First Eagle Global Fund (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 […]
First Eagle Global Fund (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 (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 (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 […]
First Eagle Global Fund (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 […]
Third Avenue Value Fund (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. BSD Analysis: AC Ayala is the type of diversified Philippine […]
SouthernSun SMID Cap (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 (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 […]
Eagle Capital Management (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 […]
Alphyn Capital Management (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 (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 […]
Aoris International Fund (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 […]
Pelican Bay Capital Management (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. BSD Analysis: Elevance is quietly becoming the adult […]
Weitz Multi Cap Equity Fund (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 […]
Voss Value Fund 2025 Q3 (PRKS)
Pitch Summary: United Parks & Resorts (PRKS) is a deep value stock rightfully doing time in the “penalty box.” Holding the stock has cost us dearly recently with a quick ~45% drop post Q3 earnings. While attendance growth was resilient and positive in Q2 in the face of Universal Studio’s Epic Universe opening, the market […]
Voss Value Fund 2025 Q3 (EEFT)
Pitch Summary: Euronet has been another material performance detractor for Voss YTD. We reduced our position to harvest some tax losses following a disappointing third quarter that invalidated some pillars of our original thesis. While we previously viewed the company as a mispriced “growth-at-a-reasonable-price” story supported by a diverse portfolio with an A+ management team, […]
Voss Value Offshore Fund 2025 Q3 (PRKS)
Pitch Summary: United Parks & Resorts (PRKS) is a deep value stock rightfully doing time in the “penalty box.” Holding the stock has cost us dearly recently with a quick ~45% drop post Q3 earnings. While attendance growth was resilient and positive in Q2 in the face of Universal Studio’s Epic Universe opening, the market […]
Voss Value Offshore Fund 2025 Q3 (EEFT)
Pitch Summary: Euronet has been another material performance detractor for Voss YTD. We reduced our position to harvest some tax losses following a disappointing third quarter that invalidated some pillars of our original thesis. While we previously viewed the company as a mispriced “growth-at-a-reasonable-price” story supported by a diverse portfolio with an A+ management team, […]
Voss Value Offshore Fund 2025 Q3 (FIVN)
Pitch Summary: Take for instance, FIVN, whose subscription growth went from 16% in Q2 to 10% in Q3 and the stock has extrapolated the deceleration with minimal terminal cash flows assumed. Our read of the business’s future is more optimistic, and we believe some positive AI proof points are still stacking up in FIVN’s favor. […]
T. Bailey Global Thematic Equity Fund 2025 Q3 (CHRY LN)
Pitch Summary: Chrysalis Investments Chrysalis delivered an 11.19% gain this quarter, reflecting adjustments in core positions Klarna and Starling Bank, complemented by continued share repurchases following the exit from Infosum. The quarter was marked by Klarna‚Äôs successful IPO in September, which generated exceptional demand. The listing raised approximately $1.37 billion at $40 per share, and […]
