Group 1 - The stock selection process showed positive momentum in December, with an average gain of 0.83% for the selected 15 stocks [1] - The SPDR® S&P 500® ETF was mentioned as a benchmark for performance comparison [1] Group 2 - The analyst holds long positions in various companies, including ZTS, MSCI, DPZ, and others, through stock ownership, options, or derivatives [2] - The article reflects the analyst's personal opinions and is not influenced by compensation from any company mentioned [2]

Core Insights - Bristol Gate Capital Partners' Q3 2025 investor letter indicates that the US Equity Strategy underperformed the S&P 500® Total Return Index this quarter, primarily due to limited exposure to the AI/TMT and Value sectors, which benefited from the Federal Reserve's rate cut [1] - Despite the underperformance, the portfolio achieved a 15% dividend growth over the past 12 months, supported by strong underlying fundamentals [1] Company-Specific Insights - Marsh & McLennan Companies, Inc. (NYSE:MMC) is highlighted as a key stock in the investor letter, with a one-month return of 2.18% and a 52-week loss of 11.79%, closing at $187.36 per share with a market capitalization of $92.111 billion as of December 30, 2025 [2] - Bristol Gate has exited its position in Marsh & McLennan due to declining global commercial insurance rates and anticipated slowdowns in consulting revenues, which are expected to hinder near-term dividend growth [3] - The company is not among the 30 most popular stocks among hedge funds, although the number of hedge fund portfolios holding Marsh & McLennan increased from 60 to 66 in the last quarter [4]

Core Viewpoint - Marsh McLennan will change its NYSE ticker symbol from "MMC" to "MRSH" as part of its brand change to Marsh, effective January 14, 2026 [1] Company Announcement - The ticker symbol change is associated with the company's upcoming rebranding to Marsh [1] - No action is required from shareholders regarding the ticker symbol change [1]

Company Overview - Marsh & McLennan Companies, Inc. (MMC) has a market cap of $91.6 billion and provides advisory services and insurance solutions focused on risk, strategy, and people, operating through its Risk and Insurance Services and Consulting segments [1] Financial Performance - Analysts forecast MMC to report an adjusted EPS of $1.97 for fiscal Q4 2025, representing a 5.4% increase from $1.87 in the same quarter last year [2] - For fiscal 2025, the expected adjusted EPS is $9.61, which is a 9.2% increase from $8.80 in fiscal 2024 [3] - Despite reporting a stronger-than-expected Q3 2025 adjusted EPS of $1.85 and revenue of $6.35 billion, shares of MMC fell 8.5% on October 16 due to flat operating margins and slowing growth in the risk and insurance segment [5] Market Performance - Over the past 52 weeks, shares of Marsh & McLennan have declined by 12.7%, underperforming the S&P 500 Index, which increased by 14.8%, and the State Street Financial Select Sector SPDR ETF, which returned 13.3% [4] Analyst Ratings - The consensus view on MMC stock is cautiously optimistic, with a "Moderate Buy" rating overall; among 25 analysts, there are seven "Strong Buy," one "Moderate Buy," 16 "Holds," and one "Moderate Sell" [6] - The average analyst price target for Marsh & McLennan is $211.28, indicating a potential upside of nearly 13% from current levels [6]

Core Insights - The average employee salary in Thailand is projected to increase by 5.2% in 2026, which is slightly higher than the 5% increase expected in 2025 [1] Group 1: Salary Trends - Mercer's Total Remuneration Survey 2025 analyzes remuneration trends and policies across more than 5,400 roles in over 815 Thai companies [1]

Core Insights - Strategic risk management is increasingly defined by convergence, as CFOs face a complex risk landscape in 2026 [1] - CFOs must track interrelated risk factors such as economic uncertainty, cybersecurity threats, and labor market instability, which often interact with one another [2] - The nature of volatility has shifted to being more structural rather than cyclical, necessitating resilience in financial strategies [3] Risk Management Strategies - Building a resilient financial roadmap is crucial in an environment where risks are becoming more complicated and intertwined [4] - Catastrophic events can have cascading effects on operations and supply chains, highlighting the interconnectedness of risks [5] - Organizations need a comprehensive top-down view of risks and their potential impacts on budgets and profit and loss statements [6]

Core Viewpoint - Marsh McLennan has appointed Mike Mathews as the Global Digital Infrastructure Leader to leverage its expertise in risk, capital, and advisory solutions for clients in the digital infrastructure sector [1] Group 1: Appointment Details - Mike Mathews will be based in Boston and brings over 25 years of specialized industry experience to his new role [1]

Core Viewpoint - Mercer, a business of Marsh McLennan, is enhancing its UK Workplace Savings solutions by investing in the new Schroders Mercer Private Assets Growth Long-Term Asset Fund (LTAF) to provide members with greater access to private market investments [1] Group 1 - Mercer aims to help clients achieve their investment objectives and improve health and retirement outcomes [1] - The investment in the LTAF is part of a strategy to increase members' access to private market investments [1]

Core Viewpoint - The article compares eToro Group Ltd. (ETOR) and Marsh & McLennan (MMC) to determine which stock is a better undervalued investment option for investors in the Insurance - Brokerage sector [1] Group 1: Zacks Rank and Earnings Outlook - eToro Group Ltd. has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while Marsh & McLennan has a Zacks Rank of 3 (Hold) [3] - The Zacks Rank system emphasizes companies with positive earnings estimate revisions, suggesting that ETOR has an improving earnings outlook [3][6] Group 2: Valuation Metrics - ETOR has a forward P/E ratio of 15.62, compared to MMC's forward P/E of 18.83, indicating that ETOR may be undervalued relative to MMC [5] - The PEG ratio for ETOR is 2.15, while MMC's PEG ratio is 3.11, further suggesting that ETOR has a more favorable valuation considering expected EPS growth [5] - ETOR's P/B ratio is 2.42, significantly lower than MMC's P/B of 5.77, reinforcing the notion that ETOR is a better value option [6] Group 3: Value Grades - Based on various valuation metrics, ETOR has earned a Value grade of A, while MMC has a Value grade of D, indicating that ETOR is currently viewed as the superior value investment [6]

Core Insights - Khaveen Investments is a global investment advisory firm focused on serving high-net-worth individuals, corporations, associations, and institutions [1] - The firm is a registered investment adviser with the SEC and offers a range of services including market and security research, business valuation, and wealth management [1] - The flagship Macroquantamental Hedge Fund has a diversified portfolio with exposure to hundreds of investments across various asset classes, geographies, sectors, and industries [1] - The investment approach integrates top-down and bottom-up analysis, utilizing three core strategies: global macro, fundamental, and quantitative [1] - The firm's expertise is concentrated in disruptive technologies such as Artificial Intelligence, Cloud Computing, 5G, Autonomous and Electric Vehicles, FinTech, Augmented and Virtual Reality, and the Internet of Things (IoT) [1]