SVN Capital Fund 2025 Q4 (KNSL)
Pitch Summary: Kinsale Capital Group operates in the excess and surplus insurance market, where it has built a focused underwriting business designed for speed, discipline, and cost efficiency. Founded in 2009, the company built its own integrated technology platform, enabling low expense ratios and consistent underwriting profitability. From its early-2024 peak, shares are down roughly […]
AVI Worldwide Opportunities Fund 2025 Q4 (CGEO LN)
Pitch Summary: Georgia Capital (CGEO) will be familiar to many AWO shareholders given it has been in the portfolio for seven years and has generated very strong returns over that time. CGEO is an attractively valued and high growth portfolio complemented by best-in-class capital allocation, with no new investments made while the discount remains wide […]
Semper Augustus 2025 Q3 (NESN SW)
Pitch Summary: Nestlé. Nestlé’s shares confront a handful of digressions from their long, well-oiled global operations. Around much of the world, Nestlé’s branded offerings are considered by local consumers as though they were local products, full of their own heritage of expectations and delights. Indeed, their brands resonate with local consumer expectations. Looking forward, there […]
Summers Value Fund 2025 Q4 (CCSI)
Pitch Summary: Consensus Cloud Solutions Inc (CCSI) was spun off from J2 Global in October 2021. In February 2023, an accounting error led to a restatement of results, which weighed heavily on the stock. In November 2023, the Board authorized a $300 million debt repurchase program, marking a meaningful change in capital allocation strategy. The […]
GreensKeeper Value Fund 2025 Q4 (ADBE)
Pitch Summary: Our most recent addition is Adobe Inc. Like much of the software sector, Adobe struggled under the narrative that generative AI will render its creative suite obsolete. We believe this risk is overstated and that Adobe is uniquely positioned to integrate AI into its workflow. With the stock trading at just 16x earnings, […]
Upslope Capital Management 2025 Q4 (CCK)
Pitch Summary: Crown Holdings (CCK) Crown is a leading global producer of aluminum beverage cans (80% of sales) and transit packaging/equipment (20%). The company is highly diversified by geography, with 60% of sales generated outside of the United States and 34% from emerging and frontier markets. Upslope has been both long and short (e.g. following […]
JDP Capital 2025 Q3 (BABA)
Pitch Summary: Alibaba has undertaken a broad restructuring and divestiture program aimed at refocusing the company on profitability and core operations. Management has sold low-return retail assets and equity stakes in non-core investments to reallocate capital toward cloud computing and artificial intelligence. The company introduced a new reporting structure separating operations into six business units, […]
Oakmark Select Fund 2025 Q4 (PAYC)
Pitch Summary: Paycom Software was the top 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 […]
Olesen Value Fund 2025 Q4 (MN)
Pitch Summary: Manning & Napier was an asset and wealth management firm with $22 bn in assets under management from institutional and high net worth investors, founded in 1970. Bought the stock mid-March 2020 at 42% discount to est. liquidation value when the stock price dipped sharply due to the stock market sell-off early in […]
The Oak Bloke 2025 Q4 (IPO LN)
Pitch Summary: IP Group completed their buy back program and a major holding Hinge Health is up 40% since its IPO in May 2025. ONT reformed its guidance and its shares are flat in 2025 but the outlook remains good. IPO remains a holding with numerous shots on goal within its bioscience holdings and green […]
Heartland Value Plus Fund 2025 Q4 (BLDR)
Pitch Summary: Builders FirstSource (BLDR) was one of the biggest detractors in the quarter, but one where we have continued faith. BLDR is the largest distributor of lumber and building products materials for contractors and home builders. The company has been a consolidator of smaller regional lumberyards over time and made a push towards increasing […]
Heartland Value Plus Fund 2025 Q4 (LAMR)
Pitch Summary: One of the top contributors to our Strategy’s performance in the quarter was Lamar Advertising (LAMR), the nation’s leading out-of-home advertising company. LAMR, which operates as a real estate investment trust, had been underperforming for much of the year. It recently provided a solid Q3 report and very favorable outlook causing the stock […]
The Oak Bloke 2025 Q4 (DEC LN)
Pitch Summary: I remain robustly positive on the outlook for DEC. US Nat Gas fell to $3.80/mmbtu but was well above $4.00 throughout the last few months and growing levels of LNG and growing needs of energy for Data Centres position DEC well for 2026. DEC acquired Canvas in November and issued 3.1m shares as […]
The London Company Small Cap 2025 Q4 (CCC)
Pitch Summary: CCC operates a vertically integrated, mission-critical software platform for the automotive insurance ecosystem. CCC commands a monopoly like position, handling over 80% of U.S. auto claims, and leverages scale, network effects, and high customer retention to maintain its competitive edge. This enables durable high-single-digit organic growth driven by product upsells and new customer […]
The Oak Bloke 2025 Q4 (FAIR LN)
Pitch Summary: You can currently buy Fair at a 6.5% discount at $0.47, and the latest NAV is $0.5039. Fair has positioned heavily into European CLOs and has large cushions far in excess of either the default rate or even the distress ratio. In other words you would need a substantial worsening in credit markets […]
Heartland Value Fund 2025 Q4 (ITGR)
Pitch Summary: An example of a Health Care holding that struggled in the quarter was Integer Holdings Corporation (ITGR), which specializes in the design, development, and production of medical technologies and components. In late October, Integer’s stock sank more than 30% after the company significantly lowered its outlook for growth and margin expansion in 2026, […]
Massif Capital 2025 Q4 (EQX CN)
Pitch Summary: The portfolio’s exposure to gold has narrowed materially over the course of 2025 and today consists of a single 10% position in Equinox Gold (EQX). EQX finished the year at a new all-time high and was the portfolio’s strongest contributor in 2025, rising 179% from December 31st, 2024, to December 31st, 2025, and […]
Heartland Mid Cap Value Fund 2025 Q4 (JBHT)
Pitch Summary: J.B. Hunt, which falls into the Deep Value bucket, is a diversified transportation company focusing on intermodal shipping. Customers hire Hunt to move freight using different methods of transportation to reduce cost. The company owns the largest fleet of 53-foot shipping containers, which allow for three ocean-freight shipping units to be consolidated into […]
The Oak Bloke 2025 Q4 (CGEO LN)
Pitch Summary: I last wrote about CGEO in “CGEO positioning” to cover the full year results to 31/12/24. The NAV at that point was £27.14 per share. Today it’s £41.47. Shares were 37.6m today they are 33.6m today through continuing buy backs. The share remains at a 24.5% discount despite a storming performance in 2025. […]
Blue Tower Asset Management 2025 Q4 (CGEO LN)
Pitch Summary: Georgia Capital, a conglomerate of several high-quality businesses in the Republic of Georgia, had a truly outstanding year. The net asset value (NAV) of their portfolio companies rapidly increased and shares were aggressively repurchased, increasing NAV per share by 41% (in GEL) in just the first 9 months of 2025. Additionally, the Georgian […]
