Company Performance - Xometry's Q1 results were strong, with solid forward guidance despite the uncertain macro environment [1] - The full impact of tariffs on Xometry is yet to be determined [1] Investment Strategy - Narweena, an asset manager led by Richard Durant, focuses on identifying market dislocations due to poor understanding of long-term business prospects [1] - The firm aims for excess risk-adjusted returns by targeting businesses with secular growth opportunities in markets with barriers to entry [1] - Narweena's research emphasizes company and industry fundamentals to uncover unique insights [1] Market Trends - An aging population with low growth and stagnating productivity is expected to create new investment opportunities [1] - Many industries may face stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments [1] - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia over time [1] Leadership Background - Richard Durant holds undergraduate degrees in engineering and finance from the University of Adelaide and an MBA from Nanyang Technological University [1] - Durant has passed the CFA exams, indicating a strong foundation in finance [1]
Xometry: Tariffs May Not Be As Bad As Initially Feared (Rating Upgrade)