Core Insights - Silver Beech Capital achieved a net annualized return of 19.5% since inception, outperforming the S&P 500 by 5.3% annually [1] - The fund's performance in Q3 2025 was up 3.5%, while the S&P 500 and Russell 2000 returned 14.8% and 10.4% YTD respectively [1] - The S&P 500's Q3 return of 8.1% was attributed to market recovery post-Liberation Day volatility, driven by monetary easing and strong tech earnings [1] - Current equity valuations are viewed as disconnected from fundamentals by the firm [1] Company Focus: WillScot Holdings Corporation - WillScot Holdings Corporation (NASDAQ:WSC) offers workspace and portable storage solutions and changed its name from WillScot Mobile Mini Holdings Corp. in July 2024 [2] - The stock's one-month return was 1.56%, but it has lost 42.13% of its value over the past 52 weeks, closing at $19.56 per share with a market capitalization of $3.561 billion on December 22, 2025 [2] - Silver Beech Capital views WillScot as a significant opportunity, noting a ~40% decline from its cost basis and a reduction in valuation from ~10x TEV/EBITDA (2024E) to ~7.5x (2025E) [3] - The free cash flow yield for WillScot is projected to increase from ~7% (2024E) to ~13% (2025E), indicating a market perception of decline that contrasts with the firm's view of the company as a compounding industrial services franchise with a strong market position [3]

Core Insights - The article emphasizes the importance of quantitative research, financial modeling, and risk management in equity valuation and market trends to identify high-growth investment opportunities [1] Group 1: Company Expertise - The company has over 20 years of experience in quantitative research and financial modeling, focusing on equity valuation and market trends [1] - The former Vice President at Barclays led teams in model validation, stress testing, and regulatory finance, showcasing deep expertise in both fundamental and technical analysis [1] - The company combines rigorous risk management with a long-term perspective on value creation, aiming to provide actionable ideas for investors [1] Group 2: Research Approach - The research approach blends macroeconomic trends, corporate earnings, and financial statement analysis to uncover investment opportunities [1] - The company co-authors investment research with a partner, leveraging complementary strengths to deliver high-quality, data-driven insights [1]

Core Viewpoint - The October sell call on Tempus AI (TEM) has been effective, primarily due to valuation concerns and multiple compression driving the stock's decline since October [1]. Group 1: Company Analysis - The decline in Tempus AI's stock price has been attributed to multiple compression rather than fundamental issues [1]. - The focus on equity valuation and market trends is emphasized, indicating a strategic approach to identifying investment opportunities [1]. Group 2: Analyst Background - The analyst has over 20 years of experience in quantitative research, financial modeling, and risk management, highlighting a strong foundation in equity valuation and market analysis [1]. - The analyst's previous role as Vice President at Barclays involved leading teams in model validation and stress testing, showcasing expertise in both fundamental and technical analysis [1].

Core Insights - The article emphasizes the importance of quantitative research, financial modeling, and risk management in equity valuation and market trends to identify high-growth investment opportunities [1] Group 1: Company Expertise - The company has over 20 years of experience in quantitative research and financial modeling, focusing on equity valuation and market trends [1] - The company has developed deep expertise in both fundamental and technical analysis through leadership roles in model validation and stress testing [1] - The research approach combines rigorous risk management with a long-term perspective on value creation, particularly in macroeconomic trends and corporate earnings [1] Group 2: Research Collaboration - The company co-authors investment research with a partner, leveraging complementary strengths to deliver high-quality, data-driven insights [1] - The collaboration aims to provide actionable ideas for investors seeking to outperform the market [1]

Core Insights - The article emphasizes the importance of quantitative research, financial modeling, and risk management in equity valuation and market trends to identify high-growth investment opportunities [1] Group 1: Company Expertise - The company has over 20 years of experience in quantitative research and financial modeling, focusing on equity valuation and market trends [1] - The company has developed deep expertise in both fundamental and technical analysis through leadership roles in model validation and stress testing [1] - The research approach combines rigorous risk management with a long-term perspective on value creation, aiming to provide actionable ideas for investors [1] Group 2: Research Focus - The company has a particular interest in macroeconomic trends, corporate earnings, and financial statement analysis [1] - The goal is to uncover high-growth investment opportunities while ensuring a comprehensive understanding of market dynamics [1]

Group 1 - The iShares S&P 500 BuyWrite ETF (IVVW) is considered a solid Hold within the S&P 500 based option income ETF sector, showing historical performance that does not lag behind outperformers like SPYI [1] - Recent performance data indicates that IVVW maintains a competitive position in the market, suggesting potential for continued interest from investors [1] Group 2 - The analysis emphasizes a focus on equity valuation, market trends, and portfolio optimization to identify high-growth investment opportunities [1] - The research approach combines rigorous risk management with a long-term perspective on value creation, particularly in the context of macroeconomic trends and corporate earnings [1]

Group 1 - Nvidia Corporation (NVDA) was identified as a core holding within the semiconductor group in mid-July, but a buy recommendation was withheld due to rapid price rebound and high valuations [1] - The analyst has over 20 years of experience in quantitative research, financial modeling, and risk management, focusing on equity valuation, market trends, and portfolio optimization [1] - The research approach combines rigorous risk management with a long-term perspective on value creation, emphasizing macroeconomic trends, corporate earnings, and financial statement analysis [1]

Core Viewpoint - Nvidia Corporation (NVDA) is identified as a core holding within the semiconductor sector, but caution is advised regarding new investments due to rapid price rebounds and high valuations [1]. Company Analysis - The analyst has over 20 years of experience in quantitative research, financial modeling, and risk management, focusing on equity valuation and market trends [1]. - The analyst's background includes a role as Vice President at Barclays, leading teams in model validation and stress testing, indicating a strong foundation in both fundamental and technical analysis [1]. - The investment research is co-authored with a partner, emphasizing a collaborative approach to deliver high-quality, data-driven insights [1]. Investment Strategy - The research approach combines rigorous risk management with a long-term perspective on value creation, aiming to uncover high-growth investment opportunities [1]. - There is a particular interest in macroeconomic trends, corporate earnings, and financial statement analysis, which are essential for providing actionable investment ideas [1].

Group 1 - The T. Rowe Price Capital Appreciation Equity ETF (TCAF) is an active ETF that does not have specific style preferences, allowing it to adapt between value and growth strategies to achieve its core objective of capital appreciation [1] - The ETF is managed by a team with over 20 years of experience in quantitative research, financial modeling, and risk management, focusing on equity valuation, market trends, and portfolio optimization [1] - The management team emphasizes a combination of rigorous risk management and a long-term perspective on value creation, with a particular interest in macroeconomic trends, corporate earnings, and financial statement analysis [1]

Core Insights - The analyst's hold recommendation on International Business Machines Corporation (IBM) in April resulted in missed opportunities as the market rebounded by approximately 27% (S&P 500) [1] Company Analysis - IBM's stock performance was negatively impacted by the broader market recovery, indicating a potential misalignment with market trends [1] - The analyst emphasizes the importance of timely recommendations in the context of market movements, suggesting that many buy recommendations during the same period benefited from the market's upward trajectory [1] Analyst Background - The analyst has over 20 years of experience in quantitative research, financial modeling, and risk management, focusing on equity valuation and market trends [1] - Previous experience includes a role as Vice President at Barclays, leading teams in model validation and stress testing, which contributes to a deep understanding of both fundamental and technical analysis [1] - The analyst collaborates with a research partner to provide data-driven insights, combining strengths in risk management and long-term value creation [1]