Tourlite Capital Management, an investment management firm, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. Tourlite Fund, LP returned -2.0% in the third quarter of 2025 compared to 8.1% and 12.4% returns for the S&P 500 and the Russell 2000 Indexes. Since its inception, the fund has achieved annualized returns of 8.6%, compared to 13.4% and 6.3% for the Indexes, respectively. The firm observed that the rise in speculative, lower-quality stocks is similar to th ...

Perspectives from Nxera’s major shareholders provide deeper insights into their investment views and confidence in the Company’s strategy Tokyo, Japan and Cambridge and London, UK, 17 November 2025 – Nxera Pharma Co., Ltd. (“Nxera” or “the Company”; TSE 4565) announces the release of two video interviews with its major shareholders, available on the Company’s official YouTube channel. Nxera invited its major shareholders to share their perspectives on the Company’s strategy, operations and investment appea ...

UNLOCKING LONG- TERM VALUE CREATION Capital Markets Day November 11th, 2025 Agenda Introduction Unlocking long-term value creation Rickard Gustafson, President & CEO Q&A Break (14.30-15.00 CET) Factors affecting forward- looking statements The information presented at the SKF Capital Markets Day contains forward-looking statements that reflect SKF's current expectations on future events and financial and operational development. Forward-looking statements are inherently associated with risks and uncertainti ...

Financial Data and Key Metrics Changes - For Q3 2025, the company reported consolidated total revenue of $203 million, with an adjusted EBITDA of $174 million, resulting in an adjusted EBITDA margin of 85% [16][17] - Free cash flow increased by 15% year-over-year to $123 million [17] Business Line Data and Key Metrics Changes - Oil and gas royalty production reached a record of approximately 36,300 barrels of oil equivalent per day, marking a 9% sequential increase and a 28% year-over-year increase [4][17] - Water sales revenue hit a record of $45 million, representing a 74% sequential growth and a 23% year-over-year growth [4] - Produced water royalty revenues amounted to $32 million, reflecting a 5% sequential growth and a 16% year-over-year increase [4] Market Data and Key Metrics Changes - The company noted that despite weak benchmark oil and gas prices, production volumes benefited from robust activity in specific subregions [5] - The average lateral lengths for wells year-to-date in 2025 are approximately 7% longer than last year and 23% longer compared to 2019 [5] Company Strategy and Development Direction - The company is focused on consolidating high-quality Permian assets, taking advantage of the current low commodity price environment to acquire additional royalties and surface acreage [9][14] - Investments in water infrastructure have established the company as a competitive player in the Permian, allowing it to maintain and grow market share [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term demand for oil, despite current low prices, citing structural declines in other shale basins [10][12] - The company believes it is well-positioned to capitalize on future price increases due to its strong cash flow margins and a robust balance sheet [13][16] Other Important Information - The company announced a three-for-one stock split of its common stock, expected to be completed in December 2025 [19] - The company closed on a $500 million credit facility, enhancing liquidity and providing flexibility for growth opportunities [12][20] Q&A Session Summary Question: What is a good run rate for the business, and how much of your water sales are recycled barrels versus water from source? - Management indicated that they are working to minimize volatility in water sales and are focused on maximizing recycled water usage [25][26] Question: Can you provide details on the royalty acquisition announced? - Management stated that the acquisition is expected to provide a strong growth outlook and is operated by well-capitalized operators [22][24] Question: How does the company view its position in the power and data center market? - Management expressed confidence in their position, noting that they have significant available land and are in discussions for potential opportunities [22][24] Question: What is the outlook for the water resources business? - Management acknowledged recent volatility but emphasized efforts to stabilize and maximize recycled water production [25][26] Question: How does the company characterize the competitive landscape in the Permian? - Management noted ongoing opportunities in the pipeline and expressed optimism about future acquisitions across various regions [30][31]

Core Viewpoint - Associated British Foods (ABF) is conducting a review of its structure, potentially leading to the separation of its Primark retail arm from its food operations to maximize long-term value [1][2][6] Company Structure and Review - The review aims to assess whether separating Primark and food businesses would create a better organizational structure for the future [6] - The review is being conducted in consultation with ABF's largest shareholder, Wittington Investments, which intends to maintain majority ownership of both businesses [2] Financial Performance - ABF reported a revenue decline of 3% to £19.46 billion ($25.43 billion) for the year ending 13 September, with a 1% decrease on a constant-currency basis, primarily due to falling sales in the sugar business [4] - Retail sales increased by 1% to £9.5 billion, indicating some resilience in the retail segment despite overall revenue decline [4] - Total operating profit fell by 23% to £1.5 billion, while adjusted operating profit dropped 13% in actual currency and 12% in constant-currency terms, attributed to lower earnings from the sugar segment [5] Business Segments - ABF's food businesses encompass grocery, ingredients, agriculture, and sugar, with notable brands including Blue Dragon, Mazola, and Twinings [2] - The grocery division experienced good sales growth in global brands, although this was offset by challenges in the Allied Bakeries arm in the UK and the US oils businesses [5] - The company announced plans to acquire the Hovis bread business from private-equity firm Endless in August, indicating strategic moves within its food operations [5] Leadership Insights - Chief Executive George Weston emphasized the potential of ABF's food business, which has historically been less understood by financial markets compared to Primark, highlighting its attractive portfolio and global expertise [3] - Chairman Michael McLintock noted the need for a better understanding of the food businesses given Primark's scale and the ongoing review of ABF's future structure [6]

Company Overview - Tiptree was founded in 2007 with a focus on long-term value creation for shareholders [24] - The company has a flexible capital allocation model and aligned management incentives [16] - Insider ownership is at 34% [24] Financial Performance - Tiptree has $24 billion of realized investments representing a 28x MOIC and 22% IRR since inception [24] - $177 million of capital has been returned to shareholders through share repurchases, tax-deferred distributions, and common dividends [17] - The company's realized investment IRR is 22% [30] Recent Transactions - Tiptree agreed to sell Fortegra in an all-cash transaction for $165 billion, with $112 billion in gross proceeds to Tiptree [13] - The Fortegra valuation is 23x book value (39x tangible book value) and 107x LTM net income [13] - The estimated gross return on the Fortegra sale is 141x MOIC and 227% IRR, with an anticipated closing in mid-2026 [13] - Tiptree agreed to sell Reliance First Capital for 935% of tangible book value at closing, or $51 million of estimated gross proceeds as of September 30, 2025 [13] - The estimated gross return on the Reliance sale is 29x MOIC and 135% IRR, with an anticipated closing in the first quarter of 2026 [13] - Pro-forma book value as of September 30, 2025, is estimated to be $930 million, net of estimated taxes and transaction expenses for both transactions [13]

Core Insights - Triba Research aims to identify high-quality businesses capable of delivering sustainable, double-digit returns over the long term [1] - The investment strategy emphasizes companies with strong competitive advantages, operating in growing markets, maintaining low debt levels, and led by skilled management teams [1] - The focus remains on long-term value creation while staying informed about the latest developments in the market [1]

Core Insights - Triba Research aims to identify high-quality businesses capable of delivering sustainable, double-digit returns over the long term [1] - The investment strategy emphasizes companies with strong competitive advantages, operating in growing markets, maintaining low debt levels, and led by skilled management teams [1] - The focus remains on long-term value creation while staying informed about the latest developments [1] Investment Strategy - The strategy targets companies with strong competitive advantages [1] - Emphasis on companies operating in growing markets [1] - Importance of low debt levels in the companies being analyzed [1] - Management teams should be skilled and aligned with the company's goals [1] Long-term Focus - Triba Research prioritizes long-term value creation over short-term market fluctuations [1] - The mission is to uncover businesses that can sustain growth and profitability over time [1]

Core Points - 374Water Inc. has implemented a minimum equity ownership policy for its Board Members to enhance alignment between shareholder and director interests [1][2][3] - Each Board Member is required to purchase a minimum of USD $50,000 worth of shares and maintain that ownership regardless of stock price fluctuations [2] - The policy aims to promote long-term value creation as the company commercializes its AirSCWO technology and focuses on strategic partnerships and capital initiatives [3] Company Overview - 374Water Inc. is a global leader in organic waste destruction technology, providing solutions for wastewater treatment and waste management in industrial, municipal, and federal markets [4] - The company's AirSCWO technology efficiently destroys and mineralizes a wide range of organic wastes, producing safe dischargeable water, mineral effluent, vent gas, and recoverable heat energy [4] - 374Water is committed to innovative waste treatment solutions, aiming to create a greener future and eliminate harmful pollutants [4]

Core Insights - Domino's Pizza has established itself as a consistent value creator in the restaurant industry, with over 21,000 stores globally and market-beating returns for investors [1][2] Group 1: Long-term Business Expansion - The franchise model allows Domino's to scale efficiently, with 99% of stores being franchise-owned, leading to high-margin, recurring revenue with minimal capital intensity [3][4] - Domino's has achieved 31 consecutive years of same-store sales growth internationally, indicating strong demand for its products [4][6] - The company's vertically integrated supply chain enhances efficiency, lowering per-unit costs and widening margins as new stores are added [5][7] - International markets, particularly in China and India, present significant growth opportunities, with Domino's China surpassing 1,000 stores and being the second largest player in the market [6][7] Group 2: Sustained Capital Return to Shareholders - Domino's management has effectively balanced reinvestment in the business with substantial returns to shareholders, creating a compounding effect [8][11] - The company has aggressively reduced its share count through buybacks, decreasing weighted average diluted shares outstanding from approximately 56.9 million in 2014 to 35.0 million in 2024, a reduction of about 38% [9][10] - This reduction in shares has led to a significant increase in earnings per share (EPS), which grew from $2.90 in 2014 to $16.70 in 2024, reflecting a compound annual growth rate of 19% [12]