Hedge funds' best ideas #98 - Q1'26 Pitches

Jul 9, 2026 · 09:23

↗ https://hfbestideas.substack.com/p/hedge-funds-best-ideas-98-q126-pitches

<div class="subscription-widget-wrap-editor"><div class="subscription-widget show-subscribe"><div class="preamble">Thanks for reading Stock Analysis Compilation! Subscribe for free to receive new posts and support my work.</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>Upgrade Your Edge on HFBestIdeas.com 🚀</h3>Stop spending hours sourcing and digesting Hedge Fund letters. Let HFBestIdeas do the manual work for you and turn over more rocks in less time. Try any premium plan free for 7 days:<ul><li>The Analyst ($10/mo): Full newsletter (35+ stock pitches/week).</li><li>The Associate ($19/mo): Full access to our pitch database + Quarterly Letter archive.</li><li>The Rainmaker ($29/mo): Total access + Warren AI, your proprietary research assistant.</li></ul>Note: For Associate & Rainmaker access, please subscribe directly at <a href="https://HFBestIdeas.com">HFBestIdeas.com</a>.<a class="button primary" href="https://www.hfbestideas.com/pricing">Start Your 7-Day Free Trial</a>Now, let’s get into this week’s selection of fund ideas 👇<div><hr /></div><h3>Summary :</h3>🔹 Accenture plc (ACN US) by Oakmark Equity and Income Fund🔹 Acutaas Chemicals Limited (ACUTAAS IN) by Baron India Fund🔹 adidas AG (ADS GR) by Artisan International Value Strategy🔹 Ameriprise Financial Inc. (AMP US) by Gator Financial Partners🔹 Anhui Yingliu Electromechanical (603308 CH) by Hood River Emerging Markets Fund🔹 Apple (AAPL US) by Andrew Hill Investment Advisors🔹 Axon Enterprise Inc (AXON US) by Nightview Capital🔹 Beng Kuang Marine Limited (BKM SP) by Fairlight Alpha Fund🔹 Blue Ant Media Inc. (BAMI CN) by Donville Kent🔹 Centum Electronics Limited (CENTUM IN) by Baron India Fund🔹 Century Aluminum Company (CENX US) by Riverwater Sustainable Value Strategy🔹 Chevron Corporation (CVX US) by Aristotle Value Equity🔹 Coherent Corp. (COHR US) by Aristotle Core Equity🔹 Coherent Corp. (COHR US) by Baron SMID Cap ETF🔹 Coupang, Inc. (CPNG US) by Artisan International Value Strategy🔹 Divi’s Laboratories Limited (DIVI IN) by Baron India Fund🔹 Edwards Lifesciences Corp (EW US) by Artisan U.S. Mid-Cap Growth Strategy🔹 Forgent Power Solutions, Inc. (FPS US) by Baron Discovery Fund🔹 Fujikura Ltd (5803 JP) by Artisan Global Equity Strategy🔹 Fujikura Ltd (5803 JP) by Bell Global Emerging Companies Fund🔹 Gartner (IT US) by Oakmark Select Fund🔹 J.B. Hunt Transport Services (JBHT US) by Artemis US Extended Alpha Fund🔹 James Hardie Industries (JHX AU) by WS Amati Global Innovation Fund🔹 Lumentum Holdings Inc. (LITE US) by Baron Technology ETF🔹 Methanex Corporation (MEOH US) by Riverwater Sustainable Value Strategy🔹 Olema Pharmaceuticals, Inc. (OLMA US) by Aristotle Large Cap Growth🔹 Publicis Groupe (PUB FP) by Guinness Global Equity Income🔹 RELX (REL LN) by Artemis UK Select Fund🔹 Salesforce, Inc. (CRM US) by Hotchkis & Wiley Large Cap Fundamental Value🔹 Semtech Corp (SMTC US) by Artisan U.S. Mid-Cap Growth Strategy🔹 SiTime Corp (SITM US) by Artisan U.S. Mid-Cap Growth Strategy🔹 Techtronic Industries Co. Ltd. (669 HK) by Aristotle International Equity ADR🔹 Tempus AI, Inc. (TEM US) by Aristotle Core Equity🔹 Veralto Corp (VLTO US) by Artisan U.S. Mid-Cap Value Strategy🔹 Waters Corp (WAT US) by Artisan U.S. Mid-Cap Growth Strategy<div><hr /></div><h3>Accenture plc $ACN US by Oakmark Equity and Income Fund</h3>Thesis: Accenture plc is a scaled IT services leader embedded in enterprise workflows with secular tailwinds and an attractive valuation.Source: https://drive.google.com/file/d/1bcnhGD4XAOr96ijWb1pWMxeZV-qgsnPg/view?usp=drivesdkAnalysis: Accenture is a global leader in consulting and outsourced IT services. The company benefits from unmatched scale, being nearly three times as large as the next three public IT services companies combined. We think it is well-positioned for future growth as it is deeply embedded in large enterprises’ workflows, with its top 300 clients spending over $100 million annually. Furthermore, we believe it is poised to capitalize on the ongoing enterprise cloud transition and the secular growth in enterprise technology spending. Despite these strong fundamentals, the stock is trading at its lowest P/E multiple since 2015 due to what we view as misguided AI disruption fears, creating the opportunity to purchase shares at a sizable discount to our estimate of intrinsic value.<a href="https://www.hfbestideas.com/?q=ACN+US&page=1">Access our full research database on Accenture plc</a><div><hr /></div><h3>Acutaas Chemicals Limited $ACUTAAS IN by Baron India Fund</h3>Thesis: Acutaas Chemicals Limited is a pharma intermediates and specialty chemicals leader with dominant shares, CDMO visibility via darolutamide, and new verticals driving >20% growth.Source: https://drive.google.com/file/d/1I7yFweUy18m_5SjAOfVEKe-JPlD_E1kl/view?usp=drivesdkAnalysis: Acutaas Chemicals Limited is a manufacturer of pharmaceutical intermediates and specialty chemicals in India. Shares were up during the quarter, driven by upbeat quarterly results and an upward revision to full-year growth and profitability guidance. We retain conviction in Acutaas, as the company continues to scale its pharmaceutical contract development and manufacturing operations through its contract with Fermion to supply chemical intermediates for darolutamide, a fast-growing patented drug for prostate cancer marketed by Bayer. We are also encouraged by Acutaas’ expansion into electrolyte additives and semiconductor chemicals, which should support strong growth momentum over the next few years. In our view, Acutaas could deliver more than 25% compounded revenue and earnings growth over the next three to five years. Acutaas is a leading manufacturer of advanced pharmaceutical intermediates (intermediates) and specialty chemicals in India. The company plays a vital role in the global pharmaceutical value chain, with a 50% to 90% market share in several critical intermediates up to the N 1 stage of the API synthesis chain. To drive sustainable long term growth, Acutaas proactively invests in R&D to build a durable pipeline of intermediates with API patents that expire through 2040 and beyond. In addition to its core intermediates business, the company is actively ramping up its higher margin contract development and manufacturing organization (CDMO) vertical in collaboration with global innovators. For example, Acutaas became the primary intermediates vendor for darolutamide, a fast-growing, patented prostate cancer drug marketed by Bayer with estimated peak sales of more than $4 billion. This long-term contract under the CDMO model provides strong revenue visibility over the next few years. We are also excited about Acutaas’ new ventures into electrolyte additives and semiconductor chemicals, which should support strong growth momentum. In our view, the company is well positioned to deliver over 20% compounded revenue and earnings growth over the next three to five years.<a href="https://www.hfbestideas.com/?q=ACUTAAS+IN&page=1">Access our full research database on Acutaas Chemicals Limited.</a><div><hr /></div><h3>adidas AG $ADS GR by Artisan International Value Strategy</h3>Thesis: adidas AG is a global athletic brand in turnaround under CEO Bjørn Gulden, with renewed product momentum, modest valuation and supportive capital allocation.Source: https://drive.google.com/file/d/1IJxQJF3zl6oOy7r_eSpz7xntx4jZR_9z/view?usp=drivesdkAnalysis: Adidas is a German-listed global manufacturer of athletic footwear and apparel and the second-largest company in the industry behind Nike. This is our second time investing in Adidas, with the first beginning in Q3 2022. At that time, the company was facing challenges related to the loss of its Yeezy product line and broader issues in product innovation and brand momentum. From 2018 to 2023, Adidas’s share of the global sportswear market fell from 11% to 8%. These pressures led to a significant decline in the share price, creating an opportunity to invest in an iconic brand. In 2023, shortly after our initial investment, the board appointed new leadership. CEO Bjørn Gulden joined Adidas from Puma, and his strong track record rapidly improved investor sentiment, driving the share price beyond our estimate of intrinsic value. We exited the position but continued to monitor the company closely. Over the past two years, Mr. Gulden has led a rapid turnaround. His strategy of pushing decision-making down to regional teams has reignited demand, particularly for the company’s Terrace footwear. The company is now leveraging this brand momentum into performance products and apparel, with growth broadening across categories, markets and channels. Enthusiasm for this progress peaked in early 2025, with the share price reaching just under €260. Over the last few months, investors have become concerned about foreign exchange and tariff headwinds, a complex product transition, rising competition and a potential consumer slowdown. The share price has declined over 45% from the 2025 peak. We believe Adidas’s strong global brand, innovative product pipeline, decentralized execution and responsiveness to local markets positions the company well to manage through a slowdown in lifestyle brands and to compete more effectively. The valuation at this price is modest (approximately 13X our estimate of normalized earnings), and capital allocation is shareholder-friendly (the company announced a €1 billion share repurchase program during the quarter). We also note recent insider purchases by the CEO, CFO and chairman.<a href="https://www.hfbestideas.com/?q=ADS+GR&page=1">Access our full research database on adidas AG</a><div><hr /></div><h3>Ameriprise Financial Inc. $AMP US by Gator Financial Partners</h3>Thesis: Ameriprise Financial is a leading wealth and asset management firm with high ROE, a capital-light model, attractive valuation, organic growth levers like Signature Wealth and bank lending, and a strong record of capital returns.Source: https://drive.google.com/file/d/1BLcYZmUPwmKtwLBo0AC-q7iQlb10IcbE/view?usp=drivesdkAnalysis: Investment Thesis on Ameriprise Financial (“AMP”) Ameriprise Financial combines an independent advisory and brokerage platform with a captive asset manager and insurance/annuity operations. The company serves over 2 million individual, business, and institutional clients and, at year-end, had $1.7 trillion in assets on its platform. It is currently undervalued versus peers despite having one of the most compelling best-in-class growth stories in the wealth management space and a demonstrated commitment to returning capital to shareholders. We purchased Ameriprise in Q1 after the stock sold off on fears around AI disintermediation of financial advisors. 1. Ameriprise is a great business with high returns on equity, minimal need for capital, and a strong, long-tenured management team - Ameriprise generates exceptional returns on equity with an ROE of over 50%. This level of return is nearly unmatched among diversified financial services peers. It reflects the capital-light nature of the wealth management and asset management businesses, which together require minimal incremental equity to grow. The business is run by CEO Jim Cracchiolo, who has led the company since its 2005 spin-off from American Express. His two-decade tenure has produced a compounding machine. 2. Ameriprise trades at the lower end of its historical valuation range – Ameriprise’s valuation is compelling in both absolute and relative terms. Despite consistently compounding earnings at double-digit rates, Ameriprise trades at 10.4x estimated next twelve-month (“NTM”) earnings per share (“EPS”). Historically, Ameriprise has traded between 8x and 16x NTM EPS. Also, Ameriprise trades at a discount to its wirehouse and large independent wealth management peers on a price-to-earnings basis. 3. We think Ameriprise frequently trades at a discount to peers because it is often classified as a Life Insurer – Ameriprise is often covered by sell-side research analysts who also cover life insurance companies. While Ameriprise does own a life insurer, this business accounts for only about 16% of Ameriprise’s earnings, compared with 34% in 2005, when Ameriprise was spun off from American Express. Life insurance stocks trade at low valuations because their businesses are capital-intensive and often earn low returns due to the industry’s high competitive intensity. In contrast, wealth management businesses should trade with higher valuations because they are not capital intensive and retain clients for long periods of time due to the trusted advice that financial advisors provide. We note that Ameriprise’s life insurance company avoids the most price competitive areas of the life insurance industry. Ameriprise sells its insurance products through its own salesforce, so it does not compete with other life insurance companies in the most intense segments of the industry. We prefer to use a wealth management set of peers like Morgan Stanley, Raymond James Financial, LPL Financial, and Stifel Financial when evaluating Ameriprise. 4. Signature Wealth provides opportunity for increased share of wallet and reinforces ﬂywheel - In mid-2025, Ameriprise launched its Signature Wealth offering. This product is a unified managed account that allows advisors to select institutional investment models for their clients. This platform allows advisors to offer more sophisticated investment offerings to their clients within a single account, and Ameriprise earns an incremental platform fee on those assets. This product allows Advisors to focus on clients and prospects rather than managing portfolios. Columbia Threadneedle is the asset management arm of Ameriprise. It is another beneficiary of the Signature Wealth product. Columbia is a quality manager on a standalone basis, generating attractive flows and returns across their strategies. They are also among the investment options that advisors can select through the Signature Wealth offering. Any flows directed to Columbia Threadneedle will benefit Ameriprise through the management fees they earn; this is incremental to the asset-based fees Ameriprise generates from client assets in the advisory business. This structure is relatively common at wirehouse firms but differentiated within the independent channel. Even independent managers with asset management capabilities are limited in their proprietary offerings compared to what Columbia Threadneedle can offer clients. 5. Compelling organic growth strategy discounted vs peers - Ameriprise has successfully leveraged platform improvements to drive retention and recruiting while also focusing on productivity per advisor. This is in contrast to others in the industry that have approached recruiting primarily through increasingly large economic incentives. We believe the wealth advisory space will only increase in competitive intensity over time, with improving retention from the wirehouses and continued pressure from financial sponsors further inflating the cost of advisor recruitment. Against this backdrop, we believe the company’s focus on organic growth rather than compensation-led broker recruitment will deliver more durable earnings growth relative to peers. Over time, success should contribute to a narrowing valuation gap vs. independent peers. 6. Build out of bank lending was a missing piece that strengthens a holistic oﬀering - Ameriprise has been building out its bank lending capabilities, further expanding into securities-based lending and HELOCs. Bank lending products were something the wirehouses and other independent advisors had had for years, and Ameriprise was missing them. We believe it’s a notable upgrade to their existing platform that should bring revenue and help improve advisor retention and recruitment. 7. Cash generative business with a history of capital returns - Ameriprise has a history of strong free cash flow generation and has regularly returned over 80% of operating earnings to shareholders. Management has been able to invest while consistently reducing the share count and paying a healthy dividend. Since Ameriprise was spun off from American Express in 2005, the company has repurchased more than 60% of its original shares outstanding. 8. Franchise value if there is industry consolidation – Although we are not predicting a sale of Ameriprise, we note that there is a limited number of wealth management franchises available with the scale of Ameriprise. We believe both Goldman Sachs and UBS Group are potential acquirers of Ameriprise. Goldman lags Morgan Stanley in its Wealth Management scale. UBS mentioned on its latest earnings call that it is interested in gaining additional scale in its US wealth business. Key risks 1. AI disintermediation risk - The launch of an AI-powered wealth management tool by Anthropic has stoked fears about the disintermediation of human ﬁnancial advisors. The concern is that AI could compress advisory fees industrywide, accelerate the shift toward self-directed investing, or erode Ameriprise’s competitive advantage in advisor productivity. Ameriprise acknowledges this risk. We believe the risk is overstated in the near term, with the ﬁnancial advisor relationship being built on behavioral coaching, trust, and personalized planning that AI does not easily replicate, especially during periods of market volatility. Morgan Stanley’s stock largely recovered from the same fears, yet Ameriprise remains approximately 12% below its early February high. 2. Cash sweep and interest rate sensitivity - Ameriprise earns net investment income on residual cash held in brokerage sweep accounts, both on-balance sheet through the bank and oﬀ-balance sheet through money market fund arrangements. These residual cash balances generate meaningful income, which could be at risk if the federal funds rate falls. Beyond rate risk, there is a longer-term structural question about whether clients will increasingly seek higher-yielding alternatives to traditional brokerage cash sweep accounts, such as tokenized money market funds or stablecoin-like instruments, which could reduce aggregate sweep balances over time. Ameriprise is better positioned than most peers, given that its smaller bank subsidiary generates less income on residual cash than its peers. 3. Continued pressure on active management at Columbia Threadneedle - The secular shift from active to passive investing remains a headwind for all asset managers, including Columbia Threadneedle, Ameriprise’s institutional asset management arm. 4. Market level risk - A substantial portion of Ameriprise’s revenues and earnings are directly linked to the level of client invested assets, most prominently through wrap account advisory fees. A meaningful market correction would reduce this AUM base and, by extension, the advisory fees earned on it. While Ameriprise’s diversiﬁcation across wealth management, asset management, and insurance/annuity businesses provides some oﬀset, the company remains meaningfully exposed to prolonged weakness in the market. 5. Long-term care insurance tail risk - Ameriprise carries a closed block of legacy long-term care (LTC) insurance policies that it stopped underwriting in 2002. LTC is notoriously diﬃcult to price and reserve accurately. The company has taken substantial rate increases and has ceded a signiﬁcant portion of the risk to reinsurer Genworth, which creates counter-party risk to Genworth. While the block is in run-oﬀ and management has been disciplined in addressing the reserve adequacy, the tail risk is real and could surface through adverse annual unlocking charges. We consider this a manageable but structurally unresolvable risk given the policies’ remaining duration.<a href="https://www.hfbestideas.com/?q=AMP+US&page=1">Access our full research database on Ameriprise Financial Inc.</a><div><hr /></div><h3>Anhui Yingliu Electromechanical $603308 CH by Hood River Emerging Markets Fund</h3>Thesis: Anhui Yingliu Electromechanical manufactures turbine components and is positioned to gain share and benefit from rising gas turbine demand driven by AI-related power needs, with faster scaling and improving orders supporting earnings upside.Source: https://drive.google.com/file/d/1Mn_m6cDi16ZTTN_IFg8-UhxxjTJ1aSTY/view?usp=drivesdkAnalysis: A representative example is Anhui Yingliu Electromechanical (603308 CH), which manufactures highly engineered turbine blades and components used in gas turbines, with established relationships across global OEMs including Siemens and leading Japanese and Korean players. As AI-driven data center buildout accelerates, the bottleneck has increasingly shifted to power availability, driving a surge in demand for gas turbines as a near-term solution. Yingliu sits at a critical choke point in this supply chain. Unlike developed peers such as Howmet Aerospace, the company can scale capacity more quickly, positioning it to gain share during this period of elevated demand. We are seeing improving order momentum and deeper customer engagement, supporting a favorable setup as earnings begin to inflect.<a href="https://www.hfbestideas.com/?q=603308+CH&page=1">Access our full research database on Anhui Yingliu Electromechanical</a><div><hr /></div><h3>Apple $AAPL US by Andrew Hill Investment Advisors</h3>Thesis: Apple benefits from a vast device ecosystem, disciplined capital allocation, and a strategy to leverage AI pragmatically while maintaining a strong balance sheet.Source: https://drive.google.com/file/d/1iTX6m0aah41ofFjnj62PCejsBZzHsf4v/view?usp=drivesdkAnalysis: We also hold a core position in Apple, which continues to benefit from its ecosystem even without a single, dominant AI narrative. A cornerstone of many portfolios, Apple remains a consistent and reliable investment. Revenue continues to be driven by the iPhone’s dominant market share and a loyal ecosystem of over 2 billion active devices. Notably, Apple has not followed competitors into the massive spending spree on AI infrastructure. By avoiding the multi-billion-dollar AI arms race, they have maintained a superior balance sheet and consistent shareholder buybacks. Apple has never truly been a pioneer. Rather, they wait out speculative companies and ultimately partner with whomever the winner is. They are sticking to that script with their AI strategy. On the product manufacturing side of the business, Apple recycles and reuses a significant amount of rare earth materials, cobalt, and aluminum. Their long-term objective is to have all products either recycled or renewable materials and packaging.<a href="https://www.hfbestideas.com/?q=AAPL+US&page=1">Access our full research database on Apple.</a><div><hr /></div><h3>Axon Enterprise Inc $AXON US by Nightview Capital</h3>Thesis: Axon Enterprise is building the operating system for public safety with sticky, high-recurring software and integrated hardware, supporting strong growth, expanding margins, and a near-monopoly position.Source: https://drive.google.com/file/d/1MANod0MDeGXKcbPtM7_YlszxrNihnwT5/view?usp=drivesdkAnalysis: Axon Enterprise (AXON) Axon is not a software company in the way most people use that term, which is precisely why we think it is one of the most underappreciated businesses in our portfolio. It is the operating system of public safety in America and, increasingly, around the world. The company sells Tasers, body cameras, in-car cameras, and — this is the key — a cloud-based evidence management platform called Axon Evidence, which has become the de facto system of record for law enforcement agencies across the country. The software business alone is impressive: high recurring revenue, long contract durations, minimal churn, and a customer base — police departments and government agencies — that, once converted, essentially never leaves. The hardware serves as a distribution mechanism for the software. As Axon expands into records management, computer-aided dispatch, and AI-powered video analysis, the addressable market expands dramatically. We initiated our position in Axon in late February as the stock corrected sharply in the broader software selloff. At the prices we paid, we were acquiring a business with roughly 30% annual revenue growth, expanding margins, and a near-monopoly position in its core market — for a valuation that reflected significant investor skepticism.<a href="https://www.hfbestideas.com/?q=AXON+US&page=1">Access our full research database on Axon Enterprise Inc.</a><div><hr /></div><h3>Beng Kuang Marine Limited $BKM SP by Fairlight Alpha Fund</h3>Thesis: Beng Kuang Marine Limited is shifting to an asset-light FPSO services model with rising margins and recurring revenue, supported by the ASOM acquisition and significant secured 2026 work.Source: https://drive.google.com/file/d/1KBaKMrgjah9ajGU0oGsVT8tyw-Lc3L5a/view?usp=drivesdkAnalysis: A position from last year, Beng Kuang Marine Limited, has continued along its inflection path with an excellent move to purchase their partly owned subsidiary ASOM (Asian Offshore Services Management). They owned 49% of this subsidiary up until now, with it driving a core component of Beng Kuang’s strategy to become more of an asset-light business. Previously, the company had primarily operated out of its two shipyards in Batam (Indonesia) and Kuantam (Malaysia). This was CapEx and OpEx heavy and required a lot of fixed assets to operate. The decision was made by management in 2021 to shift away from this business to focus more on consulting and on-site repairs to FPSO and other types of energy production vessels. This reduced the need for the full Batam shipyard and has allowed them to reduce fixed assets and increase margins for services provided to customers. To illustrate this, gross margins in 2022 stood at 21.2% and in 2025 reached 37%, with this trend likely to continue for several more years, particularly after the ASOM transaction completes. This is not done yet, but there will be an EGM in the near future which should see the deal get finalized. After this is complete, it is likely that 2026 results for Beng Kuang will be even stronger. In particular, note that in a recent press release the company stated that S$28 million of work at the ASOM subsidiary had already been secured this year, as compared to a total revenue of S$98 million last year, for the full year across the whole company. It’s worth noting that much of this ASOM revenue is recurring in nature, being tied to long-term FPSO maintenance contracts involving inspection, maintenance and life extension. Their other businesses are also growing, and so it seems there are healthy tailwinds for the company over the next couple of years.<a href="https://www.hfbestideas.com/?q=BKM+SP&page=1">Access our full research database on Beng Kuang Marine Limited.</a><div><hr /></div><h3>Blue Ant Media Inc. $BAMI CN by Donville Kent</h3>Thesis: Blue Ant Media Inc. distributes diverse content globally, has strong ROC and net cash, and trades at a low earnings multiple with material upside potential.Source: https://drive.google.com/file/d/1iPoxzDydx0fdh-GMkVeuaJ4-Arr2u3LD/view?usp=drivesdkAnalysis: Blue Ant (BAMI) For those of you interested to learn more about Blue Ant, their investor presentation is a good primer, but we would also suggest looking through their content catalogue to understand the diversity and breadth of programming. Their content is sold in over 100 countries on over 300 platforms with over a billion global views per month. An investor willing to do the work has an edge when it comes to Blue Ant because the stock is new to the market and hasn’t gone through the price discovery process yet. The company’s financial estimates don’t show up on Bloomberg, Factset, Yahoo Finance, etc. The company came public in an unusual way, and it will most likely take a couple quarters of reporting results before investors realize the earnings ability of the company. At the same time, some of the shareholders of past acquisitions shares are now able to be sold. Before coming public, Blue Ant grew revenue 18% per year from 2020 to 2025 with 18% return on capital. The global streaming market is projected to grow over 20% per year for the next several years. Blue Ant received an additional $34.7M cash payout in March as part of the RTO process and is now sitting with a Net Cash balance sheet. Factoring in their recently closed acquisitions, but not projecting more M&A, the stock is currently trading on 2.5x earnings. The stock is currently trading at $5.65/share and we think it is worth ~$20/share with upside from there as they are sitting on cash and expect to acquire additional libraries of content.<a href="https://www.hfbestideas.com/?q=BAMI+CN&page=1">Access our full research database on Blue Ant Media Inc.</a><div><hr /></div><h3>Centum Electronics Limited $CENTUM IN by Baron India Fund</h3>Thesis: Centum Electronics Limited is an Indian EMS leader poised to benefit from Make in India and defense indigenization with strong revenue and EBITDA growth prospects.Source: https://drive.google.com/file/d/1I7yFweUy18m_5SjAOfVEKe-JPlD_E1kl/view?usp=drivesdkAnalysis: Centum Electronics Limited is a leading electronics manufacturing services provider in India, providing design and manufacturing solutions for mission-critical applications across defense, aerospace, industrial, and automotive industries. Shares rose during the quarter, driven by robust quarterly results and the divestiture of the company’s loss-making Canadian subsidiary. We remain invested, as we believe Centum is well positioned to benefit from the Indian government’s “Make in India” initiative, which promotes domestic manufacturing of electronic products and components through attractive tax subsidies and infrastructure support. Amid escalating global geopolitical tensions, we see additional upside from India’s push to indigenize defense equipment design and production, a trend that should benefit electronic system providers like Centum. Looking ahead, we expect the company to deliver 18% to 20% compounded revenue growth and 25% to 30% compounded EBITDA growth over the next three to five years.<a href="https://www.hfbestideas.com/?q=CENTUM+IN&page=1">Access our full research database on Centum Electronics Limited.</a>

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