Constellation Software Inc. (CSU) – CapexAndChill
Pitch Summary: @CapexAndChill argues that investor fears around Constellation Software heading into 2026 are misframed, especially concerns about founder transition and AI disruption. The author contends the operating model is structurally decentralized, with Mark Miller portrayed as a long-tenured insider who can run the established playbook without relying on founder “magic.” They characterize messy reported […]
Global Payments Inc. (GPN) – Rose Celine Investments 🌹
Pitch Summary: @realroseceline presents Global Payments (GPN) as a value-oriented idea rooted in business simplification and capital discipline rather than new narratives or high growth fantasies. The author contrasts the economics of the company’s issuing business (thin margins) with its acquiring/merchant processing franchise (higher returns and scalable cost structure). Key catalysts include the planned sale […]
Tsai Capital 2025 Q4 (BN CN)
Pitch Summary: Brookfield Corporation, headquartered in Toronto, Canada, stands as a preeminent global alternative asset manager and operator, harnessing a vast permanent capital base of over $180 billion to invest in and scale high-quality businesses across infrastructure, renewable power, private equity, real estate, and beyond. With more than $1 trillion in assets under management through […]
Massif Capital 2025 Q4 (LUN CN)
Pitch Summary: Lundin Mining was one of the largest contributors to portfolio performance in 2025. We believe strongly that Lundin Mining has the team and assets to become one of the world’s largest copper miners over the course of the next ten years. The company benefits from a portfolio of high-quality, long-life assets and disciplined […]
Hertford Capital 2025 Q4 (ACT GR)
Pitch Summary: AlzChem remains one of our highest-conviction holdings, combining niche market leadership with disciplined capital allocation. The company benefits from strong positions in high-value specialty chemicals, particularly in creatine and pharmaceutical intermediates, where barriers to entry are significant. Recent earnings growth has been driven by pricing power, capacity expansion, and mix improvement toward higher-margin […]
Zeno 2025 Q4 (DHR)
Pitch Summary: But what happens when a business model, built on what is second to none execution and a proven track record of capital allocation, starts to show signs of exhaustion? And what if this happens after the stock has compounded at more than 20% per year for 20 years and trades at a high […]
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 […]
Polaris International Equity 2025 Q4 (7267 JP)
Pitch Summary: Honda benefited from resilient global demand and improving operational execution. While not a top contributor, the company participated in broader Japanese equity strength. Management continues to focus on shareholder returns and disciplined capital allocation. The stock reflects improving confidence in earnings stability. BSD Analysis: Honda is an engineering-driven manufacturer prioritizing balance-sheet strength over […]
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 […]
Ariel Small Cap Value Strategy 2025 Q4 (AMG)
Pitch Summary: Boutique asset manager, Affiliated Managers Group, Inc. (AMG) also advanced as the company continues to build momentum, with strong demand for differentiated, tax-aware investment solutions, particularly in the U.S. wealth channel. Affiliates like AQR are leading innovation in after-tax optimization strategies, reinforcing AMG’s position in liquid alternatives. Management is also reshaping its U.S. […]
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 […]
L1 Capital International Fund 2025 Q4 (AER)
Pitch Summary: AerCap continues to perform strongly, ahead of our base case, benefitting from a structural shortage of aircraft and aircraft engines, ongoing benefits from the highly value accretive acquisition of GE Capital Aviation Services in 2021, insurance recoveries after aircraft losses incurred when Russia invaded Ukraine, and ongoing prudent capital allocation. Following AerCap’s more […]
GoodHaven Capital Management 2025 Q4 (MKL)
Pitch Summary: Markel Group – A Strategic Partner • “When it went public in 1986, it was an obscure specialty insurer with a market value of about $40 million. The Markel family, which founded the firm in 1930, hired Gayner to help them replicate Berkshire Hathaway’s business model…By the end of 2019, its total assets […]
Fenimore Value Strategy 2025 Q4 (MKL)
Pitch Summary: Markel remains a core holding due to its disciplined underwriting culture and long-term capital allocation track record. The insurance business continues to generate attractive underwriting profits, while the investment portfolio compounds book value over time. Markel Ventures provides additional diversification and earnings growth. Management’s conservative balance sheet and decentralized model support resilience across […]
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 […]
Church House Human Capital 2025 Q3 (9435 JP)
Pitch Summary: Hikari Tsushin: invests in consumer-facing businesses in Japan, from energy suppliers to insurance brokers. It was founded by Yasumitsu Shigeta in the 1990s when he was just 22 years old and today he remains Chairman and the largest shareholder. Hikari has delivered stellar shareholder returns since the early-2000s and there is plenty more […]
Plural Investing 2025 Q2 (JDG LN)
Pitch Summary: Judges Scientific is a serial acquirer of niche scientific instrument businesses in the UK. The company has delivered 22% returns on incremental capital for 20 years by our estimates and 25% p.a. shareholder returns. Cofounder David Cicurel remains CEO and is someone with high integrity, a clear customer focus, strong capital allocation skills […]
Plural Investing 2025 Q2 (WOSG LN)
Pitch Summary: The stock has declined 34% this year and is largely unchanged since our last letter. The company sells Rolex and other luxury watches in the US and UK. While profits are impacted by US tariffs on Swiss imports, we think investors have greatly overreacted. The stock trades on 10x FCF net of the […]
Seven Corners Capital 2025 Q2 (PSHZF)
Pitch Summary: PSHZF, led by billionaire hedge fund manager Bill Ackman, finished 1H 2025 up 12.3% (including dividends), underperforming a 15.5% increase in its NAV, thus widening its discount to NAV to roughly 34%. The long thesis continues to be two-fold: first, a bet that Bill Ackman will outperform the market through stock selection and […]
Torghatten Capital 2024 Q4 (CSU CN)
Pitch Summary: Another holding that is firing on all cylinders is the Canadian vertical market software acquirer Constellation Software. What I admire so much about this company and the best serial acquirers is that they do very complicated things so well, and they do it over time. Many people have written in long format about […]
