Rubicon equities 2024 Q4 (COP GR)
Pitch Summary: The situation surrounding CompuGroup was somewhat different. Here, too, an initial small position existed as the company shocked markets once again with a profit warning in July. The bare financial figures were one thing, but overall, the company was struggling with a widespread loss of confidence at the time. Starting with the controversial […]
Aegis Value Fund 2023 Q2 (NGS)
Pitch Summary: The Fund heavily purchased energy-sector holdings in the first half of the year. The largest Fund purchase overall was Natural Gas Services (NGS), a Texas-focused energy logistics company that fabricates, rents, and maintains compression equipment for oil & gas companies. Shares in the company, which trade at a 45 percent discount to tangible […]
Van Der Mandele Arar Fund 2025 Q4 (GRVY)
Pitch Summary: Gravity continues to produce bestsellers in their home markets, this time topping the app download charts with “Ragnarok: New World.” The bigger news is the changes in the boards of their controlling shareholder: GungHo Entertainment. This company holds 60% ownership of Gravity. Their management has been OK with Gravity letting their enormous cash […]
WestEnd Capital 2023 Q2 (AI)
Pitch Summary: C3.ai is an innovator growing quickly, but they’re far from profitable. Kate had some questions about sizable accounting discrepancies she noticed between GAAP and adjusted earnings-per-share. The answers given by C3.ai’s team were not very convincing, and weeks later they were mentioned in the press for accounting issues that needed fixing. We think […]
WestEnd Capital 2024 Q3 (SMCI)
Pitch Summary: Our ongoing risk analysis ultimately showed that Super Micro Computer had a margin problem. Gross margins had plummeted in the latest earnings report, and net margins were approaching 0%—which, compared to NVIDIA’s ~50% net margins, made no comparison. We sold the stock on August 7. Certain transactions were also not fully disclosed, with […]
SGA – U.S. Large Cap Growth 2025 Q4 (ALC)
Pitch Summary: In December we met with Alcon’s management to discuss executive compensation and sustainability metrics. We raised concerns around incentive alignment and advocated for incorporating total shareholder return and ROIC measures. Management acknowledged underperformance in 2025 and indicated adjustments to short-term incentives. We were encouraged by increased disclosure of Scope 3 emissions and improved […]
SGA – U.S. Large Cap Growth 2025 Q4 (IT)
Pitch Summary: In December we met with Gartner’s Lead Independent Director and CFO to discuss governance, executive compensation, and long-term strategy. We advocated for separating the Chairman and CEO roles, refreshing the board, and tying executive compensation more closely to free cash flow per share. We encouraged management to evaluate alternative growth strategies balancing margin […]
SGA – U.S. Large Cap Growth 2025 Q4 (COO)
Pitch Summary: Cooper was a top contributor during the quarter after reporting good operating results and announcing several shareholder-friendly developments. The company demonstrated progress in alleviating supply constraints for its premium daily silicone hydrogel contact lenses, announced new private label contract wins in the U.S. and Europe, and delivered innovation in myopia control and multifocal […]
Third Point Partners 2025 Q4 (402340 KS)
Pitch Summary: SK Square is a Seoul-based Korean holding company with a market capitalization of approximately $47 billion. It spun out of SK Telecom in 2021 and actively invests in and manages a diversified portfolio of technology assets including a 20% stake in SK Hynix. SK Square’s management has made narrowing the historically wide discount […]
FPA Source Capital 2025 Q4 (IFF)
Pitch Summary: Poor management has plagued International Flavors & Fragrances for years. As a leading producer of food, beverage, scent, home and personal care, and health products and ingredients, its products are ubiquitous across many household staples. They produce one -third of probiotics, the enzyme used in half of cold -water laundry detergents, another enzyme […]
AGT Partners 2025 Q4 (5LY SI)
Pitch Summary: Marco Polo Marine (+217% in 2025, ~15% contribution to overall portfolio gains). We first began following Marco Polo Marine at a time when the offshore and marine sector was deeply shaken by the post-2014 downturn. The key inflection point came in 2017 when Penguin International emerged as a strategic white knight investor, strengthening […]
Broyhill Asset Management 2025 Q4 (FISV)
Pitch Summary: Fiserv was our biggest detractor from performance on the year. This was a particularly painful loss because we thought we owned a dominant business with a flawless record of consistent execution, trading at a large discount to the market and to its own history. We increased our investment through the first half of […]
Shift4 (FOUR): Cheaper Than EverShift4 Payments, Inc. – FOUR
Pitch Summary: Shift4 Payments, Inc. (FOUR) is currently trading at a significant discount, with its stock price down over 50% from its highs. The company is valued at roughly 9x next twelve months earnings and under 5x its 2027 free cash flow target. Despite a $1 billion buyback authorization, representing about 20% of the company, […]
Motiwala Capital 2022 Q4 (9658 JP)
Pitch Summary: Business Brain Showa is presented as an example portfolio holding in the system integration and BPO business with a 70-30 revenue split. The company grew revenues from 20 billion yen in 2015 to 35 billion yen by the end of H2 2022, while operating profit increased from 890 million yen to 3 billion […]
Motiwala Capital 2023 Q4 (4832 JP)
Pitch Summary: JFE Systems is in the systems integration business. JFE reported EPS growth of 21% for FY22 and EPS is up another 16% by 3QFY23. While the stock rose 58% in 2023, it still trades at 11x TTM EPS and increased dividend per share by 22%. BSD Analysis: JFE Systems enters 2026 as a […]
Motiwala Capital 2025 Q4 (4832 JP)
Pitch Summary: The Thesis: Listed subsidiaries of large Japanese conglomerates are often overlooked. As the IT arm of JFE Steel, this company was trading like a cyclical steel firm despite being a high-margin, cash-generative IT consultant. The 2025 Outcome (+60% Return): We benefitted from the “Governance Wave.” Following the Tokyo Stock Exchange’s push for listed […]
Motiwala Capital 2025 Q4 (9658 JP)
Pitch Summary: The Thesis: A consultant and BPO provider specializing in management accounting. Our interest was piqued by their “BBS2026” roadmap, which aimed to transition toward higher-margin recurring revenue. The 2025 Outcome (+74% Return): Execution was the key catalyst. BBS achieved an organic sales growth rate of 13.0% while improving business profit margins to 7.3%. […]
Motiwala Capital 2025 Q4 (4746 JP)
Pitch Summary: The Thesis: A high-quality IT services provider within the Mitsubishi Group ecosystem. We identified this as a “responsible value” play—a firm with a 50-year history and mission-critical industrial clients, yet trading at a steep discount to its intrinsic value. Ryoyu saw its EPS compound at 21% over the last 4 years. As the […]
Unison Asset Management 2025 Q4 (BRK.B)
Pitch Summary: Warren Buffett announced he would step down as CEO at year-end, marking the end of an extraordinary era. We believe Berkshire’s culture is deeply ingrained and will endure under incoming CEO Greg Abel, a 27-year company veteran. Buffett’s children will retain significant voting control and board representation. Berkshire holds approximately $382 billion in […]
UiPath Inc. (PATH) – Weary Centurion
Pitch Summary: @weary_centurion argues UiPath is being misframed as a fading RPA vendor when the market should be underwriting a much larger, long-duration platform opportunity. The core claim is that “Maestro” is the overlooked catalyst that can reignite growth and broaden relevance across many industries beyond classic automation use cases. The thesis leans heavily on […]
