Company Overview - Bunzl is a London listed international group of distribution companies focused on cleaning and hygiene, healthcare, safety, and grocery and foodservice markets [1] Investment Focus - The investment strategy emphasizes companies that pay healthy dividends while waiting for capital appreciation, targeting businesses that are temporarily undervalued compared to their fundamentals, peers, or historical levels [2]

Summary of Key Points Core Viewpoint - NB Private Equity Partners ("NBPE") has announced the buyback of Class A Shares, reflecting its commitment to enhancing shareholder value through share repurchase programs [2][3]. Group 1: Share Buyback Details - The buyback occurred on June 6, 2025, with a total of 3,000 Class A Shares purchased at prices ranging from £14.50 to £14.34 [3]. - Following the buyback, the total number of outstanding Class A Shares will be 45,533,911, with an additional 3,150,408 Class A shares held in treasury [3]. Group 2: Company Overview - NBPE is a closed-end investment company based in Guernsey, focusing on direct private equity investments alongside leading private equity firms globally [4][7]. - The investment manager, NB Alternatives Advisers LLC, is a wholly owned subsidiary of Neuberger Berman Group LLC, which emphasizes fee efficiency by not charging management fees or carried interest to third-party general partners [4]. Group 3: Neuberger Berman Background - Neuberger Berman, founded in 1939, is an independent investment manager with over 2,800 employees managing $515 billion across various asset classes [5]. - The firm has been recognized as one of the best places to work in money management for eleven consecutive years, highlighting its strong employee engagement and management philosophy [5].

Company Overview - NB Private Equity Partners ("NBPE") is a closed-end investment company based in Guernsey, focusing on direct private equity investments alongside leading private equity firms globally [3][6] - The company is managed by NB Alternatives Advisers LLC, a wholly owned subsidiary of Neuberger Berman Group LLC, which is responsible for sourcing, execution, and management of investments [3] Share Buyback Announcement - On June 3, 2025, NBPE announced the buyback of Class A Shares under the authority granted by shareholders on June 12, 2024, and an agreement with Jefferies International Limited [1][2] - A total of 3,800 Class A Shares were purchased on June 2, 2025, at prices ranging from £14.50 to £14.20 [2] - Following the buyback, the total number of outstanding Class A Shares will be 45,546,161, with an additional 3,150,408 Class A shares held in treasury [2] Investment Strategy - NBPE aims for capital appreciation through growth in net asset value over time while providing a bi-annual dividend [3] - The company emphasizes fee efficiency by making direct investments without management fees or carried interest payable to third-party general partners [3] Neuberger Berman Overview - Neuberger Berman, founded in 1939, is an employee-owned independent investment manager with over 2,800 employees across 26 countries, managing $515 billion in various asset classes [4] - The firm's investment philosophy is based on active management, fundamental research, and engaged ownership, and it has been recognized as a top workplace in money management for eleven consecutive years [4]

Core Viewpoint - American Express Company (AXP) has announced a 17% increase in its quarterly dividend, reflecting confidence in its cash flow and growth prospects, although its current dividend yield remains lower than the industry average [1][2]. Dividend Growth - The quarterly dividend has been raised by 12 cents to 82 cents per share, amounting to $3.28 annually, with payment scheduled for May 9, 2025 [1]. - Over the past five years, AXP has increased its dividend three times, indicating a commitment to returning capital to shareholders [3]. - In 2022, 2023, and 2024, AXP returned $4.9 billion, $5.3 billion, and $7.9 billion, respectively, through dividends and share buybacks, with 76% of total capital generated returned to shareholders [4]. Financial Performance - As of the fourth quarter, AXP held $40.6 billion in cash and cash equivalents, with a manageable short-term debt of $1.4 billion and a net debt-to-capital ratio of 11.6%, below the industry average of 18.9% [6]. - Operating cash flow declined from $18.6 billion in 2023 to $14.1 billion in 2024, but growth initiatives are expected to drive a rebound [6]. Market Position and Strategy - AXP benefits from a dual role as both a bank and a credit card network, maximizing profitability through strong credit performance and operational efficiency [7]. - The company is focusing on premium clientele and expanding its reach to younger generations, particularly Gen Z and Millennials, to build brand loyalty and future growth [8]. Earnings Estimates - The Zacks Consensus Estimate for 2025 adjusted earnings is $15.32 per share, indicating a 14.8% year-over-year growth, with further growth expected in 2026 [9]. Price Performance - AXP's stock price increased by 36.1% over the past year, outperforming both the industry and the S&P 500 Index [10]. Valuation - AXP is trading at a forward price/earnings ratio of 18.81X, higher than the industry average of 14.41X, reflecting strong investor confidence [13]. Investment Outlook - Analysts anticipate increased consumer spending, which is expected to drive higher loan demand and transaction volumes, positioning AXP favorably for short-term gains [15]. - The company's evolving customer mix and strategic focus on younger consumers present a promising long-term growth strategy [16]. - Technical indicators show AXP trading above its 200-day simple moving average, suggesting strong upward momentum and a potential 7.22% upside from current levels [17].