Adobe Acquired Semrush Holdings (SEMR) at a 78% premium

Core Insights - Pernas Research LLC's "Pernas Portfolio" achieved a return of 4.8% in Q4 2025, outperforming the S&P 500's return of 2.7% for the same period, and a total return of 54.3% for the entire year of 2025 [1] - The year 2025 was marked by volatility, starting with California fires and a significant market reaction to Trump's "Liberation Day" announcement, which initially caused a 22% decline in the portfolio [1] - The portfolio's strategy was adjusted in response to improving market conditions and growing AI momentum, leading to significant alpha from stock selection [1] Company Insights - Semrush Holdings, Inc. (NYSE:SEMR) is highlighted as a technology company with a market capitalization of $1.8 billion, developing an online visibility management software-as-a-service platform [2] - As of January 28, 2026, Semrush's stock closed at $11.91 per share, with a one-month return of 0.17% and a 52-week loss of 31.43% [2] - Pernas Research views Semrush as an AI winner, having invested in the company four months prior to its acquisition by Adobe at a 78% premium, which supports the belief in its potential despite market fears [3] Market Trends - The AI-driven capital expenditure cycle is expected to persist over the next 12-16 months, with a focus on identifying both AI winners and companies misclassified as AI losers [3] - Some SaaS companies may struggle in an AI-driven environment, while others are anticipated to emerge stronger [3] - Semrush is not among the 30 most popular stocks among hedge funds, with 22 hedge fund portfolios holding the stock at the end of Q3 2025, down from 25 in the previous quarter [4]