Longleaf Partners Fund 2025 Q4 (MAT)
Pitch Summary: Mattel – 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. […]
Fenimore Value Strategy 2025 Q4 (AZO)
Pitch Summary: AutoZone continues to benefit from an aging vehicle fleet and steady demand for replacement parts. The company’s scale and distribution efficiency support high returns on capital. Aggressive share repurchases drive per-share earnings growth. Pricing discipline and inventory management underpin margin stability. The fund views AutoZone as a defensive consumer business with strong cash […]
AVI Global Trust 2025 Q3 (NWSA)
Pitch Summary: We last wrote up the position in the March 2024 newsletter, explaining that the investment case was predicated on the deep misunderstanding and undervaluation of News Corp’s unlisted stub assets, most notably Dow Jones, and the potential for management and the family to take steps to unlock value. Upon little news, News Corp […]
Alibaba’s Pre-Earnings Guidance: LeakedAlibaba Group Holding Limited – BABA
Pitch Summary: Alibaba has been facing negative sentiment ahead of its earnings release, with concerns about slowing e-commerce growth and quick commerce losses. However, the company’s history of strategic buybacks, resilience in e-commerce against competitors like PDD, and aggressive investment in AI suggest a strong management team capable of navigating challenges. Despite the negative pre-earnings […]
Tapasya Investment Fund 2025 Q4 (BLDR)
Pitch Summary: Builder First Source is positioned as a strong long-term holding, demonstrating excellent capital management with a Return on Invested Capital exceeding 20%. As a key manufacturer and supplier in the building materials sector, the company generates substantial free cash flow. This cash is strategically allocated to acquisitions within the fragmented market and significant […]
HalvioCapital 2025 Q4 (EDU AU)
Pitch Summary: The other Australian investment was in EDU Holdings Limited. The stock has gone up in a straight line since management dropped their attempted buyout this spring for what would have been 1x earnings after subtracting out the net cash. Insiders, with their pulse on the business, knew their rapid, profitable growth was going […]
HMC Capital Partners Fund I 2025 Q3 (GNC AU)
Pitch Summary: GrainCorp rose 16% over the quarter, supported by the September 2025 ABARES crop forecast update, which reinforced confidence in record crop volumes and provided greater visibility into FY26 earnings. Forecasts now point to a 30 million tonne ECA winter crop, 29% above the 10-year average. We view this as a key earnings catalyst […]
HMC Capital Partners Fund I 2025 Q3 (LLC AU)
Pitch Summary: Lendlease finished the quarter up 2.3%. The FY25 result in August was in line with guidance and reinforced progress on the simplification plan we have encouraged management to pursue. The share price reaction on the day of the result (+6.7%) reflected improving confidence in the turnaround. We remain of the view that Lendlease […]
Harris Associates International Equity Strategy 2025 Q2 (BABA)
Pitch Summary: Alibaba was a contributor during the quarter. The China-headquartered e-commerce and cloud company’s stock price rose as it reported improving profitability and continued share repurchases amid a more stable regulatory backdrop. Management reiterated its focus on core commerce profitability, capital discipline and unlocking value from its portfolio of businesses. The managers believe Alibaba […]
Harris Associates International Equity Strategy 2025 Q2 (105560 KS)
Pitch Summary: KB Financial Group was a contributor during the quarter. The South Korea-headquartered diversified bank’s stock price rose steadily throughout the period as it posted solid first-quarter results with buybacks and dividends tracking ahead of expectations, showing firm commitment to Korea’s corporate Value-Up program during turbulent times. In addition, capital generation was solid and […]
Harris Associates Concentrated Strategy 2025 Q2 (COP)
Pitch Summary: ConocoPhillips was a contributor during the quarter as the U.S.-headquartered exploration and production company’s stock price advanced on solid first-quarter 2025 results. The company delivered strong production, disciplined capital spending and robust free cash flow generation despite a volatile commodity price backdrop. Management reiterated its commitment to returning a significant portion of cash […]
Harris Associates Concentrated Strategy 2025 Q2 (GOOG)
Pitch Summary: Alphabet was a contributor during the quarter. The U.S.-headquartered global technology company’s stock price rose as it reported strong first-quarter 2025 results with solid revenue growth across Search, YouTube and Cloud while expanding operating margins. Management highlighted robust demand for AI-related products and services and continued discipline in expense management. The team believes […]
Heartland Value Plus Fund 2025 Q2 (NVST)
Pitch Summary: On paper, Envista Holdings Corp. (NVST), a leading supplier of dental equipment, consumables, and services, could be vulnerable when household budgets are tightening. Indeed, NVST’s core product, dental implants, can see associated procedures postponed as consumers prioritize more essential financial needs. Not surprisingly, NVST lost a third of its value from February 18 […]
Heartland Value Fund 2025 Q2 (PLAB)
Pitch Summary: Photronics, Inc. (PLAB) is a perfect example of common misconceptions surrounding small stocks. PLAB makes photomasks used to transfer circuit patterns onto semiconductor wafers during the fabrication process, operating manufacturing facilities globally. The company’s modest $1.1 billion market capitalization belies the fact that it is the largest merchant photomask manufacturer in the world. […]
HalvioCapital 2025 Q2 (6249 JP)
Pitch Summary: Gamecard-Joyco Holdings (6249.T) trades at 60% NCAV and half of book, has ¥55.7B in cash and securities with no debt against a market cap of ¥33.8B. It also has 38% share of the market in prepaid card systems in pachinko parlours. It’s most likely overearning in the past year due to the new […]
Desert Lion Capital 2025 Q3 (ART SJ)
Pitch Summary: Argent (JSE: ART) Argent is an industrial conglomerate with operations across South Africa, the United Kingdom, and North America. Intrinsic value continues to grow through disciplined capital allocation and consistent operational execution. The group reported interim results for the six months ended September 2025. Headline earnings per share increased 13.3% to R2.62. Order […]
Desert Lion Capital 2025 Q3 (ACS SJ)
Pitch Summary: Acsion (JSE: ACS) Acsion is a relatively unknown property development company with a portfolio of properties located in South Africa, Greece, and Cyprus. The company recently commenced construction on one of Cape Town’s most prestigious sites, 1 Breë Street, which will include 505 hotel rooms, 270 residential apartments, and 4000 square meters of […]
Maran Capital Management 2025 Q2 (VTY LN)
Pitch Summary: Vistry is a UK homebuilder… Vistry recently completed a transition to a capital-light “partnerships” business model… Vistry partners with housing associations and local authorities to build affordable housing… This model requires significantly less capital than traditional homebuilding… Vistry is targeting a 40% return on capital employed (ROCE)… Vistry has committed to returning £1 […]
RiverPark Long Short Opportunity Fund 2025 Q2 (AAPL)
Pitch Summary: Apple was the portfolio’s top detractor for the quarter. Shares declined as investors reacted to softer iPhone demand in certain markets and increasing competitive pressure from Android vendors. Concerns around regulatory actions and potential changes to app store economics also weighed on sentiment. Despite these headwinds, the company continued to demonstrate strong performance […]
Polaris International Equity 2025 Q2 (8002 JP)
Pitch Summary: Elsewhere in industrials, Japanese trading house Marubeni Corp. reported good earnings and stable guidance, while diversifying with the addition of a pharma platform. The company also announced a significant share buyback program, signaling management’s confidence in Marubeni’s value and commitment to shareholder returns. BSD Analysis: Marubeni is a modernized sogo shosha — a […]
