Ganes Focused Value Fund 2025 Q4 (AUB AU)
Pitch Summary: During the quarter AUB received an unsolicited non-binding indicative proposal to acquire the business for $45.00 per share from a private equity bidder. The share price rose sharply following the announcement before falling back when the offer was terminated a month later. We have owned AUB since 2009 and it has been a […]
REQ Global Compounders 2025 Q4 (CSU CN)
Pitch Summary: Risk & Opportunity: Constellation Software Family Each CSI operating group (and its subgroups) spans a wide range of verticals, and due to poaching rules, businesses are not organized or consolidated strictly by vertical. For example, Vela includes a subgroup, Juniper, that is primarily focused on travel, even though Jonas also owns a significant […]
Hood River Capital – International Opportunity Fund 2025 Q4 (C79 AU)
Pitch Summary: Another new addition is Chrysos, an Australian mining technology company focused on improving the analysis of gold, silver, copper, and other critical metals. Its proprietary PhotonAssay technology allows miners to test ore samples faster, safer, and more consistently than traditional methods. Chrysos is steadily expanding its installed base with large mining operators and […]
Vltava Fund 2025 Q4 (CPAY)
Pitch Summary: Changes in the portfolio In the past quarter, Corpay shares were added to Vltava Fund’s portfolio. Corpay is a US based global technology company focused on corporate payments, expense management, and cross-border transactions with the goal of simplifying and automating business payment flows. Its customers – typically medium and large companies – utilize […]
Meridian Small Cap Growth Fund 2025 Q4 (CCSI)
Pitch Summary: Consensus Cloud Solutions, Inc. is a leading supplier of secure data delivery for enterprise healthcare customers and cloud fax solutions to small office and home office users. The company has historically enjoyed a high percentage of recurring revenues, low churn in its enterprise segment, and high margins. During the quarter, however, the stock […]
Harding Loevner Global Small Companies 2025 Q4 (DIA IM)
Pitch Summary: Company B is our Italian holding DiaSorin, a key detractor from the portfolio’s relative returns for the year. DiaSorin is a well-established business in a growing niche. Hospitals and labs using its diagnostic devices need an ongoing supply of test kits—repeat purchases that generate attractive margins for DiaSorin. Unlike ABL Bio, DiaSorin benefits […]
Madison Mid Cap Fund 2025 Q4 (BIO)
Pitch Summary: Bio-Techne is a leader in the life sciences research market with a broad portfolio of products that are used to enable discoveries of new drugs, therapeutics, and diagnostics. Around 80% of the business is recurring revenues. We are encouraged by the new CEO’s strategy to leverage the core business and expand the company’s […]
Madison Small Cap Fund 2025 Q4 (MIR)
Pitch Summary: Mirion Technologies is a global leader in radiation detection, measurement, and monitoring solutions serving nuclear and medical end markets. The company benefits from secular growth in nuclear energy and cancer care, with a recurring, consumption-based revenue model and EBITDA margins around 25%, with potential to expand to 30%. Mirion has a presence in […]
Ithaka US Growth Strategy 2025 Q4 (ISRG)
Pitch Summary: Intuitive Surgical is a pioneering medical technology company best known for its da Vinci robotic surgical system, which enables surgeons to perform precise, minimally invasive procedures. The system is widely used in urologic, gynecologic, general, and hernia repair surgeries, offering patients reduced pain, blood loss, and recovery time compared to traditional approaches. Intuitive […]
Conestoga SMid Cap Composite 2025 Q4 (JKHY)
Pitch Summary: JKHY performed well after reporting solid fiscal first-quarter results characterized by steady top-line growth and successful contract wins for modernization solutions. Despite ongoing banking consolidation, the company continues to demonstrate strong client retention and long-term customer relationships. Investors favored its stable, essential growth profile late in the year. The company’s role as mission-critical […]
Conestoga Mid Cap Composite 2025 Q4 (BSY)
Pitch Summary: Bentley Systems, Inc. (BSY) traded lower during the quarter as revenue growth decelerated modestly and margins were impacted by increased investment in product development and go-to-market initiatives. Investor concerns centered on project timing delays and variability in public-sector infrastructure spending. While near-term execution weighed on results, Bentley’s subscription-based model continues to generate high […]
Conestoga Mid Cap Composite 2025 Q4 (IDXX)
Pitch Summary: IDEXX Laboratories, Inc. (IDXX) was a major contributor during the quarter as it continued to deliver resilient organic revenue growth despite weaker veterinary visit trends. The company posted robust quarterly results, reinforcing its leadership position in veterinary diagnostics. Consumables adoption and instrument placement supported recurring revenue growth. Shares re-rated toward historical valuation averages […]
Conestoga Mid Cap Composite 2025 Q4 (ROL)
Pitch Summary: Rollins, Inc. (ROL) was a leading contributor to full-year performance as the company continued to demonstrate defensive growth characteristics. The firm posted consistent organic revenue gains, supported by strong pricing power and recurring service contracts. Commercial organic growth accelerated and incremental margins remained attractive. Management also increased the quarterly dividend, highlighting confidence in […]
Conestoga Mid Cap Composite 2025 Q4 (JKHY)
Pitch Summary: Jack Henry & Associates, Inc. (JKHY) was a top contributor during the quarter as the market gravitated toward essential, stable growth businesses with low economic sensitivity. The company reported solid fiscal first-quarter results, highlighted by steady top-line growth and continued success in winning contracts for its modernization solutions. Despite ongoing consolidation pressures within […]
First Eagle Investments 2025 Q4 (BIO)
Pitch Summary: Healthcare has been out of favor in recent years, weighed down by post-Covid headwinds, but we find the highly regulated sector to be structurally attractive given growing demand and significant barriers to entry. With a market cap around $6.5 billion, Bio-Rad Laboratories is smaller than our typical investment, but the company dominates the […]
Meridian Contrarian Fund 2025 Q2 (QDEL)
Pitch Summary: QuidelOrtho Corp. is a global leader in the medical diagnostics industry. We invested in the third quarter of 2022 following pandemic-related earnings pressure. Our thesis was that Quidel’s 2022 merger with Ortho Clinical Diagnostics positioned the company as a top-tier diagnostics platform with the potential for improved top-line growth, margins, and free cash […]
Madison Investors Fund 2025 Q2 (FI)
Pitch Summary: Fiserv’s shares sold off sharply in the quarter due to a slowdown in volume growth at its Clover payment processing unit. Fiserv’s other businesses are performing well, and we believe the slowdown at Clover is due to transitory factors and that growth will pick back up in the latter part of 2025. BSD […]
Liberty Park Capital Management 2025 Q2 (NSSC)
Pitch Summary: NSSC rebounded after management communicated that it is in a better position than competitors regarding tariffs and that the inventory drawdown at its distributors has largely run its course. Growth in the services segment remains resilient and should accelerate as hardware segment sales improve. BSD Analysis: Napco is a high-growth, specialized security pure-play […]
SouthernSun SMID Cap 2025 Q2 (MSA)
Pitch Summary: During the second quarter of 2025, we initiated one new position in MSA Safety, Inc. (MSA) in the SMID Cap Composite. MSA Safety, Inc. (MSA). MSA’s core business provides critical safety solutions for workers across various industries, including construction, oil and gas, fire service, and general industry. Their product portfolio includes gas detection […]
SouthernSun Small Cap 2025 Q2 (MSA)
Pitch Summary: MSA Safety, Inc. (MSA). MSA’s core business provides critical safety solutions for workers across various industries, including construction, oil and gas, fire service, and general industry. MSA has been a long-standing leader in firefighter safety equipment, particularly self-contained breathing apparatus, where brand reliability is paramount. We believe two of their markets are poised […]
