First Eagle Global Fund 2025 Q3 (ORCL)
Pitch Summary: Oracle is one of the world’s largest independent enterprise software companies. The company reported a large increase in backlogs during the quarter, including a substantial, five-year cloud-computing contract with OpenAI. In addition to a significant near-term lift to Oracle’s top line from this contract, we expect margins on these revenues to expand over […]
Halvio Capital 2025 Q3 (8841 JP)
Pitch Summary: TOC trades at just 40% of NAV with ¥184B of real estate marked to fair value, ¥53B cash, and ¥8.3B debt, giving an EV of ¥28B. The company recently repurchased 6% of shares. Following the founder’s death in early 2025, heirs face significant inheritance tax obligations, potentially forcing asset sales, an MBO, or […]
Halvio Capital 2025 Q3 (9478 JP)
Pitch Summary: SE Holdings is a profitable Japanese publisher and holding company trading at negative enterprise value. It has ¥12B in cash/investments against ¥4.4B debt, with a ¥5.2B market cap—an EV of negative ¥2.2B. The company has repurchased 38% of its shares over the last six years while maintaining profitability. Insiders own roughly 27% of […]
Halvio Capital 2025 Q3 (CPH CN)
Pitch Summary: Cipher reported record results with Q2 revenue of $13.4 million and EBITDA of $7.6 million, the highest in company history. Q3 should be even stronger due to seasonality in its Natroba product. The company paid down $22 million of debt over six months, reducing total debt to $18 million, and continues to repurchase […]
Giverny Capital Asset Management 2025 Q3 (MEDP US)
Pitch Summary: Giverny Capital described Medpace as a standout performer, acquired at $381 in 2024 and now trading above $500. Despite temporary regulatory concerns, the company delivered strong earnings and repurchased 9% of its outstanding shares at depressed prices. Medpace’s founder-led management, operational excellence, and transparent communication were emphasized as key differentiators. The firm remains […]
Third Avenue Value Fund 2025 Q3 (AC)
Pitch Summary: Ayala Corp. trades near 25-year lows despite holding leading stakes in Ayala Land, Bank of the Philippine Islands, Globe Telecom, and ACEN. Valuations in Philippine equities are depressed amid low foreign ownership. Ayala’s buybacks, asset monetizations, and solid balance sheet offer recovery potential. :contentReference[oaicite:7]{index=7} BSD Analysis: AC’s diversified portfolio and balance sheet strength […]
Atherean Value Fund (AMP)
Pitch Summary: In the fourth quarter we took a position in financial services provider Ameriprise7 (NYSE: AMP). Founded in 1894 and spun out of American Express in 2005, Ameriprise currently partners with over ten thousand financial advisors. These independent, entrepreneurial individuals manage the wealth of and provide financial planning for over two million individuals and […]
Forager International Shares Fund 2025 Q3 (INCH LN)
Pitch Summary: Inchcape was a new addition during the quarter, offering exposure to high-return car distribution in niche global markets. The company’s capital-light model and strong local moats create durable profitability. Despite cyclical exposure, sentiment toward UK-listed equities has left the stock undervalued. Inchcape has repurchased nearly 10% of its shares over the past year, […]
FMI All Cap Equity 2025 Q3 (OMF US)
Pitch Summary: OneMain is a scale leader in nonprime personal lending. Although they have a messy corporate history, our research suggests that in most key areas they are superior to their peers. We believe with a few years of clean results and an improved macro environment, this company could be reframed as a differentiated, high-quality […]
SouthernSun SMID Cap 2025 Q3 (BCO)
Pitch Summary: BCO, a leading global provider of cash and valuables management, digital retail solutions (DRS), and ATM managed services (AMS), was a top contributor for the quarter. In the second quarter, the company delivered 16% organic growth in AMS and DRS while continuing to stimulate customer demand for outsourcing with financial institutions and convert […]
Argosy Investors 2025 Q3 (POST)
Pitch Summary: I want to touch on Post Holdings (POST) first because it’s been a long-time holding and my ownership pre-dates the founding of Argosy Investors. Bill Stiritz became well-known to investors through his profile in the Outsiders, a book written by William Thorndike. Mr. Stiritz ran Ralston Purina for decades and Ralcorp Holdings spun […]
Baron Partners Fund (ANET)
Pitch Summary: This quarter, we re-established a position in Arista Networks, Inc., a leading provider of high-performance networking solutions for data centers, cloud providers, and enterprises. Shares pulled back earlier in the year despite strong fundamentals as investors worried about order normalization and the timing of AI-related demand. We see Arista as a prime beneficiary […]
Baron Opportunity Fund (AVGO)
Pitch Summary: Broadcom Inc. was a top contributor as its shares advanced on strong execution and continued momentum in AI-related and networking demand. The company benefits from secular growth in cloud and AI infrastructure, where its custom ASICs, networking chips, and optical components are critical enablers for hyperscale data centers. Broadcom has also built a […]
Gator Capital Management (MBG GR)
Pitch Summary: Mercedes-Benz Group was purchased in the Value strategy during the third quarter. Mercedes-Benz is one of the world’s largest premium automakers, designing and manufacturing luxury cars and vans while offering financing, leasing, fleet management and mobility services through Mercedes-Benz Mobility. Formerly known as the Daimler Group, the company spun off Daimler Trucks in […]
Artisan International Fund 2025 Q3 (UBSG SW)
Pitch Summary: UBS, our largest financials holding, reported good earnings for Q2, boosting shares sharply higher. The firm’s restructuring plan is proving effective, keeping costs flat while growing revenues 8%. As a result, net profits reached $2.9 billion, beating consensus forecasts by 25%. Net quarterly inflows to the wealth management business of $23.3 billion boosted […]
Baron Durable Advantage Fund (GOOGL)
Pitch Summary: Alphabet Inc. is the parent company of Google, the world’s largest search and online advertising company. Shares rose 37.4% during the quarter on strength in the company’s core businesses, as well as in Google Cloud and Other Bets. Despite rising usage of AI competitors such as ChatGPT, both Google Search and YouTube delivered […]
Baron FinTech Fund (COF)
Pitch Summary: During the quarter, we invested in Capital One Financial Corporation, a leading credit card issuer and diversified bank, as a new position. We think Capital One is well positioned to benefit from normalizing credit trends, resilient consumer spending, and the company’s ongoing technology transformation, which is improving its ability to underwrite risk and […]
Baron FinTech Fund (FICO)
Pitch Summary: Fair Isaac Corporation (FICO) is a leading provider of credit scoring and decision analytics solutions, best known for the FICO Score, which is widely used by lenders to assess consumer credit risk. We believe FICO operates a highly attractive business model characterized by recurring revenue, high margins, and significant pricing power because of […]
Penn Davis McFarland (EVO SS)
Pitch Summary: During the quarter, we initiated a new position in one such company where we see big upside potential: Evolution AB, based in Stockholm. Evolution specializes in live online casino games, offering video streams of classic table games like blackjack and roulette hosted by real dealers. As a gaming supplier, the company sells directly […]
Matrix Dividend Income (ACN)
Pitch Summary: Accenture’s shares have sold off sharply due to a slowdown in client spending, reduced forward bookings, and delays/cancellations in its federal services unit, which represents about 8% of revenue. Despite these headwinds, management still projects 5%–8% earnings growth for 2026. The company has a very strong balance sheet with more cash than debt […]
