has benefited from a recovery in refining margins and a steady ramp-up of U.S. Gulf Coast demand. Strong cash flow generation and a disciplined capital allocation strategy, including consistent dividend growth and […]
First Eagle Global Fund 2025 Q3 (PM)
Pitch Summary: Tobacco company Philip Morris reported better-than-expected earnings for its most recent quarter, but slightly soft sales weighed on the stock. The company attributed the sales weakness to supply issues in Indonesia and Turkey due to regulatory changes. However, its noncombustible products continue to lead growth. We remain constructive on this cash flow-generative business […]
First Eagle Global Fund 2025 Q3 (ELV)
Pitch Summary: Shares of Elevance Health, the health insurer and healthcare-services provider formerly known as Anthem, traded lower on concerns about reductions in Medicaid coverage and increased utilization of services. The company reported a decline in earnings for its most recent quarter and reduced its forward guidance. We believe that margins will eventually stabilize as […]
East72 Dynasty Trust 2025 Q3 (UHR SW)
Pitch Summary: Swatch is unique. The company has amazing brands, some not properly utilised at all, and current management has evidenced adroit marketing skills. The amazing 2022 launch of “Moonswatch” which sold 1million pieces in its first year at US$260apiece, whilst arguably a short-lived sugar hit, does have some medium-term benefits in opening younger markets […]
First Eagle Global Fund 2025 Q3 (CHRW)
Pitch Summary: C.H. Robinson is the largest freight broker in North America, linking transportation providers to businesses across industries. The company has implemented automated AI processes to cut costs and expand margins. Improved pricing may be in prospect as stricter licensing requirements promulgated by the US Department of Transportation in September take hold and capacity […]
First Eagle Global Fund 2025 Q3 (BABA)
Pitch Summary: Shares of tech giant Alibaba were strong during the quarter. With large infrastructure/data centers and leading open-source models, the company’s cloud business has accelerated to capitalize on the AI boom in China. Its partnership with Nvidia, announced in September, further underscores Alibaba’s commitment to its AI and cloud operations. At the same time, […]
First Eagle Global Fund 2025 Q3 (GOOG)
Pitch Summary: Shares of Alphabet, the parent company of Google and YouTube, were strong during the quarter as the Department of Justice delivered favorable rulings on embedding Chrome as the default browser on phones and retaining the company’s current corporate structure with no need to divest divisions. Beyond its core ad and search businesses, Alphabet […]
