Core Insights - Consumer intent to purchase vehicles remains strong for 2026, with 39% of U.S. adults planning to buy a car, indicating high priority for vehicle purchases [1][2][3] Consumer Intent and Trends - More than 80% of consumers intending to buy a vehicle expect to do so within the next 12 months, with 65% planning to trade in their current vehicle, supporting the used car market [2][3] - Among those planning a vehicle transaction, 87% intend to buy and 13% intend to lease, with younger generations showing a greater interest in leasing [3] Market Dynamics - Auto loan originations began to rise in 2025, driven by anticipation of tariffs and the end of the EV tax credit, with super prime and subprime segments leading this growth despite affordability challenges [4] - Affordability remains a significant obstacle, with 53% of consumers citing cost concerns and 44% citing economic uncertainty [5] Vehicle Preferences - Half of prospective buyers intend to purchase traditional gas-powered vehicles, while 33% prefer hybrids and 16% prefer electric vehicles (EVs), with Millennials showing a slight preference for hybrids [6] - Consumers interested in EVs cite lower fuel costs (72%), environmental benefits (66%), and new technology features (62%) as key reasons for their interest [7] Challenges to EV Adoption - Internal combustion powertrains dominate due to affordability and charging infrastructure challenges, with Millennials increasingly interested in hybrids and Gen Z leaning towards traditional gas vehicles [8]

Core Viewpoint - TransUnion is set to enhance its communications solutions and fraud prevention capabilities through the acquisition of RealNetworks' mobile division, expected to close in the first half of the year, pending regulatory approvals [2][4]. Group 1: Acquisition Details - The acquisition will strengthen TransUnion's portfolio in communications solutions and expand its fraud prevention capabilities [2]. - TransUnion has signed a definitive agreement for the acquisition, which is anticipated to close in the first half of the year, subject to customary closing conditions and regulatory approvals [2]. - The mobile division of RealNetworks provides solutions for identifying fraudulent messages and calls, enabling secure branded calls, and detecting synthetic and cloned voices during calls [5]. Group 2: Technological Advancements - The acquisition will bring advanced artificial intelligence (AI) and machine learning (ML) technologies to TransUnion, along with real-time analytics of text, multimedia messages, and phone calls [4]. - TransUnion aims to revolutionize inbound and outbound communications, enhancing consumer experiences and reducing fraud risk through the integration of RealNetworks' platform [5]. Group 3: Strategic Growth Initiatives - TransUnion has previously expanded its operations beyond core credit services into marketing, fraud, risk, and advanced analytics through earlier acquisitions and technology investments [3]. - In January 2025, TransUnion announced plans to acquire Trans Union de Mexico to strengthen its presence in Mexico and enhance global consumer protection [6]. - Additionally, in January 2025, TransUnion planned to acquire Monevo, a British credit prequalification/distribution platform, to facilitate secure transactions for consumers and organizations [7].

Core Viewpoint - TransUnion has signed a definitive agreement to acquire the mobile division of RealNetworks, aiming to enhance mobile communications safety and reliability for businesses and consumers [1][2] Group 1: Acquisition Details - The acquisition is expected to augment TransUnion's capabilities with advanced AI and machine learning technologies, as well as real-time analytics of text, multimedia messages, and phone calls to reduce fraud [1][2] - The transaction is anticipated to close in the first half of 2026, pending customary closing conditions and regulatory approvals [5] Group 2: Fraud Prevention and Communication Solutions - Mobile phone fraud exceeds $80 billion annually worldwide, and TransUnion's solutions are designed to protect businesses and consumers while restoring trust in phone communications [2] - The integration of RealNetworks' technology is expected to enhance TransUnion's voice channel capabilities and extend its fraud prevention measures to messaging [2][3] - TransUnion's Trusted Call Solutions are designed to help businesses reach more customers by adding verified brand information and blocking fraudulent calls [3] Group 3: Strategic Benefits - The acquisition is expected to strengthen TransUnion's competitive position in the communications solutions market and open new revenue opportunities [4] - RealNetworks' mobile division is anticipated to bring strategic relationships and network integration experience with leading telecom service providers worldwide [2][4]

Economic Overview - The U.S. services sector continued its expansion in December 2025, with the Services PMI at 54.4%, marking the highest reading of the year and the 10th month of expansion [1] - Real GDP increased at an annual rate of 4.4% during July-September, up from 3.8% in the previous quarter, indicating economic resilience amid inflationary pressures and trade policy uncertainty [2] Services Sector Performance - The services sector's performance reflects the U.S. economy's adaptability, driven by sustained consumer demand across various industries, including transportation, retail, finance, and healthcare [3] - However, certain segments like construction and professional services showed relative weakness, indicating disparities within the sector [3][4] Earnings Outlook - Several service providers are expected to report earnings soon, with Gartner, Coherent, Exponent, and TransUnion identified as stocks likely to beat earnings estimates this season [4] - Gartner's revenue estimate is $1.74 billion, reflecting a 1.7% year-over-year growth, while earnings are expected at $3.50 per share, a decline of 35.8% from the previous year [9] - Coherent's revenue estimate is $1.63 billion, indicating a 13.9% year-over-year growth, with earnings expected at $1.22 per share, a 28.4% increase [10][11] - Exponent's revenue estimate is $128.3 million, showing a 3.6% growth, with earnings expected at 47 cents per share, a 2.1% increase [12][13] - TransUnion's revenue estimate is $1.1 billion, indicating a 9.6% increase, with earnings expected at $1.03 per share, a 6.2% rise [14][15]

Core Insights - TransUnion has been awarded the 2026 Future Digital Awards Gold Winner for Best Branded Call Solution in the Telco Innovation Awards Category, recognizing its innovative contributions to the telecom industry [1] - The award highlights the effectiveness of branded calling in enhancing business outreach and protecting consumers from fraud, as stated by TransUnion's senior vice president [2] Company Achievements - TransUnion's Branded Call Display has shown significant success, with a customer, Newzip, reporting a 25% increase in answer rates with pre-approved customers and a 137% increase with earlier funnel customers after implementation [3] - In addition to the recent award, TransUnion's Branded Call Display received multiple honors in 2025, showcasing its continued recognition in the industry [4] Industry Context - The growth of branded calling is indicative of its effectiveness in improving communication and trust between businesses and consumers, which is crucial in the current market landscape [2]

Core Insights - TransUnion and FrontLobby are collaborating to integrate rental payment data into TransUnion's alternative data reporting system, enhancing visibility for housing providers and allowing renters to report their consistent, on-time rental history [1][2]. Group 1: Collaboration Details - The partnership will add rental payment information from FrontLobby to TransUnion credit reports as a separate category, enabling timely rent payments to contribute positively to credit files without being classified as debt [2][4]. - FrontLobby's platform facilitates monthly reporting of rent payments, serving over 60,000 housing providers and more than one million rental units in Canada, with reported delinquencies reduced by up to 92% [3][4]. Group 2: Benefits for Renters and Housing Providers - The integration aims to help over five million Canadian households by recognizing consistent rental payments, thereby improving their creditworthiness [4]. - Housing providers will gain enhanced insights and tenant stability, fostering stronger rental relationships and providing a competitive advantage [4][8].

Core Insights - TransUnion and Zenbase have partnered to enhance the credit reporting ecosystem by including rental payment information, allowing renters to improve their credit reports and access better financial opportunities [1][2][4] Company Overview - TransUnion is a global information and insights company with over 13,000 associates in more than 30 countries, recognized as a leading credit bureau in Canada [5] - Zenbase is a Canadian financial health platform that offers automated rent reporting and flexible rent payment solutions, focusing on economic inclusion for renters [7] Financial Inclusion - The integration of rental payment data into credit reports represents a significant advancement in financial inclusion, enabling approximately five million Canadian households to showcase responsible payment behavior [1][2] - By treating rental payments as a distinct category, this initiative allows timely rent payments to enhance credit files without being classified as debt [1][2][4] Technological Integration - Zenbase's direct integration with property management systems allows for seamless rent reporting, minimizing administrative overhead for property managers [3] - This technological advancement facilitates the delivery of rental data to TransUnion, ensuring that residents are recognized for their rent payment history [3] Economic Impact - The initiative aims to improve the financial health of renters by transforming their largest monthly expense into a tool for building credit and unlocking capital [4][8] - Zenbase currently supports over 200,000 homes across Canada, contributing to a more inclusive financial ecosystem [9]

Group 1: Investment Performance - Vulcan Value Partners reported positive results across all strategies in Q4 2025, with the Large Cap Composite returning -1.5% in Q4 and 7.9% YTD, and the Small Cap Composite gaining 3.2% in Q4 and 9.5% YTD [1] - The Focus Composite and Focus Plus Composite both returned 0.1% in Q4, with YTD returns of 7.1% and 6.2% respectively, while the All-Cap Composite returned 1.3% in Q4 and 10.7% YTD [1] - The firm improved its price-to-value ratios despite overvalued markets, emphasizing safety and long-term gains over short-term performance [1] Group 2: TransUnion Overview - TransUnion (NYSE:TRU) is one of the three leading credit bureaus in the U.S., collecting consumer borrowing and payment data from over 95,000 financial institutions [3] - The company has diversified its offerings beyond credit reports and scores, providing tools for consumers to manage personal finances and shop for financial products [3] - TransUnion operates in an oligopoly with competitors like Experian and Equifax, and has historically grown organically in the high single digits with a 30% operating margin [3] Group 3: TransUnion Stock Performance - TransUnion's stock traded between $66.38 and $101.19 over the past 52 weeks, closing at $85.80 on January 22, 2026 [2] - The one-month return for TransUnion was -1.77%, while it gained 0.23% over the last three months [2] - The market capitalization of TransUnion is $16.714 billion [2]

Core Viewpoint - The investment strategies have shown positive returns for the year, with a focus on long-term performance over short-term results [2][5]. Performance Summary - Large Cap Composite (Gross) returned -1.4% QTD, 8.5% YTD, and 10.4% annualized since inception [3][22]. - Small Cap Composite (Gross) returned 3.4% QTD, 10.3% YTD, and 8.3% annualized since inception [3][31]. - Focus Composite (Gross) returned 0.2% QTD, 7.5% YTD, and 14.3% annualized since inception [3][36]. - All Cap Composite (Gross) returned 1.5% QTD, 11.5% YTD, and 11.1% annualized since inception [3][53]. Market Environment - The current market resembles the late 1990s, with concerns about overvaluation and a focus on AI-related stocks [5][6][7]. - AI is seen as a transformative technology, similar to the Internet, but caution is advised regarding valuations [7][9]. Investment Strategy - The company emphasizes buying only those companies with stable values, often waiting for them to become discounted enough for investment [10][12]. - The portfolio has shifted towards more healthcare and insurance-related businesses, with a focus on smaller companies outside the top 10 largest market capitalizations [11][12]. Notable Holdings - Medpace (MEDP) has shown significant growth, with a stock price increase of over 73% for the year, driven by strong free cash flow and share repurchases [13][14]. - Ryan Specialty Holdings Inc. is highlighted for its robust growth and stable margins, despite facing a short-term pricing cycle [24][25][38]. - TransUnion is recognized for its strong operating margins and successful diversification beyond credit reports [26][38]. Performance Contributors and Detractors - Alphabet Inc. and Salesforce Inc. were significant contributors to performance, while CoStar Group and Microsoft Corporation were notable detractors [37][46]. - Fiserv Inc. was a material detractor due to downward guidance and strategic shifts in its business model [30][46]. Market Trends - The small-cap sector has lagged behind large-cap returns, presenting potential opportunities for investment as it is often overlooked [15]. - The dominance of large-cap stocks in market returns continues, with the top 10 S&P 500 stocks accounting for over 50% of its return in 2025 [16].

Core Insights - The TransUnion report reveals that gig workers are increasingly renting or selling access to their accounts to boost income amid financial pressures, particularly affecting those in the lower end of the K-shaped economy [1][2] Gig Worker Trends - One in four gig workers have rented their accounts, with younger generations (Gen Z and Millennials) being more likely to engage in this practice [2][3] - 20% of gig workers reported selling their accounts, with the percentage being higher among Millennials (27%) compared to Baby Boomers (7%) [3] Risks and Concerns - Renting and selling accounts pose risks to consumers, workers, and platforms, as unverified users can lead to fraud and physical danger [3] - Less than half (45%) of gig workers believe that gig platforms have effective ID verification processes, highlighting a gap in security measures [4] Fraud Experiences - 34% of gig workers reported being defrauded by consumers while working, indicating a significant issue with safety and trust on these platforms [6] - Workers expect platforms to enhance identity verification processes, including checks on identities, devices, delivery addresses, and biometrics [6] Solutions and Strategies - Gig platforms are utilizing identity verification and device intelligence solutions to combat fraud and ensure that workers are who they claim to be [5][7] - These solutions aim to detect and block suspicious activities early, thereby maintaining trust and protecting both workers and customers [5][7]