Portfolio
41 holdings | Holdings as of September 30, 2026
| Ticker | Name | Sector | Mkt Cap ($B) | EV/EBITDA | ROIC | Reason to Own | Two-Pager |
|---|---|---|---|---|---|---|---|
| ADBE | Adobe Inc. | Information Technology | 93.0 | 14.3x | 38.8% | Highly profitable franchise returning nearly all free cash flow to shareholders, yet priced as if in decline. Converting its fast-growing free user base to paid plans closes the gap to our $347 target. | View PDF |
| ADUS | Addus HomeCare Corp. | Health Care | 2.1 | 12.2x | 7.8% | Steady home-care grower with improving returns and a cleaner balance sheet, plus acquisition and margin upside our model excludes. Growth in existing states gives a clear path to our target. | View PDF |
| AGM | Federal Agricultural Mortgage Corp. (Farmer Mac), Class C | Financials | 2.4 | 32.7x | 1.0% | Earnings are growing as the mix shifts to higher-return infrastructure lending and funding gets cheaper. Trading below its historical P/E range, growth plus a solid dividend points to our $248 target. | View PDF |
| BLBD | Blue Bird Corp. | Industrials | 1.8 | N/A | 42.8% | High-return, net-cash school bus leader that added scale with Micro Bird and leads the shift to electric. Margin gains and EV growth give a clear path to our $78 target. | View PDF |
| BRC | Brady Corp., Class A | Industrials | 3.9 | 14.1x | 14.9% | Lower ROIC reflects the math of its largest-ever acquisition, not a weaker business, and post-deal returns are improving. At a discount to peers, IPS earnings and debt paydown close the gap to our $100 target. | View PDF |
| BTI | British American Tobacco plc (ADR) | Consumer Staples | 124.4 | 10.2x | 9.6% | Uses cigarette profits to fund the shift to smokeless products like Vuse and Velo while paying down debt and returning cash to shareholders. | View PDF |
| BZLFY | Bunzl plc (ADR) | Industrials | 11.5 | 8.0x | 9.5% | Buys small local distributors and runs them on its scale, compounding EPS about 9% a year since 2004. The model is intact, and management is fixing North America, the one region that slipped. | View PDF |
| CBT | Cabot Corp. | Materials | 4.1 | N/A | 12.8% | Runs tire carbon black for cash, helped by new EU duties on Chinese tires. That cash funds growth in conductive materials for the grid, data centers and batteries, with leverage kept low. | View PDF |
| CLMB | Climb Global Solutions, Inc. | Information Technology | 0.6 | 11.2x | 20.0% | Fast-growing, debt-free distributor of specialized security and cloud software that keeps adding vendors. We expect profits to catch up once recent acquisition and systems spending pays off. | View PDF |
| CWCO | Consolidated Water Co. Ltd. | Utilities | 0.4 | 17.2x | 8.5% | Steady, debt-free water utility with contracted cash flows funding a services arm we expect to get a large lift from a new Hawaii desalination project. | View PDF |
| DAC | Danaos Corp. | Industrials | 2.8 | 2.5x | 11.3% | Rents ships to top liner companies on multi-year fixed-rate contracts, earning locked-in income. Near-zero debt and disciplined ordering let it buy cheaply when the cycle turns. | View PDF |
| DOV | Dover Corp. | Industrials | 25.3 | 15.6x | 11.0% | Strong industrial with recurring parts and service revenue. A focus on higher-margin businesses, efficiency, and acquisitions should drive earnings growth and strong cash flow. | View PDF |
| FFBC | First Financial Bancorp | Financials | 3.3 | N/A | 8.5% | Well-managed regional bank with a diversified loan book and stable deposits. Disciplined lending, acquisitions, and a consistent dividend support steady earnings and shareholder returns. | - |
| FISV | Fiserv, Inc. | Financials | 24.5 | 7.3x | 6.6% | Recent struggles create an opportunity. A large customer base, recurring processing revenue, and the Clover platform support a recovery as management improves execution. | View PDF |
| GPN | Global Payments Inc. | Financials | 22.6 | 8.7x | 2.7% | Positioned for the shift to digital payments. Merchant services, software integration, and cost cuts should lift margins and cash flow, with upside if execution improves. | View PDF |
| GPOR | Gulfport Energy Corp. | Energy | 2.9 | 5.7x | 16.9% | Low-cost Appalachian gas producer with years of drilling inventory, trading at a discount to peers. Heavy buybacks and an efficiency-focused new CEO should drive a rerating. | View PDF |
| HCSG | Healthcare Services Group, Inc. | Industrials | 1.4 | 46.7x | 11.5% | Steady demand for outsourced housekeeping and dining in healthcare facilities. As labor costs stabilize and pricing improves, we expect margins to recover. | View PDF |
| HG | Hamilton Insurance Group, Ltd., Class B | Financials | 3.3 | N/A | 21.2% | Growing, highly profitable, nearly debt-free insurer shifting from catastrophe toward steadier specialty and casualty lines. A rating upgrade widens its US broker reach, yet the market still prices it as riskier. | View PDF |
| IQV | IQVIA Holdings Inc. | Health Care | 45.9 | 15.5x | 6.8% | Largest player in outsourced clinical trials and healthcare data, benefiting as biotech funding recovers. Strong cash flow funds buybacks that grow EPS even without margin gains. | View PDF |
| LADR | Ladder Capital Corp | Financials | 1.2 | 17.6x | 1.5% | Conservative, investment-grade commercial real estate lender with low leverage and meaningful insider ownership. Positioned to grow loans and cut borrowing costs while paying a well-covered dividend. | View PDF |
| LINE | Lineage, Inc. | Real Estate | 9.2 | 14.2x | N/A | World's largest cold-storage owner; after a rough stretch the business looks to have bottomed, with occupancy rising and guidance raised. We own the leader early in its recovery, with a strong dividend. | View PDF |
| MONOY | MonotaRO Co., Ltd. (ADR) | Industrials | 6.0 | 21.8x | 28.4% | Japanese factory supplier with broad selection, same-day shipping, data on 11.85M accounts, and an enterprise platform that lets large companies buy in bulk. | View PDF |
| MSFT | Microsoft Corp. | Information Technology | 3,698.8 | 14.5x | 26.8% | Azure supplies compute to frontier labs like OpenAI and Anthropic, and Copilot positions it in AI. Its sticky Office software, hard to rip out of a business, remains the backbone. | View PDF |
| NBTB | NBT Bancorp Inc. | Financials | 2.7 | N/A | 8.7% | Well-run, conservative community bank with rising earnings, fee businesses, clean credit, and strong capital. A Micron fab opening near its core market adds long-term growth. | - |
| NFLX | Netflix, Inc. | Communic. Services | 298.6 | 13.7x | 26.6% | Lower guidance and engagement concerns are temporary shocks priced in too heavily. Its focus on margins, TAM, and tier mix should let the stock reach fair value. | View PDF |
| OKE | ONEOK, Inc. | Energy | 57.5 | 10.8x | 6.7% | Integrated pipeline network paid mostly on fees, not commodity prices, so we collect a healthy dividend while new capacity and acquisitions come online. | View PDF |
| OMC | Omnicom Group Inc. | Communic. Services | 20.5 | 6.9x | N/A | World's largest ad holding company, squeezing savings from its recent merger. A cash cow running $5B of buybacks that is overlooked on AI fears. | View PDF |
| PLUS | ePlus inc. | Information Technology | 2.4 | 8.1x | 12.0% | Cash-rich IT solutions provider for data center, cloud, security and AI, now simpler after selling its financing arm. FY26 revenue rose 22% and adjusted EBITDA 50%, yet it trades near 8x EV/EBITDA. | View PDF |
| POR | Portland General Electric Co. | Utilities | 5.4 | 9.0x | 3.4% | Regulated Oregon utility discounted for wildfire and dilution fears we expect to fade as it funds growth without new stock. Well positioned for data-center demand in its service area. | View PDF |
| PPG | PPG Industries, Inc. | Materials | 23.6 | 10.7x | 11.6% | Profits are held back by temporary pressures while aerospace, packaging and industrial keep winning share. As pricing catches up and refinish recovers, margins and the cheap stock should rebound. | View PDF |
| PRDO | Perdoceo Education Corp. | Consumer Discretionary | 2.0 | 5.5x | 15.2% | Profitable, cash-rich online educator that costs little to grow, is expanding into health sciences, and returns cash to shareholders. Underpriced on temporary regulatory fears. | View PDF |
| ROP | Roper Technologies, Inc. | Information Technology | 36.0 | 18.2x | 5.7% | Niche vertical software portfolio with recurring revenue, high margins, and about $2.6B of annual free cash flow. Down sharply with software, but guidance was raised and buybacks continue at prices we see as cheap. | View PDF |
| SMPL | The Simply Good Foods Co. | Consumer Staples | 0.8 | N/A | 4.9% | Undervalued versus peers, with its largest brand set to benefit from growing protein consumption. We expect turnaround efforts in brand awareness, costs, and innovation to succeed. | - |
| SOLV | Solventum Corp. | Health Care | 15.1 | 14.9x | 14.8% | Shedding slower businesses to become a focused medtech company. Debt is falling and margins should improve as spin-off costs fade; the stock looks cheap for what it is becoming. | View PDF |
| STWD | Starwood Property Trust, Inc. | Financials | 5.3 | 18.5x | 1.7% | Diversified, well-backed lender still growing, working through problem loans, and deploying fresh capital. The pessimism looks overdone, and a generous dividend pays us to wait. | - |
| UTI | Universal Technical Institute, Inc. | Consumer Discretionary | 1.1 | N/A | 11.3% | Campus expansion spending hasn't paid off yet, so the market undervalues it. As campuses mature and operating leverage shows, we expect strong growth. | View PDF |
| UTMD | Utah Medical Products, Inc. | Health Care | 0.2 | 6.0x | 9.5% | Debt-free maker of niche, often sole-sourced medical devices with strong ROIC and pricing power. Underpriced on two lost customers, but the core business is intact and should recover. | View PDF |
| V | Visa Inc., Class A | Financials | 675.5 | N/A | 33.4% | World's largest payments network with very high margins and returns and almost no capital needs. Volume growth is reaccelerating, newer services are expanding, and nearly all cash is returned. | View PDF |
| VLGEA | Village Super Market, Inc., Class A | Consumer Staples | 0.7 | 5.5x | 6.3% | Wakefern membership gives it economies of scale. Steady store growth, financial stability, efficiency, and a discount to peers support continued strong returns. | View PDF |
| VOYA | Voya Financial, Inc. | Financials | 8.7 | N/A | 8.3% | Recent drags are temporary, and the pullback ignores its capital-light retirement and asset management business with growing fees and strong cash returns. | - |
| WEX | WEX Inc. | Financials | 6.3 | 4.2x | 6.4% | Undervalued versus peers, with margin expansion not fully priced in. AI-driven efficiency and growth in fleet customers support sales growth. | View PDF |