<div class="subscription-widget-wrap-editor"><div class="subscription-widget show-subscribe"><div class="preamble"><p class="cta-caption">Thanks for reading Stock Analysis Compilation! Subscribe for free to receive new posts and support my work.</p></div><form class="subscription-widget-subscribe"><input class="email-input" name="email" tabindex="-1" type="email" /><input class="button primary" type="submit" value="Subscribe" /><div class="fake-input-wrapper"><div class="fake-input"></div><div class="fake-button"></div></div></form></div></div><div><hr /></div><h3>🚀 Beyond this week’s pitches: the full searchable archive of 3,000+ hedge-fund pitches across 300+ funds lives on the site. </h3><p class="button-wrapper"><a class="button primary" href="https://www.hfbestideas.com/pricing?utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=cta-top"><span>Start a 7-day free trial</span></a></p><div><hr /></div><p>🔹 ACV Auctions (ACVA US) by Cambiar Small Cap fund<br />🔹 Adobe (ADBE US) by Harris Associates U.S. Large Value Strategy<br />🔹 Agree Realty Corporation (ADC US) by Baron Real Estate Income Fund<br />🔹 AIA Group (1299 HK) by EAFE Equity<br />🔹 AstraZeneca PLC (AZN LN) by Hardman Johnston International Equity Developed Markets<br />🔹 ATOSS Software (AOF GY) by Harding Loevner International Small Companies Equity<br />🔹 Becton, Dickinson and Company (BDX US) by Brown Advisory Large-Cap Sustainable Value<br />🔹 Bentley Systems (BSY US) by WS Amati Global Innovation Fund<br />🔹 Brookfield Asset Management (BAM US) by BA Beutel Goodman World Value Fund<br />🔹 Cameco Corporation (CCJ US) by Hardman Johnston Global Equity<br />🔹 Cintas Corporation (CTAS US) by Brown Advisory Large‑Cap Sustainable Growth<br />🔹 Coca-Cola (KO US) by Bronte Capital<br />🔹 CoStar Group (CSGP US) by Polen Global Growth<br />🔹 Cummins India Limited (CUMMINSIND IN) by Baron International Growth Fund<br />🔹 Deutsche Boerse AG (DB1 GR) by Brown Advisory Global Leaders<br />🔹 discoverIE Group plc (DSCV LN) by Artemis UK Smaller Companies Fund<br />🔹 FactSet Research Systems Inc. (FDS US) by Baron Focused Growth Fund<br />🔹 Globant (GLOB US) by Antipodes Emerging Markets Fund<br />🔹 Guardant Health, Inc. (GH US) by Baron Health Care Fund<br />🔹 Guidewire Software, Inc. (GWRE US) by Baron Asset Fund<br />🔹 Gulf Marine Services PLC (GMS LN) by Alluvial Fund LP<br />🔹 Humana (HUM US) by Eagle Capital Management<br />🔹 Infineon (IFX GY) by Antipodes Global Value Fund<br />🔹 Kimberly-Clark (KMB US) by Diamond Hill Large Cap Fund<br />🔹 London Stock Exchange Group (LSEG LN) by Eagle Capital Management<br />🔹 London Stock Exchange Group plc (LSEG LN) by Brown Advisory Global Leaders Sustainable Fund<br />🔹 MercadoLibre (MELI US) by Saltlight Capital<br />🔹 MercadoLibre (MELI US) by Bell Global High Conviction Fund<br />🔹 MercadoLibre, Inc. (MELI US) by Brown Advisory Global Leaders<br />🔹 Microsoft Corporation (MSFT US) by Brown Advisory Global Leaders Sustainable Fund<br />🔹 Montage Technology Co., Ltd. (688008 CH) by Baron Emerging Markets Fund<br />🔹 Morgan Stanley (MS) by Gabelli Funds<br />🔹 Natera, Inc. (NTRA US) by Baron Health Care Fund<br />🔹 Once Upon a Farm, PBC (OFRM US) by Baron Small Cap Fund<br />🔹 Power Grid Corporation of India Limited (POWERGRID IN) by Baron International Growth Fund<br />🔹 PrairieSky Royalty (PSK CN) by Black Bear Value Fund<br />🔹 Proficient Auto Logistics (PAL US) by Diamond Hill Small Cap Fund<br />🔹 Q2 Holdings, Inc. (QTWO US) by Brown Advisory U.S. Small-Cap Blend UCITS Fund<br />🔹 Raymond James (RJF US) by Harris Associates U.S. Large Value Strategy<br />🔹 Roper Technologies (ROP US) by Harris Associates U.S. Large Value Strategy<br />🔹 Sea Limited (SE US) by Hayden Capital<br />🔹 TE Connectivity (TEL US) by Bell Global Equities Fund<br />🔹 TechnipFMC plc (FTI LN) by Hardman Johnston Global Equity<br />🔹 The Japan Steel Works, Ltd. (5631 JP) by Baron International Growth Fund<br />🔹 Tower Semiconductor (TSEM US) by Cambiar Small Cap fund<br />🔹 UCB S.A. (UCB BB) by Hardman Johnston International Equity<br />🔹 Walmart (WMT US) by Bristolgate US Equity Strategy<br />🔹 Welltower Inc. (WELL US) by Baron Health Care Fund<br />🔹 WuXi AppTec (2359 HK) by Harding Loevner Emerging Markets Equity<br />🔹 Yellow Cake plc (YCA LN) by Goehring & Rozencwajg Natural Resource Market Commentary</p><div><hr /></div><h3>ACV Auctions ($ACVA US)</h3><p><strong>Fund:</strong> Cambiar Small Cap fund</p><p><strong>Thesis:</strong> ACV Auctions is a recession-resistant dealer-to-dealer auto marketplace with strong growth, margins, and recovery upside.</p><p><strong>Source:</strong> <a href="https://www.hfbestideas.com/letters?open=qGWkRd97ucxF&utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=letter-source">Read the original letter ↗</a></p><p><strong>Analysis:</strong></p><p>ACV Auctions: ACV is a leading operator in dealer-to-dealer car sales (e.g., when leased vehicles are returned). This is a fairly recession-proof business model, and continues to grow >15%/year @ 35% incremental margins. Industry is in a bit of a lull at present, with dealer-to-dealer sales troughing @ ~6-7M vs. typical 8-9M traded vehicles. We anticipate volumes to recover in 2026, which should result in re-accelerating revenue growth and associated multiple expansion. We may have been early in our attachment, but continue to maintain conviction in the core thesis.</p><p><a href="https://www.hfbestideas.com/?q=ACVA+US&page=1&utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=db-acva-us">Access our full research database on ACV Auctions</a></p><div><hr /></div><h3>Adobe ($ADBE US)</h3><p><strong>Fund:</strong> Harris Associates U.S. Large Value Strategy</p><p><strong>Thesis:</strong> Adobe has durable competitive advantages, a sound AI strategy, and attractive valuation after multiple compression.</p><p><strong>Source:</strong> <a href="https://www.hfbestideas.com/letters?open=C4idSo4dtunN&utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=letter-source">Read the original letter ↗</a></p><p><strong>Analysis:</strong></p><p>Adobe is a leading cloud software vendor. Its industry-standard creative tools are deeply embedded in professional workflows, and its leading marketing software suite enables enterprises to deliver personalized consumer experiences across multiple channels. Adobe’s earnings multiple has compressed over the last two years, largely driven by investor concerns over potential AI headwinds. We believe Adobe’s AI strategy is sound: it is partnering with leading AI models to complement its own in-house models and enhance the value of its creative software, and it is embedding agentic AI tools across its product portfolio to help improve user productivity. We believe that the company retains durable competitive advantages across multiple growing markets, and that recent skepticism has created an opportunity to invest in this highly profitable and well-managed category leader at a meaningful discount to our estimate of intrinsic value.</p><p><a href="https://www.hfbestideas.com/?q=ADBE+US&page=1&utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=db-adbe-us">Access our full research database on Adobe</a></p><div><hr /></div><h3>Agree Realty Corporation ($ADC US)</h3><p><strong>Fund:</strong> Baron Real Estate Income Fund</p><p><strong>Thesis:</strong> Agree Realty Corporation is backed by a high-quality, investment-grade tenant portfolio, cost-of-capital advantages, and founder-led capital allocation with significant scaling potential.</p><p><strong>Source:</strong> <a href="https://www.hfbestideas.com/letters?open=92YuoIxwKCmc&utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=letter-source">Read the original letter ↗</a></p><p><strong>Analysis:</strong></p><p>The Fund also maintains a position in Agree Realty Corporation. The company’s investment case is supported by its high-quality retail real estate portfolio, an investment-grade tenant base, a cost of capital advantage that positions it to pursue accretive acquisitions, and an excellent founder-led management team who are prudent allocators of capital. We also see a meaningful opportunity for portfolio expansion, with the potential to significantly scale from current levels.</p><p><a href="https://www.hfbestideas.com/?q=ADC+US&page=1&utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=db-adc-us">Access our full research database on Agree Realty Corporation</a></p><div><hr /></div><h3>🔓 Unlock the full research database</h3><p>This week’s ideas are a sample. The real edge is the <strong>full searchable archive</strong>: <strong>The Associate ($19/mo)</strong> gives you every pitch we’ve indexed — 3,000+ across 300+ funds — searchable by fund, sector or ticker, plus the entire quarterly-letter archive. The weekend of PDF-hunting, already done for you.</p><p><strong>The Rainmaker ($29/mo)</strong> adds <strong>Warren AI</strong> to ask questions across the whole corpus in plain English.</p><p class="button-wrapper"><a class="button primary" href="https://www.hfbestideas.com/pricing?utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=cta-primary"><span>Start your 7-day free trial</span></a></p><p></p><div><hr /></div><h3>AIA Group ($1299 HK)</h3><p><strong>Fund:</strong> EAFE Equity</p><p><strong>Thesis:</strong> AIA Group is a pan-Asian insurer with Hong Kong and mainland China exposure, supported by a respected brand and financial strength.</p><p><strong>Source:</strong> <a href="https://www.hfbestideas.com/letters?open=QtH8ADuPoKpN&utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=letter-source">Read the original letter ↗</a></p><p><strong>Analysis:</strong></p><p>Two of our holdings—AIA and HSBC—have significant operations in Hong Kong and China. AIA, a pan-Asian insurer, boasts Hong Kong as its largest and most profitable market. The company has increasingly prospered by writing policies in Hong Kong for Chinese nationals willing and able to travel there. This business is sure to have been affected by the unrest that has, at times, shuttered the city’s airport and subways. AIA has long been investing to expand its operations on the mainland, already an important source of revenue growth. In our view, AIA remains one of the most respected brands in all of Asia and in China, preferred by consumers for its multinational pedigree and financial strength, advantages that will outlast the current turmoil in Hong Kong.</p><p><a href="https://www.hfbestideas.com/?q=1299+HK&page=1&utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=db-1299-hk">Access our full research database on AIA Group</a></p><div><hr /></div><h3>AstraZeneca PLC ($AZN LN)</h3><p><strong>Fund:</strong> Hardman Johnston International Equity Developed Markets</p><p><strong>Thesis:</strong> AstraZeneca PLC has a strong pipeline and multiple upcoming phase III readouts that support visibility toward its 2030 revenue goal.</p><p><strong>Source:</strong> <a href="https://www.hfbestideas.com/letters?open=BvPVkT3ZQdg1&utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=letter-source">Read the original letter ↗</a></p><p><strong>Analysis:</strong></p><p>Within Information Technology, ASML Holding NV and STMicroelectronics NV were the strongest contributors, while AstraZeneca PLC and Sandoz Group Ltd. also contributed positively within Healthcare. Astrazeneca had strong 2025 performance with broad-based strength across oncology, cardiology & renal, and rare disease. 2026 guidance was initiated in line with consensus. AstraZeneca is well positioned in 2026, with more than 20 phase III readouts expected, providing continued momentum and further visibility toward achieving the 2030 $80 billion revenue goal. Early execution in 2026 has been encouraging with positive pipeline and regulatory wins across respiratory and oncology including (1) positive phase III results for tozorakimab in COPD, (2) EU approval for Imfinzi in early gastric cancer, (3) published phase III asthma data for Breztri.</p><p><a href="https://www.hfbestideas.com/?q=AZN+LN&page=1&utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=db-azn-ln">Access our full research database on AstraZeneca PLC</a></p><div><hr /></div><h3>ATOSS Software ($AOF GY)</h3><p><strong>Fund:</strong> Harding Loevner International Small Companies Equity</p><p><strong>Thesis:</strong> ATOSS Software is a workforce-management provider with a strong DACH market position, high switching costs, and accelerating growth.</p><p><strong>Source:</strong> <a href="https://www.hfbestideas.com/letters?open=aqpckAzQTW2u&utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=letter-source">Read the original letter ↗</a></p><p><strong>Analysis:</strong></p><p>Meanwhile, we took advantage of the rout in IT stocks to add to our Canadian software holding Kinaxis as well as purchase shares of ATOSS Software, based in Germany.</p><p>ATOSS Software provides workforce-management tools to businesses in Germany, Austria, and Switzerland—the German-speaking region known as DACH, where it holds a roughly 30% market share. German labor law is among the most complex in the world, and the company’s software is tightly intertwined with human-resources systems to help customers navigate these legal complexities. The involved and compliance-heavy nature of those systems leads to high customer switching costs and keeps the risk of AI substitution at bay. The company’s growth has recently accelerated: Revenue climbed 11% in 2025 to 189 million euros ($222 million), with management aiming for 400 million euros by 2030.</p><p><a href="https://www.hfbestideas.com/?q=AOF+GY&page=1&utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=db-aof-gy">Access our full research database on ATOSS Software</a></p><div><hr /></div><h3>Becton, Dickinson and Company ($BDX US)</h3><p><strong>Fund:</strong> Brown Advisory Large-Cap Sustainable Value</p><p><strong>Thesis:</strong> Becton, Dickinson has a dominant consumables franchise, high market share, and an attractive valuation after the divestiture.</p><p><strong>Source:</strong> <a href="https://www.hfbestideas.com/letters?open=3MPps51sTwMy&utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=letter-source">Read the original letter ↗</a></p><p><strong>Analysis:</strong></p><p>Becton, Dickinson & Co. (BDX) is a leading manufacturer of low-cost, mission critical supplies that are tied to general healthcare procedure trends, or as the company refers to it – “the backbone of healthcare”. BDX’s Sustainable Cash Flow Advantage centers around the fact that its core products are non-discretionary in nature (90% consumables) and remain a small portion of the total procedure cost but are a key determinant of clinical outcomes (infection prevention, vascular safety, etc.). The company holds #1 market share across 90% of its portfolio. BDX has been a material underperformer over the last year due to some top line growth concerns that we believe are transitory in nature. We viewed the pending transaction with Waters Corp (WAT) to divest its Biosciences and Diagnostics business favorably as it was divesting one of its lower margin and lower growth business segments for a premium valuation. This left “RemainCo” BDX trading at near decade low absolute valuations and a high single digit FCF yield.</p><p><a href="https://www.hfbestideas.com/?q=BDX+US&page=1&utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=db-bdx-us">Access our full research database on Becton, Dickinson and Company</a></p><div><hr /></div><h3>Bentley Systems ($BSY US)</h3><p><strong>Fund:</strong> WS Amati Global Innovation Fund</p><p><strong>Thesis:</strong> Bentley Systems is a leading infrastructure design software provider with strong data-, regulation-, and training-based moats that are undervalued after a broad SaaS selloff.</p><p><strong>Source:</strong> <a href="https://www.hfbestideas.com/letters?open=6xO20JE6Yyo3&utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=letter-source">Read the original letter ↗</a></p><p><strong>Analysis:</strong></p><p>The third addition was U.S.-listed Bentley Systems, the leading provider of design and engineering software for infrastructure design and construction. In our view, Bentley was unfairly sold off in the so-called “Saas-pocalypse” period where traditional software companies saw their valuations severely dented as concerns mounted regarding their ability to compete long term in an increasingly AI-driven world. In our view Bentley benefits from much more substantial barriers to entry from data, regulation and user training than are currently reflected in the share price.</p><p><a href="https://www.hfbestideas.com/?q=BSY+US&page=1&utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=db-bsy-us">Access our full research database on Bentley Systems</a></p><div><hr /></div><h3>Brookfield Asset Management ($BAM US)</h3><p><strong>Fund:</strong> BA Beutel Goodman World Value Fund</p><p><strong>Thesis:</strong> Brookfield Asset Management combines high margins, strong cash flow, high returns, a strong balance sheet, and a clear growth runway.</p><p><strong>Source:</strong> <a href="https://www.hfbestideas.com/letters?open=6mru95lTFfMn&utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=letter-source">Read the original letter ↗</a></p><p><strong>Analysis:</strong></p><p>Brookfield Asset Management (73% owned by Brookfield Corporation) is a leading global alternative asset manager. The company manages assets across five core categories: infrastructure, renewable power and transition, private equity, real estate and credit and insurance. Key investment highlights include an attractive high-margin alternative asset management business with strong and growing free cash flow, high returns on equity and return on invested capital and a strong balance sheet. The company also benefits from a clear earnings growth trajectory supported by significant undrawn capital and a robust fund-raising pipeline. As a globally diversified asset manager, Brookfield Asset Management combines asset class and geographic diversification with a large-scale organization to service clients and identify emerging alternative asset classes.</p><p><a href="https://www.hfbestideas.com/?q=BAM+US&page=1&utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=db-bam-us">Access our full research database on Brookfield Asset Management</a></p><div><hr /></div><h3>Cameco Corporation ($CCJ US)</h3><p><strong>Fund:</strong> Hardman Johnston Global Equity</p><p><strong>Thesis:</strong> Cameco Corporation is a uranium supplier positioned to benefit from nuclear demand, energy diversification, and AI-driven power needs.</p><p><strong>Source:</strong> <a href="https://www.hfbestideas.com/letters?open=Iw3UOVMYCWRN&utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=letter-source">Read the original letter ↗</a></p><p><strong>Analysis:</strong></p><p>Our holding Cameco is one of the largest global providers of uranium fuel for nuclear energy and Hitachi provides protection, control, and automation solutions to secure power grids. In a diversifying energy mix, and diversified geographic supply scenario, they are well positioned to benefit from investments that are many years in the planning, developing, and commissioning. There are also opportunities in the oil and gas industry as it shifts some focus away from the Middle East. For instance, TechnipFMC – a stock we know well – is a specialist in services for deepwater drilling. It is likely to see tailwinds from the current environment, while continuing to adapt and build its offerings for offshore renewables. It is an example of our focus on backing the “picks and shovels” that will benefit from industry-wide growth, rather than attempting to pick the winners in a specific sector like energy. We adopt a similar approach toward our analysis of AI – a segment of the market that appears to bounce between views of unbounded optimism and deep pessimism. A recent report from Citrini Research presented one of the gloomiest scenarios about AI’s potential impact across industries, the labor force, and the broader economy. It led directly to selloffs for a number of stocks in a market that was already feeling fragile about AI. Our belief is that there will be opportunity as well as disruption. There will be significant impact on labor markets, yet that should be weighed against benefits that can sweep through a whole range of industries. AI can boost productivity and also improve delivery of essential services. Aging populations around the world will need more healthcare, and potentially more remote healthcare, which can benefit from AI to help deliver health tracking, diagnosis, and personalized care. More specifically, companies like Cameco, already mentioned above as positively exposed to changing energy mixes, are equally finding drivers in increasing energy demand driven by AI data centers. Again, these are the “picks and shovels” of a trend in which we want to find as much upside as possible, while avoiding the traps that may catch the less wary.</p><p><a href="https://www.hfbestideas.com/?q=CCJ+US&page=1&utm_source=substack&utm_medium=newsletter&utm_campaign=weekly_digest&utm_content=db-ccj-us">Access our full research database on Cameco Corporation</a></p>
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