V2 of HFBestIdeas.com is now live! This new version already features around 100 Q4 2025 quarterly fund letters and their specific stock pitches. New Feature: You can now filter stock pitches by Country, Sector, and Market Cap. Access remains free for the time being. You just need to create an account here: Now, let’s get into this week’s selection of fund ideas 👇 Summary :AerCap Holdings (AER US) by Oakmark Fund AerCap Holdings $AER US by Oakmark FundThesis: Source: https://drive.google.com/file/d/11nGTLena3HxjzHkVtNOnoC1pVHDsbb8T/view?usp=drivesdk Analysis: Access our full research database on AerCap Holdings. Altius Minerals $ALS CN by MJG CapitalThesis: Altius Minerals is reallocating capital from a major gold NSR into a diversified, near-term cash-flowing lithium royalty portfolio while maintaining a proven compounding track record. Source: https://drive.google.com/file/d/1YpTrpShCUh7MzvmYQ1ksDuYP7ci5hTiR/view?usp=drivesdk Analysis: For Altius shareholders, 2025 will be remembered as the year when the company pulled the trigger on two high stakes transactions in remarkably quick succession. While it will be frustrating for those looking to draw an immediate conclusion, it may well be a matter of years before a final verdict is reached on whether these two deals were ill-conceived or a masterstroke by CEO Brian Dalton and his team. Before considering the merits, we will first quickly detail the two transactions in question. On July 23rd, Altius announced that it had sold 2/3 of its 1.5% NSR covering the world-class Arthur Gold Project to Franco Nevada for US$275 million. (As part of the deal, Altius retained a 0.5% NSR at Arthur as a “long-term portfolio component”.) In the press release announcing the transaction, Altius justified the sale as (a) crystalizing significant value for a royalty asset that was generated for a meager US$300,000, (b) retaining optionality exposure to continued gold resource growth and eventual production at Arthur, (c) providing flexibility to evaluate external M&A opportunities and/or execute share repurchases, and (d) achieving a rebalancing of commodity exposures away from gold. As a result of the sale, Altius’s total liquidity increased to more than C$540 million, or greater than 40% of its market capitalization on the day the deal was announced. In the intervening period, Brian reminded shareholders that historically Altius had shown itself willing to sit on dry powder for extended periods and would by no means rush into a transaction. It thus came as a surprise to many to see a December 22nd announcement that the company was paying C$520 million in cash and shares for Lithium Royalty Corp, the single largest transaction in Altius company history. With this purchase, Altius is acquiring thirty-seven lithium royalties – including four cash flowing royalties and another twelve covering advanced stage projects with completed economic studies. Altius expects the acquisition to add C$40-60 million in annual royalty revenue by the end of the decade at current spot lithium prices. Viewing these deals in tandem, Altius in essence swapped a 1% NSR at the Arthur Gold Project for the world’s single largest portfolio of lithium royalties. (Admittedly, this is somewhat of a simplification, as Altius retains C$294 million in liquidity post-transaction for additional M&A.) The market has reacted relatively well to the Lithium Royalty Corp acquisition, with the Altius share price up nearly 9% since the announcement. With that said, there has been handwringing on the part of some Altius shareholders on whether this portfolio shift from gold to lithium will serve the company well. There are several points in favor of this course of action. First, the company is clearly prioritizing near-term cashflow. With the Arthur Project not expected to reach first production until sometime between 2030 and 2033, Altius anticipates lithium royalty revenue of between C$111 million and C$321 million before first gold is poured at Arthur. (The C$111 million figure assumes the low end of Altius’s revenue estimate range and first production at Arthur in early 2030, while the C$321 million figure assumes the high end of the revenue estimate range and first production at Arthur in early 2033. Furthermore, these figures assume that the current spot lithium price persists over the respective periods, which may prove conservative with lithium six months into a recovery off bear market lows.) Second, the swap materially reduces concentration risk by shrinking the portion of NAV tied to a single development-stage project and spreading it across multiple assets, operators, and jurisdictions. Third, the move is decidedly counter‑cyclical from a company that prides itself on acting in this manner – with gold very much in favor and priced accordingly, while lithium remains beaten down despite a recovery from mid‑2025 lows. Finally, the lithium assets offer what Altius describes as “ultra-long implied mine lives”, a defining characteristic of Altius’s existing royalty portfolio relative to its peers. The principal argument against the gold for lithium swap is partial loss of exposure to what is, by any reasonable standard, a Tier 1 gold development asset. AngloGold Ashanti continues to report strong resource growth at Arthur with tens of millions of more ounces potentially to be discovered, reinforcing the view that it can become a multi‑decade district‑scale asset. There is also concern in some quarters about lithium’s staying power as a globally significant commodity in light of evolving battery chemistries, though this is not a concern shared by the MJG partnership given (a) the hundreds of billions of dollars that have already been invested into the lithium-ion battery supply chain and (b) the ubiquity of this battery type across EV, BESS, and myriad other applications. Ultimately, it may take years before final judgment can be passed on whether Altius would have been better served holding onto the full 1.5% NSR at Arthur versus the aggressive push into lithium. The key variables to consider include (a) the long-term gold price, (b) the long-term lithium price, (c) the number of ounces ultimately discovered at Arthur, (d) the length of time before Arthur achieves first production, and (e) how many of the thirty-three non-producing lithium royalties eventually reach production. From the perspective of the MJG partnership, Altius management has earned the benefit of the doubt after decades of astute capital deployments. Altius Minerals remains a quintessential compounder, with Brian sharing at the spring 2025 AGM that the company had achieved a CAGR including dividends of 20.3% since its founding in 1997. This figure has only improved further, with the Altius share price up nearly 70% in the eight months since. While the jury is still out on whether the gold for lithium swap will serve Altius well, the MJG partnership will continue with this position as a core, long-term holding. Access our full research database on Altius Minerals. Amrize $AMRZ US by Oakmark FundThesis: Amrize is a North American building materials leader with pricing power, margin improvement potential, and a management team focused on unlocking shareholder value. Source: https://drive.google.com/file/d/11nGTLena3HxjzHkVtNOnoC1pVHDsbb8T/view?usp=drivesdk Analysis: Amrize is a leading producer of building materials and construction solutions, established following Holcim’s spin-off of its North American operations in June. As a standalone company, Amrize holds strong market positions—it is the largest cement producer, the second-largest commercial roofing products manufacturer and a top-five aggregates producer in the U.S. and Canada. The company benefits from pricing power due to its scale, advantaged regional footprint and tight supply dynamics. We also see long-term potential in the Building Envelope segment and believe there is a path to narrowing the margin gap to roofing peers. In our view, Amrize is a fundamentally strong business that is flying under the radar of most U.S. investors. This created the opportunity to invest alongside a proven management team focused on unlocking shareholder value. Access our full research database on Amrize Booz Allen Hamilton $BAH US by Upslope CapitalThesis: Booz Allen Hamilton is a government-focused tech consultant whose temporary headwinds and lower valuation are offset by long-term tailwinds in geopolitics, technology, and government spending. Source: https://drive.google.com/file/d/1zujmQdrmMDUO2R4_cAXpNY6Ce3_stwNs/view?usp=drivesdk Analysis: Booz Allen is a consulting firm focused largely on serving the nation’s defense (~50% of revenue), intelligence (~15%) and civil (~35%) agencies. The company’s work is mostly focused on technology solutions – e.g. digital transformation, cyber defense, and AI deployment. Following the 2024 election of the Trump administration, BAH shares rapidly de-rated from a peak of nearly 30x EPS to a recent trough of 14x, largely due to “DOGE” cost-cutting fears. Access our full research database on Booz Allen Hamilton. Bravo Mining $BRVO CN by MJG CapitalThesis: Bravo Mining is advancing the high-margin Luanga PGM project with strong PEA economics, potential vertical integration via a new ZPE, and proven Brazilian leadership. Source: https://drive.google.com/file/d/1YpTrpShCUh7MzvmYQ1ksDuYP7ci5hTiR/view?usp=drivesdk Analysis: Shortly after the latest MJG partnership letter was published, Bravo released a PEA for its Luanga Project. This study provided the market with its first glimpse of Luanga’s potential economics and included two development scenarios, with the “Base Case” assuming flotation concentrate sales to a third-party refiner and the “Alternative Case” envisioning the inclusion of a smelter for a vertically integrated operation. On face value, the economics of each scenario were excellent – with both yielding after-tax IRR’s of 49% and after-tax payback periods of 2.4 years at assumed metal prices of $1271 Pd and $1500 Pt. The Base Case included an initial capex figure of US$496 million and an after-tax NPV8 of US$1.25 billion, resulting in a stellar NPV / initial capex ratio of 2.52. Naturally, the Alternative Case outlined a higher initial capex figure of US$678 million due to the inclusion of a smelter; however, the NPV / initial capex ratio further improved to 2.74 given an increase in the after-tax NPV8 to US$1.86 billion. In addition to these headline numbers, the sheer scale of the operation impressed – with Pd+Pt+Rh+Au production averaging 437,000 ounces per annum over the 17 year mine life. It should be noted that the Luanga PEA did receive some criticism upon its release on three fronts. First, the assumed metal prices – with the spot prices of palladium and platinum, which collectively contribute 79% of Luanga’s metal value, trading at 8% and 4% discounts to the assumed prices within the PEA on the day of the study’s release. Second, the assumption of a 75% income tax exemption through Brazil’s SUDAM program, which results in a reduced corporate tax rate of 15.25%. Third, the initial capital estimates were flagged by some as being overly aggressive. Of these three concerns, the first two are largely unfounded. Given the extreme moves in PGM prices since the study’s release, with palladium now trading at a 43% premium and platinum at a 52% premium to the assumed prices, Bravo management will feel justified with its price deck selections (informed by Investec’s long-term price forecasts as of June 2025) for the PEA. As for the SUDAM program, G Mining’s Tocantinzinho Mine on October 2nd became the latest project to receive approval from regulators for the 75% income tax exemption, while peer companies in the Carajás – including Centaurus Metals and MJG holding Lara Exploration – have made the same assumption in recent economic studies. This should not be of concern to shareholders. There may be merit however in concerns about the initial capex figures. While potentially achievable using the cheapest available Chinese equipment, it is fair for investors to assume that these figures will increase in the forthcoming Luanga Prefeasibility Study. With this said, the Luanga Project should be able to quite easily absorb increased upfront capital costs – with the Base Case and Alternative Case NPV’s sitting above US$2 billion and US$3 billion, respectively, at the current spot 4PGE basket price of over $2,000 per ounce. Aside from the PEA, the other significant company-specific development in recent months was the approval in early November of a new Export Processing Zone (ZPE) near the Port of Vila do Conde, with Bravo designated as the “anchor company” for the ZPE. This development substantially increases the probability that Bravo (or a future acquirer of Luanga) ultimately goes the vertically integrated route, with the smelter to be built in this newly created ZPE. As stated in the November 5th news release, “the establishment of a downstream processing facility within the ZPE would potentially accrue material benefits to Bravo, including competitive and regulatory advantages in the form of fiscal and taxation benefits, integration within a globally significant and established logistics hub, and access to readily available, industrial-scale, infrastructure networks including work-force, power, natural gas, port and future rail connection.” This marks the only time since Brazil’s first Export Processing Zone was established in 1988 that a mineral project has been selected as the anchor, a credit to the unparalleled ability of CEO Luis Azevedo and his team to operate within Brazil. The significance of this development was not lost on the market, with the BRVO share price jumping by 20% within five trading days of this announcement, as investors recognized that Bravo’s attractiveness as a M&A candidate had substantially increased. As stated in a previous MJG partnership letter, “Bravo is a bet on the right people, in the right place, with the right asset”. This hasn’t changed, with the PEA and ZPE approval strengthening the case for Luanga being the most attractive undeveloped PGM deposit outside of South Africa, if not globally. Given the significantly improved price environment for PGMs, the Bravo team has been presented with a golden window to aggressively push Luanga to production – or alternatively to find an acquirer who would like to do so themselves. Access our full research database on Bravo Mining Brookfield Renewable Partners LP $BEP US by Clearbridge Sustainability Leaders StrategyThesis: Source: https://drive.google.com/file/d/1tCTjgHQk-r7ETk1LVYtOUZMuAwEBO-RL/view?usp=drivesdk Analysis: Access our full research database on Brookfield Renewable Partners LP Constellation Energy $CEG US by Munro Climate Change Leaders FundThesis: Constellation Energy operates a large carbon-free nuclear fleet poised to benefit from tight US power supply and rising AI-driven electricity demand supporting higher earnings. Source: https://drive.google.com/file/d/1FyT8ApzH8s8kgdEUt39E_mVEZs7vHftM/view?usp=drivesdk Analysis: Recent reviews by US regulators PJM and FERC suggest that electricity supply continues to struggle against increasing demand in key US markets. This benefits independent power producers like Constellation Energy as it suggests power prices are likely to remain higher for longer, thus leading to higher earnings outlooks. Constellation Energy meets our definition of a Climate Change Leader due to its existing fleet of carbon free nuclear power plants which are becoming increasingly valuable given increasing power demand including from AI-driven data centre demand and electrification. Constellation Energy owns the largest fleet of nuclear power stations in the US. Nuclear energy is a carbon-free source of electricity. Nearly 90% of their annual output is carbon-free.* Access our full research database on Constellation Energy. Crown Holdings, Inc. $CCK US by Upslope CapitalThesis: Crown Holdings, Inc. is a globally diversified can producer trading at decade-low valuation and leverage with secular growth, balance sheet optionality, and buybacks supporting an attractive setup. Source: https://drive.google.com/file/d/1zujmQdrmMDUO2R4_cAXpNY6Ce3_stwNs/view?usp=drivesdk Analysis: Crown is a leading global producer of aluminum beverage cans (80% of sales) and transit packaging/equipment (20%). The company is highly diversified by geography, with 60% of sales generated outside of the United States and 34% from emerging and frontier markets. Upslope has been both long and short (e.g. following a misguided acquisition that management seems to have learned the right lessons from) in the past. While defensive stocks have been extremely out of favor for some time, Crown has continued to execute well, seeing steady growth and positive earnings revisions. As a result of this and the unfavorable environment for defensives, shares have remained cheap at just 13x earnings and 8x EBITDA (the latter effectively sitting near 10-year lows). At the same time, leverage (2.5x net) and share count (-15% in 5 years) are also at decade lows. This—a cheap, economically defensive stock with healthy secular trends, balance sheet optionality, and an active buyback—seems like a particularly attractive setup for a market environment marked by high macro uncertainty and aggressive valuations. Key risks for the company and shares include FX (most sales are outside of the US), volume headwinds for beer/soda end markets, commodity pressure (generally pass-throughs are tight, but occasionally issues pop up), and cyclical risk for the transit packaging unit. Access our full research database on Crown Holdings, Inc. Edelweiss Financial Services Ltd. $EDEL IN by Pabrai Wagons FundThesis: Edelweiss Financial Services is an Indian financial holding company with multiple planned spin-offs and structural tailwinds that suggest significant valuation upside. Source: https://drive.google.com/file/d/1v8RY5sBzzRDue_ig1luxE7WQ8gtK1GiQ/view?usp=drivesdk Analysis: Based in India, Edelweiss is a holding company with various financial services subsidiaries that we believe have many tailwinds. Edelweiss’ current market cap is approx. $1.2 billion. Over the next 5-6 years, Edelweiss plans to spin off at least 4 different subsidiaries. We believe each will have a market cap exceeding $1 billion. The first spin-off will be their 100% owned alternative assets business, which is in-process. It is expected to be valued at $1 - $1.5 billion1 at IPO. Access our full research database on Edelweiss Financial Services Ltd. Fanuc Corporation $6954 JP by Upslope CapitalThesis: Fanuc Corporation is a dominant industrial automation and robotics leader poised to benefit from physical AI and reshoring tailwinds, supported by a fortress balance sheet and reasonable valuation. Source: https://drive.google.com/file/d/1zujmQdrmMDUO2R4_cAXpNY6Ce3_stwNs/view?usp=drivesdk Analysis: Upslope first initiated a “Starter” position in Fanuc in April 2025. It has been an undisclosed Starter since and has grown (both organically and inorganically) into a full-sized position. A somewhat belated overview of Upslope’s thesis is below. Access our full research database on Fanuc Corporation Ferguson plc $FERG US by Clearbridge Sustainability Leaders StrategyThesis: Ferguson is the largest U.S. plumbing and mechanical distributor with scale, service, and cash flow advantages that support share gains and growth in data center and infrastructure projects. Source: https://drive.google.com/file/d/1tCTjgHQk-r7ETk1LVYtOUZMuAwEBO-RL/view?usp=drivesdk Analysis: Ferguson, in the industrials sector, is the largest U.S. plumbing and mechanical distributor for professional contractors and homeowners. Its end market split is roughly half residential and half non-residential. Ferguson’s scale enables it to provide a broader product assortment and better availability than its competitors. The company’s unmatched service network helps contractors’ productivity, which has proven especially valuable given tightening labor market conditions. We believe Ferguson has a long runway of opportunity to continue gaining share organically and through rolling up competitors in a highly fragmented industry. Strong free cash flow generation allows Ferguson to continue investing in existing branches and state-of-the-art distribution centers, further enhancing its value proposition versus competitors. Furthermore, Ferguson is very well-positioned to continue winning in data centers and other large commercial and infrastructure construction projects. Data centers are increasingly liquid cooled, which is more energy efficient and generally results in a lower carbon intensity. Ferguson is an enabler and beneficiary of this shift and is positioned to be a leading provider of the water-related equipment necessary for liquid-cooled data centers. On the waterworks side, Ferguson is central to infrastructure upgrades. We believe the market underappreciates the size of the opportunity for Ferguson in data centers and other megaprojects over the coming years. In order to establish the new position, we rotated out of existing holding Trex, as we believe Ferguson to be a more optimal choice for exposure to the housing market within industrials. Access our full research database on Ferguson plc. Fiserv $FI US by Oakmark FundThesis: Fiserv is a bank software and payments processor with attractive assets, leadership upgrades, and an appealing valuation versus expected growth. Source: https://drive.google.com/file/d/11nGTLena3HxjzHkVtNOnoC1pVHDsbb8T/view?usp=drivesdk Analysis: Following the completion of a recent strategic review, Fiserv’s new CEO concluded that prior leadership’s medium-term revenue growth and margin targets were unachievable. While we are disappointed by these revelations, we continue to believe that Fiserv is a formidable competitor with attractive assets operating in growing end markets. We are also encouraged by recent upgrades to the executive management team and the board of directors, as well as recent insider stock purchases. The new management team expects Fiserv to deliver mid-single-digit organic revenue growth and double-digit earnings per share (EPS) growth on a normalized basis. Accordingly, we believe the risk/reward is attractive with the shares trading at a single-digit multiple of current EPS. Access our full research database on Fiserv Gartner $IT US by Oakmark Global FundThesis: Gartner is a leading IT research provider with strong brand, high FCF conversion, and reacceleration potential amid overstated AI-related disruption concerns. Source: https://drive.google.com/file/d/1X9ldJYf6sdyx4hbOnG_5cSB3QFs0-SFb/view?usp=drivesdk Analysis: Gartner is a global leader in research services, with a long history of delivering valuable insights and data to business and technology leaders. In our view, the company has the best brand in IT research, supported by its scale and a compelling customer value proposition. These advantages have driven a long history of strong organic growth and robust free-cash-flow conversion. The stock price has declined meaningfully from recent highs due to investor concerns surrounding AI-related disruption. We believe these concerns are overstated. In our view, Gartner is well-positioned to reaccelerate organic growth due to continued high customer engagement and the large opportunity to sell to new and existing customers. We took advantage of the opportunity to buy shares in this well-managed company at a bargain price. Access our full research database on Gartner. Heidelberg Materials $HEI GY by Clearbridge International Growth ADR StrategyThesis: Heidelberg Materials is a German building materials supplier with potential margin upside from better utilization and decarbonization advantages amid a stimulus-driven recovery. Source: https://drive.google.com/file/d/1NuessEMGPpeqGK1bzghlwe-3EZAwa6vo/view?usp=drivesdk Analysis: We also added Heidelberg Materials, a German supplier of building materials for residential, commercial and infrastructure construction. The company could see upside to margins from improving capacity utilization in Europe and its advantages in implementing decarbonization technologies in the production of cement. European construction activity is at 30% lower levels than pre-COVID, paving the way for a recovery that could be triggered by vigorous German stimulus that should be followed across the EU. Access our full research database on Heidelberg Materials Henry Schein, Inc. $HSIC US by Upslope CapitalThesis: Henry Schein, Inc. is the leading dental distributor with KKR’s stake catalyzing efficiency and higher-margin growth, making its defensive and attractively valued shares appealing. Source: https://drive.google.com/file/d/1zujmQdrmMDUO2R4_cAXpNY6Ce3_stwNs/view?usp=drivesdk Analysis: Access our full research database on Henry Schein, Inc.. IMCD NV $IMCD NA by Oakmark International FundThesis: IMCD NV is a best-in-class specialty chemicals distributor with pricing power, resilient demand, and long-term M&A-driven growth potential after a cyclical downturn. Source: https://drive.google.com/file/d/1S1ncnKHU3aQ_Cs4OlRqyc9Xf2UDDObNL/view?usp=drivesdk Analysis: Access our full research database on IMCD NV. Legence Corp $LGN US by Munro Climate Change Leaders FundThesis: Legence Corp provides MEP services that improve building energy efficiency, leveraging a skilled workforce and strong exposure to fast-growing data center and life sciences markets. Source: https://drive.google.com/file/d/1FyT8ApzH8s8kgdEUt39E_mVEZs7vHftM/view?usp=drivesdk Analysis: Legence is a provider of engineering and design, as well as installation and maintenance, to buildings. Like Comfort Systems (watch the Comfort Systems stock story video from November 2025), Legence’s focus is on the mechanical, electrical and plumbing (abbreviated to ‘MEP’) of complex buildings including data centres, life sciences manufacturing facilities, schools and hospitals. Access our full research database on Legence Corp Lifecore Biomedical, Inc. $LFCR US by Laughing Water CapitalThesis: Source: https://drive.google.com/file/d/1xKXTaP-s-StCiUTwqKlyDTjVpjiSWatd/view?usp=drivesdk Analysis: Access our full research database on Lifecore Biomedical, Inc. Linde plc $LIN US by Mar Vista US QualityThesis: Source: https://drive.google.com/file/d/1Am69HOO3K8lerPb3Li2FHZG_3VoYYBKv/view?usp=drivesdk Analysis: Access our full research database on Linde plc. Liquidia Corporation $LQDA US by Laughing Water CapitalThesis: Liquidia Corporation has an approved, better-tolerated PAH/PH-ILD therapy gaining share with patent outcomes skewed favorably, creating substantial upside with manageable downside. Source: https://drive.google.com/file/d/1xKXTaP-s-StCiUTwqKlyDTjVpjiSWatd/view?usp=drivesdk Analysis: Liquidia Corp (LQDA) – Liquidia was first introduced anonymously in the YE’24 letter to LPs. At the time, the company was a pre-approval biopharmaceutical company that was mired in patent lawsuits filed by an incumbent (United Therapeutics - UTHR) that was seeking to defend their market position versus an upstart that seems to have a superior product. Since that time, Liquidia’s drug – Yutrepia – has been approved for treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). Early sales of Yutrepia have crushed expectations as patients – and prescribers - seem to prefer Yutrepia vs. the incumbent due to superior delivery and tolerability. Between appreciation and adding to the position as the company reached important milestones, LQDA has grown into a top position. Liquidia has won many patent battles vs. United Therapeutics already, but the war is not yet won. United Therapeutics has a $22B market cap, and much of that is at risk due to Liquidia’s advances. They are thus well incentivized to keep fighting. As such, the patent lawsuits continue to linger, with a resolution of the latest round expected any day. My reading of the materials and discussions with attorneys lead me to believe that the odds for success are heavily tilted in Liquidia’s favor. Importantly however, at this point the remaining questions are almost entirely tied only to the use of Yutrepia to treat PH-ILD. In other words, it seems that Liquidia will be able to continue to sell Yutrepia in some form regardless of the outcome of the still pending patent conflict. If they lose on the patent front, it is possible they will have to pay a royalty to United Therapeutics, or that the indications for which Yutrepia can be prescribed could be limited to only PAH. These would of course be negative developments, and the stock would likely take a near-term hit, but ultimately an adverse outcome should not be catastrophic given the growing size of the end market, the share they are taking, doctor ability to prescribe off label, and other future indications. Additional value should come from Liquidia’s L606 product, which is still in development. If they win the patent battle, in my view the stock could easily double or triple as they continue to penetrate the market. We thus have a situation where the downside seems reasonably well protected, and the upside could be substantial over the next 1-2 years. I think the reality of this situation is more important than any factors. Access our full research database on Liquidia Corporation MercadoLibre $MELI US by Infuse AMThesis: MercadoLibre is a long-term focused operator that has outcompeted major marketplaces via vertical integration and fast delivery, sustaining a powerful e-commerce and payments flywheel. Source: https://drive.google.com/file/d/1efOG32It2ECguTkrOrkFJfY3toCfHUDr/view?usp=drivesdk Analysis: MercadoLibre will eventually encroach on Nu’s territory but there is so much whitespace in Mexico since much of the population is unbanked. This company’s management team is one of the few that actually thinks long-term. Lots of management teams give lip service to long-term decision making but this management team really does. They have outcompeted strong marketplaces like Amazon, Shopee, Temu and TikTokShop using vertical integration and fast delivery times. The e-commerce/payments flywheel is still spinning quite fast even at $25 billion in revenue. Access our full research database on MercadoLibre Meta Platforms, Inc. $META US by Mar Vista US Quality PremierThesis: Source: https://drive.google.com/file/d/1KJ29N6OF6Yya0sce8NUtpRfX9go8SA9k/view?usp=drivesdk Analysis: Access our full research database on Meta Platforms, Inc. Microsoft Corporation $MSFT US by Mar Vista US Quality PremierThesis: Microsoft is funding substantial AI infrastructure and seeing accelerating Azure and Copilot adoption, supporting long-term monetization of generative AI. Source: https://drive.google.com/file/d/1KJ29N6OF6Yya0sce8NUtpRfX9go8SA9k/view?usp=drivesdk Analysis: Microsoft’s (MSFT) stock came under pressure in Q4 as investors grew concerned about the rising cost of building AI data infrastructure to support foundation models such as OpenAI. Capital expenditures across Microsoft and its hyperscaler peers accelerated in calendar 2025 and are expected to increase again in 2026. While these investments are substantial, Microsoft is well positioned to fund this growth through its large and expanding base of operating cash flows. That said, the company does have meaningful exposure to OpenAI, which remains relatively unproven given the scale and duration of its contractual commitments. We continue to maintain Microsoft as a top holding, as we believe the company’s financial strength, diversified revenue streams, and broad customer base provide significant resilience. Microsoft is seeing accelerating growth within Azure, its hyperscale cloud platform which remains capacity-constrained, alongside increasing adoption of its Copilot offerings across its extensive enterprise customer base. We believe Microsoft should be well positioned to generate attractive long-term returns from its partnership with OpenAI and to effectively monetize generative AI capabilities across its global enterprise IT footprint through its expanding suite of Copilot and AI-enabled products. Access our full research database on Microsoft Corporation. NextNav Inc $NN US by Laughing Water CapitalThesis: Source: https://drive.google.com/file/d/1xKXTaP-s-StCiUTwqKlyDTjVpjiSWatd/view?usp=drivesdk Analysis: On the approval front, the relevant background is that in 2017 Senator Ted Cruz, now Chairman of the Senate Committee on Commerce, Science, & Transportation that oversees the Federal Communications Commission (FCC), first called for a terrestrial backup to GPS. Next Congress passed the National Timing Resilience and Security Act of 2018, which explicitly calls for a terrestrial, wireless, wide-area backup system to GPS. In 2020 President Trump issued an Executive Order calling for a non-satellite-based alternative to the positioning, timing, and navigation that is provided by GPS. However, none of these initiatives have advanced, largely due to a lack of funding and political will. In fact, no real progress was made toward this goal until April of 2024 when NextNav submitted a proposal for rulemaking to the FCC that would enable a terrestrial GPS-complement and backup system to be stood up on the back of 5G mobile spectrum. Notably, NextNav’s plan requires zero government funding. The FCC next published a Notice of Inquiry (NOI) in March of 2025 that focuses on identifying a backup to GPS, while mentioning NextNav by name. NextNav’s proposal asks that the 900 MHz spectrum band – where NextNav already has spectrum – be repurposed from Location and Monitoring Service to allow for 5G. To be clear, there are other groups with different plans, but each of them seems to fall short of NextNav’s plan in one way or another. Importantly, this is not a winner take all situation. The goal is to create a “system of systems” to act as backup GPS, which means there can be multiple winners. Unlike alternative plans, NextNav’s plan also frees up valuable low-band spectrum for consumers. Freeing up spectrum is another stated policy goal of Trump, Ted Cruz, FCC Chairman Brendan Carr, and Secretary of Commerce Howard Lutnick, who oversees the National Telecommunications and Information Administration (NTIA), which is effectively the Federal equivalent of the civilian FCC. The relevant context is that China and Russia have terrestrial backups to GPS, and the U.S. does not. China and Russia also have satellite killing missiles, which means they can destroy U.S. GPS, but the U.S. cannot destroy their GPS. Deploying a terrestrial backup to GPS is thus a national security issue that has bi-partisan support, and NexNav is the only group that has submitted a concrete plan to reach this goal. If you think the U.S. approving a record $11B arms deal for Taiwan as happened in December might antagonize China, then the importance of a terrestrial GPS backup rises. If you think the U.S. capturing Maduro from Venezuela and cutting off Chinese access to Venezuelan oil matters, then the importance of a terrestrial GPS backup rises. If you think Trump calling for a $1.5T defense budget is indicative of a militaristic stance, then the importance of a terrestrial GPS backup rises. In my view, the case for approving NextNav’s plan is straight forward; of the available options their plan is quickest to market, cheapest, most robust, covers the widest geography, and is least disruptive to mobile phone makers. Further, NextNav’s technical-engineering studies show that 5G signals can co-exist with incumbent users of 902-928 MHz spectrum. However, there is significant opposition to the plan from these incumbents. This opposition primarily falls into 3 buckets: licensed toll operators (EZ Pass, Sun Pass, etc.), Federal users (Lutnick has been clear he wants to reduce Federal spectrum squatting), and unlicensed part 15 devices (RFID, certain security sensors, garage door openers, etc.), each of which claim that allowing 5G transmissions into the band will harm their existing operations. NextNav and the opposition have both submitted hundreds of pages of technical studies and opinions in support of their respective opinions. I have spent significant time understanding both sides of the argument, and am not dissuaded from the investment. Importantly, NextNav is only asking for use of 902-907 MHz and 918-928 MHz and is happy to co-exist in that range, meaning that 11 MHz from 907-918 would be unchanged for incumbents, and they could still operate in the rest of the band as well. The physics and filtering here is complex. However, there are some commonsense elements at play as well. It should be noted that toll operators primarily operate in the middle part of the band already, and most part 15 devices are center tuned to 915 MHz, meaning they are most effective where NextNav does not want to operate. Perhaps more importantly, in the E.U. and China the equivalent to part 15 devices operate in much smaller bands. For example, for UHF RFID, which is used for inventory tracking, the E.U. allocates 3 MHz of spectrum, while China allocates 5 MHz. It is not clear to me why the U.S. needs 26 MHz for UHF RFID when much much smaller slices work abroad. Additionally, mobile phone traffic peaks at predictable times. Namely, the primary peak is between 7:00 and 10:00 PM, and the secondary peak is between 12:00 and 1:00 PM. In other words, 5G signals are most active when people are at home on their couch or eating lunch. Demand for much of the part 15 ecosystem is inversely correlated to these times; there is less inventory tracking happening when warehouse workers are eating lunch or on their couch. In a gross oversimplification, it is also worth noting that the incumbent devices in question are designed to operate under high interference conditions, and 5G is also designed to dynamically move away from interference. The FCC operates under a “serve the public interest” doctrine, which is pretty close to a “highest and best use” doctrine, and it seems difficult to argue that reserving 26 MHz for a situation where 5 MHz suffices in real world conditions abroad meets this standard. All of the relevant political figures here have made it clear they are proponents of market forces. To me, this suggests that the FCC could grant NextNav’s proposal for 5G which would also allow Part 15 makers continued access to all of 902-928 MHz. Realistically, it could take 18-36 months for 5G to go live, during which time if Part 15 makers were concerned about interference from NextNav they would limit all new devices to only the 11 MHz where NextNav 5G would not operate. Importantly, much of the Part 15 device ecosystem turns over extremely quickly (like one time use RFID tags), and a sizeable part of the entire Part 15 fleet would be turned over before 5G even went live in the 902-907 / 918-928 MHz bands. In any case, NextNav has been attempting to work collaboratively with the opposition for almost 2 years now to find a solution that works for everyone, but for the most part the opposition has not come to the table. As such, the next logical step here would be a Notice of Proposed Rule Making (NPRM) from the FCC which would effectively force all parties to the table. It is impossible to know the exact timing of when that might happen, but as recently as mid-December FCC Chairman Brendan Carr testified in front of the Senate Commerce Committee: “[…] we have been taking actions at the FCC to look at standing up either complementary, or alternative, or secondary ways of getting that precision, navigation and timing information that today is displayed by GPS. So we are going to look at potentially next steps and trying to invigorate that work.” The simple fact that the FCC allowed NextNav to file their proposal means that they clearly do not hate the idea. The fact that the FCC followed with an NOI that mentions NextNav by name suggests that they are favorably predisposed to the idea. The big risk at this point is that the FCC just lets the proposal gather dust for years, but the quote above suggests that that risk is de minimis. In fact, in my view this quote suggests that the NPRM is more of a “when” than an “if”, and if the above-mentioned U.S. military moves that are seemingly hostile toward China have any signal value, then I suspect that “when” is “soon.” Soon is of course difficult to quantify, but scuttlebutt suggests that any delay is not because of the opposition, but rather due to staffing constraints at the FCC bumping into an ambitious agenda, complicated by digging out of the government shutdown. I suspect that in the months to come NN stock will be volatile as it trades on meaningless factors, options hedging around obvious potential action dates, and fears that any delay to an NPRM is due to the opposition convincing the FCC that NextNav’s plan is flawed. Again, I believe this is a “when” not an “if”, and the “when” is simply constrained by available manpower at the FCC. I suggest looking past the factors and volatility, and toward what the result of the NPRM might be. In the best case, NextNav would be granted clean use of 15 MHz of low band spectrum. AT&T’s recent purchase of low band spectrum from EchoStar suggests NextNav’s spectrum could be worth somewhere around $60 per share. There could be upside to that number as well. Public comments from bankers involved in that transaction indicate that the transaction happened on an accelerated timeline, which likely prevented some bidders from fully participating. Additionally, AT&T’s FCC filing related to the transaction indicates they purchased the spectrum to alleviate congestion in their low band portfolio. As of Q3’25 AT&T had 119M subscribers, while Verizon had 146M, and T-Mobile had 140M. Prior to the transaction AT&T had slightly more low band spectrum than Verizon and about the same as T-Mobile. The simple math suggests that if AT&T’s smaller subscriber base was causing congestion, then T-Mobile and Verizon are likely dealing with congestion as well; they need more low band. Additionally, if satellite operators that are attempting to roll out direct to mobile like Starlink decide they need low band spectrum to penetrate through tree cover or indoors, then look out above. After all, it only takes 2 seriously interested parties in an auction of a scarce asset to exceed upper estimates of valuation. The downside is admittedly difficult to quantify, but it is important to recognize that given some combination of both overt and apparent support for NextNav by all of the relevant decision makers, it seems likely that NextNav will at least get something. That might mean geographic carveouts, it might mean claw backs of windfall gains, it might mean paying incumbents to go away, or it might mean power restrictions on the spectrum. All of these potential items could detract from ultimate value. However, game theory is important here. If the goal of Trump, Cruz, Carr and Lutnick is to roll out a backup to the GPS system, they have to incentivize the mobile network operators (MNOs) to roll it out. The MNOs are only incentivized to roll out this spectrum if it is attractive to them for 5G use. Carve outs, power restrictions, and other ancillary costs make the spectrum less attractive, which then hinders deployment. The FCC is thus incentivized to be generous to NextNav. My main worry here is that my analysis is rooted in logic, which does not always jibe with politics. That being said, in matters of national security politics typically take a back seat to the common good. During time of rising belligerence, national security typically trumps all. No pun intended. Access our full research database on NextNav Inc. Ryanair $RYAAY US by Clearbridge International Growth ADR StrategyThesis: Source: https://drive.google.com/file/d/1NuessEMGPpeqGK1bzghlwe-3EZAwa6vo/view?usp=drivesdk Analysis: Access our full research database on Ryanair. Samsung C&T $028260 KS by AVI Global Special SituationsThesis: Source: https://drive.google.com/file/d/1ckGJHy9lHP2ycdp5NyngEuQ0TV-6W7SH/view?usp=drivesdk Analysis: Access our full research database on Samsung C&T. Sanofi $SAN FP by Oakmark International FundThesis: Sanofi is a global pharma company prioritizing innovation with a promising pipeline and long runway for growth despite market concerns and recent volatility. Source: https://drive.google.com/file/d/1S1ncnKHU3aQ_Cs4OlRqyc9Xf2UDDObNL/view?usp=drivesdk Analysis: Sanofi is a global pharmaceutical company developing biologics, vaccines and healthcare solutions to prevent and treat a wide range of conditions in immunology, hemophilia, rare diseases and general medicine. We think there is a lot to be excited about as management has prioritized innovation by aggressively investing in research and development to cultivate a pipeline of promising products. Despite strong fundamentals, the stock has been weighed down by a volatile year for the vaccine market, investor concerns about patent cliffs and minimal value ascription to its pipeline. This created the opportunity for us to invest in a company we believe is improving, with a long runway for future growth as vaccine markets normalize and new product potential is realized. Access our full research database on Sanofi SECURE Energy Services Inc. $SES CN by Laughing Water CapitalThesis: Source: https://drive.google.com/file/d/1xKXTaP-s-StCiUTwqKlyDTjVpjiSWatd/view?usp=drivesdk Analysis: Access our full research database on SECURE Energy Services Inc. TKO Group Holdings, Inc. $TKO US by Munro Global Growth Small & Mid Cap FundThesis: Source: https://drive.google.com/file/d/1JmP_rgXw3svTMhcAJrwN1p6d4X5V9yvx/view?usp=drivesdk Analysis: Access our full research database on TKO Group Holdings, Inc. TransMedics $TMDX US by Infuse AMThesis: TransMedics is transforming organ transplants with a growing logistics network that lowers unit costs and could expand the market through DCD procedures, creating a density-driven moat. Source: https://drive.google.com/file/d/1efOG32It2ECguTkrOrkFJfY3toCfHUDr/view?usp=drivesdk Analysis: TransMedics has single-handedly changed the organ transplant process. In sticking with its mission to save lives, the company now owns 22 private jets and is doing roughly 30 organ transplants every single day. As density continues to grow, it becomes more difficult to compete with since the company’s cost per transplant decreases relative to competitors. The market size is the biggest risk here but if TransMedics continues to enable donor after circulatory death (DCD) transplants, it will grow the entire market as fewer organs will be wasted. Access our full research database on TransMedics. Unilever PLC $ULVR LN by Oakmark International FundThesis: Source: https://drive.google.com/file/d/1S1ncnKHU3aQ_Cs4OlRqyc9Xf2UDDObNL/view?usp=drivesdk Analysis: Access our full research database on Unilever PLC Visional $4194 JP by Oakmark International Small Cap FundThesis: Source: https://drive.google.com/file/d/1vfS4AyQnVifxP0shmFtm6tIv8Ot_J0CV/view?usp=drivesdk Analysis: Access our full research database on Visional Vivendi SE $VIV FP by AVI Global Special SituationsThesis: Vivendi SE is a European holding company trading at a very wide discount with upside supported by improving UMG fundamentals and strong NAV growth prospects. Source: https://drive.google.com/file/d/11Fq3jlwIfzs7su0azL8Xt15qha6kcj2-/view?usp=drivesdk Analysis: During the month the Cour de Cassation ruled in favour of Bollore’s appeal, arguing against the notion of de-facto control and asking the lower court judges to re-examine the case. In turn the AMF has suspended its ruling of a mandatory takeover offer on Vivendi whilst this process continues. We now face a wrought and long-winded legal process with an uncertain outcome and potential further appeals to appeals. Net-net, however, the odds of a near-term mandatory takeover offer are meaningfully lower than a few weeks ago, and this has been reflected in a widening of Vivendi’s discount, which now stands close to 50%. Access our full research database on Vivendi SE. Wise plc $WISE LN by LongriverThesis: Wise plc is building a compliant, scalable global cross-border money movement platform with reinforcing Consumer, Business, and Platform channels that share scale economies to drive durable compounding with bounded downside. Source: https://drive.google.com/file/d/1bWkKp8LQgX6v5l9B50lqkyv4_-5c53Hz/view?usp=drivesdk Analysis: WISE PLC REVISITED Wise is the most asymmetric investment in our portfolio today and illustrates the idea of bounded downside and long-run upside in practice. As I wrote last year, Wise helps consumers and businesses hold and move money across borders. It is taking market share from the legacy correspondent banking model through an infrastructure that is cheaper, faster, and more transparent. Under the hood, it is starting to look more like a global financial services platform than a simple remittance app. Wise has three routes to market: Consumer, Business and Platform. Each uses the same underlying operating system and reinforces the others through greater volume, more corridors, and more operational learning, improving reliability and lowering unit costs. That matters because Wise does not need to win in a single channel to keep compounding. It can win by owning the account for global users, by powering other people’s products, or by some mix of both. When I first invested, the case seemed easy to underwrite at prevailing prices. The shares were out of favour, partly because falling interest rates were expected to reduce interest income and partly because investors were disappointed that management chose to cut prices and raise opex rather than harvest operating leverage. That seemed like a misunderstanding of Wise’s proven profitability and management’s commitment to a “scale economies shared” model. A memo from Hayden Capital, published in May 2025, crystallised the risk of doing what the market wanted: under-investment in a race to scale. In an industry like payments, you do not win by being the most profitable today, but by using today’s profits to get even bigger. If you under-invest for too long, you may look profitable, but you will quietly cede the scale advantage to competitors who are willing to subsidise pricing, bundle FX inside wider product suites, or reinvest more aggressively in onboarding, controls, and support. That trade-off is even starker for Wise because it has chosen not to lend. Fee income has to fund both growth and resilience. Seen through that lens, I have even more respect for management’s decision to reset the market’s long-term expectations at the expense of near-term optics. Over the last twelve months, they have largely done what they said they would. Underlying margins have come down from 22% to 16% as they lowered the average cross-border take-rate from 0.62% to 0.52% (about a 16% reduction) and increased headcount by a sixth, primarily in roles that build capacity for ever-greater volumes. They are also testing brand advertising in priority markets like Australia, Canada and the United States. The sequencing makes sense: build capacity first, then lean into demand. If the end-game is a much larger base of global accounts, this is what the investment phase should look like. (Note: “underlying” revenue and earnings refer to the definition set by Wise’s management, which includes only the first 1% of interest income to focus on the core economics of the business.) MOMENTUM RETURNS What makes the setup interesting again is that, after rallying following the company’s first-ever Capital Markets Day in April 2025 and an announcement to shift the primary listing to the United States, the share price has weakened even as operating momentum has improved, and we begin lapping the margin reset. Specifically, growth in both Personal and Business active customers has accelerated for four consecutive quarters. Quarter-on-quarter growth rose from roughly 1.7% to 6.6% in Personal and from roughly 2.8% to 6.1% in Business. That acceleration is now showing up in the metrics that matter. In 2Q FY26, cross-border volume rose 24% year on year to about £44bn (and about £85bn over 1H FY26), while customer balances rose 34% to about £20bn. At the same time, the Wise Account continues to shift Wise from an infrequent remittance utility into a sticky product customers use to hold balances and spend “locally” while abroad. Average balances per active customer reached new highs, up 17% year on year in Personal and 8% in Business, while Card and Other revenue continued to grow strongly, up 26%. This is transforming Wise’s revenue mix: on a trailing twelve-month basis to H1 FY26, non-cross-border revenue rose to 41% of underlying revenue and 50% of total revenue. Higher balances have helped to offset lower interest rates. Business shows the most evident signs that reinvestment is translating into deeper usage, not just broader reach. In 2Q FY26, Business cross-border volumes grew 38% year on year to about £13bn, well ahead of the group, while Business active customers grew about 19% to 504,000. Volumes are rising faster than the customer base. This is consistent with Wise moving from “transfer tool” towards “account”. It also suggests Wise is starting to serve more complex SMEs, not just freelancers and micro-businesses. Meanwhile, management disclosed that Platform’s share of group cross-border volume rose from roughly 4% to 5% over the last year, implying growth more than twice as fast as volumes overall. Critically, the economics are holding up. Gross margins have been stable at 76%, suggesting Wise is funding lower prices primarily through efficiency rather than structurally weaker unit economics. This is “scale economies shared” behaving exactly as intended. AN ASYMMETRIC BET Here is the asymmetry as I see it. Wise is a large enough position in the fund to matter if it works, but not so large that a disappointment would dominate the outcome. Strategically, the question isn’t whether Wise has better infrastructure. It is where Wise will sit in the stack. The highest-value outcome is Wise as the default account for high-value, globally active individuals and SMEs. A second, still attractive outcome is Wise as default routing inside other people’s workflows, where Wise powers the product while the partner owns distribution. It may be both. The common requirement is the same: bank-grade reliability, proven controls, and economics that improve with scale. In a dull case, Wise remains a profitable, cash-generative, regulated network that continues to compound steadily. The downside is an ordinary return rather than a broken business. The upside comes from time. Reinvestment is not just about next year’s growth; it is about extending how long Wise can compound. If the account becomes “always on” for SMEs and Platform scales under banks and fintechs, Wise can compound for much longer than most investors currently assume. If that happens, we should not need multiple expansion for this position to work. As Wise’s network grows, it could ultimately support something even more ambitious: a “modern Citi”. That is, a financial services platform for high-value, globally active individuals and SMEs. A single onboarding would give them a local presence in multiple countries with cross-border movement built in. The building blocks are already visible, but the path depends on execution: reliability, controls, and a customer experience that scales without a high-touch cost base. The main non-obvious risk is not demand. It is an operational and regulatory failure. That is true for any financial services business, which is why this is not a dominant position. Wise’s decision not to lend reduces one dimension of risk, but it does not remove the need for strong governance around compliance, safeguarding and operations. The rest of this note focuses on four areas that determine where Wise can sit in the stack: Compliance, Business, Platform, and Stablecoins. Access our full research database on Wise plc Youngone Corporation $111770 KS by AVI Global Special SituationsThesis: Youngone Corporation is a leading OEM producer of premium technical outerwear with durable cost advantages and sticky customer relationships, trading at a low valuation with potential governance-driven re-rating. Source: https://drive.google.com/file/d/11Fq3jlwIfzs7su0azL8Xt15qha6kcj2-/view?usp=drivesdk Analysis: For this month’s newsletter, we wanted to discuss our investment in Youngone Corporation (“Youngone”) and its OEM operations. Youngone is a leading global manufacturer of premium technical outerwear, acting as the strategic OEM partner to over 40 global apparel brands, such as The North Face, Arc’teryx, Lululemon, and Patagonia. Founded in 1974 by Ki-hak Sung as an export and sales company for apparel in Korea, Youngone has evolved into a sophisticated manufacturer of high-performance outerwear through five decades of accumulated expertise and manufacturing scale. High-value performance apparel, which represents c. 85% of Youngone’s OEM sales, is a structurally less competitive and less commoditised segment than general apparel OEM, given the complexity of producing advanced garments at global scale and the long development cycles required (3–4-month lead times). Youngone’s major customers view the company as an extension of their own supply chain rather than an outsourced, replaceable vendor. Youngone was the first garment manufacturer to enter Bangladesh in 1980, today controlling over c. 1,000 acres of manufacturing space. The company employ both skilled local workers, who have had internal training for 30+ years at Youngone, and a locally experienced management team. This well-established, large manufacturing base is a strong barrier to entry for competitors and provides a cost-competitive foothold for Youngone’s manufacturing operations. This combination of cost advantages and high client switching costs has compounded Youngone’s consolidated earnings at a CAGR of +12% since 2008 and delivered strong returns on capital over the same period. Despite the quality of Youngone’s OEM operations, the company continues to trade at an undemanding valuation that fails to reflect the quality of its underlying business, trading at just 1.0x P/B and 5.6x EV/fwd. EBIT. For comparison, close listed peers Eclat Textile and Makalot Industrial, trade at an average 5.0x PB and 14.8x EBIT. Youngone has traded at an average discount of -65% to these peers since 2017. We believe this perpetual discount is the result of the company’s lack of a capital allocation framework, holding a net cash position worth 34% of market cap, poor quality IR materials with zero English disclosure, limited investor access to the company, and zero international broker coverage. Crucially, all of these issues are governance-and communication-related and could be directly resolved with better capital discipline and shareholder alignment. As with many first-generation, founder-led Korean companies, Youngone has deprioritised capital returns and transparency, in favour of preserving control and minimising tax friction ahead of succession. But with corporate governance reform a core focus of the new DPK government, the cost of inaction will rise as peer behaviour starts to evolve. For Youngone, even modest improvements on any of these fronts could result in a material re-rating, given the scale of the valuation gap and large net cash pile. While we wait for these structural changes to play out, the investment case remains underpinned by the durable, high-return OEM business, which should continue to compound earnings at a high-single-digit to low-teens rate, on rising volumes from key clients, such as Arc’teryx. Access our full research database on Youngone Corporation. Everything you read here is for information purposes only and is not an investment recommendation. Stock Analysis Compilation is free today. But if you enjoyed this post, you can tell Stock Analysis Compilation that their writing is valuable by pledging a future subscription. You won't be charged unless they enable payments.
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