Eagle Capital Management 2025 Q3 (LSEG LN)
Pitch Summary: London Stock Exchange Group (LSEG) is a conglomerate of high-quality financial data and market infrastructure businesses. Its segments include Data & Applications (~45% of revenue), Markets (~40%), FTSE Russell (~10%), and Risk Intelligence (~5%). Following the 2021 acquisition of Refinitiv, LSEG has transitioned from a traditional exchange to a diversified data and analytics […]
ClearBridge Investments International Growth ADR Strategy 2025 Q3 (CLS CN)
Pitch Summary: Canada’s Celestica is a high-conviction AI infrastructure play, benefiting from hyperscaler capex growth, rising networking intensity and the shift toward white-box architectures. Its connectivity and cloud solutions segment is poised for 20%+ annual revenue growth, supported by deepening AI-related engagements and next-gen compute deployments. BSD Analysis: Celestica is transforming from a contract manufacturer […]
Alphyn Capital Management 2025 Q3 (FFH CN)
Pitch Summary: Fairfax’s fundamental performance remains impressive, despite the modest share price pullback in Q3, a natural consolidation following its significant multi-year run. The Q2 results, reported in July, underscored this strength, driving book value per share up 10.8% year-to-date to $1,158, supported by a disciplined 93.3% combined ratio and strong investment results. The company […]
Alphyn Capital Management 2025 Q3 (BN)
Pitch Summary: The Brookfield machine continues to compound intrinsic value, delivering robust Q2 results across its diversified platform. Distributable earnings (DE) before realizations grew 13% year-over-year, driven by nearly $100 billion in capital inflows over the last twelve months, demonstrating the strength of its ecosystem spanning real assets, insurance, and credit. At its recent Investor […]
Castlebay Investments (AZO)
Pitch Summary: Autozone, O’Reilly and Advance Auto Parts are the three largest companies in what is considered a mature market. So no major new competition has been attracted into this market over recent years. Due to being in a ‘boring’ sector, the stock valuation hasn’t traded on a particularly high valuation rating over the last […]
Antipodes Global Fund (GMED US)
Pitch Summary: We also initiated a position in Globus Medical, a leading medical devices manufacturer with a top three position in spinal orthopedics devices, spinal surgical robots and trauma surgery devices. It is a pure-play operator in the spinal market, taking market share through innovation and business development to boost scale and fill product gaps. […]
Aoris International Fund 2025 Q3 (ACN)
Pitch Summary: Accenture is the world’s largest consulting and outsourcing company, employing close to 900,000 people. About half of its revenue comes from consulting services, which help clients deal with change and implement new digital systems. The other half comes from outsourcing, where Accenture manages cybersecurity, cloud, and software applications for clients more efficiently than […]
Black Bear Value Partners 2025 Q3 (TDW)
Pitch Summary: Tidewater is a marine services firm that operates one of the world’s largest fleets of offshore support vessels (OSVs). They serve the energy industry by transporting crew and supplies, towing and anchoring drillships and supporting offshore construction projects. The long-term outlook for international and offshore markets is strong while the near-term is a […]
Black Bear Value Partners 2025 Q3 (BLDR)
Pitch Summary: There is a structural shortage of housing in the USA. Higher mortgage rates reduce the supply of existing home supply as homeowners are locked into low-rate mortgages. Homebuilders can buy-down the mortgage to a lower rate and accept a lower, yet still healthy margin on the home sale. BLDR is a manufacturer and […]
NCG Large Cap Growth Strategy 2025 Q3 (ORCL)
Pitch Summary: Oracle was initiated as a new holding this quarter. The company continues to expand its cloud computing business, with strong AI infrastructure demand and recent high-profile contracts bolstering backlog growth. Its hybrid model offers resilience and predictable revenue. BSD Analysis: Oracle’s $455B cloud backlog demonstrates its transformation from legacy software vendor to enterprise […]
NCG Large Cap Growth Strategy 2025 Q3 (AAPL)
Pitch Summary: Apple contributed positively to performance during the quarter. Continued demand for services and installed-base growth offset hardware cyclicality. Its ecosystem stickiness and ability to monetize users through digital subscriptions underpin its steady cash generation and strong shareholder returns. BSD Analysis: Apple’s diversified ecosystem of devices and services continues to drive durable cash flow […]
Ariel Small Cap Value Strategy 2025 Q3 (BCO US)
Pitch Summary: Brink’s Company (BCO), a provider of logistics and cash management services, jumped after surpassing quarterly earnings expectations and raising guidance. Financial highlights included broad-based organic revenue growth, stronger-than-anticipated profitability, and accelerating free cash flow generation. Additionally, the ATM Managed Services and Digital Retail Solutions segments expanded, with management anticipating sustained momentum through 2026. […]
Ariel Small Cap Value Strategy 2025 Q3 (REZI US)
Pitch Summary: Resideo Technologies, Inc. (REZI) was the top contributor in the quarter driven by strong earnings and a subsequent raise in guidance. Organic revenue, EBITDA and adjusted EPS all exceeded expectations. The company also finalized its agreement with Honeywell, eliminating future financial obligations under their indemnification arrangement. In our view, REZI remains undervalued, with […]
Aristotle Value Equity Fund 2025 Q3 (WFC US)
Pitch Summary: Wells Fargo is one of the country’s largest financial institutions, with total assets near $2 trillion. Historically one of the most profitable and efficient banks in the U.S., Wells Fargo’s reputation suffered from consumer scandals in 2016 that led to a Federal Reserve-imposed $1.95 trillion asset cap. In June 2025, the Fed lifted […]
Ariel Appreciation Fund 2025 Q3 (FISV)
Pitch Summary: Global provider of payment processing and financial services technology solutions, Fiserv, Inc. (FI) declined during the quarter amid investor concerns over increased competition and slowing growth. We believe much of the softness reflects weaker non-Clover U.S. small/medium business trends and tough comparisons in Argentina. However, we expect organic growth to reaccelerate, led by […]
Ariel Appreciation Fund 2025 Q3 (MAT)
Pitch Summary: Toy manufacturer Mattel, Inc. (MAT) also traded lower on mixed earnings, which were impacted by timing shifts in retailer order patterns due to tariff uncertainty while consumer demand remained healthy. Despite macro headwinds, gross margins expanded and EPS topped consensus, reflecting continued progress on profitability initiatives. While 2025 guidance was set slightly below […]
Pelican Bay Capital Management 2025 Q3 (ELV)
Pitch Summary: Elevance Health shares rose as investors reassessed the sector’s outlook following UnitedHealth’s regulatory issues. The company’s disciplined pricing, net cash balance sheet, and integrated PBM model (Carelon) underpin strong execution. Management expects EPS to normalize toward $34–$40 per share as Medicare margins recover in 2026. :contentReference[oaicite:9]{index=9} BSD Analysis: Elevance’s conservative underwriting, integrated PBM, […]
Latitude Global Fund (AZO)
Pitch Summary: As long-term readers will know, we have discussed AutoZone many times. The business has generated c.15% EPS growth for the past ten years and operates in a still highly fragmented marketplace, selling auto parts to individuals and garages in the US and Latin America. 50% of the industry remains comprised of very small […]
Ariel Focus Fund 2025 Q3 (PBH)
Pitch Summary: New holding and distributor of over-the-counter pharmaceutical drugs and products, Prestige Consumer Healthcare Inc. (PBH), also declined following mixed earnings results and a downward revision to full-year guidance. Sales were impacted by limited inventory in the eye care segment, but the announced acquisition of Pillar5, a leading sterile ophthalmic manufacturer, is expected to […]
Latitude Global Fund (MCK)
Pitch Summary: the progress made by McKesson and Cencora, giving us confidence that their positions are sustainable. Aside: when we analyse companies we do so in the pursuit of “intrinsic value growth”. In practise, this means we look for two things: demonstrable growth in bottom line financial metrics like EPS and cash flow, alongside strengthening […]
