Langdon Global Smaller Companies (YETI)
Pitch Summary: YETI — Re-examining the Thesis YETI Holdings detracted modestly from results in Q3. In our view, the share-price decline reflected rotation away from discretionary goods and uncertainty around tariff impacts on costs, rather than a deterioration in the business. Our investment case is built on observable data points which we outline below. People […]
Weitz Multi Cap Equity Fund 2025 Q3 (CDW)
Pitch Summary: Naturally, as investors seek out winners, they’re quick to jettison companies they fear may be come “AI Victims”, too. No doubt, this technology will ultimately change the way businesses operate. However, we think it’s premature to declare just who the “losers” may be. For instance, this year we have built a new position […]
Allspring Emerging Markets Equity Advantage Fund 2025 Q3 (BABA US)
Pitch Summary: Alibaba Group, the leading e-commerce company and AI/cloud service provider in China, performed well during the period due to the market’s increasing confidence on Alibaba’s mid- to long-term earnings growth outlook thanks to Alibaba’s streamlined operations and clear strategies to focus on two growth areas (e-commerce/quick commerce and AI/cloud service) in the next […]
Latitude Global Fund (MCK US)
Pitch Summary: McKesson has been a very strong performer for us and delivered another great year, appreciating c.40% in share price. The company now trades on a high-teens earnings multiple despite mid-teens earnings growth. The core distribution business operates on thin margins but extremely high volumes, which gives McKesson significant scale advantages over smaller competitors. […]
Latitude Global Fund (6758 JP)
Pitch Summary: Last year was a tale of two halves for Sony, particularly for its entertainment business where management had lowered expectations heading into the second half. By the end of its fiscal year in late March, it had sold over 50 million PlayStation 5s, yet we think they can easily sell five times this […]
Latitude Global Fund (SHEL LN)
Pitch Summary: In this past quarter we have made one portfolio trade, swapping Equinor for Shell which, on our estimates, enhances the portfolio’s long-term earnings power significantly. We currently have two stocks in the energy sector and, as explained in previous notes, our investment thesis is one rooted in the capital cycle. We continue to […]
Merion Road Capital (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 […]
Blue Tower Asset Management (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 (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 […]
Plural Investing (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 […]
Meridian Hedged Equity Fund (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 […]
Meridian Hedged Equity Fund (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 (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 […]
Polen Capital – Emerging Markets Growth (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 […]
Harris Associates International Equity Strategy (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 […]
Alpha Wealth Funds – The Insiders Fund (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 […]
Alpha Wealth Funds – The Insiders Fund (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 […]
Third Avenue Real Estate Value Fund (ACCOR)
Pitch Summary: Accor was increased. With 6,000 hotels in 110 countries, it leads in EMEA, Asia, and Latin America. Despite a shift to an asset-light model, shares trade at a 35–40% discount to peers. Divesting legacy ventures and expanding luxury franchise exposure could unlock value. BSD Analysis: Accor is a deep value opportunity in the […]
First Eagle Global Fund (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. […]
First Eagle Global Fund (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 […]
