Core Insights - Regency Capital Management disclosed a new position in WESCO International, acquiring 15,203 shares valued at approximately $3.22 million based on the average price in Q3 2025 [2][3] - This new stake represents 1.53% of Regency's total assets under management (AUM) [3] - WESCO International's stock price was $218.85 as of October 20, 2025, reflecting a 23.27% increase over the past year, outperforming the S&P 500 by 6.41 percentage points [3] Company Overview - WESCO International reported a total revenue of $22.23 billion and a net income of $662.60 million for the trailing twelve months (TTM) [5] - The company offers a range of products including electrical, electronic, network infrastructure, security solutions, and utility products across three business segments [6][7] - WESCO generates revenue through B2B distribution, logistics, and supply chain solutions, serving various sectors including contractors, manufacturers, and public power companies [6][7] Recent Performance and Outlook - WESCO's data center sales accounted for approximately 17% of total revenue, with a year-over-year surge of about 65% in Q2 2025, exceeding $1 billion [9] - The company has raised its full-year organic sales growth outlook to between 5% and 7% for 2025, driven by strong demand from hyperscalers [10]

Schenker Integration - DSV maintains strong momentum on Schenker integration with high customer satisfaction scores and positive customer feedback[8, 9] - Total transaction and integration costs are still anticipated at around DKK 11 billion, with the majority expected in 2026 and 2027[11] - The company expects annual synergies of DKK 9 billion at the end of 2028, with 30% completed by the end of 2025 and 70% by the end of 2026[14] - The impact of DKK 800 million is expected from synergies in 2025, with DKK 300 million impact in Q3 2025[14] Q3 2025 Financial Highlights - The company achieved stable financial performance in Q3 2025 despite challenging market conditions[9, 18] - Organically, gross profit was up 5.4% and EBIT before special items was down 7.3% in Q3 2025 compared to the same period last year[17, 18] - Schenker contributed DKK 8,184 million to gross profit and DKK 1,463 million to EBIT for the quarter[18] - Adjusted free cash flow was strong at DKK 4,276 million in Q3 2025, with a cash conversion of 96%[44, 45] Outlook - The company narrowed its 2025 outlook for EBIT before special items to DKK 195 - 205 billion[9] - The company expects full-year financial impact from synergies related to the integration of Schenker to be around DKK 800 million[46] - The company expects the effective tax rate to be around 29%[46]

Core Insights - Wabash has introduced new Trailers as a Service (TaaS) offerings aimed at transforming trailer capacity sourcing and management across North America [1][2] Group 1: TaaS Offerings - The TaaS portfolio includes two main solutions: TaaS Pools and TaaS Plus, each addressing specific challenges for shippers, 3PLs, and carriers [2][4] - TaaS Pools offers a universal trailer pool that simplifies management by providing access to a nationwide pool of trailers, enhancing dock efficiency and ensuring consistent availability [3] - TaaS Plus is tailored for 3PLs and brokers, allowing them to operate similarly to asset carriers without the capital burden of ownership, featuring three service tiers for varying levels of support [4] Group 2: Technology Integration - Both TaaS offerings leverage TrailerHawk.ai, a platform that enhances visibility and analytics for trailer management, including replenishment and utilization [5] - The integration of advanced technology with operational expertise aims to improve efficiency and reduce waste in the supply chain [6] Group 3: Company Vision and Commitment - Wabash's mission focuses on providing flexible and scalable trailer solutions to help logistics providers navigate supply chain challenges [6] - The company emphasizes the importance of cost, assurance, and flexibility in trailer procurement, aiming to meet customer needs without asset ownership [6][8]

Investment Focus & Strategy - Eclipse is at a seminal moment for physical industries, seeing significant interest and capital formation around both private and public companies in this sector [2] - The firm aims to capitalize on the re-industrialization trend supported by US policy and advancements in artificial intelligence to transform physical industries [3] - Eclipse emphasizes national security and economic sovereignty in its investment strategy, aligning with national priorities [4] - The firm will initially make smaller check sizes in early-stage ventures, scaling them over time as companies achieve escape velocity [7] - Eclipse is also prepared to make larger investments earlier for companies demonstrating strong traction [8] - The firm's sweet spots include supply chain solutions, semiconductors, defense tech, and autonomy, leveraging experience in electric vehicles, materials science, and battery technology [10] Key Lessons & Growth Drivers - A key lesson learned from companies like Tesla is the importance of a first-principles approach to building [11] - Product-market fit is crucial, solving customer problems and providing unique solutions [13] - Driving durable growth and ensuring long-term sustainability are essential for companies to become successful public entities [14] Team & Expertise - The Eclipse team has a decade-long vision and a competent team of builders [5] - The combination of the team's technical experience and the new partner's financial experience creates a synergistic effect [6]

Core Insights - Sysco Corporation has opened its second Sysco To Go retail store in Houston, enhancing its presence in a diverse business area [1][2] - The new store aims to provide small businesses and foodservice operators with convenient access to Sysco's product offerings, catering to various cuisines [2][3] - Sysco To Go operates as a 'Restaurant Club' offering free memberships, no purchase minimums, and same-day purchase options [4] Company Overview - Sysco is the largest global distributor of food and related products, serving customers in various sectors including restaurants, healthcare, and education [5][6] - The company operates 340 distribution centers across more than 10 countries, employing approximately 76,000 colleagues and serving around 730,000 customer locations [5] - In fiscal year 2024, Sysco generated sales exceeding $78 billion [5]

Strategic Partnership with DHL Group - Cryoport is strategically pivoting to enable the next phase of global Cell and Gene Therapy (CGT) expansion by leveraging DHL's network[5] - The partnership with DHL provides a more competitively priced, integrated solution to the CGT market, especially in the APAC and EMEA regions[5] - The transaction with DHL generates substantial cash and strengthens Cryoport's balance sheet, improving revenue growth rate and gross margin profile[5] Financial Highlights and Projections - Cryoport's new FY 2025 revenue guidance is projected to be between $165 million and $172 million, representing a 6%-10% year-over-year growth[35, 36] - Investments into CGT rose to $15.2 billion in 2024, a 30% year-over-year increase[25] - The divestiture of the specialty courier business to DHL Group yielded $195 million in cash (Enterprise Value), a 2.7x multiple of FY'24 revenue[33] CGT Market and Cryoport's Position - The number of Cell & Gene Therapies approved in FY2024 was 8[15] - Cryoport's clinical trial market share has increased to 70%[15] - Commercial Cell & Gene Therapies revenue reached $26 million[20]