MercadoLibre, Inc. (MELI) – Daniel Pronk
Pitch Summary: @PronkDaniel argues that MercadoLibre is a rare compounder combining ecommerce, fintech, and advertising at massive scale across Latin America. The core thesis centers on MELI’s flywheel, where fintech credit drives ecommerce growth, which in turn improves data, underwriting, and ad ROI. Despite generating $26B in trailing revenue, the company continues to grow at […]
StoneCo Ltd. (STNE) – Manu Invests
Pitch Summary: @ManuInvests frames StoneCo as a misunderstood fintech turnaround after the stock’s collapse from prior highs tied to a poorly executed credit push and weak capital allocation. The pitch argues a 2023 CEO change triggered a strategic reset: exiting distractions, writing off bad bets, and refocusing the franchise on its core MSMB payments and […]
Aristotle Value Equity Fund 2025 Q4 (CBSH)
Pitch Summary: We first invested in Commerce Bancshares due to its disciplined credit culture, diversified revenue mix and long-tenured management team. Over our holding period, the bank demonstrated resilience through multiple operating environments, maintained strong credit quality and delivered consistent capital returns through dividends and share repurchases. As these catalysts played out and valuation normalized, […]
Baron Emerging Markets Fund 2025 Q4 (NU)
Pitch Summary: We re-established a position in Nu Holdings Ltd., the leading digital bank in Latin America, as we see the company emerging from a benign credit cycle with long-term advantages intact. Nu has attracted over 100 million users with minimal marketing spend by offering a low-cost, tech-first platform. The company benefits from disciplined credit […]
AVI Worldwide Opportunities Fund 2025 Q4 (GABI LN)
Pitch Summary: GCP Asset-Backed Income’s wind-down continued to progress with 20% of shares redeemed at NAV late in December 2025. This followed an encouraging update earlier in the quarter. The fund adopted an orderly realisation policy in May 2024 following rejection of a third-party bid. Over 60% of shares have now been redeemed at NAV. […]
Mar Vista US Quality Select 2025 Q4 (EFX)
Pitch Summary: We divested our position in Equifax (EFX) during the quarter following a strategic shift by FICO, a leading provider of credit scores to the mortgage industry. FICO is now exploring direct partnerships with mortgage originators and underwriting platforms that could enable mortgage lenders to access scores without relying as heavily on the credit […]
GreensKeeper Value Fund 2025 Q4 (AXP)
Pitch Summary: American Express was our second-largest contributor in 2025, returning +24.7%. The company delivered consistent double-digit revenue growth, underpinned by the spending power of its premium consumer base. Early signs from the platinum card refresh launched in late Q3 were positive, and management expects the updated product to support growth in 2026. Millennials and […]
Purpose Investment Partners 2025 Q4 (MDA CN)
Pitch Summary: The Team recently initiated a position in MDA Space (MDA) 7% of 2030 at par value (100.00). We view the secular increase in global defence spending as an investable theme due to the long-term great-power rivalry and U.S. assertiveness on NATO defence spending targets, providing a tailwind for high-yielding credit investments in the […]
The Oak Bloke 2025 Q4 (FAIR LN)
Pitch Summary: You can currently buy Fair at a 6.5% discount at $0.47, and the latest NAV is $0.5039. Fair has positioned heavily into European CLOs and has large cushions far in excess of either the default rate or even the distress ratio. In other words you would need a substantial worsening in credit markets […]
2025 Q4 Sands Capital Select Growth Fund 2025 Q4 (CVNA)
Pitch Summary: Carvana is the world’s largest ecommerce used car retailer by revenue. Shares advanced after third-quarter results sustained exceptional growth and eased concerns about the lending business. Revenue rose 55 percent year over year, supported by 44 percent unit growth—marking the fourth consecutive quarter of more than 40 percent growth in an otherwise soft […]
2025 Q4 Third Avenue Small-Cap Value Fund 2025 Q4 (FLG)
Pitch Summary: During the quarter, the Fund initiated a new position in Flagstar Bank following significant balance sheet restructuring. The bank has reduced exposure to stressed New York rent-regulated multifamily loans through asset sales, write-downs, and restructurings. A $1 billion capital infusion, leadership changes, and asset divestitures have strengthened the institution. Despite these actions, shares […]
2025 Q4 Third Avenue Small-Cap Value Fund 2025 Q4 (ECPG)
Pitch Summary: Specialty finance company Encore Capital Group provided an important contribution on the back of better-than-anticipated financial performance. Improved collections and disciplined underwriting supported stronger-than-expected results. Management has navigated a volatile credit environment with conservatism and focus on returns. The company continues to benefit from scale advantages in the debt recovery industry. The Fund […]
Cedar Creek Partners 2025 Q4 (SLBK)
Pitch Summary: Community Banks We noted in our last letter that the fund has been building up a basket of what it sees as attractively priced community banks. At year end, 20% of the fund was in bank stocks. This included First IC mentioned above, which was just over 6% of the fund, as well […]
AmeriServ Financial (ASRV) – PokeyD90
Pitch Summary: The pitch presents AmeriServ Financial ($ASRV) as a high-risk, high-reward micro-cap bank trading at a steep valuation discount. At roughly $2.72 per share versus tangible book value of $5.75 (and $6.58 ex-AOCI), the stock reflects significant skepticism around credit quality and management execution. Despite these concerns, core operating trends are improving, with margin […]
Sezzle Inc. (SEZL) – Broken Moats
Pitch Summary: The author presents Sezzle as a highly problematic subprime BNPL lender operating at the fringe of consumer finance, serving borrowers excluded from traditional credit options. They argue the company’s business model is structurally predatory—charging steep subscription fees to provide purchasing power at merchants where Sezzle lacks direct integrations. Operational red flags include executive […]
Nuveen Churchill Direct Lending Corp. (NCDL) – secretlyaninja
Pitch Summary: @secretlyaninja argues that $NCDL offers a compelling risk-reward profile due to its unusually strong credit performance relative to other major BDCs such as ARCC, FSK, OBDC, and NMFC. The author notes that the loan book is over 90% first-lien, giving higher recovery potential and reducing NAV impairment risk even under a recessionary scenario. […]
America’s Car-Mart, Inc. (CRMT) – Askeladden Capital
Pitch Summary: The author argues that America’s Car-Mart has been severely mispriced after a sharp decline driven by a temporary quarterly loss rather than deteriorating credit quality. He claims that the company is benefiting from industry exits—such as ACC and Tricolor—which are increasing application flow and pushing higher-quality borrowers into CRMT’s funnel. Internal initiatives, including […]
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. […]
Blackstone Inc.
Pitch Summary: Blackstone Inc. is well-positioned for long-term growth, driven by its strong fundraising capabilities and substantial dry powder. The company raised $225 billion in the past year, highlighting its brand strength and market reputation. With $188 billion in dry powder, Blackstone can capitalize on market dislocations. The firm’s perpetual capital base of $501 billion […]
Harding Loevner Emerging Markets Equity 2025 Q2 (MELI)
Pitch Summary: MercadoLibre has taken the best of what other online retailers do, tailored it for its own local markets, and added innovative new services. For instance, in a region with many “unbanked” customers, it built its own payments service and became a leader in digital payments. It then built up a credit business by […]
