Amdocs (DOX) Fell Despite Delivering Steady Gains

Group 1: Fund Performance - Palm Valley Capital Fund appreciated 2.35% in Q3 2025, underperforming compared to a 9.11% gain for the S&P SmallCap 600 and a 7.99% rise in the Morningstar Small Cap Total Return Index [1] - The Fund's investment in cash equivalents increased from 73.5% to 74.1% by the end of the quarter [1] - Small-cap stocks outperformed large caps during the period due to anticipated Fed easing and reduced tariff concerns [1] Group 2: Amdocs Limited (NASDAQ:DOX) - Amdocs Limited is a software and services provider for communications, entertainment, and media service providers, with a market capitalization of $9.066 billion [2] - Amdocs' one-month return was -1.75%, and its shares lost 6.47% over the last 52 weeks [2] - The Fund's position in Amdocs negatively impacted performance by more than 10 basis points in Q3, despite steady gains in operating income [3] Group 3: Amdocs' Business Strategy - Amdocs experienced a decline in top-line revenue due to the intentional disposition of no-margin, non-core businesses [3] - The valuation for Amdocs has increased reliably over the years, supported by its operating stability and strong competitive position [3] - Amdocs is not among the 30 Most Popular Stocks Among Hedge Funds, with 34 hedge fund portfolios holding its stock at the end of Q2, up from 27 in the previous quarter [4]