Desert Lion Capital 2025 Q3 (LEW SJ)
Pitch Summary: Lewis (JSE: LEW) Lewis is a Southern African furniture retailer with a substantial credit book, as approximately 70% of merchandise sales are done on credit. The company reported interim results for the six months ended September 2025. Operating profit margin expanded 250 basis points to 20.7%. Headline earnings per share increased 16.8% to […]
Purpose Investment Partners 2025 Q2 (FLNC)
Pitch Summary: Most recently, the Team has been adding to its position in Fluence Energy (FLNC) debt. FLNC is a Virginia-based utility-scale battery storage contractor. The Team recently added to its position in Fluence Energy (FLNC) 2.25% of 2030 convertible bonds at a price of 69.00 (10.5% yield). The position was initiated in March 2025, […]
Weitz Partners III Opportunity Fund 2025 Q2 (KMX)
Pitch Summary: Finally, the ‘healing’ process within the U.S. used car market has taken longer than we anticipated. Pricing appears to be stabilizing, but the market remains short on late model year vehicles (i.e., ‘younger’ used cars), which CarMax typically traffics in. Auto market dynamics suggest this supply constraint should improve in the coming years […]
Baron Fifth Avenue Growth Fund 2025 Q3 (KKR)
Pitch Summary: We increased the size of our position in KKR & Co. Inc., as we took advantage of price volatility towards the end of the quarter. KKR is a leading alternative asset manager. The company manages $686 billion in assets across a diverse range of strategies in Private Equity (PE), Private Credit, and Real […]
Floor & Decor Holdings, Inc. (FND)
Pitch Summary: Floor & Decor is a warehouse-format specialty retailer and commercial distributor focused on hard-surface flooring and accessories, serving both professional installers and DIY/BIY consumers with a broad in-stock assortment at everyday-low-price positioning. The thesis is that the market is still treating the business as a housing-turnover casualty even though it has continued to […]
Zoomd Technologies Ltd (ZMDTF)
Pitch Summary: Zoomd Technologies provides managed, performance-based user acquisition across 600+ media channels in the “open internet” outside closed platforms like Google and Meta. Unlike SaaS adtech vendors charging fixed fees, Zoomd is paid on outcomes tied to net new transacting users, aligning incentives with measurable ROAS. Following a strategic repositioning in 2023–2024, the company […]
Kaspi.kz JSC (KSPI)
Pitch Summary: Kazakhstan-based Kaspi is a dominant, high-margin super-app with exceptional user engagement, clean financials, and structurally strong Marketplace and Payments businesses that continue to compound despite temporary headwinds. The stock has materially underperformed due to a planned pause in dividends and buybacks to fund the Hepsiburada acquisition, higher domestic interest rates compressing fintech margins, […]
Turning Point Brands, Inc. (TPB)
Pitch Summary: Turning Point Brands is a U.S. consumer products company with legacy tobacco-related brands (Zig-Zag, Stoker’s) that has pivoted into nicotine pouches as a high-growth profit engine. The thesis is that nicotine pouches are one of the fastest-growing consumer categories, and TPB has the highest public-market exposure to pouches among peers, with pouches already […]
Robinhood Markets, Inc. (HOOD)
Pitch Summary: Robinhood is a retail trading platform whose earnings power is being capitalized at peak-on-peak conditions during a speculative mania in crypto, options, and high-turnover retail trading. The bear case argues that HOOD is fundamentally a highly cyclical, high-decremental-margin business trading at ~50x inflated EPS, with over half of profits tied to “YOLO” activities […]
Flywire Corporation (FLYW)
Pitch Summary: The author pitches Flywire as a best-in-class vertical payments + software platform digitizing complex, underserved payment corridors (education cross-border tuition, niche travel, healthcare receivables). Flywire’s advantage is framed as superior tech, lower fees, and faster/cleaner payment flows versus legacy bank wires and incumbents like Convera, translating to ROI for institutions via less manual […]
Outdoor Holding Company (GunBroker.com) (POWW)
Pitch Summary: Outdoor Holding is now effectively a pure-play online marketplace via GunBroker.com, the largest U.S. firearms and accessories marketplace by traffic and user base, after divesting its cash-draining ammo manufacturing business in April 2025. The stock is mispriced because legacy overhangs (restatement/SEC noise, founder litigation, messy divestiture-period financials) have obscured the true earnings power […]
MAS Financial Services Limited (MASFIN)
Pitch Summary: MAS Financial is presented as a long-term Indian NBFC compounder with a multi-decade track record of growing book value and lending AUM through multiple credit cycles. The author argues the business can sustain 20–25% growth with resilient asset quality due to granular small-ticket lending, conservative underwriting, and a partnership model that adds additional […]
Sound Financial Bancorp, Inc. (SFBC)
Pitch Summary: Sound Financial Bancorp is a well-run, overcapitalized Washington-state community bank positioned as a low-downside M&A optionality play. The thesis is that credit unions are increasingly the marginal buyer for small banks and can pay “non-economic” premiums to book value, with Washington currently a hotspot for CU-led deals. SFBC has historically compounded BVPS at […]
DKAM Donville Kent Asset Management 2025 Q2 (GSY CN)
Pitch Summary: We recently met with the new CEO of GoEasy and came away with confidence that the long-term growth trajectory is still intact. In June they reached their $5B loan book target, which was 6 months ahead of schedule. They have now shifted discussions to attaining a $10B loan book. Demand for their products […]
FPA Source Capital 2025 Q3 (KMX)
Pitch Summary: CarMax, the largest retailer of used cars in the US, has been a disappointment. We entered 2025 with hopes that an improved omnichannel offering in an improving used vehicle market would drive increased sales volumes, market share, and profit growth. Instead, we’ve watched management make a series of missteps. The company withdrew its […]
Curreen Capital 2025 Q2 (CACC)
Pitch Summary: Credit Acceptance is a subprime auto lender, enabling subprime borrowers to buy vehicles from used car dealerships. The business has profitably gained share in a large and difficult market for more than two decades. Management allocates free cash flow to growing the business and repurchasing shares at attractive prices. Credit Acceptance currently trades […]
CrossingBridge Advisors 2025 Q2 (BALY)
Pitch Summary: Bally’s Corporation (BALY) SOFR+325 Senior Secured Term Loan due 2028 — Bally’s is a publicly traded gaming company majority controlled by investor Soohyung Kim. The Company owns 20 regional casinos across 11 states, the Bally’s Chicago development project, the International and North American divisions of the Gamesey’s iGaming business, and several non-core assets: […]
Conestoga Mid Cap Composite 2025 Q2 (FICO)
Pitch Summary: 2. Fair Isaac Corp. (FICO) A graduate of our SMid Cap Growth strategy, FICO provides credit-scoring and other services throughout a wide variety of industries to assist companies with providing credit, protecting against fraud, and analyzing customer data. The company’s successful growth in revenue and earnings has raised its market capitalization to levels […]
Aristotle/Saul Global Equity Fund 2025 Q2 (COF)
Pitch Summary: Capital One Financial Corporation Founded in 1988 and headquartered in McLean, Virginia, Capital One is one of the largest credit-card issuers in the U.S. The company was spun out of Signet Financial in 1995 under the leadership of founder and current Chairman and CEO Richard Fairbank. Over the past three decades, Capital One […]
Ariel Appreciation Fund 2025 Q2 (KMX)
Pitch Summary: Last, used and wholesale vehicle auction operator, CarMax, Inc. (KMX), trader lower in the quarter. Although the company’s earnings rose sharply year-over-year, management suspended the timeframes around its long-term strategic objectives due to macro uncertainty. At current levels, KMX’s valuation is particularly attractive. Management has a strong track record of navigating headwinds and […]
