ALGT neutral conv. top manter Allegiant Travel
Cyclical
Regional airline. Reportou strong near-term demand trends no T4
juntamente com generally softer jet fuel environment, o que
improved investor sentiment em torno da ability to deliver margin
improvement. Posição beneficia de combinação de procura resiliente
e tailwind de custos via combustível.
Regional airline Allegiant Travel reported strong near-term demand trends in Q4 alongside a generally softer jet fuel environment, which improved investor sentiment around its ability to deliver margin improvement.
"A Allegiant Travel, regional airline, reportou strong near-term demand trends no T4 juntamente com generally softer jet fuel environment, o que improved investor sentiment em torno da ability to deliver margin improvement."
TFIN neutral conv. top manter Triumph Financial
Cyclical
Provides banking and other services com niche focus na transportation
industry, incluindo a sua innovative payments platform TriumphPay.
No T4, shares recuperaram em increasing optimism para end do
longest-running freight recession in history.
Triumph Financial provides banking and other services with a niche focus on the transportation industry, including its innovative payments platform — TriumphPay.
"A Triumph Financial provides banking and other services com niche focus na transportation industry, incluindo a sua innovative payments platform — TriumphPay."
TGB neutral conv. top manter Taseko Mines
Cyclical
Copper mining company. Acções subiram no T4 com preços do cobre a
subirem mais de 15%. Desempenho foi também suportado por growing
optimism em torno do pending project em Florence, AZ. Exposição
directa ao tema de critical materials e electrification.
Taseko Mines, a copper mining company, saw shares move higher in Q4 as copper prices increased more than 15%.
"A Taseko Mines, copper mining company, viu as acções subirem no T4 com preços do cobre a subirem mais de 15%."
ODC neutral conv. core manter Oil-Dri
Stalwart
Leading provider de branded e private-label cat litter assim como
outros sorbent materials. Reportou solid mas more normalized results
contra backdrop de more difficult comparisons. Sem mudança na long-term
view: business que continua a executar very well, owns tangible
assets com proven expertise em creating value num specialized niche,
e tem several structural growth drivers going forward.
Oil-Dri, a leading provider of branded and private-label cat litter as well as other sorbent materials, reported solid but more normalized results against a backdrop of more difficult comparisons.
"A Oil-Dri, leading provider de branded e private-label cat litter assim como outros sorbent materials, reportou solid mas more normalized results contra backdrop de more difficult comparisons."
RKT bearish conv. starter sair Rocket Companies
Cyclical
Fully integrated mortgage provider recebido na sequência do recent
closing da aquisição de Mr. Cooper. Underperformou no T4 devido a
evolving market expectations surrounding the path of interest rates
(key driver do mortgage originations business). Saída posterior:
após a aquisição de 2025, a combined company excedeu USD 50 mil
milhões de market cap, well beyond do small-cap mandate.
Rocket Companies, following its 2025 acquisition of Mr. Cooper, became a combined company with a market capitalization exceeding $50 billion.
"A Rocket Companies, na sequência da sua aquisição de 2025 da Mr. Cooper, tornou-se uma combined company com market capitalization a exceder USD 50 mil milhões."
OZK neutral conv. core manter Bank OZK
Cyclical
Regional bank com established expertise em commercial real estate
lending. Shares declinaram após Q3 resultados com management a
comunicar more tepid orientação de resultados para 2026. An
increasing group de anticipated loan payoffs aponta para more
challenging loan growth, enquanto continued investment in the
franchise é expected to drive higher expenses. Long-term potencial
de resultados remains intact.
Bank OZK, a regional bank with an established expertise in commercial real estate lending, saw shares decline following Q3 earnings as management communicated a more tepid earnings outlook for 2026.
"A Bank OZK, regional bank com established expertise em commercial real estate lending, viu as acções declinar após Q3 resultados com management a comunicar more tepid orientação de resultados para 2026."
CSR bullish conv. média nova posição Centerspace
Stalwart
Apartment REIT com footprint concentrated em Upper Midwest e
Mountain West. Empresa well positioned long term dado quality
portfolio em differentiated markets e potential for operational
upside à medida que o business escala over time.
Centerspace is an apartment REIT with a footprint concentrated in the Upper Midwest and Mountain West.
"A Centerspace é um apartment REIT com footprint concentrated no Upper Midwest e Mountain West."
iniciada em T4 2025
TRNS bullish conv. média nova posição Transcat
Fast Grower
Provides calibration, repair e inspection a highly regulated
industries incluindo life sciences, aerospace e defense. A empresa
tem strong recurring revenue streams driven by regulation e a
track record de successful acquisitions enquanto mantém um strong
balance sheet.
Transcat provides calibration, repair and inspection to highly regulated industries including life sciences, aerospace and defense.
"A Transcat provides calibration, repair e inspection a highly regulated industries incluindo life sciences, aerospace e defense."
iniciada em T4 2025
ARE bullish conv. média nova posição Alexandria Real Estate Equities
Turnaround
Largest owner de US life-sciences real estate com concentração em
major biotech research clusters. Sector sob pressão de higher
interest rates, lower venture capital funding, regulatory pressure
e overbuilding de new lab space. A empresa está a trabalhar
through um large, poorly timed development e land pipeline com
resultado de big reduction em resultados e dividend cut. Após anos
de underperformance, shares now deeply discounted; empresa mantém
solid balance sheet, long operating history e well-located portfolio.
We initiated a position in Alexandria Real Estate Equities — the largest owner of US life-sciences real estate with a concentration in major biotech research clusters — as the sector has been under pressure from higher interest rates, lower venture capital funding, regulatory pressure and overbuilding of new lab space.
"Iniciámos uma posição na Alexandria Real Estate Equities — largest owner de US life-sciences real estate com concentração em major biotech research clusters — à medida que o sector tem estado sob pressão de higher interest rates, lower venture capital funding, regulatory pressure e overbuilding de new lab space."
iniciada em T4 2025
MVBF bullish conv. média nova posição MVB Financial
Fast Grower
Banking-as-a-service (BaaS) provider com a five-branch community
banking franchise em West Virginia. Após headwinds que stifled
growth para fintech-focused banks e broader industry challenges
over the last few years, MVB tem agora rich pipeline de fintech
partners que devem suportar growth long term.
MVB Financial is a banking-as-a-service (BaaS) provider with a five-branch community banking franchise in West Virginia.
"A MVB Financial é um banking-as-a-service (BaaS) provider com a five-branch community banking franchise em West Virginia."
iniciada em T4 2025
CIVI bearish conv. starter sair Civitas Resources
Cyclical
Oil and gas producer. Posição exited após a empresa anunciar
aquisição all-stock pela SM Energy. Apesar de ambas as empresas
transaccionarem com discount face às estimativas de intrinsic value,
existe significant uncertainty em torno de long-term prospects da
combined entity dada a lack of operational overlap.
We exited our position in oil and gas producer Civitas Resources after the company announced an all-stock acquisition by SM Energy.
"Saímos da nossa posição no oil and gas producer Civitas Resources após a empresa anunciar aquisição all-stock pela SM Energy."
POST bearish conv. starter sair Post Holdings
Stalwart
Consumer packaged goods company. Posição vendida com o preço a
aproximar-se da estimativa de intrinsic value do gestor —
aplicação da disciplina de valuation sell-when-fair-value-reached.
Shares of consumer packaged goods company Post Holdings and WESCO International, a leading distributor of electrical products, were sold as prices approached our estimate of intrinsic value.
"Acções da consumer packaged goods company Post Holdings e WESCO International, leading distributor de electrical products, foram vendidas à medida que os preços se aproximaram da nossa estimativa de intrinsic value."
WCC bearish conv. starter sair WESCO International
Cyclical
Leading distributor de electrical products. Posição vendida com o
preço a aproximar-se da estimativa de intrinsic value do gestor —
aplicação da disciplina de valuation sell-when-fair-value-reached.
WESCO International, a leading distributor of electrical products, were sold as prices approached our estimate of intrinsic value.
"WESCO International, leading distributor de electrical products, foi vendido à medida que os preços se aproximaram da nossa estimativa de intrinsic value."