I previously suggested that Proto Labs (NYSE: PRLB ) offered limited upside. The stock is up around 16% since then, due to a combination of improved cash flows and growth. CapEx is unsustainably low at the moment, though, and Proto Labs' revenue mix continues toRichard Durant is the leader of Narweena, an asset manager focused on finding market dislocations that are the result of a poor understanding of a businesses long-term prospects. Narweena believes that excess risk adjusted returns can be achieved by ...

Company Overview - Xometry, Inc. (NASDAQ: XMTR) experienced a significant increase in share price following the release of its second quarter earnings, attributed more to low investor expectations than exceptionally strong results [1] - The company's growth is slowing down, yet remains relatively solid in the context of the current macroeconomic environment [1] Investment Strategy - Narweena, an asset management firm led by Richard Durant, focuses on identifying market dislocations caused by misunderstandings of long-term business prospects [1] - The firm aims to achieve excess risk-adjusted returns by targeting businesses with secular growth opportunities in markets characterized by high barriers to entry [1] - Narweena's investment approach emphasizes company and industry fundamentals to uncover unique insights, with a preference for smaller cap stocks and markets lacking obvious competitive advantages [1] Economic Insights - The aging population, low population growth, and stagnating productivity growth are expected to create new investment opportunities distinct from historical trends [1] - Certain industries may experience stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - Conversely, some businesses may face increasing costs and diseconomies of scale, while the economy shifts towards asset-light business models, leading to a declining need for infrastructure investments [1] - A growing pool of capital is competing for a limited number of investment opportunities, resulting in rising asset prices and compressed risk premia over time [1]

Company Overview - Narweena is an asset manager that focuses on identifying market dislocations caused by a poor understanding of businesses' long-term prospects [1] - The firm aims to achieve excess risk-adjusted returns by targeting businesses with secular growth opportunities in markets with barriers to entry [1] Investment Strategy - Narweena's research process emphasizes company and industry fundamentals to uncover unique insights [1] - The company has a high risk appetite and a long-term investment horizon, focusing on deeply undervalued stocks, particularly in smaller cap stocks and markets with less obvious competitive advantages [1] Market Insights - The aging population, low population growth, and stagnating productivity growth are expected to create a different set of investment opportunities compared to the past [1] - Many industries may experience stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - Conversely, some businesses may face rising costs and diseconomies of scale [1] Economic Trends - There is a growing dominance of asset-light businesses in the economy, leading to a declining need for infrastructure investments over time [1] - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressing risk premia [1] Leadership Background - Richard Durant, the leader of Narweena, holds undergraduate degrees in engineering and finance from the University of Adelaide and an MBA from Nanyang Technological University [1] - Durant has passed the CFA exams, indicating a strong foundation in finance and investment analysis [1]

Group 1 - MongoDB's stock has increased over 40% following the release of solid Q1 results, indicating strong company performance and attractive pricing [1] - Narweena, an asset manager, focuses on identifying market dislocations due to misunderstandings of long-term business prospects, aiming for excess risk-adjusted returns through secular growth opportunities [1] - The research process at Narweena emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and a long-term investment horizon [1] Group 2 - The aging population, low population growth, and stagnating productivity growth are expected to create new investment opportunities, differing from past trends [1] - Many industries may experience stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - The economy is increasingly characterized by asset-light businesses, leading to a declining need for infrastructure investments and a limited set of investment opportunities driving up asset prices [1]

Group 1 - AST SpaceMobile's stock has been stable recently, but there are positive developments in its business fundamentals [1] - Competing services are experiencing initial challenges, yet there are indications of increasing demand [1] - Narweena, an asset manager, focuses on identifying market dislocations due to misinterpretations of long-term business prospects [1] Group 2 - Narweena aims for excess risk-adjusted returns by targeting businesses with secular growth opportunities in markets with entry barriers [1] - The research process emphasizes company and industry fundamentals to uncover unique insights [1] - The investment strategy is characterized by a high risk appetite and a long-term horizon, focusing on deeply undervalued stocks [1] Group 3 - An aging population with low growth and stagnating productivity is expected to create new investment opportunities [1] - Many industries may face stagnation or secular decline, potentially improving business performance due to reduced competition [1] - Other businesses may encounter rising costs and diseconomies of scale, impacting their performance [1] Group 4 - Economies are increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments [1] - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia [1] - Richard Durant, the leader of Narweena, has a strong educational background in engineering, finance, and an MBA, along with CFA exam completion [1]

Company Overview - Okta's stock has seen a positive shift from investors over the past 6 months despite tepid revenue growth, with impressive margin gains reported [1] - The company's Remaining Performance Obligations (RPO) growth indicates potential revenue increases in the future [1] Investment Strategy - Narweena, an asset manager led by Richard Durant, focuses on identifying market dislocations due to misunderstandings of long-term business prospects [1] - The firm aims for excess risk-adjusted returns by targeting businesses with secular growth opportunities in markets with high barriers to entry [1] - Narweena's investment approach emphasizes company and industry fundamentals to uncover unique insights, with a preference for smaller cap stocks and less obvious competitive advantages [1] Market Trends - An aging population with low growth and stagnating productivity is expected to create new investment opportunities distinct from historical trends [1] - Certain industries may experience stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - Other sectors may face rising costs and diseconomies of scale, impacting overall market dynamics [1] - The economy is increasingly influenced by asset-light businesses, leading to a declining need for infrastructure investments over time [1] - A growing pool of capital is competing for a limited number of investment opportunities, resulting in rising asset prices and compressed risk premiums [1]

Company Overview - Cognex's share price has faced pressure recently due to valuation concerns and mixed demand across various end markets [1] - The company has significant exposure to logistics, automotive, and consumer electronics sectors [1] Investment Strategy - Narweena, an asset manager led by Richard Durant, focuses on identifying market dislocations caused by misunderstandings of long-term business prospects [1] - The firm aims to achieve excess risk-adjusted returns by targeting businesses with secular growth opportunities in markets with high barriers to entry [1] - Narweena's investment approach emphasizes company and industry fundamentals to uncover unique insights [1] Market Dynamics - An aging population with low growth and stagnating productivity is expected to create new investment opportunities distinct from past trends [1] - Many industries may experience stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - Conversely, some businesses may encounter rising costs and diseconomies of scale [1] - The economy is increasingly influenced by asset-light businesses, leading to a declining need for infrastructure investments over time [1] - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia [1] Leadership Background - Richard Durant holds undergraduate degrees in engineering and finance from the University of Adelaide and an MBA from Nanyang Technological University [1] - He has passed the CFA exams, indicating a strong foundation in finance and investment analysis [1]

Company Performance - Xometry's Q1 results were strong, with solid forward guidance despite the uncertain macro environment [1] - The full impact of tariffs on Xometry is yet to be determined [1] Investment Strategy - Narweena, an asset manager led by Richard Durant, focuses on identifying market dislocations due to poor understanding of long-term business prospects [1] - The firm aims for excess risk-adjusted returns by targeting businesses with secular growth opportunities in markets with barriers to entry [1] - Narweena's research emphasizes company and industry fundamentals to uncover unique insights [1] Market Trends - An aging population with low growth and stagnating productivity is expected to create new investment opportunities [1] - Many industries may face stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments [1] - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia over time [1] Leadership Background - Richard Durant holds undergraduate degrees in engineering and finance from the University of Adelaide and an MBA from Nanyang Technological University [1] - Durant has passed the CFA exams, indicating a strong foundation in finance [1]

Group 1 - Materialise's Q1 results were mixed but positively received by investors due to low expectations, with the Medical segment showing healthy growth [1] - Materialise's guidance indicates that tariffs will be less impactful moving forward [1] Group 2 - Narweena, an asset manager, focuses on identifying market dislocations caused by misunderstandings of long-term business prospects, aiming for excess risk-adjusted returns [1] - The research process at Narweena emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon [1] - Narweena's investment strategy is influenced by an aging population, low population growth, and stagnating productivity, which may create new investment opportunities [1] - The firm believes that many industries may face stagnation or secular decline, potentially improving business performance due to reduced competition [1] - There is a trend towards asset-light businesses, leading to a declining need for infrastructure investments, which is affecting capital allocation and asset prices [1]

Company Performance - Twist Bioscience (NASDAQ: TWST) reported solid results in the second quarter of FY2025, but the management team appeared downbeat on the earnings call [1] - The company has chosen to spin out its data storage segment, with a fairly modest value attached to the business [1] Investment Insights - Narweena, an asset manager led by Richard Durant, focuses on identifying market dislocations due to poor understanding of long-term business prospects [1] - The firm believes excess risk-adjusted returns can be achieved by identifying businesses with secular growth opportunities in markets with barriers to entry [1] - Narweena's research process emphasizes company and industry fundamentals to uncover unique insights [1] Market Trends - An aging population with low population growth and stagnating productivity growth is expected to create a different opportunity set compared to past trends [1] - Many industries may face stagnation or secular decline, which could improve business performance if competition decreases [1] - Conversely, some businesses may encounter rising costs and diseconomies of scale [1] - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments over time [1] - A large pool of capital is chasing a limited set of investment opportunities, driving up asset prices and compressing risk premia [1]