Alluvial Capital Management 2025 Q4 (ZEG LN)
Pitch Summary: Zegona Communications was Alluvial Fund’s best performer this year, and it wasn’t a close contest. We originally purchased shares of Zegona on the thesis that the leveraged buyout of Vodafone Spain, completed in May 2024, would be a success. Specifically, that Vodafone Spain, under Zegona’s management, would sell its valuable fiber networks, reduce […]
Molina Healthcare, Inc. (MOH) – Garrett Arms
Pitch Summary: @ArmsGarrett argues that Molina Healthcare is a mispriced compounder suffering from temporary Medicaid margin pressure rather than structural impairment. The pitch centers on the market extrapolating near-term Medicaid losses indefinitely, despite clear contractual mechanisms that reset rates to actuarially sound levels. Molina stands out by remaining profitable in Medicaid while peers are deeply […]
Weitz Partners III Opportunity Fund 2025 Q4 (CHTR)
Pitch Summary: Liberty Broadband’s operating entity, Charter Communications, has faced negative headlines, but there are important differences versus other challenged holdings. Connectivity at home and on the go has become a non-discretionary expense for most households, underpinning the durability of Charter’s cash flows. Charter’s mobile service continues to win in the market, creating a converged […]
Weitz Multi Cap Equity Fund 2025 Q4 (CHTR)
Pitch Summary: Charter has faced negative headlines, too, but there are important differences. Importantly, connectivity at home and on the go has become a non discretionary expense for most households, underpinning the durability of Charter’s cash flows in a way that selling used cars does not. Charter’s mobile service continues to win in the market, […]
ClearBridge Investments Large Cap Value 2025 Q3 (COF)
Pitch Summary: Strength in consumer spending from the third quarter looked to carry over into the holiday season, helping Capital One. Capital One reported a large earnings beat driven by lower credit costs and a large reserve release helped by lower charge-offs. The quarter showed very strong operating results from Capital One in its first […]
Davis Financial Fund 2025 Q4 (WFC)
Pitch Summary: Wells Fargo is the largest “traditional” bank in our portfolio. The company passed a milestone this year with the removal of the asset cap imposed by the Federal Reserve that has been a governor on its growth. Just as importantly, Wells Fargo has made progress over several years in right-sizing its cost structure. […]
Ironvine Capital Partners 2025 Q4 (AON)
Pitch Summary: Aon operates a capital-light, largely recurring revenue model by advising clients on insurance placement without underwriting risk. As organizations grow more complex, demand for sophisticated risk management increases. Aon is benefiting from restructuring efforts and synergies from the NFP acquisition, which should drive free cash flow growth. With debt approaching target levels, management […]
Ironvine Capital Partners 2025 Q4 (MCO)
Pitch Summary: Moody’s operates a near-monopoly in credit ratings alongside S&P Global, benefiting from regulatory recognition that entrenches its position. As global debt issuance grows with GDP, Moody’s earns a preferred return with minimal capital requirements. Refinancing needs and new issuance tied to data center investment are driving record revenue and profitability. The business generates […]
Mobius Capital Partners 2025 Q4 (EPAM)
Pitch Summary: After a challenging early-year period with tariff uncertainty impacting end demand, EPAM reported better than expected results and raised its initial guidance for 2025. Additionally, EPAM announced an extension to its share buyback program of approximately $1 billion, sending a positive signal on the strength of its business in the long term. The […]
GreenWood Investors 2025 Q4 (IPCO CN)
Pitch Summary: While International Petroleum Company’s (IPCO) operating income declined in line with oil prices remaining under pressure during 2025, the primary driver of value for the company is the successful development of its Canadian oil sands project, Blackrod. The owner-operator management team has executed this project well, and Blackrod is coming online later in […]
Brennan Asset Management 2025 Q4 (DCC LN)
Pitch Summary: DCC is transitioning from a conglomerate into a focused energy distribution company through the sale of healthcare and technology assets. The core propane business operates on cost-plus contracts, insulating it from commodity price risk and generating consistent returns across cycles. Divestiture proceeds are being used for aggressive share repurchases, potentially retiring up to […]
Diamond Hill Large Cap Strategy 2025 Q4 (COF)
Pitch Summary: Consumer finance company Capital One Financial Group outperformed during the quarter following strong Q3 results, with better-than-expected revenue and expense trends. Shares also benefited from management’s clarity around accelerating share buybacks. Generally favorable economic data during the period supported investor confidence in spending and credit trends. The company’s scale in credit cards continues […]
Diamond Hill Large Cap Strategy 2025 Q4 (AIG)
Pitch Summary: Property and casualty insurer American International Group reported better-than-expected earnings, with strong expense management and share repurchases offsetting a weakening pricing environment. Shares also benefited from reports that fellow insurer Chubb is exploring a potential acquisition of the company. Management’s focus on operational efficiency continues to improve profitability. Capital return remains a key […]
TAMIM Fund Australia Small Cap Income 2025 Q4 (EDU AU)
Pitch Summary: EDU Holdings Limited (ASX: EDU) upgraded FY25 guidance in December 2025 following stronger-than-expected results. Management now expects revenue growth of approximately 92%, EBITDA expansion of 215%, and NPAT growth of 452% versus FY24. These results were underpinned by robust student enrolments and favorable cost timing. The company also announced an on-market buyback of […]
Brown Advisory Large-Cap Growth Strategy 2025 Q4 (MRVL)
Pitch Summary: Marvell Technology (MRVL) was a bottom performer during the year following heightened investor concerns around AI-related capital spending and competitive dynamics. Shares came under pressure after reports suggested potential share loss in next-generation AI chips at Amazon Web Services, despite management reaffirming its long-term outlook. The company announced a $1 billion share repurchase […]
Ennismore Global Equity Fund 2025 Q4 (AUTO LN)
Pitch Summary: The stock trades at the lowest valuation since IPO at about 15x forward earnings, priced for stagnation despite a history of high single-digit growth. Beyond the general AI considerations, Auto Trader faces a strategic challenge around transforming the used car transaction experience. Deal Builder allows consumers to reserve cars, agree trade-ins, obtain finance […]
First Eagle Global Fund 2025 Q4 (GOOG)
Pitch Summary: Shares of Alphabet, the parent company of Google and YouTube, were strong during the quarter on the successful rollout of its large language model Gemini 3. Market enthusiasm remains strong for Alphabet’s full-stack AI solution, encompassing research, infrastructure/data centers and integrated end products. With a valuation that is still reasonable, in our view, […]
Tsai Capital 2025 Q4 (AAPL)
Pitch Summary: We initiated our Apple investment in 2016 and elevated it to a core holding in 2018, the same year the company unveiled its redesigned 13-inch and 15-inch MacBook Pro models. Under Tim Cook’s far-sighted leadership, Apple has continually redefined innovation across hardware and software. Today, Apple’s ecosystem powers about 2.4 billion active devices, […]
Harris Associates Concentrated Strategy 2025 Q4 (PAYC)
Pitch Summary: Paycom Software was a detractor during the quarter. The U.S.-headquartered human resources and employment services company’s stock price declined alongside peers due to broad underperformance in the application software sector. We continue to believe Paycom has a long runway for future growth and that system-of-record software companies like Paycom will not be replaced […]
Alluvium Global Fund 2025 Q4 (HCA)
Pitch Summary: HCA Healthcare reported pleasing results and management upgraded its full year’s earnings guidance by 4.8% at the EPS level. With it buying back more shares, and after making some other tweaks, our valuation increased by 5%. But, with a share price increase of 9.7% over the quarter, the premium widened. Both HCA and […]
