Baron Partners Fund 2025 Q4 (FDS)
Pitch Summary: FactSet, a leading provider of investment management tools, declined due to a combination of industry-wide concerns about AI and cautious commentary from several financial data and software peers. We maintain conviction in FactSet due to the large addressable market, sticky customer base (95%-plus retention rates), consistent execution on both new product development and […]
Webull Corporation (BULL) – Bourbon Capital
Pitch Summary: @BourbonCap pitches Webull as a scaled digital brokerage with a large global user base and meaningful geographic diversification across multiple regions outside a single home market. The core business is a retail investing platform offering trading and market access, with the product roadmap focused on richer tools, research, and education to drive engagement […]
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 […]
monday.com Ltd. (MNDY) – Natan
Pitch Summary: @nataninvesting flags monday.com (MNDY) as a 2026 candidate, anchoring the idea on durable growth, strong large-customer retention, and the fact the company is already profitable. He frames the setup as partly contrarian: sentiment around SaaS in 2025 and fears of AI disruption have compressed valuation to what he views as an unusually attractive […]
Far View Capital Management 2025 Q4 (THRY)
Pitch Summary: Finally, we realized a meaningful loss in Thryv Holdings Inc. (THRY). Despite my initial view that the company offered a “hidden gem” SaaS business tucked within a legacy Yellow Pages wrapper, operating results did not develop as I expected. When we bought in Q1 2025, the SaaS segment had produced multiple quarters at […]
The Bristlemoon Global Fund 2025 Q4 (ADBE)
Pitch Summary: We utilised the recent market pessimism around AI losers to initiate a position in Adobe at 15x earnings, a valuation low that hasn’t been reached in over 13 years. While the bearish consensus view is that generative AI is an existential threat, the business continues to print very healthy financial results. We believe […]
Castlebay Investments 2025 Q4 (CPG LN)
Pitch Summary: Compass Group demonstrates that cornered resources need not be physical or brand-led to be powerful. Its advantage stems from exclusive, long-term contracts embedded within complex institutional environments such as hospitals, schools and large corporate campuses. Once established, these relationships are difficult to replicate due to operational scale, compliance requirements and switching action for […]
Ghosh Capital 2025 Q4 (KSI CN)
Pitch Summary: The largest contributor to the negative performance was my concentration in Kneat at 30% of the portfolio. Kneat had rough Q2 and Q3 results where net new ARR added came in well below expectations as a result of macro and deals being pushed out. A 35% drawdown led prices to where I had […]
2025 Q4 Jensen Investment 2025 Q4 (MMC)
Pitch Summary: Marsh McLennan (MMC) is a leading global professional services firm with dominant positions in insurance brokerage, risk management, and investment consulting. The business is supported by strong competitive advantages, stable end- market demand, high client retention, and consistent free cash flow generation supporting reinvestment and returns. Shares underperformed in 2025 amid valuation compression, […]
TimesSquare Capital Management U.S. Mid Cap Growth Strategy 2025 Q4 (AXON)
Pitch Summary: Axon Enterprise declined sharply after a slight beat to third-quarter projections and mixed fourth-quarter guidance. Investors reacted negatively after being conditioned to outsized beats and raises. We added to the position due to continued solid customer growth and strong retention. The company has multiple growth drivers, including Taser 10, Bodycam 4 and its […]
Liberty Park Capital Management 2025 Q4 (THRY)
Pitch Summary: THRY reported deteriorating organic SaaS metrics that raised concerns over the company’s long-term outlook. Customer growth and retention trends weakened during the quarter. Management commentary suggested rising competitive pressure and slower demand from SMB clients. These factors led to multiple compression and negative sentiment. BSD Analysis: Thryv sells operating software to small businesses […]
Madison Mid Cap Fund 2025 Q4 (TTAN)
Pitch Summary: ServiceTitan is the dominant provider of software to residential trade contractors. Its software helps run all aspects of their business and the company boasts high retention rates and strong recurring revenue. We see a long runway of growth ahead as penetration among contractors has lagged other industries. Investor caution regarding near-term growth rates […]
The Bristol Gate Canadian Equity 2025 Q4 (OTEX CN)
Pitch Summary: OpenText released decent earnings on November 5, but apparently not good enough. Earnings per share beat consensus $1.05 vs $0.99 and revenue slightly beat consensus, margins were quite healthy, and free cash flow saw a noticeable year-over-year improvement. The concerns were related to the underlying components of recurring revenue, year over year growth […]
Baillie Gifford – US Equity Growth 2025 Q4 (DUOL)
Pitch Summary: Designs and develops mobile learning platform Duolingo was a meaningful detractor as the shares de-rated following a reset in near-term expectations. While execution remains solid, management guided fourth-quarter bookings of $329.5 million to $335.5 million, below consensus, which overshadowed continued operational progress. Core momentum remains encouraging, with paid subscribers increasing to 11.5 million […]
Meditation Capital 2025 Q2 (BRZE)
Pitch Summary: Recently, two software companies we’ve tracked for years and owned in the past, Monday.com and GitLab, fell from >11x NTM sales at peak earlier in the year to 7x then 5x sales, and at 5x we bought positions in both, as well as added to our existing position in Braze, which traded as […]
Lakehouse Small Companies Fund 2025 Q2 (CAT AU)
Pitch Summary: Catapult had a standout year on a number of fronts, and as our highest weighted position for seven months of the year, it contributed heavily to the Fund’s return. To recap, Catapult delivered a step change in profitability; annual contract revenue grew 18% to exceed US$100 million, while operating margins tripled to 13%, […]
TimesSquare Capital Management U.S. Mid Cap Growth Strategy 2025 Q2 (JFROG)
Pitch Summary: Jumping back to the positive was JFrog Ltd., which provides systems to manage and speed up the release of software updates from developers to users. We added to our position on near-term lows at the start of the quarter. Later, its reported revenues and earnings surpassed expectations, and JFrog’s management lifted its prior […]
TimesSquare Capital Management U.S. FOCUS Growth Equity strategy 2025 Q2 (CRWD)
Pitch Summary: Among our holdings, we trimmed CrowdStrike Holdings as it gained 44%. A cloud-based endpoint security provider that secures a range of devices, endpoints, and cloud environments, CrowdStrike benefited early in the quarter as cybersecurity was one of the most resilient areas in an uncertain macroeconomic environment. In June, its results were higher than […]
Greystone Capital 2025 Q2 (KITS CN)
Pitch Summary: KITS returned 52% during Q2 and was our second largest contributor. Encouragingly, customer LTV to CAC ratios remain above 3x and repeat purchases are continuing to grow. As the company’s refraction services begin to scale and higher-value customers begin to mix into the buyer cohort, this could result in increased customer frequency and […]
First Eagle Global Fund 2025 Q2 (WTW)
Pitch Summary: London-based Willis Towers Watson is one of the largest global insurance brokerage and consulting companies. The company continues to execute on its turnaround plan to improve profitability. The divestiture of its direct-to-consumer insurance distribution business at the end of 2024, however, caused a decline in cash flows for its most recent quarter and […]
