Ariel Fund 2025 Q4 (ATGE)
Pitch Summary: Alternatively, global leader in for-profit education, Adtalem Global Education (ATGE) declined despite delivering a top-and bottom-line earnings beat. Total enrollment remained a bright spot, though growth slowed at Chamberlain due to execution challenges in marketing and conversion. Management reiterated that nursing education demand is strong and expects improvements in the coming few quarters. […]
Ariel Appreciation Fund 2025 Q4 (CRL)
Pitch Summary: Charles River Laboratories (CRL) also traded higher on solid quarterly results, reinforcing its position as a leader in outsourced drug development services. While biotech funding and large pharma budgets have moderated, outsourcing demand remains resilient and we believe CRL’s scale and capabilities position it well for recovery. Although near-term growth is pressured as […]
Riverwater Partners Small Cap Strategy 2025 Q4 (CNX)
Pitch Summary: CNX Resources Corporation (CNX) was our top contributor for the quarter. Natural gas prices rose into the end of the quarter. The gain was largely weather-driven and with $5/mcf levels viewed as unsustainable in our long-term projections—CNX benefited in the short-term from a favorable near-term pricing backdrop. At the same time, the company […]
Ennismore European Smaller Companies Fund 2025 Q4 (SFQ GR)
Pitch Summary: SAF-Holland is a German component manufacturer positioned as a top-two player in attractive oligopolistic niches in the trucking industry such as fifth wheels, axles, and brake systems. The majority of profits are derived from the highly profitable aftermarket segment, which provides substantial resilience to the bottom line even as original equipment sales fluctuate. […]
Ennismore European Smaller Companies Fund 2025 Q4 (STB LN)
Pitch Summary: Secure Trust Bank (“STB”) is a UK specialist lender at a market capitalisation of GBP 240m, operating a GBP 3.2bn core loan book focused on Retail Finance, Real Estate Finance and Commercial Finance. Since we discussed the company as one of our largest detractors in 2024, our doubts over the regulatory enquiry into […]
HMC Capital Partners Fund I 2025 Q4 (LLC AU)
Pitch Summary: Lendlease traded down over the quarter (ASX: LLC -5.5%), with interest rate dynamics continuing to weigh on rate-sensitive real estate stocks. Towards the end of the quarter, LLC announced progress on the $2bn of planned capital recycling during FY26 with a binding agreement exchanged for the ~$400m sell down of The Exchange TRX […]
Hardman Johnston International Equity 2025 Q4 (STAN LN)
Pitch Summary: Standard Chartered PLC was the strongest outperformer. Standard Chartered has continued to deliver strong earnings growth that has beaten consensus expectations over the past year and consistently raised its guidance and share buyback goals over that period. A major business driver has been their Wealth Management platform that has taken share from competitors […]
Hardman Johnston Global Equity 2025 Q4 (C)
Pitch Summary: Citigroup Inc.’s ongoing transformation strategy is paying off as the company allocates more capital to higher return businesses and is diligent on cost discipline. Investment Banking fee revenue was strong, reflecting improved deal activity and market share gains. In addition, market and trading results have been very strong as markets and volatility have […]
Lakehouse Small Companies Fund 2025 Q4 (MFG AU)
Pitch Summary: This is the first time discussing our investment in Magellan Financial Group. At a high level, most will think of Magellan as a (shrinking) investment manager of global listed infrastructure and equity funds. While the market continues to view Magellan primarily through the rearview mirror of its legacy funds management business, our thesis […]
Longleaf Partners Small-Cap Fund 2025 Q4 (CLW)
Pitch Summary: Packaging company Clearwater Paper was a detractor for the year. We bought shares of Clearwater in April. The stock has since sold off as the already weak solid bleached sulfate (SBS) paperboard market showed few signs of improving. The market has been depressed and below mid-cycle due to oversupply problems that were exacerbated […]
Longleaf Partners Small-Cap Fund 2025 Q4 (SAM)
Pitch Summary: Alcoholic beverage company Boston Beer was a detractor for the year as alcohol consumption faced headwinds. Volume declines at Twisted Tea, the company’s largest brand, weighed on the stock. Twisted’s pricing had gotten a little overextended, but the company is actively working to fix this problem and has also successfully fended off numerous […]
Longleaf Partners Small-Cap Fund 2025 Q4 (MAT)
Pitch Summary: Children’s toy, media, and consumer products creator Mattel was a contributor for the quarter and the year. The company is in its strongest position in over 10 years, and there are multiple ways to win. Over 80% of Mattel’s value comes from growing power brands like Hot Wheels, Barbie, and UNO. Mattel has […]
Longleaf Partners Global Fund 2025 Q4 (IAC)
Pitch Summary: IAC – Digital holding company IAC has signaled its plans to dispose of all assets besides People Inc. and an approximate 25% stake in MGM. Chairman Barry Diller is focused on closing the valuation disconnect as no value has been ascribed by the markets to IAC’s assets beyond MGM for too long. Share […]
Longleaf Partners Global Fund 2025 Q4 (TIGO)
Pitch Summary: Millicom – Latin American telecommunications operator Millicom was a contributor for the year. The company extended its strong 2024 performance through 2025, with the share price tracking operational delivery and the visible inflection in equity FCF we flagged in prior letters. This was driven by a focused new management team and an aligned […]
Longleaf Partners Global Fund 2025 Q4 (GLB LN)
Pitch Summary: Glanbia – Irish nutrition, ingredients and dairy company Glanbia contributed for the year. After a tough start in 2025, momentum in its core Performance Nutrition business improved from low single-digit growth rates. Management also delivered tangible progress on portfolio rationalization and capital allocation. The company added to its ongoing buyback program by opportunistically […]
Longleaf Partners Fund 2025 Q4 (PVH)
Pitch Summary: PVH – Branded apparel company PVH was a detractor for the quarter and the year. The company’s shares experienced considerable price fluctuations, while our appraisal stayed flattish, which was disappointing. This is a company that will likely always have more quarterly earnings volatility than others. The good news is that the long-run earnings […]
Longleaf Partners Fund 2025 Q4 (PYPL)
Pitch Summary: PayPal – Digital payments platform PayPal was a detractor in 2025. While the company made real operational progress stabilizing and growing transaction margin dollars, expanding profit margins through improved cost discipline, accelerating FCF generation, and returning substantial capital through buybacks the market remained focused on the lack of further acceleration in Branded checkout […]
Longleaf Partners Fund 2025 Q4 (MGM)
Pitch Summary: MGM Resorts – 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 […]
Longleaf Partners Fund 2025 Q4 (IAC)
Pitch Summary: IAC – Digital holding company IAC has signaled its plans to dispose of all assets besides People Inc. and an approximate 25% stake in MGM. Chairman Barry Diller is focused on closing the valuation disconnect as no value has been ascribed by the markets to IAC’s assets beyond MGM for too long. Share […]
Longleaf Partners Fund 2025 Q4 (REGN)
Pitch Summary: Regeneron – Healthcare company Regeneron was a detractor in the first half of the year but ended up as a contributor for the quarter and full year. It did not initially feel great, but our phased buy-in has worked well so far. We continue to like the company’s strong position in allergic diseases […]
