Core Viewpoint - Ulysses Management has completely divested its position in Cogent Communications, indicating a strategic shift away from the struggling telecom sector [1][2]. Company Overview - Cogent Communications reported a total revenue of $975.8 million and a net income loss of $182.2 million for the trailing twelve months (TTM) [4]. - The company offers high-speed internet access, private network services, and data center colocation, primarily targeting small and medium-sized businesses and enterprise clients [8]. - Cogent's business model relies on recurring fees for connectivity and colocation services, which are essential for bandwidth-intensive organizations [8]. Recent Transaction Impact - Ulysses Management sold 335,982 shares of Cogent Communications, resulting in a valuation drop of $12.88 million for this stake [2]. - The share price of Cogent Communications was $18.05, reflecting a 74% decline over the past year, significantly underperforming the S&P 500, which increased by approximately 15% during the same period [7]. Strategic Insights - The decision to exit Cogent Communications suggests a preference for companies with better earnings visibility and stronger pricing power, as indicated by Ulysses Management's focus on top holdings like Microsoft and Amazon [9]. - Cogent's strategy of providing low-cost bandwidth is under pressure due to increasing competition and declining prices, raising concerns about its ability to achieve stable, profitable growth [10]. - For long-term investors, the emphasis is on assessing the foundational strength of companies rather than merely avoiding underperforming stocks, with a focus on those with reliable demand and lower execution risk [11].

Core Insights - Mar Vista Investment Partners reported a strong performance in U.S. equities for 2025, marking the second consecutive year of double-digit gains, with a notable recovery from a bear market dip in April [1] - The Mar Vista U.S. Quality strategy achieved a net-of-fees gain of +0.20% in Q4 2025, underperforming the Russell 1000® Index (+2.41%) and the S&P 500® Index (+2.65%) [1] - Stock selection in communication services, consumer discretionary, and financials sectors positively impacted performance, while information technology, materials, and healthcare sectors detracted from it [1] - The outlook for 2026 suggests a need for balance between strong fundamentals and increasing economic uncertainties [1] Company-Specific Insights - Equifax Inc. (NYSE:EFX) was highlighted in the investor letter, with a one-month return of 0.83% and a 52-week loss of 12.68% [2] - As of January 12, 2026, Equifax's stock closed at $221.63 per share, with a market capitalization of $27.248 billion [2] - Mar Vista divested its position in Equifax during Q4 2025 due to strategic shifts by FICO, which plans to sell credit scores directly to mortgage underwriters, increasing uncertainty in the credit-scoring value chain [3] - The decision to exit the position was influenced by a slower-than-expected recovery in the housing market and a weakened risk-reward profile for the investment [3]

Core Viewpoint - The Board of Directors of Octopus Titan VCT plc has concluded a Strategic Review, determining that changes to the investment strategy and restructuring with the portfolio manager will best serve Shareholders' interests [1][4]. Group 1: Strategic Review and Changes - The Strategic Review was announced in September 2024 and involved extensive work and consultations with advisers and Shareholders [1]. - The proposed changes aim to significantly reduce investment management fees and align the interests of Shareholders with those of the Portfolio Manager [4]. Group 2: General Meeting and Approval - A General Meeting is scheduled for 14 October 2025 to seek Shareholder approval for the amended investment policy [2][3]. - The Circular containing the notice for the General Meeting and details of the proposed resolution is available on the Company's website [2][3]. Group 3: Future Outlook - The Board believes that the changes will enhance the likelihood of improved returns for Shareholders and provide flexibility for future capital raising and investments [4].