Fund Performance - The FPA Queens Road Small Cap Value Fund returned 7.46% in Q3 2025, underperforming the Russell 2000 Value Index which returned 12.60% [1] - For the first three quarters of 2025, the Fund achieved a return of 13.77%, compared to 9.04% for the index [1] - The Fund's strategy focuses on a diligent, disciplined, and patient process, expecting to outperform in down markets and underperform in speculative markets [1] Company Highlight: REV Group, Inc. - REV Group, Inc. (NYSE:REVG) is a manufacturer of specialty vehicles, primarily focusing on municipal vehicles such as fire trucks and ambulances [3] - The company reported a one-month return of -18.15% but has seen a 57.50% increase in share value over the last 52 weeks, with a closing stock price of $50.32 and a market capitalization of $2.456 billion as of November 21, 2025 [2] - REV Group generated net sales of $644.9 million in Q3 2025, an increase from $579.4 million in Q3 2024 [4] Operational Developments - CEO Mark Skonieczny has implemented significant operational restructuring, divesting from the less profitable bus business and using the proceeds for stock buybacks [3] - The company has reported a significant backlog and pricing growth, particularly in its municipal business, indicating strong demand [3]

Core Points - Horton Emergency Vehicles, a brand of REV Group Inc., is expanding its manufacturing operations in Grove City, Ohio, with a $2.6 million acquisition of an adjacent building [1] - The new facility will cover 20,000 square feet and will focus on final assembly and delivery processes, aiming to reduce delivery times and enhance customer experience [1] - The expansion will also create additional space in the current assembly operations [1]

Core Viewpoint - Growth stocks are appealing due to their potential for above-average financial growth, but identifying those that can fulfill their potential is challenging [1] Group 1: Company Overview - REV Group is identified as a promising growth stock with a favorable Growth Score and a top Zacks Rank [2] - The company has a historical EPS growth rate of 47.8%, with projected EPS growth of 32.7% this year, significantly outperforming the industry average of -3.3% [4] Group 2: Financial Metrics - REV Group has an asset utilization ratio (sales-to-total-assets ratio) of 1.96, indicating it generates $1.96 in sales for every dollar in assets, compared to the industry average of 0.88 [5] - The company's sales are expected to grow by 8.1% this year, while the industry average is 0% [6] Group 3: Earnings Estimates - There has been a positive trend in earnings estimate revisions for REV Group, with the Zacks Consensus Estimate for the current year increasing by 0.5% over the past month [7] - REV Group has earned a Growth Score of A and holds a Zacks Rank 2 due to positive earnings estimate revisions, positioning it well for potential outperformance [9]

Core Viewpoint - Monteverde & Associates PC is investigating the merger between REV Group, Inc. and Terex Corporation, questioning the fairness of the deal for REV Group shareholders, who will receive 0.9809 shares of the combined company and $8.71 in cash for each share [1]. Group 1: Company Overview - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report and has successfully recovered millions for shareholders [1]. - The firm operates from the Empire State Building in New York City and specializes in class action securities litigation [2]. Group 2: Merger Details - Under the proposed merger terms, REV Group shareholders will receive 0.9809 shares of the new entity and $8.71 in cash for each share held [1]. - The investigation aims to determine if the compensation offered to shareholders is fair [1].

Core Points - The former Attorney General of Louisiana, Charles C. Foti, Jr., and Kahn Swick & Foti, LLC are investigating the proposed sale of REV Group, Inc. to Terex Corporation to assess the adequacy of the price and process involved in the transaction [1] - Under the proposed terms, shareholders of REV Group will receive $8.71 in cash plus 0.9809 shares of the combined company for each share they own [1] Company and Industry Summary - The investigation aims to determine if the proposed consideration undervalues REV Group, Inc. and whether the process leading to this valuation was adequate [1] - Kahn Swick & Foti, LLC is also involved in similar investigations for other companies, indicating a broader trend of scrutiny in proposed mergers and acquisitions within the industry [5][6]

Core Viewpoint - Halper Sadeh LLC is investigating the fairness of the sale of REV Group, Inc. to Terex Corporation for shareholders [1] Group 1 - The sale involves 0.9809 of a share of the combined company and $8.71 in cash for each REV Group share [1]

Core Viewpoint - Terex plans to exit the aerial work platform business and merge with REV Group, which specializes in manufacturing specialty vehicles such as fire trucks and ambulances [1][3]. Financial Performance - In Q3 2025, Terex reported sales of $1.4 billion, up from $1.2 billion in the same period last year, driven by strong demand for refuse collection vehicles, multifunctional vehicles, parts, services, and digital solutions [4]. - The ESG segment saw a 13.6% increase in sales, reaching $435 million, while the aerial work platform segment experienced a 13.2% decline in sales to $537 million due to decreased sales volume, unfavorable customer mix, and tariff resistance [4]. - The material handling segment's sales fell by 6.1% year-over-year to $417 million, although growth in the aggregate business in North America, Europe, and India offset declines in concrete and crane businesses [4]. Strategic Moves - Terex is seeking strategic options to exit the aerial work platform segment, potentially selling its Genie business to reduce exposure to cyclical end markets [3][4]. - The company aims to become a diversified leader in emergency, sanitation, utility, environmental, and material handling equipment markets, which are characterized by low cyclicality, resilient demand, and strong long-term growth prospects [4]. Merger Details - The aerial work platform business is expected to generate approximately $2 billion in revenue for Terex in 2025, with total group sales projected at $5.4 billion [5]. - Following the merger, the combined sales of Terex and REV Group (excluding the aerial work platform) are expected to reach $5.8 billion in 2025 [5]. - Terex CEO Simon Meester will lead the merged company, which aims to create a large, diversified industrial leader by integrating complementary business portfolios [7]. - Post-merger, Terex shareholders will own 58% of the new entity, while REV Group shareholders will hold 42% [7].

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Summary of REV Group and Terex Corporation Merger Conference Call Industry and Companies Involved - **Companies**: Terex Corporation and REV Group - **Industry**: Specialty Equipment Manufacturing Core Points and Arguments 1. **Merger Announcement**: Terex and REV Group announced a merger to create a large-scale specialty equipment manufacturer focused on resilient and growing end markets [2][7][10] 2. **Financial Performance**: Terex reported earnings of $1.5 EPS on sales of $1.4 billion with a cash conversion of 200% for Q3 2025, maintaining a positive outlook [6][10] 3. **Ownership Structure**: Post-merger, Terex shareholders will own 58% and REV shareholders 42% of the combined company, with REV shareholders receiving $425 million in cash [9][10] 4. **Synergy Goals**: The merger aims to achieve at least $75 million in annual synergies, with expectations to realize about half of this within the first year [10][29] 5. **Exit from Aerial Segment**: Terex plans to exit its Aerial segment, which is expected to reduce exposure to cyclical markets and enhance the financial profile of the combined company [11][32] 6. **EBITDA Projections**: The merged company is projected to have a mid-teens adjusted EBITDA margin in fiscal 2025, with a strong balance sheet and liquidity position [11][32] 7. **Market Focus**: Approximately 85% of the combined revenue will be generated in North America, with a balanced portfolio across specialty vehicles, environmental solutions, and materials processing [16][18] 8. **Growth Drivers**: Anticipated growth in infrastructure spending, utility upgrades, and demographic trends are expected to drive demand in the coming years [19][25] 9. **Digital Solutions**: The Third Eye digital platform is highlighted as a significant growth opportunity, particularly in emergency response and municipal services [31][60] 10. **Backlog Information**: REV Group has a backlog of approximately $4.5 billion, primarily in the specialty vehicles segment, with a duration of 2 to 2.5 years [107][108] Additional Important Insights 1. **Cyclical Exposure Reduction**: The merger is designed to create a less cyclical earnings profile, enhancing predictability and stability for shareholders [32][96] 2. **Operational Improvements**: Both companies have implemented operating systems aimed at driving efficiency, safety, and innovation, which will be leveraged post-merger [27][28] 3. **Market Resilience**: The combined company will focus on essential services, with nearly 60% of revenue tied to emergency vehicles and waste collection, which are less affected by economic fluctuations [18][23] 4. **Strategic Transformation**: The merger is seen as a continuation of both companies' strategic transformations, aimed at enhancing shareholder value through operational synergies and market expansion [12][14] 5. **Valuation Considerations**: The transaction is structured to provide a favorable valuation for both sets of shareholders, with a focus on future growth potential and synergy realization [48][49] This summary encapsulates the key points discussed during the conference call regarding the merger between Terex Corporation and REV Group, highlighting the strategic, financial, and operational implications of the transaction.

AND ESTABLISHING A LEADING SPECIALTY EQUIPMENT MANUFACTURER OCTOBER 30, 2025 E X E C U T E • I N N O V A T E • G R O W 1 Cautionary Statement About Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933, which involve risks and uncertainties. Any statements about Terex's and REV Group's, or the combined company's plans, objectives, expectations, strategies, beliefs ...