FPA Source Capital 2025 Q4 (MSFT)
Pitch Summary: Now, as an example of a tough question currently being posed by the market, we submit Microsoft, a company we actually owned in the Contrarian Value Strategy from 2010 to 2020 and Source from the time your current PMs took over in 2015 to 2020. To begin, we hold management in the highest […]
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 […]
Artisan Mid Cap Fund 2025 Q4 (TTAN)
Pitch Summary: We also added to ServiceTitan, MongoDB and Waters during the quarter. ServiceTitan is a leading provider of vertical software solutions for the trades, including plumbing, HVAC and electrical. Its platform supports the entire workflow from lead generation to payment, generating revenue through subscriptions and usage-based processing. We see meaningful growth opportunities through new […]
Minotaur Global Opportunities Fund 2025 Q4 (TEAM)
Pitch Summary: Thomas: “I’m not sure about software after my week of coding…” Arms: “I think Atlassian will be fine.” Thomas: “There’s been a step change… my week just made it visceral.” That word visceral matters. These improvements don’t arrive as neat, linear progress you can tidy up in a spreadsheet. They arrive as sudden […]
Curreen Capital 2025 Q2 (GETB LN)
Pitch Summary: GetBusy provides online document exchange systems—primarily for accountants. GetBusy spun out of Reckon in August 2017, and has continued to grow since then. GetBusy does not earn money, investing through higher expenses to grow its existing businesses and attempting to launch new products. The underlying businesses are profitable and sustainable in the U.K. […]
Conestoga Mid Cap Composite 2025 Q2 (VEEV)
Pitch Summary: 5. Veeva Systems, Inc. (VEEV) VEEV is a vertical SaaS company for the life sciences industry with a wide range of integrated cloud-based software applications and services. VEEV reported a strong start to their fiscal year, materially outperforming expectations across the board. The company added 28 new Vault CRM customers during the quarter, […]
ClearBridge Investments Large Cap Value 2025 Q2 (NOW)
Pitch Summary: The Strategy’s select growth exposure increased during the quarter due to the strong performance of the higher-beta stocks in this growth bucket as well as the purchase of ServiceNow. The company provides an end-to-end software-as-a-service (SaaS) platform to help enterprise customers automate and standardize business processes in areas like IT, customer services, sales […]
ClearBridge Investments Large Cap Growth Strategy 2025 Q2 (NOW)
Pitch Summary: The Strategy’s select growth exposure increased during the quarter due to the strong performance of the higher-beta stocks in this growth bucket as well as the purchase of ServiceNow. The company provides an end-to-end software-as-a-service (SaaS) platform to help enterprise customers automate and standardize business processes in areas like IT, customer services, sales […]
Castlebay Investments (REL LN)
Pitch Summary: Several of our businesses exhibit strong switching-cost dynamics in their markets: RELX provides scientific, technical and medical information services, as well as legal and business analytics (e.g., LexisNexis). There is deep integration of RELX’s services in large legal teams, universities and corporate clients – all of which rely on RELX’s services in providing […]
