What Makes United States Lime & Minerals (USLM) a High-Quality Business?

Group 1 - Spheria Asset Management's "Spheria Global Opportunities Fund" returned -1.7% in Q3 2025, underperforming the MSCI World Small Cap Accumulation Index which returned 5.6% [1] - The fund's performance in October 2025 was -1.6%, compared to a benchmark return of 1.4% [1] - The current market is characterized by speculative behavior, with high price-to-earnings multiples and loss-making companies outperforming fundamentally sound businesses [1] Group 2 - United States Lime & Minerals, Inc. (NASDAQ:USLM) had a one-month return of 1.35% but lost 15.94% over the last 52 weeks, closing at $120.73 per share on December 08, 2025, with a market capitalization of $3.458 billion [2] - The company is an integrated manufacturer of lime and limestone products, extracting limestone from long-life open-pit quarries and underground mines for use primarily in steel manufacturing and construction [3] - United States Lime & Minerals, Inc. was one of the largest detractors from the fund's performance, with an overweight position resulting in a -10% return [3]