PresentationRick BlackDennard Lascar Associates, LLC All right. Here we go. Welcome, everyone. I'd like to welcome you all to Construction Partners' Analyst Day here, 2025. This is the second Analyst Day we've had in our history. We're very excited to have you all here. We'd like to thank you all in the room for being here in Raleigh and traveling and coming to see us. And I'd like to extend a thank you to all of our Construction Partners folks that are here that you've gotten to speak with during the tour ...

Diy13/iStock via Getty Images Dear Partner: Liberty Park Fund, LP’s value increased by 1.13%, net of fees, in the third quarter of 2025 vs. a 12.40% increase in the Russell 2000. The 14.42% increase in our long positions contributed 12.38% on a weight-adjusted basis, while the 18.60% increase in our shorts detracted 10.85% on a weight-adjusted basis. Gross exposure averaged 142.48%. Net exposure averaged 33.61%. Gross Pure Alpha[1] — our proprietary measure of returns generated from stock selection — wa ...

Core Insights - Tutor Perini Corporation's subsidiary, Five Star Electric, has secured an electrical subcontract for the Passaic Valley Sewerage Commission's Standby Power Generator Facility project [1] Company Summary - Tutor Perini Corporation is recognized as a leading civil, building, and specialty construction company [1] - The awarded project is part of a resiliency initiative aimed at constructing an on-site emergency backup power system at the wastewater treatment plant [1] Industry Context - The project reflects a growing trend in the construction industry towards enhancing infrastructure resilience, particularly in wastewater management systems [1]

Core Viewpoint - The article discusses the best growth stocks to buy and hold for the long term, highlighting a positive outlook for equity markets amid a resilient US economy and low-interest-rate environment [1][4]. Group 1: Market Outlook - Global equities are expected to continue rising despite valuation concerns, with a Bank of America survey indicating that most fund managers remain overweight in equities [1][2]. - The risk of a recessionary trade war is diminishing, contributing to a bullish sentiment in equity markets [2]. - The US Federal Reserve's hints at potential interest rate cuts further enhance the outlook for growth stocks, which typically trade at a premium [2][3]. Group 2: Methodology for Stock Selection - The selection of the best growth stocks involved using the Finviz screener to identify stocks with over 10% EPS growth in the past five years and an expected EPS growth rate of at least 20% over the next five years [6]. - The list was narrowed to stocks with a forward price-to-earnings ratio exceeding 20 and popularity among elite hedge funds in Q2 2025 [6][7]. Group 3: Featured Growth Stocks - **Comfort Systems USA, Inc. (NYSE:FIX)**: - EPS Growth Over the Past Five Years: 36.52% - EPS Growth Over the Next Five Years: 24.58% - Forward Price to Earnings Ratio: 30.31 - Number of Hedge Fund Holders: 53 - UBS raised its price target to $875, citing strong financial health and a robust project environment [8][9][10]. - **Howmet Aerospace Inc. (NYSE:HWM)**: - EPS Growth Over the Past Five Years: 22.24% - EPS Growth Over the Next Five Years: 23.36% - Forward Price to Earnings Ratio: 44 - Number of Hedge Fund Holders: 57 - The company is experiencing healthy growth in its spares business and is investing in capacity expansion to meet demand [12][13][14][15]. - **DexCom, Inc. (NASDAQ:DXCM)**: - EPS Growth Over the Past Five Years: 39.06% - EPS Growth Over the Next Five Years: 24.59% - Forward Price to Earnings Ratio: 26.07 - Number of Hedge Fund Holders: 60 - UBS maintains a bullish stance on the company despite concerns over its G7 continuous glucose monitoring sensor, expecting strong demand for CGM technology [16][17][18][19].

Market Overview - The U.S. stock market has reached record highs following the Fed's first rate cut of the year, reducing rates by 25 basis points to 4-4.25% [1] - The Fed's indication of potential further cuts through 2026 and 2027 has bolstered investor confidence in supportive monetary policy despite slowing growth [1] Investment Strategy - Relative price strength is emphasized as a strategy to identify market leaders likely to outperform [2] - Stocks such as Tutor Perini Corporation (TPC), RF Industries, Ltd. (RFIL), and A-Mark Precious Metals, Inc. (AMRK) are recommended based on their relative price strength [2] Stock Performance Metrics - A stock's potential for returns is primarily assessed through earnings and valuation ratios, alongside its price performance relative to peers [3] - Stocks outperforming their industries or benchmarks should be included in investment portfolios for higher return potential [4] Earnings Estimates and Analyst Sentiment - Stocks that have outperformed the S&P 500 over the past 1 to 3 months and show solid fundamentals are considered optimal for investment [5] - Positive revisions in earnings estimates are crucial, as upward revisions typically lead to price gains [6] Screening Parameters - Stocks must show positive relative price changes over 12 weeks, 4 weeks, and 1 week, alongside positive current-quarter estimate revisions [7] - Only Zacks Rank 1 (Strong Buy) stocks, which have historically outperformed the S&P 500, are included in the screening process [8] Company-Specific Insights - Tutor Perini Corporation (TPC) has a 2025 earnings estimate indicating 220.8% growth, with shares up 153.1% over the past year [9][11] - RF Industries (RFIL) projects a 422.2% growth in 2025 earnings, with shares surging 132.2% in a year [9][13] - A-Mark Precious Metals (AMRK) has a 2026 earnings estimate showing 58.1% year-over-year growth, although shares have declined by 40.3% in the past year [9][15]

Financial Data and Key Metrics Changes - The Adjusted Operating Profit (AOP) for FY2025 increased by 7% year on year to $4.5 billion, and excluding two businesses, it rose by 9% to $4.5 billion [10][11] - Profit attributable to shareholders increased by 4% year on year to $2.2 billion [17] - Cash on hand amounted to $20.2 billion, with total available liquidity close to $30 billion [18] - The net gearing ratio was 37%, remaining stable compared to the previous year [18][21] Business Line Data and Key Metrics Changes - Roads segment AOP decreased by 8% year on year to $1.4 billion, but excluding four roads with expired concessions, it increased by 1% [11][30] - Financial services segment AOP rose by 29% to $1.24 billion, driven by the rebranding and expansion of services [11][30] - Logistics business AOP increased by 3% to $740 million, with occupancy rates in Hong Kong logistics properties at 80% [11][36] - Construction segment AOP was $790 million, slightly decreasing by 7% when excluding YQ due to project completions [11] Market Data and Key Metrics Changes - The proportion of government-related projects in the construction segment increased from 40% to 61% [14][41] - The backlog of contracts increased by 24% to $38 billion, indicating a strong pipeline for future work [40] Company Strategy and Development Direction - The company is focusing on portfolio optimization, including divestments and acquisitions, to strengthen its business segments [6][9] - The financial services segment aims to leverage the Chow Tai Fook brand to enhance wealth management offerings [9][30] - The logistics segment will target undervalued assets in the Greater Bay Area and Yangtze River Delta [8][13] - The construction segment will continue to focus on government projects, especially in light of recent policy initiatives [14][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining stable results despite geopolitical tensions and economic challenges [9] - The company anticipates continued growth in various segments, particularly in financial services and logistics, to offset potential declines in toll road revenues [70] - The management emphasized the importance of strategic acquisitions to enhance cash flow and profitability [70] Other Important Information - The company maintained a progressive dividend policy, with total dividends for the year amounting to $0.95 per share [17][23] - The company has issued convertible bonds to enhance liquidity and restore public float [20][24] Q&A Session Summary Question: Updates on the roads segment and potential disposals - Management indicated that while there have been approaches regarding toll road assets, there are no immediate plans for disposals unless the price is right [57] Question: Impact of not investing further in toll roads on the dividend policy - Management reassured that the next major toll road concession expiry is in 2029, and they expect to replenish lost cash flow through growth in other segments [70][71] Question: Logistics occupancy targets and market conditions - Management acknowledged that reaching 90% occupancy in Hong Kong will be challenging but expressed confidence in achieving 85% [61][64] Question: Strategic value of Sunshine Esther acquisition - Management highlighted that the acquisition enhances competitive bidding capabilities and allows for more accurate cost calculations in tenders [66][68]

Core Insights - Alger Weatherbie Specialized Growth Fund's second-quarter 2025 investor letter highlights the impact of trade policy uncertainty and subsequent market recovery, with the S&P 500 achieving a 10.94% gain by the end of Q2 [1] - Sterling Infrastructure, Inc. (NASDAQ:STRL) is a key holding in the fund, showing significant stock performance with a one-month return of 28.50% and a 52-week gain of 154.79% [2] - The company operates in three main business areas: Transportation Solutions, E-Infrastructure Solutions, and Building Solutions, with the E-Infrastructure segment experiencing rapid growth [3] Company Performance - Sterling Infrastructure, Inc. closed at $371.84 per share on September 23, 2025, with a market capitalization of $11.311 billion [2] - The company reported stronger-than-expected operating results, particularly in the E-Infrastructure and Transportation segments, while Building Solutions slightly underperformed [3] - Management has increased revenue guidance for the full year, citing growth in the backlog of future projects within the E-Infrastructure Solutions segment [3]

Summary of Janus Henderson Group (NYSE:JHG) Update / Briefing Company Overview - **Company**: Janus Henderson Group - **Event**: Pre-AGM webinar for the Henderson Smaller Companies Investment Trust - **Date**: September 17, 2025 Key Points Industry Context - The UK market environment has been challenging due to the new Labour government and its political and fiscal agenda [2][3] - The UK small-cap asset class has underperformed large caps, with a total return decline of 5.1% for the year ending May 31, 2025 [5][6] Financial Performance - **Net Asset Value (NAV)**: Declined by 5.1% on a total return basis [3][5] - **Share Price**: Fell by 2.3% [3][5] - **Benchmark Underperformance**: Underperformed the Deutsche Numis Smaller Companies Index by 10.1% [3][5] - **Dividend**: Final dividend declared at £0.205, bringing the full-year dividend to £0.28, a 3.7% year-on-year growth [3][6] Management Changes - Neil Hermon, the Portfolio Manager for 22 years, is retiring [3][6][10] - Indriyati Van Heen will take over as the sole Fund Manager [6][10] Investment Strategy - Focus on UK smaller companies, leveraging the "small-cap effect" where smaller companies tend to outperform larger ones [15][16] - Emphasis on active management due to the illiquidity in the small-cap market [16] - The Trust has around £700 million in gross assets and £600 million in net assets, with an attractive 8% to 9% discount to NAV [17][18] Portfolio Management - The investment process remains unchanged, focusing on the 4Ms: business model, money, management, and earnings momentum [23] - Plans to reduce the number of holdings to focus on high-conviction positions [23][36] - Recent purchases include AJ Bell and Alpha Financial Services, which are expected to benefit from unique tailwinds [33] Market Outlook - The UK small-cap market is seen as undervalued, trading at over 30% discount to developed markets [38] - Anticipation of a positive shift in sentiment due to potential fiscal stability and government reforms [39][52] - The upcoming autumn statement is critical for market reassurance regarding fiscal policies [50][51] Sector Performance - Defense sector has been a strong contributor to performance due to increased government spending amid geopolitical instability [47] - Construction companies are also benefiting from strong demand for infrastructure projects [47][48] Share Buyback Program - The company has actively bought back shares, reducing the total share capital by nearly 15% over the past year [57][58] - The discount to NAV has narrowed as a result of the buyback program [58][59] Conclusion - The Trust aims to provide diversified exposure to high-quality UK small-cap growth stocks, with a focus on long-term value creation [45] - The management team expresses cautious optimism about the future, citing attractive valuations and potential for growth as key drivers [53][54] This summary encapsulates the key insights and developments discussed during the Janus Henderson Group's update, highlighting the company's strategic direction, financial performance, and market outlook.

Core Points - Tutor Perini Corporation's subsidiary, Perini Management Services, Inc., has secured a contract worth approximately $41.9 million from the National Park Service [1] - The project involves the design and construction of comprehensive upgrades to critical utility systems in the Glen Canyon National Recreation Area located in Arizona [1]

Core Insights - Golden Triangle Ventures, Inc. has launched GoldenEra Development, a wholly owned subsidiary aimed at enhancing the Company's Construction Division with secured contracts and immediate revenue flow [1][2][3] - The subsidiary is positioned to deliver a wide range of residential, commercial, and industrial projects, contributing significantly to GTVH's financial performance [2][3] - The leadership of GoldenEra Development has a proven track record in high-profile infrastructure and technology-related developments, particularly in Texas [2][3] Company Strategy - The launch of GoldenEra Development marks the beginning of a division focused on consistent growth, aiming to create real value for shareholders through a full-service construction platform [3][4] - The subsidiary emphasizes quality execution, disciplined project management, and long-term client relationships, which are critical for establishing a vertically integrated business model [3][4] - This initiative is part of a broader expansion plan for GTVH's Construction Division, with additional initiatives anticipated to build momentum across all core business units [4] Market Position - Golden Triangle Ventures, Inc. operates across three divisions: Construction, Health & Beverage, and Manufacturing & Distribution, with a strong focus on innovation and operational excellence [4] - The establishment of GoldenEra Development is expected to meet demand in growing markets while maintaining disciplined execution, positioning the subsidiary as a strong contributor to the overall business [2][3]