COOP neutral conv. top manter Mr. Cooper Group
Cyclical
Mortgage servicing company. Acções subiram com o fecho da aquisição
pela Rocket Companies no encerramento do trimestre, evento de M&A
com upside near-term. Sentimento do investidor também buoyed pelo
recente rate cut do Fed, que deverá dar boost a housing demand e
refinancing activity no período à frente.
Shares of mortgage servicing company Mr. Cooper Group rose as its acquisition by Rocket Companies closed as the quarter concluded.
"Acções da mortgage servicing company Mr. Cooper Group subiram com o fecho da aquisição pela Rocket Companies no encerramento do trimestre."
LEU neutral conv. top manter Centrus Energy
Cyclical
Nuclear fuel and services provider. Beneficia de renewed interest em
nuclear power nos EUA para suportar growing power demand ligado ao
AI boom. Broker de nuclear fuel com burgeoning enrichment
capabilities, positioning the company well à medida que os EUA
procuram manter domestic energy independence — tese estrutural
multi-year alinhada com AI power buildout.
Nuclear fuel and services provider Centrus Energy is benefiting from renewed interest in nuclear power in the US to support growing power demand tied to the AI boom.
"O nuclear fuel and services provider Centrus Energy beneficia de renewed interest em nuclear power nos EUA para suportar growing power demand ligado ao AI boom."
RRR neutral conv. top manter Red Rock Resorts
Stalwart
Operadora de casinos controlando over half do mercado locals de Las
Vegas. Continua a beneficiar de broad fundamental strength que
sustenta crescimento steady and stable. Posição cíclica com
qualidade de moat (market share local elevado) e visibilidade de
cash-flow.
Red Rock Resorts, a casino operator controlling over half the Las Vegas locals market, continues to benefit from broad fundamental strength, which is underpinning steady and stable growth.
"A Red Rock Resorts, operadora de casinos controlando over half do mercado locals de Las Vegas, continua a beneficiar de broad fundamental strength que sustenta crescimento steady and stable."
USLM neutral conv. top manter US Lime & Minerals
Cyclical
Manufactures and supplies lime e limestone products. Beneficia de
growing demand de customers em construção, environmental e steel —
impulsionando sales growth. Key markets em Louisiana e Texas
experiencing mais stabilization work do que outras regiões, com
strong bidding activity a indicar robust demanda subjacente.
Infrastructure projects regionais devem contribuir para above-average
construction activity.
US Lime and Mineral, which manufactures and supplies lime and limestone products, benefited from growing demand from construction, environmental and steel customers, which in turn drove sales growth.
"A US Lime and Mineral, que fabrica e supplies lime e limestone products, beneficiou de growing demand de customers em construção, environmental e steel — o que por sua vez impulsionou sales growth."
DCO neutral conv. top manter Ducommun
Cyclical
Critical Tier 1 e Tier 2 supplier de advanced material aerostructures
e componentes eléctricos para mercados de defesa e comerciais. Boeing
produz 737 Max a 38/mês com expectativa de subir para 42/mês até fim
2025 — Ducommun espera supply matching rate até meio de 2026. Em
paralelo, strong demand em missile programs amid heightened
geopolitical tensions sustenta o segmento de defesa.
Ducommun is a critical Tier 1 and Tier 2 supplier of advanced material aerostructures and electrical components to the defense and commercial markets.
"A Ducommun é critical Tier 1 e Tier 2 supplier de advanced material aerostructures e componentes eléctricos para mercados de defesa e comerciais."
FIP neutral conv. core manter FTAI Infrastructure
Turnaround
Opera infrastructure assets para transportation, energy e industrial
products customers. Volumes no Jefferson terminal cresceram slower
do que esperado no trimestre e a empresa executou planned maintenance
em Long Ridge — factores que pressionaram receitas e share price.
Em paralelo, anunciou aquisição da The Wheeling Corporation (Class II
regional freight railroad em Ohio, Pennsylvania, West Virginia e
Maryland) — movimento estrategicamente significativo no pivot para
primarily freight rail business com monetização dos outros assets.
FTAI Infrastructure, which operates infrastructure assets for transportation, energy and industrial products customers, saw volumes at its Jefferson terminal increase slower than expected in the quarter and performed planned maintenance at its Long Ridge facility — factors which impacted revenues and weighed on the share price.
"A FTAI Infrastructure, que opera infrastructure assets para customers de transportation, energy e industrial products, viu volumes no seu Jefferson terminal a crescer slower do que esperado no trimestre e executou planned maintenance no Long Ridge facility — factores que impactaram receitas e pressionaram share price."
MLAB neutral conv. core manter Mesa Laboratories
Stalwart
Provides life sciences tools e produtos/serviços de quality control.
Navegou ambiente macro challenging com modest growth, mas profitability
pressionada por currency impacts, tarifas e atrasos de cadência — order
sequencing issues também pesaram sobre organic growth, junto com China-
related headwinds. Positivamente, o segmento maior (sterilization e
disinfection control) entregou solid core growth, demonstrando
resilience da diversified portfolio.
Mesa Laboratories provides life sciences tools and quality control products and services. The company navigated a challenging macroeconomic environment with modest growth — though profitability was pressured by currency impacts, tariffs and timing delays.
"A Mesa Laboratories provides life sciences tools e quality control products and services. A empresa navegou ambiente macro challenging com modest growth — embora profitability tenha sido pressionada por currency impacts, tarifas e atrasos de cadência."
TFIN neutral conv. core manter Triumph Financial
Cyclical
Regional bank focada na transportation industry. Acções pressionadas
amid ongoing freight recession e high-profile bankruptcy a que
Triumph tinha modest exposure, leading a heightened concerns em
torno do crédito. Tese mantém-se: franchise verticalizada em
transportation com optionality cíclica quando freight cycle voltar.
Regional bank Triumph Financial focuses on the transportation industry. Shares were pressured during the quarter amid the ongoing freight recession and a high-profile bankruptcy to which Triumph had modest exposure, leading to heightened concerns about credit.
"O regional bank Triumph Financial foca na transportation industry. Acções foram pressionadas durante o trimestre amid o ongoing freight recession e uma high-profile bankruptcy a que a Triumph tinha modest exposure, leading a heightened concerns em torno do crédito."
OEC neutral conv. core manter Orion
Cyclical
Carbon black manufacturer. Enfrenta pressões relacionadas com o
ongoing freight recession e com um mercado em que strained consumers
estão a optar por imported tires mais baratos — duplo headwind no
mix de end-markets. Tese cíclica de recuperação no freight e
normalização de procura por tires premium.
Carbon black manufacturer Orion likewise faces pressures related to the ongoing freight recession and a market in which strained consumers are choosing cheaper imported tires.
"A carbon black manufacturer Orion likewise enfrenta pressões relacionadas com o ongoing freight recession e com um mercado em que strained consumers estão a escolher imported tires mais baratos."
RHP neutral conv. core manter Ryman Hospitality Properties
Cyclical
Leading lodging e hospitality REIT especializado em upscale convention
center resorts e entertainment experiences. Acções pressionadas no
trimestre com fundamentais mixed e investidores a weighing concerns
em torno do transient business. Gestor mantém convicção na visão de
longo prazo — moat de convention resorts é difícil de replicar e
suporta cash-flow estabilidade ao longo do ciclo.
Ryman Hospitality Partners is a leading lodging and hospitality real estate investment trust (REIT) specializing in upscale convention center resorts and entertainment experiences.
"A Ryman Hospitality Partners é leading lodging e hospitality real estate investment trust (REIT) especializada em upscale convention center resorts e entertainment experiences."
HURC bullish conv. média nova posição Hurco Companies
Cyclical
Global industrial technology company especializada em CNC machine
tools e interactive controls para metal-cutting industry. Serve job
shops e fabricantes em aeroespacial, defesa, médico, energia e
transporte através de três marcas (Hurco premium, Milltronics value,
Takumi precision). Strategic positioning compelling: over 50%
revenue exposure a Europa posiciona a empresa para beneficiar de
European defense and industrial investment cycle multi-year.
Hurco Companies is a global industrial technology company specializing in computer numerical control (CNC) machine tools and interactive controls for the metal-cutting industry.
"A Hurco Companies é global industrial technology company especializada em computer numerical control (CNC) machine tools e interactive controls para a metal-cutting industry."
iniciada em T3 2025