Core Insights - Diamond Hill Capital's "Small Cap Strategy" reported a favorable performance in Q4 2025, with the Russell 2000 Index gaining 2.19% and a yearly gain of 12.81% [1] - The Strategy outperformed the Russell 2000 Index with a return of 4.88% (net of fees) in the quarter [1] Company Overview - MVB Financial Corp. (NASDAQ:MVBF) is a bank holding company for MVB Bank, Inc., providing financial services to individuals and corporate clients [2] - As of February 4, 2026, MVB Financial Corp. stock closed at $28.72 per share, with a market capitalization of $365.376 million [2] - The company has seen a 9.91% return in the past month and a 46.16% increase over the past twelve months [2] Strategic Positioning - MVB Financial Corp. operates as a banking-as-a-service (BaaS) provider with a community banking franchise in West Virginia [3] - The company has developed a rich pipeline of fintech partners, which is expected to support long-term growth despite previous industry challenges [3] Hedge Fund Interest - MVB Financial Corp. was held by 6 hedge fund portfolios at the end of Q3 2025, an increase from 5 in the previous quarter [4] - While MVB Financial Corp. shows potential, the company is not among the 30 most popular stocks among hedge funds, with certain AI stocks being viewed as having greater upside potential [4]

Core Viewpoint - Sasol Limited is expected to report a significant decline in financial performance for the six months ended December 31, 2025, with adjusted EBITDA projected between R19 billion and R23 billion, a decrease of 4% to 21% compared to the prior period [1] Financial Performance Summary - Adjusted EBITDA is anticipated to be between R19 billion and R23 billion, down from R24 billion in the prior period, reflecting a decrease of 4% to 21% [1] - Headline earnings per share (HEPS) is expected to range from R8.50 to R10.00, a decline of 29% to 40% from R14.13 in the previous period [1] - Earnings per share (EPS) is projected to be between R0.10 and R0.80, representing a drastic decrease of 89% to 99% from R7.22 in the prior period [1] Factors Influencing Earnings - The decrease in earnings is primarily attributed to impairments totaling R7.8 billion (before tax), compared to R5.7 billion in the prior period [1] - A 3% decrease in the average US dollar per ton chemicals basket price contributed to the earnings decline [1] - A 17% decline in the average Rand per barrel Brent crude oil price also impacted earnings negatively [1] - The decline in earnings was partially mitigated by disciplined cost management and a 3% increase in sales volumes due to improved operational performance [1] Impairment Details - Significant impairments include R3.9 billion related to the Production Sharing Agreement (PSA) development in Mozambique, influenced by a revision of the expected production profile and the strengthening of the Rand against the US Dollar [1] - The Secunda liquid fuels refinery cash generating unit remains fully impaired, with R3 billion in capitalized costs impaired during the current period [1] Cash Flow and Expenditure - Overall free cash flow generation is expected to improve compared to the prior period, despite lower earnings, due to reduced capital expenditure [1]

Group 1 - Jim Wyckoff has over 25 years of experience in stock, financial, and commodity markets, including roles as a financial journalist and reporter on commodity futures trading floors in Chicago and New York [1] - He has covered every futures market traded in the U.S. at various times during his career [1] - Jim is the owner of "Jim Wyckoff on the Markets," which provides analytical, educational, and trading advisory services [2] Group 2 - He has worked as a technical analyst for Dow Jones Newswires and as a senior market analyst with TraderPlanet.com [2] - Jim is also a consultant for the "Pro Farmer" agricultural advisory service and was the head equities analyst at CapitalistEdge.com [2] - He holds a degree in journalism and economics from Iowa State University [2]

Group 1 - Layoff announcements in January reached 108,435, more than double the 49,795 cuts announced in January of the previous year, marking the highest January total since 2009 [6][2] - Companies' hiring plans were recorded at 5,306 in January, the lowest for the month since Challenger began tracking in 2009 [5] - The high number of layoffs indicates that employers are less optimistic about the economic outlook for 2026, with many plans set at the end of 2025 [3] Group 2 - The total number of job cuts for all of 2025 was logged at 1.2 million, despite a slowdown in December to the lowest monthly total since July 2024 [7] - Major companies like Amazon, UPS, and Pinterest have announced significant job cuts, citing the need to invest in artificial intelligence and adjust business plans amid uncertainty [2][6] - The government's layoff rate remains low by historical standards, but the hiring rate has also been described as meager [8]

Group 1 - Diamond Hill Capital's "Small Cap Strategy" reported a favorable performance in Q4 2025, with the Russell 2000 Index returning 2.19% and a yearly gain of 12.81% [1] - The health care sector was the best performer in the Russell 2000 Index, achieving an 18.6% return [1] - The Strategy outperformed the Russell 2000 Index in Q4 2025, returning 4.88% net of fees [1] Group 2 - Transcat, Inc. (NASDAQ:TRNS) was highlighted in the investor letter, providing calibration and laboratory instrument services to regulated industries [2][3] - Transcat, Inc. experienced a one-month return of 11.70% but saw a 52-week decline of 9.21%, with a market capitalization of $659.226 million as of February 4, 2026 [2] - The company reported a 21% increase in consolidated revenue to $83 million in the fiscal second quarter of 2026 [5] Group 3 - Transcat, Inc. has strong recurring revenue streams due to regulatory demands and a successful acquisition track record, alongside a solid balance sheet [3] - The company was held by 18 hedge fund portfolios at the end of Q3 2025, an increase from 12 in the previous quarter [5]

Group 1: Market Overview - The fourth quarter of 2025 saw favorable gains in equity markets, with the Russell 2000 Index returning 2.19% and the Russell 1000 Index gaining 2.41% [1] - Health care was the best-performing sector in the Russell 2000 Index, with an increase of 18.6% [1] - Despite heightened uncertainty and geopolitical risks, the Russell 2000 Index posted a 12.81% gain for the year [1] Group 2: Diamond Hill Small Cap Strategy Performance - The Diamond Hill Small Cap Strategy achieved a return of 4.88% (net of fees) in the fourth quarter, outperforming the Russell 2000 Index [1] - The firm continues to focus on resilient businesses capable of sustaining earnings in a volatile market environment as it heads into 2026 [1] Group 3: Transcat, Inc. Overview - Transcat, Inc. (NASDAQ:TRNS) provides calibration and laboratory instrument services to highly regulated industries, including life sciences, aerospace, and defense [3] - The company has strong recurring revenue streams driven by regulation and a successful acquisition track record while maintaining a strong balance sheet [3] Group 4: Transcat, Inc. Stock Performance - Transcat, Inc. had a one-month return of 11.70%, but its shares lost 9.21% of their value over the last 52 weeks [2] - As of February 4, 2026, Transcat, Inc. stock closed at $70.64 per share, with a market capitalization of $659.226 million [2] Group 5: Hedge Fund Interest and Revenue Growth - Transcat, Inc. was held by 18 hedge fund portfolios at the end of the third quarter, an increase from 12 in the previous quarter [5] - In the fiscal second quarter of 2026, Transcat, Inc.'s consolidated revenue increased by 21% to $83 million [5]

Core Viewpoint - Carrier Global reported quarterly earnings of $0.34 per share, missing the Zacks Consensus Estimate of $0.36 per share, and down from $0.54 per share a year ago, indicating an earnings surprise of -6.49% [1] Financial Performance - The company posted revenues of $4.84 billion for the quarter ended December 2025, missing the Zacks Consensus Estimate by 4.08%, and down from $5.15 billion year-over-year [2] - Over the last four quarters, Carrier Global has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Stock Performance - Carrier Global shares have increased approximately 20.3% since the beginning of the year, significantly outperforming the S&P 500's gain of 0.5% [3] Future Outlook - The company's earnings outlook is crucial for investors, with current consensus EPS estimates at $0.53 on $5.1 billion in revenues for the coming quarter and $2.85 on $22.37 billion in revenues for the current fiscal year [7] - The estimate revisions trend for Carrier Global was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Building Products - Air Conditioner and Heating industry is currently in the bottom 35% of the Zacks industries, which may impact the stock's performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that industry outlook can materially affect stock performance [5][8]

Core Viewpoint - Barrick Mining reported strong quarterly earnings of $1.04 per share, exceeding the Zacks Consensus Estimate of $0.85 per share, and showing significant growth from $0.46 per share a year ago, indicating a positive earnings surprise of +22.93% [1] Financial Performance - The company achieved revenues of $6 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 17.66%, and showing a substantial increase from $3.65 billion in the same quarter last year [2] - Over the last four quarters, Barrick Mining has exceeded consensus EPS estimates three times, demonstrating a strong performance trend [2] Stock Performance - Barrick Mining shares have increased approximately 8.8% since the beginning of the year, significantly outperforming the S&P 500, which gained only 0.5% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating it is expected to perform in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.88 on revenues of $4.65 billion, while for the current fiscal year, the estimate is $3.54 on revenues of $19.18 billion [7] - The outlook for the Mining - Gold industry is favorable, ranking in the top 22% of over 250 Zacks industries, suggesting potential for Barrick Mining's continued performance [8] Industry Context - Another company in the same industry, Agnico Eagle Mines, is expected to report quarterly earnings of $2.32 per share, reflecting a year-over-year increase of +84.1%, with a significant revision of the consensus EPS estimate by 49.2% higher over the last 30 days [9] - Agnico Eagle Mines' anticipated revenues are projected to be $3.24 billion, up 45.7% from the previous year [10]

Estee Lauder (EL) came out with quarterly earnings of $0.89 per share, beating the Zacks Consensus Estimate of $0.84 per share. This compares to earnings of $0.62 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +5.95%. A quarter ago, it was expected that this beauty products company would post earnings of $0.16 per share when it actually produced earnings of $0.32, delivering a surprise of +100%.Over the last four quarters, th ...

Cigna (CI) came out with quarterly earnings of $8.08 per share, beating the Zacks Consensus Estimate of $7.87 per share. This compares to earnings of $6.64 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +2.70%. A quarter ago, it was expected that this health insurer would post earnings of $7.7 per share when it actually produced earnings of $7.83, delivering a surprise of +1.69%.Over the last four quarters, the company has su ...