Core Insights - NB Private Equity Partners (NBPE) reported a monthly NAV estimate as of 28 February 2025, with a total NAV of $1.2 billion [1][2] - The NAV total return (TR) for the year to date is 2.7%, while the one-year return is 1.6% [3] NAV Performance - NAV TR (USD) for various periods: Year to Date: 2.7%, One Year: 1.6%, Three Years: 72.3%, Five Years: 165.3%, Ten Years: 10.3% [3] - MSCI World TR (USD) for the same periods: Year to Date: 2.8%, One Year: 16.1%, Three Years: 96.4%, Five Years: 168.9%, Ten Years: 10.4% [3] - Share price TR (GBP) shows a Year to Date return of 1.6% and a Ten Year return of 205.5% [3] Portfolio Update - The NAV performance was driven by $29 million of realizations year to date, with $26 million realized in February 2025 [4] - NAV per share was reported at $27.16 (£21.57), reflecting a total return of 0.2% for the month [5] - Approximately 87% of fair value is based on private company valuations as of Q4 2024 [5] Liquidity and Share Buybacks - Total liquidity available as of 28 February 2025 is $279 million, consisting of $69 million in cash and liquid investments and $210 million in undrawn credit lines [7] - In February 2025, approximately 220,000 shares were repurchased at a weighted average discount of 27%, which was accretive to NAV by approximately $0.04 per share [10] Portfolio Valuation - The fair value of NBPE's portfolio as of 28 February 2025 is based on various private equity investments, with the top 30 investments accounting for 76.5% of the total portfolio value [11] - Geographic distribution shows 78% in North America, 21% in Europe, and 1% in Asia/Rest of World [12] - Industry allocation includes 23% in Tech, Media & Telecom, 21% in Consumer/E-commerce, and 17% in Industrials/Industrial Technology [12] Company Overview - NBPE invests in direct private equity alongside leading private equity firms globally, with a focus on capital appreciation and bi-annual dividends [13] - Managed by Neuberger Berman, which oversees $508 billion in various asset classes [14]

Group 1: Company Performance - General Motors (GM) experienced a strong performance in 2024, with a 9% increase in full-year revenue and leading the U.S. auto market in total, retail, and fleet deliveries [1] - GM doubled its electric vehicle (EV) market share in 2024, and its EV portfolio became variable profit positive in the fourth quarter [1] - The company reported positive equity income for the fourth quarter in China, despite challenges in a competitive market [6] Group 2: Shareholder Value - GM announced a 25% increase in its dividend, raising it by $0.03 per share, and authorized a new $6 billion share repurchase program [3] - The company has repurchased approximately $22 billion in shares since the end of 2023, contributing to a 48% gain in its stock price during 2024 [6] - GM's stock is trading at a modest price-to-earnings ratio of 7.4, indicating potential value for investors [5][7] Group 3: Strategic Execution - GM's capital allocation strategy focuses on reinvesting in profitable growth, maintaining a strong investment-grade balance sheet, and returning capital to shareholders [4] - The company remains confident in its ability to navigate potential challenges, such as tariffs on Canadian and Mexican imports, which reassures investors [7] - GM continues to improve the profitability of its EV lineup, suggesting further upside potential [8]

Core Insights - Not all share buyback programs create equal value, as the impact of a buyback program varies significantly based on the company's size and the proportion of the buyback relative to its market capitalization [1][2] Group 1: Fiserv - Fiserv has announced a buyback authorization of 60 million shares, bringing its total buyback capacity to approximately 78 million shares [3][5] - The value of Fiserv's buyback capacity is over $18 billion, which is nearly 14% of its market capitalization of $130 billion [5] - In 2024, Fiserv spent $5.5 billion on share repurchases, a 120% increase from $2.5 billion in 2022 [6] - Fiserv's stock price has risen 103% from the end of 2022 to the beginning of 2025, indicating aggressive share repurchase despite stock price increases [7] Group 2: Analog Devices - Analog Devices has announced a new buyback program of $10 billion, increasing its total buyback capacity to approximately $11.5 billion, which is 9.8% of its market cap of over $117 billion [8] - The company also increased its dividend by 8%, resulting in a yield of nearly 1.7%, which is competitive within its sector [9][10] - Analog Devices has historically repurchased an average of $760 million worth of shares annually over the past 21 years, indicating a more selective approach to buybacks [10][11] Group 3: Allison Transmission - Allison Transmission has announced an additional $1 billion share buyback authorization, bringing its total buyback capacity to $5 billion, which is 59% of its market capitalization of $8.4 billion [12][13] - In 2024, Allison spent over $250 million on share repurchases, which is significant relative to its market cap [14] - The company reported record full-year sales of $3.2 billion and record diluted EPS of $8.31 in 2024, reflecting increases of 6% and 12% compared to 2023 [15]