Fund Performance - The FPA Queens Road Small Cap Value Fund returned 7.46% in Q3 2025, underperforming the Russell 2000 Value Index which returned 12.60% [1] - For the first three quarters of 2025, the Fund achieved a return of 13.77%, compared to 9.04% for the index [1] - The Fund's strategy focuses on a diligent, disciplined, and patient process, expecting to outperform in down markets and underperform in speculative markets [1] Company Highlight: REV Group, Inc. - REV Group, Inc. (NYSE:REVG) is a manufacturer of specialty vehicles, primarily focusing on municipal vehicles such as fire trucks and ambulances [3] - The company reported a one-month return of -18.15% but has seen a 57.50% increase in share value over the last 52 weeks, with a closing stock price of $50.32 and a market capitalization of $2.456 billion as of November 21, 2025 [2] - REV Group generated net sales of $644.9 million in Q3 2025, an increase from $579.4 million in Q3 2024 [4] Operational Developments - CEO Mark Skonieczny has implemented significant operational restructuring, divesting from the less profitable bus business and using the proceeds for stock buybacks [3] - The company has reported a significant backlog and pricing growth, particularly in its municipal business, indicating strong demand [3]

Core Insights - The FPA Queens Road Small Cap Value Fund reported a return of 7.46% in Q3 2025, underperforming the Russell 2000 Value Index which returned 12.60% [1] - For the first three quarters of 2025, the fund achieved a return of 13.77%, outperforming the index's 9.04% [1] - The fund's investment strategy emphasizes a disciplined approach, expecting to perform better in down markets and lag in speculative environments [1] Company Overview: Sprouts Farmers Market, Inc. - Sprouts Farmers Market, Inc. (NASDAQ:SFM) specializes in fresh, natural, and organic food products, with a market capitalization of $7.997 billion as of November 21, 2025 [2] - The stock experienced a one-month return of -23.38% and a 52-week decline of 44.70% [2] - The company reported a 13% increase in sales, reaching $2.2 billion in Q3 2025 [4] Investment Analysis - The FPA Queens Road Small Cap Value Fund highlighted Sprouts Farmers Market for its strong operating margins and attractive returns on capital [3] - The company accelerated its store growth from 12 to 33 new stores in 2024, indicating strong unit economic growth [3] - Despite previous strong performance, the stock has lagged in sales growth and price, leading the fund to trim its position as valuations reached the upper end of a reasonable range [3] Hedge Fund Interest - Sprouts Farmers Market is not among the top 30 most popular stocks among hedge funds, with 54 hedge fund portfolios holding the stock at the end of Q2 2025, up from 50 in the previous quarter [4]

Core Viewpoint - Comcast Corporation (NASDAQ:CMCSA) is currently viewed as a strong investment opportunity in the communication and media sector, with mixed ratings from analysts regarding its stock price target [1][2]. Group 1: Analyst Ratings - Laurent Yoon from Bernstein has reiterated a Hold rating on Comcast with a price target of $34 [1]. - Craig Moffet from Moffetnathonson has maintained a Buy rating but reduced the price target from $58 to $53 [1]. Group 2: Warner Bros Discovery Auction - Comcast is preparing for the first round of bids for Warner Bros Discovery, competing against Paramount Skydance and Netflix [2]. - Warner Bros Discovery has initiated a formal auction with non-binding offers due by November 20, 2025 [2]. Group 3: Bidding Focus - Paramount aims to bid for the entire Warner Bros Discovery company, while Comcast and Netflix are concentrating on specific assets such as Warner Bros film and television studios and the Max streaming platform [3]. - Warner Bros Discovery is also considering splitting the company into two divisions: one for studio and streaming assets and another for cable networks, allowing bidders to target specific divisions [3]. Group 4: Company Overview - Comcast Corporation is a media and technology company providing internet, cable TV, and phone services to households and businesses [4].

Core Insights - Spotify Technology S.A. is recognized as one of the best communication and media stocks to buy, with differing ratings from analysts [1][2] - The company has introduced a new Premium Platinum plan alongside other tiers, which may enhance revenue but is limited in scope [2][3] - Management forecasts a 13% revenue growth for Q4 2025, with a year-on-year average revenue per user (ARPU) growth of approximately 2% [4] Analyst Ratings - Jefferies analyst James Heaney reiterated a Buy rating with a price target of $800 [1] - Citi analyst Jason Bazinet maintained a Hold rating with a price target of $750 [1] New Pricing Strategy - The new Premium tiers include Premium Lite, Premium Standard, and Premium Platinum, targeting markets in India, Indonesia, UAE, Saudi Arabia, and South Africa [2] - A previous price increase for premium subscriptions was implemented, raising the monthly fee from 10.99 euros to 11.99 euros in various regions [2] Revenue Growth Expectations - The introduction of new pricing strategies is expected to boost topline growth, although it may only affect a small percentage of premium subscribers [3] - Management's strategic shift aims to increase ARPU, moving away from the anticipated 'Superfan' offering [3] Company Overview - Spotify operates a global audio-streaming platform, providing music, podcasts, and audiobooks through subscription and ad-supported models [4]

Core Insights - The FPA Queens Road Small Cap Value Fund returned 7.46% in Q3 2025, underperforming the Russell 2000 Value Index which returned 12.60% [1] - For the first three quarters of 2025, the Fund achieved a return of 13.77%, outperforming the index's return of 9.04% [1] - The Fund's investment strategy focuses on a disciplined and patient approach, expecting to outperform in down markets while trailing in speculative markets [1] Company Overview: TreeHouse Foods, Inc. (NYSE:THS) - TreeHouse Foods, Inc. is a packaged food company that manufactures and distributes private brand snacks and beverages [2] - The stock of TreeHouse Foods experienced a one-month return of 22.80%, but has lost 32.66% of its value over the past 52 weeks [2] - As of November 21, 2025, TreeHouse Foods' stock closed at $23.59 per share, with a market capitalization of $1.191 billion [2] Fund's Position on TreeHouse Foods, Inc. - The Fund noted that TreeHouse Foods struggled to find stability after acquiring ConAgra's private label business in 2016, leading to inconsistent growth and margins [3] - Ongoing supply chain and operational issues have negatively impacted TreeHouse Foods' profitability and stock price [3] - The Fund has fully exited its position in TreeHouse Foods during Q3 2025, indicating it was a relatively small investment [3] Hedge Fund Interest - TreeHouse Foods is not among the 30 most popular stocks among hedge funds, with 26 hedge fund portfolios holding the stock at the end of Q2 2025, an increase from 22 in the previous quarter [4] - While acknowledging TreeHouse Foods' potential, the Fund believes that certain AI stocks present greater upside potential and lower downside risk [4]

Core Viewpoint - Abercrombie & Fitch Co. (NYSE:ANF) is viewed as a speculative investment, with uncertainty surrounding its upcoming earnings report, as highlighted by Jim Cramer [1]. Group 1: Company Overview - Abercrombie & Fitch Co. offers a range of apparel, accessories, and personal care items for men, women, and children [2]. - The company has a market capitalization of approximately $3.3 billion and is currently trading at around $65 per share [2]. Group 2: Financial Insights - The stock is trading at six times earnings, which suggests that the current earnings may be overstated [2]. - There is concern regarding the impact of tariffs on the pricing of Abercrombie's products, which could affect future earnings [2]. Group 3: Investment Perspective - While Abercrombie & Fitch has potential as an investment, there are other AI stocks that are perceived to offer greater upside potential and lower downside risk [2].

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 - 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] - Grupo Financiero Galicia S.A. (NASDAQ:GGAL) was highlighted as a significant detractor from the portfolio's performance, with a one-month return of -6.11% and a 52-week decline of 16.88% [2][3] Performance Summary - The Polen U.S. SMID Cap Growth Strategy's performance in Q3 2025 was strong, with returns significantly above the benchmark index [1] - Grupo Financiero Galicia S.A. closed at $46.14 per share on November 21, 2025, with a market capitalization of $7.508 billion [2] Company Analysis - Grupo Financiero Galicia S.A. faced challenges due to newly imposed liquidity measures in Argentina, which are expected to pressure profitability in the near term [3] - The company is not among the top 30 most popular stocks among hedge funds, although it saw an increase in hedge fund interest from 19 to 23 portfolios in the last quarter [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 - Walmart Inc. has shown strong performance, with a stock surge of over 6% following a positive earnings report, despite initial morning declines [1] - The company's valuation was noted to be around 40 times earnings, which raised concerns prior to the earnings announcement [1] - CEO Doug McMillon is set to retire in February, passing leadership to the head of Walmart US, which was initially a point of concern but ultimately did not affect the stock's performance [1] Company Overview - Walmart Inc. operates a diverse range of retail formats, including retail stores, warehouse clubs, and online platforms, offering products such as groceries, everyday essentials, home goods, apparel, and electronics [2]