🔹 Alcon (ALC US) by Troy Asset Management Global Equity Strategy
🔹 Allied Critical Metals (ACM CN) by Massif Capital Real Assets Strategy
🔹 Alphabet (GOOGL US) by AGT Partners Shareholder Letter
🔹 AnaptysBio Inc (ANAB US) by Laughing Water Capital (LW Capital Management, LLC)
🔹 Applied Materials (AMAT US) by Blue Whale Growth Fund
🔹 Arm Holdings plc (ARM US) by Royal London AM Global Equity Select Fund (IRL)
🔹 Asbury Automotive Group, Inc. (ABG US) by GoodHaven Fund (GoodHaven Capital Management)
🔹 Astera Labs, Inc. (ALAB US) by Alger.com Focus Equity Fund
🔹 Cushman & Wakefield Ltd. (CWK US) by Baron Real Estate Fund
🔹 Elementis PLC (ELM LN) by Artisan Partners International Explorer Strategy
🔹 Eli Lilly and Company (LLY US) by Baron Health Care Fund
🔹 Enterprise (E US) by Donville Kent Capital Ideas Fund LP
🔹 Experian (EXPN LN) by Aoris International Fund
🔹 GeneDx Holdings Corp. (WGS US) by Amati Global Investors WS Amati Global Innovation Fund (B Share Class)
🔹 Grown Rogue International Inc. (GROG CN) by Bengal Capital Bengal Catalyst Fund
🔹 Host Hotels & Resorts, Inc. (HST US) by Baron Real Estate Income Fund
🔹 i3 Verticals, Inc. (IIIV US) by Heartland Advisors Value Strategy
🔹 Intercontinental Exchange, Inc. (ICE US) by Emerald Focused Equity Strategy
🔹 KSH International Limited by Baron India Fund
🔹 Kyverna Therapeutics by Jacob Funds Management Commentary
🔹 Lasertec (6920 JP) by Baillie Gifford Global Alpha
🔹 Lion Corp (4912 JP) by Artisan Partners International Explorer Strategy
🔹 Lycopodium Limited (LYL AS) by Spheria Global Opportunities Fund Spheria Australian Microcap Fund
🔹 Marsh & McLennan Companies, Inc. (MMC US) by Artisan Partners Global Value Strategy
🔹 MediaTek (2454 TT) by Baillie Gifford Global Durable Growth
🔹 MR DIY Malaysia (MRDIY MK) by Guinness Emerging Markets Equity Income Fund
🔹 MSA Safety (MSA US) by Heartland Advisors Opportunistic Value Equity Strategy
🔹 Naver (035420 KS) by Harding Loevner International Equity
🔹 oOh!media (OML AU) by Harris Associates International Small Cap Strategy
🔹 Reply (REY IM) by Harris Associates International Small Cap Strategy
🔹 Robinhood Markets (HOOD US) by Artisan Partners Global Opportunities Strategy
🔹 Schneider Electric SE (SU FP) by Emerald Focused Equity Strategy
🔹 SiteOne Landscape Supply, Inc. (SITE US) by Baron Real Estate Fund
🔹 Sonic Automotive (SAH US) by Heartland Advisors Small Cap Value Strategy
🔹 Taiwan Semiconductor Manufacturing Company (2330 TW) by Baillie Gifford Emerging Markets Q2 investor letter
🔹 TJX Companies, Inc. (TJX US) by Jensen Quality Growth Fund
🔹 Tradeweb Markets (TW US) by Artisan Partners U.S. Mid‑Cap Growth Strategy
🔹 Tyro Payments Limited (TYR AS) by Spheria Global Opportunities Fund Spheria Australian Microcap Fund
🔹 Unitil Corporation (UTL US) by Heartland Advisors Value Strategy
🔹 Wal-Mart de Mexico SAB de CV (WALMEX* MM) by Aristotle Global Equity Advisory
Fund: Troy Asset Management Global Equity Strategy
Thesis: Alcon is presented as a leading ophthalmology franchise with strong assets, a defensible oligopoly position, a deep pipeline, and long-term growth drivers despite recent execution disappointments.
Source: Read the original letter ↗
Analysis:
Whereas Visa’s latest quarter revealed one of the strongest underlying growth rates in more than a decade, Alcon’s operating performance has been less than stellar. The shares are down -14% (in GBP) year-to-date. The market’s verdict is that execution has repeatedly disappointed and that the medium-term outlook for mid-to-high single digit revenue growth is no longer credible. Growth has slowed for two reasons:
• Stagnant implantables growth. Whilst tariffs and investment spending have had an impact on earnings in the near term, the bear case is mostly focussed on Alcon’s intraocular lens (IOL) franchise for cataracts surgery. Implants account for ~17% of total group sales and the premium end of this segment is one of the highest-margin and, historically, one of the faster-growing parts of the business. Segment growth has slowed to the low-single-digits under weaker US procedure volumes and intensifying competition. With last year’s soft trends recurring, investor patience is running thin.
• Contact lens slowdown. A secondary concern is a reduction in growth for contact lenses from the high-single digits to the mid-single digits. Market growth is weaker as pricing in European markets moderate, and Alcon’s share gains have diminished as product launches mature. We share the disappointment. We also take a broader perspective. Implant competition has proven fiercer than we anticipated and category growth has unexpectedly slowed. Yet Alcon’s ophthalmology portfolio is very broad, and management gets too little credit for their long track record for execution and innovation.
• For implantables. We expect new product launches to stabilise market share in the coming 12 months, and for new industry capacity in the US to restore category growth. Near-term implant share pressure does not change the long-run economics of owning the leading IOL franchise in a market (covering equipment, implants, and surgical consumables) with decades of growth ahead.
• For contacts. Underlying growth is healthier than the headlines suggest as Alcon deliberately retires older lines in favour of newer ones. We are encouraged by launches in the higher margin reusable segment, where Alcon is under-represented. Diminished pricing power is partly cyclical, following outsized 2023-2024 increases and soft consumer confidence. Alcon continues to win international share, and the industry remains a disciplined oligopoly based on patient and optician loyalty and manufacturing complexities.
Elsewhere, performance is encouraging. Alcon is successfully innovating and commercialising products across surgical equipment, over the counter (OTC) and prescription medicines. It stands at the start of a 10-year cataracts surgical equipment replacement cycle, driving strong near-term equipment sales and pulling through revenue for premium-priced surgical consumables. Alcon’s Ocular Health segment – OTC and prescription medicines, primarily for dry eye – is of a similar size and profitability to surgical implants and grew +10% in the latest quarter, driven by new product launches.
Balancing the short term against the long term. We do not dismiss the slowdown in important ophthalmic categories or the execution risk required to address it. We also find the quality of Alcon’s assets – distribution, brands, R&D engine, and position in a structurally attractive oligopoly – are intact. Trading at their historical lows, the company’s share price continued disappointment and structural impairment, offering an attractive opportunity to own the global leader in ophthalmology, with the broadest product range, the deepest pipeline, and a defensible competitive position. We expect Alcon to reassert their leadership with new products, directed by a management team that has transformed and revitalised the business over the past decade via continuous reinvestment, innovation and strong execution.
Access our full research database on Alcon
Fund: Massif Capital Real Assets Strategy
Thesis: Allied Critical Metals is advancing tungsten projects in Portugal with strong project economics and exposure to a Western supply-chain rerating.
Source: Read the original letter ↗
Analysis:
On the supply side of the mineral chain, we own the mirror image of the risk above: producers whose critical output sits in a credible, allied jurisdiction. Allied Critical Metals is advancing two tungsten projects in northern Portugal, inside the EU’s critical-raw-materials perimeter, into a Western tungsten market that fractured from China’s after Beijing added the metal to its dual-use export-control list in February 2025, and that a US ban on Chinese-mined tungsten in defense procurement will wall off further starting in January 2027. Producers who sourced from China describe the fracture as immediate rather than gradual: Beijing’s licensing regime amounted to a near-total stop on tungsten-ore exports, and buyers who had built supply chains around Chinese material spent the following months scrambling for Western alternatives. Larvotto is bringing the Hillgrove antimony mine in New South Wales into production in a market China banned outright in December 2024, with offtake already secured to Wogen and Glencore rather than to a Chinese converter. We except single node risk if we can be paid for it but have a bias toward producers and platforms whose critical outputs sit in credible, self-supplied jurisdictions as the best equity expression of our zero-sum geopolitics’ thesis. Operating leverage into a physical bottleneck is an appreciating option. The transformer shortage is a supply-driven, policy-insensitive price event of exactly the kind the commodity paper argued rewards operating leverage. So is a critical mineral fractured into a two-price world by an export ban. Allied Critical Metals illustrates the embedded optionality directly: its April 2026 preliminary economic assessment on the Borralha project returns an after-tax net present value near C$473 million and a 48.8% internal rate of return on a tungsten price deck around US$1,000 per metric tonne unit, struck at roughly a third of a mid-2026 ex-China spot above US$3,000.
Access our full research database on Allied Critical Metals
Fund: AGT Partners Shareholder Letter
Thesis: Alphabet can turn AI into a moat-enhancing growth driver across Search, YouTube, Cloud, and subscriptions, supported by strong Cloud momentum and disciplined long-term investment.
Source: Read the original letter ↗
Analysis:
Alphabet (Google) In brief, Alphabet’s main upside lies in its ability to turn AI from a perceived disruption risk into a further extension of its competitive moat. With Search, YouTube, TPUs, Gemini, Android, Workspace, Google Cloud, and consumer subscriptions, Alphabet controls multiple scaled platforms through which AI services can be distributed and monetised. Its paid subscription base has also reached 350 million, further broadening its revenue base beyond advertising. The key question is whether AI disrupts Google’s search economics or strengthens its moat by improving user experience, expanding monetisation surfaces, leveraging on its vast amounts of data and accelerating Cloud adoption. So far, the business has remained resilient, with Search still growing strongly and Google Cloud becoming a more meaningful second engine. Another important risk is capex discipline. Like other US hyperscalers, Alphabet is now spending aggressively on AI infrastructure. Over time, investors will need evidence that this spending strengthens its Cloud competitiveness, enables AI monetisation, and supports durable revenue growth. Its recent 2Q results provide encouraging evidence that these infrastructure investments are beginning to bear fruit: Cloud revenue grew 82% year-on-year, operating margins expanded meaningfully to 36%, and backlog increased to US$514 billion. Nearly 90% of Fortune 100 are using Gemini Enterprise, with Alphabet’s management noting from discussions with many CEOs that enterprises are still in the very early stages of exploring what AI can do for their businesses. (The more evidence we see of rising AI adoption translating into real AI monetisation, the more it can strengthen the broader investment thesis for semiconductor chip manufacturers, equipment suppliers, and the wider semiconductor supply chain, all of which stand to benefit from sustained investment in AI infrastructure.) While concerns have emerged around Alphabet reaching negative free cash flow in this quarter, we do not view this as a major concern so long as the spending is disciplined, demand-backed, and directed toward assets that strengthen the business’s economic moat over many years. If one is building a toll road, negative free cash flow during the construction phase is not necessarily a problem. What matters is whether, upon completion, the asset becomes a valuable infrastructure platform capable of generating strong cash flows for decades. So far, the evidence suggests that these investments are beginning to produce strong tangible results. While it remains a relatively small position for us today, we will continue to learn and monitor the AI transition closely and assess the business as developments unfold. Should the thesis strengthen further and valuation remain sensible, we would look to increase our position at the right time.
Access our full research database on Alphabet
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Fund: Laughing Water Capital (LW Capital Management, LLC)
Thesis: AnaptysBio is an asset-light royalty company on Jemperli with discounted cash-flow value and litigation-driven upside if GSK settles or loses control of the asset.
Source: Read the original letter ↗
Analysis:
AnaptysBio is a special situation that I expect will resolve itself very quickly. In brief, following the recently completed taxable spinoff of their developmental drug assets, Anaptys is now an asset light royalty company primarily collecting tolls on the sales of Jemperli, a fast-growing cancer drug that is being commercialized in partnership with GSK. If this were where the story ended, I believe we would have purchased our shares at a reasonable discount to the present value of the future royalty payments. However, AnaptysBio has the potential for lotto ticket upside in the near-immediate future as they have accused GSK of violating the terms of their commercial agreement, and a trial has been set for July 14-17. My read of the situation suggests that GSK is in a very weak position with a lot to lose because if AnaptysBio is successful at trial, they could recover the entirety of Jemperli. In this low probability scenario, ANAB shares could be worth nearly $300, vs our average purchase price of below $60. A much higher probability scenario is that GSK chooses to settle before trial, or perhaps even buy Anaptysbio outright. I expect that these scenarios could result in 50-80+% upside for our investment. A longer writeup on AnaptysBio can be found in the appendix to this letter.
Access our full research database on AnaptysBio Inc
Fund: Blue Whale Growth Fund
Thesis: Applied Materials provides essential atomic-scale materials engineering equipment used across nearly all advanced chip and display manufacturing.
Source: Read the original letter ↗
Analysis:
Putting the “silicon” in Silicon Valley Today’s semiconductor customers require faster, more efficient chips to enable increased performance. In addition, as the industry moves to smaller process nodes, the amount of space available on a chip to pull transistors closer together is disappearing. Applied Materials’ expertise in modifying materials at atomic levels and on an industrial scale ensures its equipment is used to produce virtually every new chip and advanced display in the world.
Access our full research database on Applied Materials
Fund: Royal London AM Global Equity Select Fund (IRL)
Thesis: Arm Holdings plc is seen as a licensing-led chip design company with AI-driven royalty growth and expansion into a larger market.
Source: Read the original letter ↗
Analysis:
We also added Arm Holdings, which designs the technology that powers many of the world’s computer chips and earns money by licensing its designs to other companies. Many investors still see Arm as a company mainly tied to smartphones, with limited growth prospects. However, we believe the rise of AI could drive much stronger growth than the market expects. As AI systems become more advanced and operate continuously, they require far more processing power. This is increasing demand for Arm’s latest chip designs and is supporting strong growth in royalty revenues. Arm is also expanding into new areas such as AI-focused processors, giving it access to a much larger market. With a strong financial position and growing demand for its technology, Arm is well placed to benefit from the AI revolution. While there are risks, such as legal disputes or challenges in executing its strategy, we believe the potential rewards outweigh the downside.
Access our full research database on Arm Holdings plc
Fund: GoodHaven Fund (GoodHaven Capital Management)
Thesis: Asbury Automotive has scale advantages, strong high-margin parts and service economics, disciplined management, and trades at an attractive forward multiple with earnings inflection potential.
Source: Read the original letter ↗
Analysis:
Our next biggest addition was adding to Asbury Automotive. We have studied the US auto dealership industry over the years with great interest. We note the impressive continued consolidation by the public companies, localized competitive advantages, unique relationships with the Original Equipment Manufacturers (OEMs) and last but not least the state franchise laws that protect the dealer centric sales model and prevent legacy OEMs from selling directly to consumers. On a high level, the dealerships are a core component to an OEMs success. There are significant industry tailwinds; the average age of a passenger car is approximately 15 years, and 12 years for light trucks. These metrics have continued to trend higher over time which bodes well for the replacement cycle. Another important development for the industry is the more rational and dynamic actions by the auto manufacturers in recent years when there is a supply and demand shock. We have considered in our thinking that one day Chinese auto manufacturers might be permitted to enter the domestic market – which poses risks, but also possible opportunities. We have long followed Asbury Automotive, one of the largest publicly traded US automotive retailers with over 150 new dealership locations offering new and used vehicle sales, parts & service, and finance & insurance products which include extended servicing contracts. Asbury has a diversified portfolio and brand mix that includes about ⅓ luxury, ⅓ domestic and ⅓ imports that complements its core business segments of new, used sales and its repeatable and high-margin parts and service business. While half of Asbury revenues typically come from new sales, approximately 70% of the total operating earnings come from the combination of parts & service and finance & insurance segments. Under the leadership of CEO David Hult, the company since 2019 has grown its revenues from $7 billion to $18 billion in 2025, and earnings per share from ~$9 to $25 during the same period. The company has grown more than 2.5x in 6 years which is in part from the strong organic growth during the COVID recovery, but also through inorganic growth, as they acquired a few important franchises including regional brands: Larry Miller, Jim Koons, and most recently Herb Chambers. There has been a generational shift from founders looking for an exit, and increasingly the large dealerships have been able to capture that market share. David has managed this impressive level of growth with an extreme focus on operating expenses—Asbury has one of the highest operating margins in the industry. This is a business that should generate attractive free cash flow during different market cycles, and we believe there is an opportunity for greater share repurchases in the future as well. In late 2025, David Hult announced he will step down as CEO and transition to a role as Executive Chairman. Dan Clara, who was previously the Chief Operating Officer and played a key role in Asbury’s success the past 5 years, will become the company’s CEO and President. Our differentiated view on Asbury is that we believe in a positive earnings inflection in the medium-term after some recent integration costs, continued strong parts & service segment results, and overall better execution and profitability including the used car business, even if we assume a weaker general pricing growth environment. If we are roughly right, we believe the shares are currently trading at 7x forward earnings and the appropriate multiple should be significantly higher giving us the potential for attractive returns.
Access our full research database on Asbury Automotive Group, Inc.
Fund: Alger.com Focus Equity Fund
Thesis: Astera Labs supplies semiconductor connectivity products that remove AI data-movement bottlenecks and are benefiting from hyperscale AI infrastructure growth.
Source: Read the original letter ↗
Analysis:
Astera Labs designs high-speed semiconductor connectivity solutions for AI and cloud data centers. Its products, spanning PCIe, CXL, and Ethernet technologies, enable efficient data movement and signal integrity between GPUs, CPUs, and memory — effectively solving the bottleneck of how AI models communicate and operate within massive server environments at rack scale. We believe the company is positioned at the heart of the AI infrastructure buildout, given its expanding relationships with major hyperscale cloud providers and a rapidly growing product portfolio that addresses a large and growing market. Shares contributed positively to performance, supported by first- quarter results in which better-than-expected revenues were driven by hyperscale customers expanding their AI computing capacity, fueling strong demand for the company’s latest generation of connectivity products.
Access our full research database on Astera Labs, Inc.
Fund: Baron Real Estate Fund
Thesis: Cushman & Wakefield Ltd. is a commercial real estate services firm with market share upside, earnings growth, and a discounted valuation.
Source: Read the original letter ↗
Analysis:
In the first six months of 2026, shares of leading commercial real estate services firms CBRE Group, Inc., Jones Lang LaSalle Incorporated (JLL), and Cushman & Wakefield Ltd. declined despite strong earnings and positive business outlooks. The sell-off largely reflected investor concerns that AI could disrupt parts of their operations. While certain business lines – such as office leasing, valuation services, and property management – may face AI-related challenges over time, we believe current multi-year concerns are overstated and already reflected in share prices. We continue to research and monitor potential AI-related headwinds. Despite near-term uncertainties, we remain long-term optimistic about these leading commercial real estate services companies. They are positioned to potentially benefit from structural and secular tailwinds, including the outsourcing and institutionalization of commercial real estate, as well as opportunities to gain market share in a highly fragmented industry. We also see the early stages of a rebound in commercial real estate sales and leasing activity. Based on these factors, we believe CBRE, JLL, and Cushman & Wakefield could achieve earnings-per-share growth of 12% to 15% over the next several years. Further, we believe valuations are attractive. Cushman & Wakefield is valued at only 8 times 2027 estimated earnings, a highly discounted valuation multiple, in our opinion.
Access our full research database on Cushman & Wakefield Ltd.
Fund: Artisan Partners International Explorer Strategy
Thesis: Elementis PLC is a specialty chemicals company focused on upgrading its portfolio through divestments and R&D to improve margins and grow new product sales.
Source: Read the original letter ↗
Analysis:
Second stop—East Windsor, New Jersey, a short drive from the Princeton area. Elementis, a specialty chemicals company, has a big research facility at this location. Specialty chemicals usually have attractive margin profiles, but many of them also end up getting commoditized over time, resulting in weaker pricing power and lower margins. So it is important for companies like Elementis to constantly upgrade the portfolio by selling or exiting under-earning product lines and replacing them with higher margin innovations. In our estimate, the top 25% of the company’s portfolio contributes disproportionately to its operating income. We are glad that the new management team, led by CEO Luc van Ravenstein, seems to fully understand this. In line with the 80/20 rule, he’s pushing the company to constantly upgrade the portfolio. At the lab in New Jersey, we see early signs of this push and a pipeline of new products, as the new management team has increased its focus on R&D to drive new product sales to 20% of annual revenue.
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