Company Overview - TransMedics' stock price has faced pressure due to concerns about a potentially soft third quarter, primarily linked to transplant volumes and flight numbers [1] - The company is expected to experience a deceleration in growth until it opens up new opportunities [1] Investment Strategy - Narweena, an asset manager led by Richard Durant, focuses on identifying market dislocations caused by misunderstandings of long-term business prospects [1] - The firm aims to achieve excess risk-adjusted returns by targeting businesses with secular growth opportunities in markets with barriers to entry [1] - Narweena's research emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon [1] Market Dynamics - An aging population with low growth and stagnating productivity is anticipated to create new investment opportunities, differing from past trends [1] - Many industries may face stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - Conversely, some businesses may encounter rising costs and diseconomies of scale [1] - The economy is increasingly characterized by asset-light businesses, leading to a declining need for infrastructure investments over time [1] - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia [1] Leadership Background - Richard Durant holds undergraduate degrees in engineering and finance from the University of Adelaide and an MBA from Nanyang Technological University [1]

Company Performance - Elastic's Q1 results showed significant upside surprise with revenue growth reaccelerating and improving margins [1] - The strength in the first quarter was reportedly broad-based, although the results may not be as strong as the headline numbers suggest [1] Investment Strategy - Narweena, an asset manager, focuses on identifying market dislocations due to poor understanding of long-term business prospects, aiming for excess risk-adjusted returns [1] - The research process emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon [1] - The firm targets deeply undervalued stocks, particularly in smaller cap markets where competitive advantages are not obvious [1] Market Trends - An aging population with low growth and stagnating productivity is expected to create new investment opportunities, differing from past trends [1] - Many industries may face stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments over time [1] - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia [1]

Group 1 - The Trade Desk (NASDAQ: TTD) reported solid Q2 results, but they fell short of unrealistic investor expectations, leading to a significant stock decline [1] - Concerns regarding The Trade Desk's long-term competitive positioning are increasing, contributing to the stock's recent performance issues [1] Group 2 - Narweena, an asset manager led by Richard Durant, focuses on identifying market dislocations due to poor understanding of long-term business prospects [1] - Narweena aims to achieve excess risk-adjusted returns by targeting businesses with secular growth opportunities in markets with barriers to entry [1] - The research process at Narweena emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon [1] Group 3 - The aging population, low population growth, and stagnating productivity growth are expected to create a different investment opportunity set compared to the past [1] - Many industries may face stagnation or secular decline, which could paradoxically enhance business performance as competition diminishes [1] - Conversely, some businesses may encounter rising costs and diseconomies of scale, impacting their performance negatively [1] Group 4 - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments over time [1] - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia [1]

Group 1 - Symbotic's third quarter results were weak, particularly in system starts and completions, following the acquisition of ASR from Walmart [1] - Narweena, an asset manager, focuses on identifying market dislocations due to misunderstandings of long-term business prospects, aiming for excess risk-adjusted returns [1] - The research process at Narweena emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and a long-term investment horizon [1] Group 2 - Narweena targets smaller cap stocks and markets with less obvious competitive advantages, driven by the belief that an aging population and low growth will create new investment opportunities [1] - Many industries may face stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - The economy is increasingly influenced by asset-light businesses, leading to a declining need for infrastructure investments and a large pool of capital pursuing limited investment opportunities [1]

Company Performance - Pinterest reported solid results in the second quarter, but the stock reacted negatively due to concerns around margin gains and guidance [1] - User growth was softer in Q2, and tariffs are impacting growth [1] Investment Strategy - Narweena, an asset manager, focuses on finding market dislocations resulting from a poor understanding of long-term business prospects [1] - The firm believes excess risk-adjusted returns can be achieved by identifying businesses with secular growth opportunities in markets with barriers to entry [1] - Narweena's research process emphasizes company and industry fundamentals to uncover unique insights [1] Market Trends - An aging population with low population growth and stagnating productivity growth is expected to create a different opportunity set compared to the past [1] - Many industries may face stagnation or secular decline, which could improve business performance if competition decreases [1] - Conversely, some businesses may experience rising costs and diseconomies of scale [1] - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments over time [1] - A large pool of capital is chasing a limited set of investment opportunities, driving up asset prices and compressing risk premia [1]

Group 1: Company Performance - Mobileye reported solid results in the second quarter, driven by the core ADAS business, with Supervision volumes exceeding expectations [1] - The current strength of Mobileye is notable given the potential impact of tariffs on the auto industry [1] Group 2: Investment Strategy - Narweena, an asset manager, focuses on identifying market dislocations due to poor understanding of long-term business prospects, aiming for excess risk-adjusted returns [1] - The research process emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon [1] - Narweena's investment strategy is influenced by an aging population, low population growth, and stagnating productivity, which may create new investment opportunities [1] Group 3: Market Dynamics - Many industries are expected to face stagnation or secular decline, which could paradoxically improve business performance due to decreased competition [1] - Conversely, some businesses may encounter rising costs and diseconomies of scale [1] - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments over time [1] - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia [1]

Group 1 - Narweena is an asset manager that focuses on identifying market dislocations due to poor understanding of long-term business prospects [1] - The firm aims to achieve excess risk-adjusted returns by targeting businesses with secular growth opportunities in markets with barriers to entry [1] - Narweena's investment strategy emphasizes company and industry fundamentals to uncover unique insights, with a preference for smaller cap stocks and less obvious competitive advantages [1] Group 2 - The investment approach is influenced by demographic trends, particularly an aging population with low growth and stagnating productivity, which is expected to create new investment opportunities [1] - Many industries may experience stagnation or secular decline, potentially improving business performance as competition decreases [1] - The economy is increasingly characterized by asset-light businesses, leading to a declining need for infrastructure investments and a situation where a large pool of capital is chasing limited investment opportunities [1]

Group 1 - Mobileye's stock has rebounded sharply over the past week despite a lack of material news, indicating market confidence [1] - The signing of the first imaging radar customer is a positive signal for Mobileye's underappreciated segment [1] - Narweena, an asset manager, focuses on identifying market dislocations and believes in achieving excess risk-adjusted returns through secular growth opportunities [1] Group 2 - Narweena's investment strategy emphasizes company and industry fundamentals to uncover unique insights, particularly in smaller cap stocks [1] - The firm operates with a high risk appetite and a long-term investment horizon, targeting deeply undervalued stocks [1] - The aging population and low population growth are expected to create new investment opportunities, contrasting with past trends [1] Group 3 - Many industries may face stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - Conversely, some businesses may encounter rising costs and diseconomies of scale [1] - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments [1] Group 4 - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia over time [1] - Richard Durant, the leader of Narweena, has a strong educational background in engineering, finance, and an MBA, along with passing the CFA exams [1]

Group 1 - ClearPoint Neuro's stock has faced pressure due to soft first-quarter results and additional capital raising, but strong consumables growth indicates underlying business progress [1] - System placements are highlighted as a positive aspect of ClearPoint's business performance [1] - Narweena, an asset manager, focuses on identifying market dislocations and believes in achieving excess risk-adjusted returns through secular growth opportunities in markets with barriers to entry [1] Group 2 - Narweena's research emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon [1] - The aging population, low population growth, and stagnating productivity growth are expected to create new investment opportunities, differing from past trends [1] - Many industries may experience stagnation or secular decline, potentially improving business performance due to decreased competition [1] Group 3 - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments over time [1] - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia [1] - Richard Durant, the leader of Narweena, has a strong educational background in engineering, finance, and an MBA, along with passing the CFA exams [1]

Company Overview - SLB is reorienting its business to adapt to depressed activity levels, particularly in the onshore US market, with a focus on long-term growth in its New Energy and Digital businesses [1] Investment Strategy - Narweena, an asset manager led by Richard Durant, seeks to identify market dislocations due to poor understanding of long-term business prospects, aiming for excess risk-adjusted returns through secular growth opportunities in markets with barriers to entry [1] - The research process emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon targeting deeply undervalued stocks [1] Market Dynamics - An aging population with low growth and stagnating productivity is expected to create new investment opportunities, contrasting with industries facing stagnation or secular decline, which may improve business performance due to reduced competition [1] - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments, resulting in a large pool of capital chasing limited investment opportunities, driving up asset prices and compressing risk premia over time [1] Leadership Background - Richard Durant holds undergraduate degrees in engineering and finance from the University of Adelaide and an MBA from Nanyang Technological University, along with having passed the CFA exams [1]