Is Ashland (ASH) Trading at a Discount?

Core Viewpoint - American Century Investments Small Cap Value Fund reported a strong performance in the third quarter of 2025, with equities rising and the US Federal Reserve reducing interest rates for the first time this year [1]. Fund Performance - The investor class of the fund returned 4.69% in the third quarter, while the Russell 2000 Value Index returned 12.60% [1]. Company Focus: Ashland Inc. - Ashland Inc. (NYSE:ASH) was highlighted as a key investment, focusing on specialty chemicals for consumer and pharmaceutical markets [3]. - The stock of Ashland Inc. experienced a one-month return of 4.09% but lost 16.09% over the last 52 weeks, closing at $59.85 per share with a market capitalization of $2.739 billion on January 2, 2026 [2]. Investment Positioning - The fund opened a position in Ashland Inc., noting that despite its high-quality portfolio, the stock is trading at a steep discount to historical valuations [3]. - Ashland Inc. reported an 8% year-over-year decline in sales to $478 million in the fourth quarter of fiscal 2025 [3]. Hedge Fund Interest - Ashland Inc. was held by 32 hedge fund portfolios at the end of the third quarter, a slight decrease from 33 in the previous quarter [3].