Purpose Investment Partners 2025 Q4 (MDA CN)
Pitch Summary: The Team recently initiated a position in MDA Space (MDA) 7% of 2030 at par value (100.00). We view the secular increase in global defence spending as an investable theme due to the long-term great-power rivalry and U.S. assertiveness on NATO defence spending targets, providing a tailwind for high-yielding credit investments in the […]
The Oak Bloke 2025 Q4 (FAIR LN)
Pitch Summary: You can currently buy Fair at a 6.5% discount at $0.47, and the latest NAV is $0.5039. Fair has positioned heavily into European CLOs and has large cushions far in excess of either the default rate or even the distress ratio. In other words you would need a substantial worsening in credit markets […]
Adient plc
Pitch Summary: Adient plc, a major player in the automotive seating industry, has been underperforming due to a crowded market with strong competition from peers like Lear. Despite being a top-two player, the company’s growth prospects are hindered by legacy contracts and a lack of yield. The automotive industry’s shift towards in-house production for cost […]
Air Water Inc. (4088.T) – EAS
Pitch Summary: The author argues Air Water is undervalued at 9× forward earnings and trades at a roughly 40% SOTP discount. In the downside case, growth may track GDP, producing 5–6% earnings growth plus a 3.5% dividend. Management’s target of 10% profit growth would drive double-digit total returns when combined with the dividend. A peer-multiple […]
Enovix Corporation (ENVX) – Adam Taub
Pitch Summary: @taubamush argues that Enovix (ENVX) is overhyped and faces serious execution risk. The author contends that while Enovix has promised high-volume production since going public in 2021, actual customer demand appears limited and large potential clients (e.g., a major battery maker) have reportedly dropped Enovix. They note insider warrant/dividend maneuvers and insider sales […]
Ennismore European Smaller Companies Fund 2025 Q4 (DWNI GR)
Pitch Summary: Deutsche Wohnen, with a market capitalisation of EUR 8.2bn, is the dominant residential landlord in Berlin, with around 100,000 apartments. It also owns an additional 40,000 units across Frankfurt, Leipzig, Dresden and Hannover. The company trades at a 50% discount to net asset value, which we consider unfair given its high-quality residential investment […]
Schwab U.S. Dividend Equity ETF
Pitch Summary: The Schwab U.S. Dividend Equity ETF (SCHD) is a robust investment option for those seeking dividend growth and yield. It holds over 100 blue-chip stocks, focusing on quality and sustainability, with a trailing 12-month yield of over 3.7%. Its dividend CAGR over the past decade is 10.6%, with a 13-year growth streak, making […]
iShares Global Infrastructure ETF
Pitch Summary: The iShares Global Infrastructure ETF (IGF) is an attractive investment due to its focus on infrastructure operators, which provide defensive cash flows and inflation-linked revenue streams. The fund’s portfolio is diversified across utilities, transportation, and energy infrastructure, offering a yield of 3.2%, which is nearly three times that of the S&P 500. With […]
FT Energy Income Partners Enhanced Income ETF
Pitch Summary: FT Energy Income Partners Enhanced Income ETF (EIPI) is positioned as a compelling investment for those seeking income from the energy sector. With a 7.6% yield, EIPI offers exposure to a diversified basket of energy holdings, including oil and gas pipeline operators and midstream companies. The ETF’s strategy includes a significant allocation to […]
Purpose Investment Partners 2025 Q2 (CPX CN)
Pitch Summary: The Team is also adding to its position in Capital Power preferred equity. The Team recently added to its position in Capital Power (CPX) preferred securities at a bond-equivalent yield of 9%. In April 2025, the company raised common equity (which ranks behind preferred equity) in conjunction with an acquisition of U.S. natural […]
Vodafone Group Public Limited Company
Pitch Summary: Vodafone has recently cut its dividend and faces challenges with its yield and dividend payment schedule, making it less appealing for income investors. BSD Analysis: Vodafone’s dividend cut and irregular payment schedule have diminished its attractiveness as a reliable income stock. The company’s yield has decreased to below 4%, and management’s decision to […]
BCE Inc.
Pitch Summary: BCE Inc. recently cut its dividend, which has impacted its attractiveness as an income stock. However, the price adjustment has resulted in a yield of approximately 5.4%, which remains appealing for some investors. BSD Analysis: BCE’s decision to cut its dividend from 69 cents to 32 cents was a strategic move by management […]
Hartford Strategic Income ETF
Pitch Summary: Hartford Strategic Income ETF (HFSI) offers a 6% yield from an actively managed bond portfolio with global exposure. It has outperformed a bond benchmark since its inception and several larger competitors over the last 2.5 years, making it a viable candidate for an income portfolio. BSD Analysis: HFSI’s strategy combines a top-down macro […]
Bramshill Income Performance Fund 2025 Q3 (PFF)
Pitch Summary: Preferred securities represent nearly 20% of Fund exposure, including allocations to high-coupon and fixed-to-float preferreds. These provide yield enhancement and diversification across rate cycles. The Fund actively rotates between perpetuals, callables, and fixed-reset structures to manage interest rate risk and capture relative value within capital structures. BSD Analysis: Preferreds continue to offer yield […]
Bramshill Income Performance Fund 2025 Q3 (T)
Pitch Summary: The Fund’s top holdings include long-term and mid-term U.S. Treasuries, which comprise roughly 20% of assets. The portfolio maintains a defensive duration posture, emphasizing capital preservation while opportunistically rotating among credit, preferreds, municipals, and Treasuries. In Q3, duration averaged 8.07 years with 42% in investment-grade corporates and 19.6% in preferreds. The strategy focuses […]
Middle Coast Investing 2025 Q3 (TFSL US)
Pitch Summary: This is a small Ohio bank that doesn’t seem cheap, but that’s because most of its shareholders are shareholders in the mutual holding company, who waive their rights to the dividend annually. TFS is interesting, then, because it pays out an 8%+ dividend, making it a viable bond replacement, and because it benefits […]
Alpha Wealth Funds – The Insiders Fund 2025 Q3 (ET)
Pitch Summary: Energy Transport is a tollbooth on the energy highway—mission-critical pipelines moving natural gas to power-hungry regions. With regulated contracts, inflation-protected cash flows, and a yield north of 8%, it offers steady income while the world scrambles for reliable energy infrastructure. In a market chasing tech momentum, ET is the boring cash machine nobody […]
Horizon Kinetics 2025 Q3 (SJT)
Pitch Summary: San Juan Basin Royalty Trust is a natural gas royalty trust with 119,000 net acres in northwest New Mexico. It is relatively unusual as being a pureplay on natural gas… The trust had amassed a capital deficit of over $20 million by the end of 2024. This resulted in the suspension of dividends, […]
AVI Worldwide Opportunities Fund 2025 Q3 (AERI)
Pitch Summary: Aquila European Renewables (AERI) was the largest detractor (-37 bps) but management announced they were “approaching final stages” of a partial portfolio sale, which sparked a share price rally in October. The fund used weakness in September to add at €0.41. BSD Analysis: AERI’s asset base and renewable exposure offer long-term yield potential. […]
CrossingBridge Advisors 2025 Q3 (CODI US)
Pitch Summary: CODI’s 5.25% senior notes due 2029 became attractive in early May 2025 following the discovery of accounting irregularities at its subsidiary, Lugano Diamonds. Despite market panic, CrossingBridge determined the issue was contained at the subsidiary level after reconstructing CODI’s balance sheet and cash flows excluding Lugano. The fund purchased the notes in the […]
