Core Insights - Teradata's share price has recently surged due to emerging AI tailwinds, reflecting significant investment in the infrastructure layer [1] - Narweena, an asset manager, focuses on identifying market dislocations caused by misunderstandings of long-term business prospects, aiming for excess risk-adjusted returns through secular growth opportunities [1] Company Analysis - Narweena's research 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 immediately apparent [1] Industry Trends - An aging population with low growth and stagnating productivity is expected to create new investment opportunities, contrasting with 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 influenced 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]

Core Insights - Teradata's share price has recently surged due to emerging AI tailwinds, reflecting significant investment in the infrastructure layer [1] - Narweena, an asset manager, focuses on identifying market dislocations caused by misunderstandings of long-term business prospects, aiming for excess risk-adjusted returns through secular growth opportunities [1] Company Analysis - Narweena's research 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 immediately apparent [1] Industry Trends - An aging population with low growth and stagnating productivity is expected to create new investment opportunities, contrasting with 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 influenced 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]

Company Overview - Twist Bioscience's stock has experienced a significant rebound in recent months, attributed to increasing optimism surrounding AI-enabled drug discovery and the adoption of minimal residual disease (MRD) testing [1] - The Biopharma segment of Twist is reaccelerating, driven by customers engaged in AI-enabled drug discovery and next-generation sequencing (NGS) [1] Investment Strategy - Narweena, an asset management firm led by Richard Durant, focuses on identifying market dislocations caused by a poor understanding 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] - The firm targets smaller cap stocks and markets where competitive advantages are not immediately apparent, driven by the belief that an aging population and low growth will create new investment opportunities [1] Market Dynamics - Many industries are expected to face stagnation or secular decline, which may paradoxically enhance business performance due to reduced competition [1] - Conversely, some businesses may encounter rising costs and diseconomies of scale, impacting their performance negatively [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, where he was on the Dean's Honors List [1] - He has successfully passed the CFA exams, indicating a strong foundation in financial analysis [1]

Company Overview - Twist Bioscience's stock has experienced a significant rebound in recent months, attributed to increasing optimism surrounding AI-enabled drug discovery and the adoption of minimal residual disease (MRD) testing [1] - The Biopharma segment of Twist is reaccelerating, driven by customers engaged in AI-enabled drug discovery and next-generation sequencing (NGS) [1] Investment Strategy - Narweena, an asset management firm led by Richard Durant, focuses on identifying market dislocations caused by a poor understanding 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] - The firm targets smaller cap stocks and markets where competitive advantages are not immediately apparent, driven by the belief that an aging population and low growth will create new investment opportunities [1] Market Dynamics - Many industries are expected to face stagnation or secular decline, which may paradoxically enhance business performance due to reduced competition [1] - Conversely, some businesses may encounter rising costs and diseconomies of scale, impacting their performance negatively [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]

Group 1 - Mobileye Global Inc. (MBLY) experienced a brief increase in share price in early January following the announcement of a second Surround ADAS customer and the planned acquisition of Mentee Robotics, but this increase was short-lived as investor sentiment declined [1] - Narweena, an asset management firm led by Richard Durant, focuses on identifying market dislocations due to misunderstandings of long-term business prospects, aiming for excess risk-adjusted returns through investments in companies with secular growth opportunities in markets with entry barriers [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 targeting deeply undervalued stocks, particularly in smaller cap markets where competitive advantages are not immediately apparent [1] Group 2 - The aging population, low population growth, and stagnating productivity growth are expected to create new investment opportunities that differ from historical trends, with some industries facing stagnation or secular decline, potentially improving business performance due to reduced competition [1] - Conversely, other businesses may encounter rising costs and diseconomies of scale, while economies increasingly favor asset-light businesses, leading to a declining need for infrastructure investments over time [1] - A significant amount of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia over time [1]

Group 1 - Digital Turbine (APPS) reported solid results in the third quarter, leading to a surge in its share price [1] - Despite the positive results, parts of Digital Turbine's business are still struggling, indicating mixed performance [1] - Growth for Digital Turbine is predominantly coming from specific segments of the company [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] - The firm believes excess risk-adjusted returns can be achieved by targeting businesses with secular growth opportunities in markets with barriers to entry [1] - Narweena's investment strategy is driven by the belief that an aging population and low growth will create new investment opportunities, contrasting with past trends [1] Group 3 - Many industries are expected to face stagnation or secular decline, which may paradoxically improve business performance due to reduced competition [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]

Group 1 - C3.ai experienced a temporary bounce following rumors of a potential merger with Automation Anywhere, indicating possible strategic considerations due to ongoing struggles and management turnover [1] - Richard Durant leads Narweena, an asset management firm focused on identifying market dislocations stemming from misunderstandings of long-term business prospects [1] - Narweena aims to achieve excess risk-adjusted returns by targeting businesses with secular growth opportunities in markets characterized by barriers to entry [1] Group 2 - The research process at Narweena emphasizes company and industry fundamentals to uncover unique insights, with a focus on smaller cap stocks and markets lacking obvious competitive advantages [1] - The firm operates under the belief that an aging population, low population growth, and stagnating productivity will create new investment opportunities distinct from historical trends [1] - Many industries may face stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] Group 3 - There is a growing trend of economies being dominated by asset-light businesses, leading to a declining need for infrastructure investments over time [1] - A significant amount of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia [1] - Richard Durant holds undergraduate degrees in engineering and finance and an MBA, and has passed the CFA exams, indicating a strong educational background in finance [1]

Group 1 - ClearPoint's preliminary fourth-quarter results indicate a broad-based reacceleration in its business, supported by the recent acquisition of IRRAS, which is expected to maintain strong growth in the near term [1] - Narweena, an asset manager led by Richard Durant, focuses on identifying 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] - Narweena's investment strategy emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term horizon targeting deeply undervalued small-cap stocks [1] Group 2 - The aging population, low population growth, and stagnating productivity growth are expected to create a different set of investment opportunities compared to the past, with some industries facing stagnation or secular decline, potentially improving business performance due to decreased competition [1] - Conversely, other businesses may experience rising costs and diseconomies of scale, while economies are 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 compressing risk premia over time [1]

Group 1 - Palo Alto Networks, Inc. (PANW) has shown surprising resilience in 2025, driven by its XSIAM, SASE, and software firewall products [1] - The demand for AI and the nascent state of the SASE market are expected to support this resilience going forward [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] - 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 high risk appetite and long-term horizon [1] Group 3 - The aging population, low population growth, and stagnating productivity growth are believed to create a different set of investment opportunities compared to the past [1] - Many industries may face stagnation or secular decline, which could paradoxically enhance business performance as competition decreases [1] - Conversely, some businesses may encounter rising costs and diseconomies of scale, while economies increasingly favor asset-light businesses, reducing the need for infrastructure investments [1] Group 4 - A large pool of capital is pursuing a limited set of investment opportunities, leading to rising asset prices and compressing risk premia over time [1] - Richard Durant holds undergraduate degrees in engineering and finance from the University of Adelaide and an MBA from Nanyang Technological University [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 high risk appetite and long-term investment horizon [1] Group 2 - The firm prefers smaller cap stocks and markets where competitive advantages are not immediately apparent [1] - Narweena believes that an aging population, low population growth, and stagnating productivity will create new investment opportunities distinct from historical trends [1] - Many industries may experience stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] Group 3 - Some businesses may face rising costs and diseconomies of scale, while economies are increasingly dominated by asset-light businesses [1] - The declining need for infrastructure investments is leading to a situation where a large pool of capital is pursuing a limited set of investment opportunities, driving up asset prices and compressing risk premia [1] - Richard Durant, the leader of Narweena, holds degrees in engineering and finance and an MBA, and has passed the CFA exams [1]