Company Overview - Cognex's share price has faced pressure recently due to valuation concerns and mixed demand across various end markets [1] - The company has significant exposure to logistics, automotive, and consumer electronics sectors [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 high barriers to entry [1] - Narweena's investment approach emphasizes company and industry fundamentals to uncover unique insights [1] Market Dynamics - An aging population with low growth and stagnating productivity is expected to create new investment opportunities distinct from past trends [1] - Many industries may experience 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 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] Leadership Background - Richard Durant holds undergraduate degrees in engineering and finance from the University of Adelaide and an MBA from Nanyang Technological University [1] - He has passed the CFA exams, indicating a strong foundation in finance and investment analysis [1]

Company Performance - Xometry's Q1 results were strong, with solid forward guidance despite the uncertain macro environment [1] - The full impact of tariffs on Xometry is yet to be determined [1] Investment Strategy - 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 for 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 [1] Market Trends - An aging population with low growth and stagnating productivity is expected to 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 dominated by asset-light businesses, leading to a declining need for infrastructure investments [1] - 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] Leadership Background - Richard Durant holds undergraduate degrees in engineering and finance from the University of Adelaide and an MBA from Nanyang Technological University [1] - Durant has passed the CFA exams, indicating a strong foundation in finance [1]

Group 1 - Materialise's Q1 results were mixed but positively received by investors due to low expectations, with the Medical segment showing healthy growth [1] - Materialise's guidance indicates that tariffs will be less impactful moving forward [1] Group 2 - Narweena, an asset manager, focuses on identifying market dislocations caused by 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 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] - The firm believes that many industries may face stagnation or secular decline, potentially improving business performance due to reduced competition [1] - There is a trend towards asset-light businesses, leading to a declining need for infrastructure investments, which is affecting capital allocation and asset prices [1]

Company Performance - Twist Bioscience (NASDAQ: TWST) reported solid results in the second quarter of FY2025, but the management team appeared downbeat on the earnings call [1] - The company has chosen to spin out its data storage segment, with a fairly modest value attached to the business [1] Investment Insights - 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 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 past trends [1] - Many industries may face stagnation or secular decline, which could improve business performance if competition decreases [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 chasing a limited set of investment opportunities, driving up asset prices and compressing risk premia [1]

Group 1 - ClearPoint's share price has been volatile, but there is a steady flow of positive news regarding its business fundamentals [1] - Richard Durant leads Narweena, an asset manager focused on identifying market dislocations due to poor long-term business prospects understanding [1] - Narweena aims for excess risk-adjusted returns by targeting businesses with 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 firm focuses on smaller cap stocks and markets where competitive advantages are not immediately apparent [1] - An aging population with low growth and stagnating productivity is expected to create new investment opportunities, contrasting with past trends [1] Group 3 - Many industries may face stagnation or secular decline, potentially improving business performance due to reduced competition [1] - Other businesses may encounter rising costs and diseconomies of scale, affecting their performance negatively [1] - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments over time [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 [1] - Richard Durant holds undergraduate degrees in engineering and finance and an MBA, and has passed the CFA exams [1]