Meridian Hedged Equity Fund 2025 Q4 (VST)
Pitch Summary: Vistra Corp. is a U.S. power producer with a balanced portfolio of nuclear, natural gas, and renewable assets, complemented by a strong retail electricity business. We believe Vistra is uniquely positioned to benefit from surging electricity demand driven by data centers and broader electrification trends. The company operates one of the most attractive […]
Meridian Hedged Equity Fund 2025 Q4 (DKNG)
Pitch Summary: DraftKings, Inc. is a leading digital entertainment company offering online sports betting, fantasy sports, and gaming services. As a market leader, the company is positioned to benefit from continued growth in online wagering through strong user engagement and ongoing product innovation. Shares declined during the quarter after earnings fell short of expectations and […]
Cedar Creek Partners 2025 Q4 (SLBK)
Pitch Summary: Community Banks We noted in our last letter that the fund has been building up a basket of what it sees as attractively priced community banks. At year end, 20% of the fund was in bank stocks. This included First IC mentioned above, which was just over 6% of the fund, as well […]
Harding Loevner International Small Companies Equity 2025 Q4 (HERDEZ MM)
Pitch Summary: Within Consumer Staples, Grupo Herdez, Mexico’s leading packaged-food manufacturer, posted solid results and completed two transactions that helped streamline its business. It sold a stake in a joint venture with US spice giant McCormick to its partner, with the proceeds potentially going toward stock buybacks. It also spun off its lower-returning Grupo Nutrisa […]
The Bristol Gate Canadian Equity 2025 Q4 (TVK CN)
Pitch Summary: TerraVest Industries struggled for the first half of the quarter before a materially better second half. The company released strong fourth quarter earnings with sales for Q4 and FY2025 up 82% and 50% year-over-year. Net income for Q4 and FY2025 increased 54% and 34% year-over-year respectively, with contributions from new acquisitions and favorable […]
Artisan International Fund 2025 Q4 (TSCO LN)
Pitch Summary: As we closed out the year, we increased our portfolio weighting in consumer staples, identifying names that enhance balance through resilient cash flows and pricing power. One such name is Tesco, now one of our top ten holdings. Tesco continues to benefit from scale advantages and price leadership, allowing it to gain market […]
Fairlight Global Small & Mid Cap Fund 2025 Q4 (IT)
Pitch Summary: Gartner provides proprietary IT data and research to the executives of large corporations, primarily via expert conversations. For instance, Gartner is increasingly helping key decision makers to understand how AI will shape their roles and organisations. Perhaps ironically, though, many investors worry that clients will soon be less reliant on Gartner’s services as […]
Palm Harbour Capital 2025 Q4 (BRSL)
Pitch Summary: The fourth detractor was Brightstar Lottery (-9.2%, -28 bps), the Italian-American lottery technology systems provider, which we introduced in our first quarter 2020 letter and updated in our first quarter 2024 letter. As per our November 2025 update, Brightstar Lottery reported positive third quarter results for both sales and EBITDA while also introducing […]
Palm Harbour Capital 2025 Q4 (6345 JP)
Pitch Summary: We exited our position in Aichi (6345 JT), the Japanese manufacturer of aerial work platforms, after becoming increasingly dissatisfied with the actions of its former parent, Toyota Industries. Rather than taking the company private or distributing their stake to the market, Toyota Industries chose to sell a portion to Itochu and another portion […]
Meditation Capital 2025 Q4 (MOH)
Pitch Summary: Toward the end of the year we added to our health insurance investment with a purchase of Molina Healthcare, a Medicaid specialist. Molina generates approximately 75% of premium revenue from Medicaid and has consistently outperformed peers through disciplined cost control and execution. In a year where industry Medicaid profitability is estimated at -2%, […]
Meditation Capital 2025 Q4 (ELV)
Pitch Summary: Over the summer, as health insurance stocks cratered amidst guide-downs from UnitedHealth, Centene, and others, we bought a large position in Elevance Health, a diversified health insurer known for its portfolio of Anthem Blue Cross Blue Shield plans. Elevance operates in Medicaid, Medicare, commercial group insurance, federal employee plans, ACA marketplace coverage, and […]
Fidelis Insurance Holdings Limited
Pitch Summary: Fidelis Insurance Holdings Limited (FIHL) has been a moderate performer, gaining about 10% over the past year. Despite a recent pullback and a downgrade by JPMorgan, the company has shown strong financial results, with a 21.4% return on equity and a 79% combined ratio in Q3 2025. The company benefits from a unique […]
The Davenport Core Leaders Fund 2025 Q4 (CTAS)
Pitch Summary: During the quarter, we initiated a new position in Cintas Corp (CTAS). Cintas is the nation’s largest uniform rental and facility services provider serving around 1 million customers. The company pursues organic growth while also targeting periodic acquisitions which can lead to increased capacity or cost synergies. The recurring nature of the firm’s […]
Seven Corners Capital 2025 Q4 (GNW)
Pitch Summary: Genworth Financial continued to represent a core value holding, offering indirect ownership of its majority stake in mortgage insurer Enact Holdings at a discount. The market continues to ascribe little to no value to Genworth’s life and long-term care businesses, despite meaningful optionality from litigation proceeds and potential restructuring. Share repurchases accelerated following […]
Seven Corners Capital 2025 Q4 (PSHZF)
Pitch Summary: Pershing Square Holdings (PSHZF), the largest position in the portfolio, finished 2025 up 37% including dividends, outperforming the increase in its net asset value and leading to a narrowing of its discount to NAV. The long thesis remains twofold: first, confidence in Bill Ackman’s ability to outperform markets through stock selection and hedging; […]
Moon Capital Management 2025 Q4 (MOH)
Pitch Summary: We recently initiated a position in Molina Healthcare (MOH), which we believe is a mispriced compounder experiencing transitory margin pressure. The stock traded as high as $300 per share only six months ago; we purchased our shares at approximately $160 in late December. Molina provides managed healthcare services primarily to low-income families and […]
Ariel Global Fund 2025 Q4 (WBS)
Pitch Summary: We bought Webster Financial Corporation (WBS) for its solid credit performance, strong capital position and unique growth drivers. The bank benefits from stable loan quality, expects a rebound in net interest margin and has specialized deposit businesses such as HSA Bank. With resumed buybacks and potential regulatory tailwinds, we believe Webster is undervalued. […]
Longleaf Partners Global Fund 2025 Q4 (BIO)
Pitch Summary: Bio-Rad – Life-sciences companies Bio-Rad and Avantor combined to detract from our performance this year. We entered the year owning only Bio-Rad. The company got off to a rough start with a disappointing set of results compounded by large industry headwinds as a result of US government-driven research spending cutbacks. The good news […]
Longleaf Partners Global Fund 2025 Q4 (MGM)
Pitch Summary: Casino operator MGM Resorts had a relatively weaker 2025 in Las Vegas due to difficult comparisons after multiple years of strength. A significant turnaround at BetMGM plus strong performances at non-Las Vegas “regional” properties and Macau helped steady the consolidated business throughout the year. The general market narrative for most of the year […]
Ariel Fund 2025 Q4 (MHK)
Pitch Summary: Manufacturer and distributor of floorcovering products, Mohawk Industries, Inc. (MHK) also traded down during the period as housing market headwinds continued to pressure consumer demand, pricing and input costs. While earnings results were relatively in-line, management provided lower near-term guidance versus Street expectations amid macro uncertainty. We believe MHK remains better positioned than […]
