Core Insights - Sands Capital Select Growth Strategy reported a portfolio return of 6.3% (net) for Q3 2025, underperforming the benchmark's 10.5% gain, driven by strong corporate earnings and investor enthusiasm around AI [1] Company Overview - Atlassian Corporation (NASDAQ:TEAM) is highlighted as a leading collaboration software provider, enabling organizations to enhance productivity through team connectivity [2][3] - As of November 26, 2025, Atlassian's stock closed at $148.03 per share, with a market capitalization of $38.966 billion [2] Performance Metrics - Atlassian's one-month return was -7.06%, and its shares have decreased by 43.60% over the past 52 weeks [2] - In Q1 fiscal 2026, Atlassian's revenue grew 21% year-over-year to $1.4 billion [4] Business Dynamics - Concerns regarding AI potentially constraining developer headcount growth or reducing the need for workflow management software are impacting Atlassian's stock performance, despite strong business results [3] - Year-over-year sales growth for Atlassian has reaccelerated above its two-year average, driven by robust enterprise adoption and an increase in paid seats [3] - Atlassian reported 2.3 million monthly active users of its AI products, with platform interactions increasing 20 times compared to the previous year [3] Market Sentiment - Atlassian is not among the 30 most popular stocks among hedge funds, with 64 hedge fund portfolios holding its stock at the end of Q2, down from 82 in the previous quarter [4] - The company is viewed as a potential investment, but certain AI stocks are considered to offer greater upside potential with less downside risk [4]

Group 1 - Sea Limited (NYSE:SE) is considered one of the best large-cap stocks for long-term investment, with a Buy rating and a price target of $200 from Bank of America Securities [1][2] - The company reported fiscal Q3 2025 earnings, with total GAAP revenue increasing by 38.3% year-over-year to $6.0 billion, and e-commerce revenue reaching $4.3 billion, up 34.9% year-over-year [2][3] - Sea Limited's gross orders rose by 28.4% year-over-year to 3.6 billion, indicating strong growth in its e-commerce segment [2][3] Group 2 - The company has a robust market position, supported by growth momentum, a healthy balance sheet, and monetization gains, with expectations of over 25% GMV growth for Shopee in full-year 2025 [3] - Sea Limited operates in three segments: Digital Entertainment, E-Commerce, and Digital Financial Services, with a focus on online gaming services [4]

Core Viewpoint - Broadcom Inc. is positioned as a key player in the AI sector, with an "Outperform" rating and a price target of $420.00 set by Raymond James, indicating potential upside in the semiconductor market, particularly for AI-related stocks [1][2]. Group 1: Company Positioning - Broadcom is recognized as a share gainer in the AI market, providing customized alternatives to general-purpose processors, which is increasingly sought after by hyperscalers [3]. - The company is uniquely positioned in the AI revolution due to its custom chip offerings and strong networking assets, which serve as a competitive advantage [5]. Group 2: Market Dynamics - The current market trend has shifted focus from cyclical trading in semiconductors to a more secular theme driven by AI, with Broadcom expected to benefit from AI share gains, margin strength, and underappreciated software cash flows [2][4]. - Despite challenges in non-AI semiconductors and software, there is an anticipated improvement in growth from these sectors, with software margins and cash generation not fully recognized [4]. Group 3: Financial Outlook - The price target of $420 is based on a valuation of 30 times the estimated earnings per share for fiscal year 2027, reflecting confidence in Broadcom's long-term growth potential [5].

Core Viewpoint - Permian Resources Corporation is considered one of the most undervalued stocks on the NYSE, despite a recent price target reduction by Piper Sandler from $21 to $20, while maintaining an Overweight rating on the shares [1][3]. Production and Financial Performance - In Q3, Permian Resources achieved an oil production of 187,000 barrels per day, marking a 6% sequential increase from Q2, contributing to a total production of 410,000 barrels of oil equivalent per day [2]. - The company raised its full-year production guidance to a midpoint of 181,500 barrels of oil per day and 394,000 barrels of oil equivalent per day [2]. - Total revenue for Q3 reached $1.32 billion, reflecting an 8.74% increase compared to the same period last year [3]. - Earnings per share were reported at $0.37, exceeding expectations by $0.08 [3]. Operational Insights - Despite strong production and financial results, the company acknowledged ongoing uncertainties in the macro environment, particularly regarding the potential impact of suppressed commodity prices on future growth [3].

Core Insights - Polen Capital's "Polen U.S. SMID Cap Growth Strategy" achieved a return of 14.8% gross and 14.4% net of fees in Q3 2025, outperforming the Russell 2500 Growth Index which returned 10.7% [1] Company Performance - Monday.com Ltd. (NASDAQ:MNDY) reported a total revenue of $317 million in Q3 2025, reflecting a 26% increase from the same quarter last year [4] - The stock of Monday.com Ltd. experienced a one-month return of -26.12% and a 52-week decline of 50.41%, closing at $146.85 per share with a market capitalization of $7.57 billion on November 21, 2025 [2][3] Investment Analysis - Despite beating earnings expectations, Monday.com Ltd.'s stock sold off due to conservative guidance for Q3 and the full year, making it one of the significant detractors from the portfolio's performance [3] - The company is recognized for its transition from small and medium businesses (SMB) to enterprise customers, indicating a steady market expansion and long-term growth potential [3] - Although Monday.com Ltd. is acknowledged as a potential investment, certain AI stocks are considered to offer greater upside potential with less downside risk [4]

Core Insights - The Madison Small Cap Fund experienced a challenging third quarter in 2025, with a decline of 1.3%, underperforming its benchmarks due to stock selection and a speculative market environment [1] Company Performance - Carlisle Companies Incorporated (NYSE:CSL) reported a one-month return of -8.64% and a 52-week loss of 34.14%, closing at $309.35 per share with a market capitalization of $12.93 billion on November 21, 2025 [2] - In the third quarter of 2025, Carlisle Companies Incorporated generated $1.3 billion in revenues, reflecting a 1% year-over-year increase [4] Investment Outlook - The Madison Small Cap Fund highlighted that the underperformance in the industrial sector was primarily due to three large investments, including Carlisle Companies Incorporated [3] - Despite near-term risks in commercial roofing and normalizing inventory levels, Carlisle is expected to generate $40 per share in earnings by 2030, indicating strong long-term potential [3]

Core Insights - Madison Mid Cap Fund's Class I returned 1.9% in Q3 2025, underperforming the Russell Midcap Index which increased by 5.3% [1] - Information Technology was the leading sector in performance for both the quarter and year-to-date [1] Company Performance - Medpace Holdings, Inc. (NASDAQ:MEDP) had a one-month return of -3.15% but gained 73.55% over the last 52 weeks, closing at $586.16 per share with a market capitalization of $17.047 billion on November 20, 2025 [2] - Medpace reported revenue of $659.9 million in Q3 2025, marking a year-over-year increase of 23.7% [4] Investment Insights - Medpace was one of the top five contributors to the Madison Mid Cap Fund's performance in Q3 2025, with shares rising due to better-than-expected Q2 results and strong revenue and bookings growth [3] - Despite the potential of Medpace as an investment, the company is not among the 30 most popular stocks among hedge funds, with 42 hedge fund portfolios holding its shares at the end of Q2 2025, unchanged from the previous quarter [4]

Core Insights - Starwood Property Trust, Inc. (NYSE:STWD) is recognized for its strong leadership under Barry Sternlicht, who has successfully navigated challenging market conditions [1] - The company reported Q3 earnings with a non-GAAP EPS of $0.40, which was $0.04 below estimates [1] - STWD's revenue for the quarter was $489 million, exceeding estimates by $9.18 million [2] Financial Performance - The company deployed investments totaling $4.6 billion in Q3 and $10.2 billion over the first nine months of the year [2] - Key investment activities included Triple Net Lease Investments worth $2.2 billion, Commercial Lending of $1.4 billion, and Infrastructure Lending reaching a record $0.8 billion [2]

Core Insights - Alta Equipment Group Inc. has faced challenges in its Q3 2025 earnings, resulting in a price target cut by DA Davidson from $8 to $7 with a Neutral rating [1][2] Financial Performance - The company reported a loss per share of $1.31 in Q3 2025, with an organic revenue reduction of 5.8% year-over-year [1][2] - Total equipment sales were impacted negatively during the quarter, although demand showed improvement towards the end of September and into October, marking it as the strongest month for new equipment sales [2] Business Segments - Alta Equipment Group operates integrated equipment dealership platforms across the US and Canada, with three main segments: Material Handling, Construction Equipment, and Master Distribution [3]

Core Insights - Select Water Solutions, Inc. (NYSE:WTTR) experienced an 11.97% decline in share price from November 11 to November 18, 2025, ranking among the energy stocks that lost the most during that week [1] Financial Performance - For Q3, Select Water Solutions reported an adjusted EPS of $0.04, which was $0.01 below estimates, while revenue reached $322.2 million, exceeding expectations by over $16 million despite a year-over-year decline of over 13% [3] - The Chemical Technologies segment showed strong performance, with revenue and gross profit increasing by 13% and 34% year-over-year, attributed to new product launches and increased market share [3] Analyst Ratings - Northland downgraded Select Water Solutions from 'Outperform' to 'Market Perform' on November 13, setting a price target of $12, citing that the current valuation is reasonable but requires larger growth in adjusted EBITDA for FY 2026 to become more positive on the shares [4] - The firm also expressed interest in seeing more bolt-on projects, such as the recently announced lithium extraction, or improved activity in the American onshore market [4]