The London Company Small Cap 2025 Q4 (HAE)
Pitch Summary: HAE entered the quarter with very low expectations, which helped drive a strong stock reaction following earnings. Guidance increased due to improving margins from initiatives. HAE will likely reach its long-term margin targets outlined at its prior investor day. While some parts of the business are still improving, strength in other areas has […]
Blue Tower Asset Management 2025 Q4 (ENVA)
Pitch Summary: Enova continued growing organically in 2025. Year-over-year originations grew by 22% in Q3 2025. They have added new retail and business borrowers and their underwriting algorithms are continuously updated. Machine learning models are retrained frequently (in some cases daily), and these models drive their underwriting decisions (85% of which are completely automated). Their […]
Clark Street Value 2025 Q4 (LNW)
Pitch Summary: Light & Wonder (LNW) ($6.5B market cap, $11.3B EV) is a Las Vegas based maker of video gaming terminals, shuffle machines, other table products, etc., plus they now own 100% of SciPlay (SCPL) after the 2023 buyout and have a growing iGaming unit. This is the old Scientific Games (SGMS), they sold their […]
Clark Street Value 2025 Q4 (FI)
Pitch Summary: Fiserv (FI) ($35.4B market cap, $65.7B enterprise value) is a large legacy merchant acceptance business (the old First Data) paired with a decent but no-growth core account software provider to small and medium sized community banks. These types of legacy fintech businesses usually have poor reputations with their clients, the view is they’ve […]
Smallvalue 2025 Q4 (SFM)
Pitch Summary: The biggest detractor for the portfolio was Sprouts Farmers Market, which declined 45% in 2025 (in EUR). While the company has continued to grow, it has done so at a slower pace, which led the market to react sharply, with a one-day correction of 27%. To be honest, the previous valuation of $170 […]
Laughing Water Capital 2025 Q4 (VTY LN)
Pitch Summary: Vistry is our U.K. asset light “Partnerships” homebuilder. The business is recession resilient and actively repurchasing stock after being punished for legacy accounting issues. The U.K. government has announced a new ten-year £39B housing funding program that should drive multi-year growth. Management expects EBIT growth of more than 20% in 2026 with a […]
Laughing Water Capital 2025 Q4 (SES CN)
Pitch Summary: Secure is our waste management business that operates primarily alongside the oil fields in Western Canada. This is a stable business whose cash flows are largely tied to oil production, which does not swing violently as oil drilling can. Accounting obscures true economics, but economic EBITDA margins are north of 30%. Management has […]
The London Company SMID Cap 2025 Q4 (AER)
Pitch Summary: AerCap Holdings (AER) – AER shares performed well this quarter, supported by solid earnings from recovering end markets and the use of insurance proceeds from Russia–Ukraine aircraft losses to fund share buybacks. With leverage at a record low, the company has significant flexibility for capital deployment, reinforcing our confidence in its attractive long-term […]
Greystone Capital 2025 Q4 (FOUR)
Pitch Summary: During the quarter, we initiated a position in Shift4 Payments, an integrated payments company with a long track record of operational execution and disciplined capital allocation. Founded in 1999 in a New Jersey basement, Shift4 has steadily built a leading position across hospitality, restaurant, and stadium end markets. While shares have declined more […]
Greystone Capital 2025 Q4 (DR CN)
Pitch Summary: We’ve owned Medical Facilities Corporation for a few years and have done very well on the back of a cash generative portfolio of hospitals and a management team that is manically focused on repurchasing shares. It’s very rare to see a management team both recognize the best use of excess capital and then […]
2025 Q4 Sands Capital Global Growth Fund 2025 Q4 (ISRG)
Pitch Summary: Intuitive Surgical is a leading provider of robotic surgical systems. The business reported strong third-quarter 2025 results, exceeding expectations across key metrics. Procedure growth, which we view as the best leading indicator for future robot system demand, was a standout. Robust volumes point to growing demand for robotic systems as hospitals expand surgical […]
2025 Q4 Third Avenue Small-Cap Value Fund 2025 Q4 (COLL)
Pitch Summary: U.S. pain medication specialist Collegium Pharmaceutical generated a strong performance contribution in the quarter after producing record quarterly revenue. The company disclosed improved operating income guidance alongside a new share repurchase authorization. Management’s execution continues to demonstrate the durability of its abuse-deterrent pain portfolio. Cash flow generation has enabled both balance sheet strength […]
2025 Q4 Greenlight Capital 2025 Q4 (CNR)
Pitch Summary: Core Natural Resources (CNR): We purchased shares after the company was spun off from CONSOL. The stock trades at a low multiple of earnings and free cash flow due to investor concerns that metallurgical coal prices will weaken, but we believe pricing will remain strong. CNR generates significant free cash flow, and we […]
2025 Q4 Greenlight Capital 2025 Q4 (SPB)
Pitch Summary: Spectrum Brands (SPB) is a consumer products company focused on pet care, home & garden, and home & personal care. The company faced challenges in 2025 that now appear largely behind it. There is potential for value creation through divestiture of its HPC segment, which we believe the market currently values at zero, […]
2025 Q4 Greenlight Capital 2025 Q4 (GPN)
Pitch Summary: Global Payments (GPN) is a payments processor serving mostly small and mid-size merchants in the U.S. After exiting the position in 2023, we re-acquired shares following a poorly received transaction announcement. Pro forma, GPN is targeting $5 billion of free cash flow in 2028, equating to nearly 25% of the current market capitalization. […]
2025 Q4 Greenlight Capital 2025 Q4 (DECK)
Pitch Summary: Deckers Outdoor (DECK) designs, markets and distributes footwear and apparel, including the Hoka and UGG brands. DECK stock declined after it posted disappointing results early in 2025, which were impacted by tariff uncertainty, a warehouse transition in Europe, and warm weather during the early part of the UGG selling season. As Hoka expands […]
2025 Q4 Greenlight Capital 2025 Q4 (FLR)
Pitch Summary: Fluor/NuScale Power stub (FLR/SMR): FLR owned the majority of SMR, which essentially went parabolic. We anticipated FLR would dispose of its SMR stake and use the proceeds to repurchase its own shares, and this is exactly what is happening. The result of the heavy sales by FLR combined with SMR’s very speculative valuation […]
Harbor Mid Cap Value Fund 2025 Q4 (ENS)
Pitch Summary: We also initiated a position in EnerSys in the Industrials sector. EnerSys designs, manufactures, and distributes energy systems and batteries to customers worldwide. The stock ranks high on multiple cash flow and forecast earnings measure — our two most important blocks of valuation. The company typically pays a dividend and has been aggressively […]
Harbor Mid Cap Value Fund 2025 Q4 (GTX)
Pitch Summary: We initiated a position in Garrett Motion, an automotive parts and equipment company in the Consumer Discretionary sector. The company designs, manufactures, and sells turbocharger and electric boosting technologies for commercial vehicles. Garrett ranks high on multiple cash flow and forecast earnings measures on our model. The company typically pays a dividend and […]
Meridian Hedged Equity Fund 2025 Q4 (MGM)
Pitch Summary: MGM Resorts International is a global hospitality and entertainment company with a diversified portfolio of casino resorts across Las Vegas, U.S. regional markets, and Macau, as well as a growing digital presence through its joint venture, BetMGM. We own MGM for its premier assets in Las Vegas, leverage to the gaming recovery in […]
