Core Viewpoint - Boaz Weinstein of Saba Capital is attempting to oust the board of Edinburgh Worldwide Investment Trust (EWI) due to its significant underperformance and lack of strategic improvements since his last intervention [2][3]. Group 1: Performance Concerns - EWI has been accused of "massively underperforming" and failing to improve its performance since concerns were raised last year [2]. - The share price of EWI has declined by 37% over the past five years, following a three-year slide, despite a surge during the pandemic due to investments in companies like Ocado, Tesla, and Zillow [6]. Group 2: Shareholder Actions - Saba Capital, which owns a 30% stake in EWI, plans to requisition a general meeting to remove the entire current board, citing a lack of faith in their ability to implement necessary changes [3][4]. - Previous attempts by Saba Capital to challenge Baillie Gifford's management were fended off earlier this year when shareholders supported the existing management [4]. Group 3: Investment Focus - EWI currently manages nearly £850 million in assets, with approximately 12% invested in SpaceX [5]. - The fund was established by Baillie Gifford in 1998 to focus on innovative high-growth technology companies [5].

Financial Data and Key Metrics Changes - Revenue growth of 7% compared to the previous quarter and 8% year-over-year, driven by strong market conditions and lower fixed expenses, leading to a margin expansion of 450 basis points [11] - Adjusted operating income increased by 22% compared to the prior quarter and 12% year-over-year [12] - Adjusted net income per adjusted share rose by 23% quarter-over-quarter and 11% year-over-year [12] Business Line Data and Key Metrics Changes - Assets under management (AUM) reached an all-time high of $181.3 billion, with net inflows in 14 of 26 investment strategies year-to-date [7][8] - The credit business saw $1.8 billion in year-to-date net inflows, marking the 13th consecutive quarter of positive credit flows [8] - Emerging markets strategies, including Sustainable Emerging Markets and Developing World, experienced positive inflows, indicating growing demand [8][19] Market Data and Key Metrics Changes - Strong performance in equities, with several strategies generating year-to-date returns exceeding 20%, outperforming benchmarks by 425 to 934 basis points net of fees [5][6] - The company noted a resurgence in interest in emerging markets, contrasting with previous trends where allocations were cut [19][20] Company Strategy and Development Direction - The company aims to expand its multi-asset class investment platform by enhancing distribution and aligning compensation to a sales orientation [9][28] - Focus on internal and external talent acquisition to build differentiated investment franchises, particularly in real estate, private credit, and secondaries [9][10][24] - The company is modernizing its vehicle lineup to adapt to evolving client preferences, including models, SMAs, ETFs, and private funds [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the investment performance, with over 70% of AUM outperforming benchmarks over three years [4] - The outlook for performance fees in the fourth quarter is projected to be similar to the previous year, subject to market conditions [14] - Management acknowledged the impact of client rebalancing activities, particularly in the intermediate wealth space, but noted strong long-term performance [39] Other Important Information - The company declared a quarterly dividend of $0.88 per share, a 21% increase over the prior quarter [14] - The balance sheet remains strong with $300 million in cash and $140 million in firm seed investments [13] Q&A Session Summary Question: Demand for non-U.S. strategies - Management noted growing demand in global mandates and direct international equity exposure, particularly in emerging markets [17][19] Question: M&A opportunities and allocation - Management highlighted active engagement in real estate and emphasized that M&A opportunities will not be transformative but will align with the company's core values [21][24] Question: Improving gross flows and distribution efforts - Management discussed efforts to enhance distribution by aligning compensation with sales and expanding the team targeting the UK and Middle East markets [27][29] Question: Client rebalancing activity - Management provided insights into rebalancing trends, particularly in the intermediate wealth space, and noted that these were not terminations but adjustments in exposure [38][39] Question: Outlook on expenses - Management confirmed that fixed expense growth is tracking in the mid-single digits, with no unusual changes expected moving forward [41][42]

Core Insights - Progressive Insurance has demonstrated exceptional stock performance, averaging annual gains of 24% over the past decade, significantly outperforming the S&P 500's 12.5% [2] - A $1,000 investment in Progressive shares would have grown to approximately $10,073, with reinvested dividends yielding an average annual gain of 26% [2] - The company has a technological advantage, having utilized telematics for driver data collection for over 15 years, contributing to its profitability [4] Company Performance - Progressive has surpassed GEICO in market share as of 2023, indicating strong competitive positioning in the insurance industry [4] - The company's recent forward-looking price-to-earnings (P/E) ratio is 15, which is below its five-year average of 19, suggesting potential undervaluation [4] - Progressive offers a growing dividend, with a recent yield of 2%, enhancing its attractiveness to investors [4] Industry Context - The insurance industry is generally resistant to economic downturns and tariffs, making it a stable investment option [4] - Despite the perception that insurance is not an exciting sector, it remains essential for individuals and businesses, ensuring consistent demand [4]

Assets Under Management (AUM) - Ending AUM increased to $88.9 billion as of June 30, 2025, compared to $87.6 billion as of March 31, 2025[2] - Average AUM for Q2 2025 was $87.2 billion, up from $86.8 billion in Q1 2025[2] - Market appreciation contributed $2.3 billion to AUM in Q2 2025, compared to $2.1 billion in Q1 2025[2] Flows - The company experienced net outflows of $131 million in Q2 2025, a shift from net inflows of $222 million in Q1 2025[2] - Open-end funds and closed-end funds saw net inflows, while advisory and subadvisory experienced net outflows[2] - Total firm net flows were -$0.1 billion in Q2 2025, representing an organic decay of -0.6%[18] Financial Performance (As Adjusted) - Net income was $37.3 million in Q2 2025, slightly lower than $38.4 million in Q1 2025[2] - Diluted EPS was $0.73 in Q2 2025, compared to $0.75 in Q1 2025[2] - Operating margin was 33.6% in Q2 2025, a decrease from 34.7% in Q1 2025[2] - Revenue reached $135.3 million in Q2 2025, compared to $133.8 million in Q1 2025[4] - Expenses totaled $89.9 million in Q2 2025, up from $87.3 million in Q1 2025[4] Revenue Breakdown (As Adjusted) - Open-end fund fees generated $69.9 million in revenue in Q2 2025[8] - Institutional fees contributed $32.8 million in revenue in Q2 2025[8] - Closed-end fund fees accounted for $24.9 million in revenue in Q2 2025[8] Expense Breakdown (As Adjusted) - Employee compensation and benefits amounted to $54.8 million in Q2 2025[11] - Distribution and service fees were $15.7 million in Q2 2025[11] - General and administrative expenses totaled $17.0 million in Q2 2025[11] Investment Performance - 94% of total AUM was in outperforming strategies over the 1-year period as of June 30, 2025[32] - 90% of total AUM was in outperforming strategies over the 10-year period as of June 30, 2025[32] - 96% of U S open-end fund AUM was rated 4 or 5 stars by Morningstar[32]

Core Insights - CuriosityStream (NASDAQ: CURI) has experienced a tenfold increase in its stock price since a bullish article was published in March of the previous year [1] - At the time of the initial article, the company was trading below its cash value and was burning cash, although at a decreasing rate [1] - Starting in Q1 2024, the company has shown signs of improvement in its financial performance [1] Company Overview - CuriosityStream is a streaming service focused on documentary and educational content [1] - The company has been under scrutiny due to its cash burn rate, which has been decreasing over time [1] Management Background - Edward Schneider, a managing director of Quan Management LLC, has over 30 years of investment experience, including 25 years managing technology funds [1] - Schneider holds a CFA designation, an MBA from Thunderbird, and a BA from Emory University [1] - Quan Management has generated a 17% annual return since 1995, outperforming the Nasdaq's 11% return [1]