ICF Reports Fourth Quarter and Full Year 2025 Results [Accessibility Statement] Skip NavigationRevenues From Commercial, State & Local and International Government Clients Increased 16% in Q4; Up 14% for Full Year to Reach 57% of Annual RevenuesRevenues from Commercial Energy Clients Increased 23% in Q4; Up 24% for Full YearFavorable Mix and Effective Cost Management Drove Steady Year-on-Year Margin PerformanceGuidance Reflects a Return to Revenue and Earnings Growth in 2026Fourth Quarter Highlights:- Contr ...

Core Insights - Madison Investments reported a 3.43% appreciation for the Madison Large Cap Fund in Q4 2025, outperforming the S&P 500's 2.65% return [1] - The S&P 500 achieved a full-year return of 17.9% for 2025, with a three-year annual growth rate exceeding 21% [1] - Market leadership was characterized by High Beta and Momentum factors, with notable improvements in Healthcare, Financials, and Consumer Discretionary sectors [1] Company Summary: CDW Corporation - CDW Corporation, an IT solutions company, had a market capitalization of $16.138 billion and closed at $123.13 per share on February 23, 2026 [2][4] - The stock experienced a one-month return of -3.35% and a 52-week decline of 34.05% [2] - In Q4 2025, CDW reported consolidated net sales of $5.5 billion, reflecting a 5% increase from Q4 2024 [4] Performance Analysis - CDW Corporation was listed among the bottom five detractors for the Madison Large Cap Fund in Q4 2025, with revenue growth improving but operating expenses rising faster, leading to muted earnings growth [3] - Despite the challenges, there is a belief that expenses will stabilize, allowing for a rebound in earnings growth in the long term [3] - CDW Corporation was included in 57 hedge fund portfolios at the end of Q4 2025, an increase from 48 in the previous quarter [4]

Core Viewpoint - Supermicro's investigation following the resignation of Ernst & Young found no fraud but highlighted governance issues, leading to the need for a new chief financial officer and a chief accounting officer [1][2]. Group 1: Investigation Findings and Governance Changes - The investigation revealed "lapses" in the rehiring process of nine employees, with the CFO, David Weigand, having primary responsibility for these lapses [2]. - Supermicro appointed Kenneth Cheung as the chief accounting officer shortly after the investigation but has not yet found a replacement for the CFO position [3]. - The prolonged search for a new CFO indicates challenges in attracting qualified candidates due to the company's past accounting issues and the competitive market for finance leaders [4][6]. Group 2: Market Position and Strategic Importance - Supermicro is positioned as a key player in the AI ecosystem, with significant relationships with Nvidia and other major tech companies, aiming for net sales of at least $40 billion this year [9][10]. - The company has expanded its staff significantly to support growth in the AI market, indicating a strong focus on innovation and R&D [8]. - Supermicro's unique offerings, such as its Data Center Building Block Solution and proprietary liquid-cooling technology, enhance its competitive edge in the rapidly evolving tech landscape [9]. Group 3: Challenges in CFO Recruitment - The search for a new CFO is complicated by the need for a candidate with a strong governance track record and strategic relationships, which are critical for the company's future [17][18]. - The market for CFOs is highly competitive, with a preference for experienced candidates, making it difficult for Supermicro to attract top talent [16][19]. - The ambiguity surrounding the CFO search and lack of updates may indicate potential discord within the company's leadership, further complicating recruitment efforts [6][7].

Company Overview - CDW Corporation is valued at a market cap of $16.5 billion and is a leading North American IT solutions provider, assisting organizations in designing, procuring, implementing, and managing technology infrastructure [1] Stock Performance - CDW shares have underperformed the broader market over the past 52 weeks, declining 33.9%, while the S&P 500 Index has increased by 11.9% [2] - Year-to-date, CDW stock has dropped 8.1%, contrasting with a marginal decline in the S&P 500 [2] - Compared to the State Street Technology Select Sector SPDR Fund, which saw a 16.3% increase over the past 52 weeks, CDW's performance has lagged [3] Recent Financial Results - On February 4, CDW reported Q4 2025 results that exceeded expectations, with revenue rising 6% year-over-year to $5.5 billion and non-GAAP EPS of $2.57 surpassing consensus forecasts [5] - The gross profit margin expanded to 22.8%, driven by a shift towards higher-value offerings, despite slight pressure on operating margins from increased SG&A investments [5] Future Earnings Expectations - For the fiscal year ending December 2026, analysts project CDW's EPS to increase by 4.3% year-over-year to $9.94, with a history of beating consensus estimates in the last four quarters [6] - The consensus rating among 12 analysts covering the stock is a "Moderate Buy," consisting of six "Strong Buy" and six "Hold" ratings [6] Analyst Ratings - The current consensus is more bullish than three months ago, when there were five "Strong Buy" suggestions [7] - Citigroup analyst Asiya Merchant maintained a "Neutral" rating on CDW and slightly raised the price target to $150 from $148 [7]

Core Insights - The FPA Queens Road Small Cap Value Fund reported a return of -0.36% in Q4 2025, underperforming the Russell 2000 Value Index which gained 3.26% during the same period. However, for the full year 2025, the Fund achieved a return of 13.36%, slightly outperforming the Index's 12.59% [1] Group 1: Fund Performance - The Fund outperformed in the first half of 2025 amidst weak and volatile markets, but underperformed in the second half as markets favored speculative and low-quality stocks [1] - The portfolio aims to protect clients from market drawdowns by focusing on quality and value [1] Group 2: EPlus Inc. (NASDAQ:PLUS) - EPlus Inc. provides IT solutions to optimize IT environments and supply chain processes, with a one-month return of -7.32% and a 52-week gain of 17.89% [2] - As of February 11, 2026, EPlus Inc. shares closed at $83.91, with a market capitalization of $2.148 billion [2] - The Fund added a new position in EPlus Inc. in Q4 2025, considering it well-managed and inexpensive relative to its growth and quality profile, especially after adjusting for its significant cash holdings [3] Group 3: Hedge Fund Interest - EPlus Inc. was held by 19 hedge fund portfolios at the end of Q3 2025, an increase from 17 in the previous quarter [4] - While EPlus Inc. is recognized for its potential, the company is not among the 30 most popular stocks among hedge funds, with certain AI stocks being viewed as having greater upside potential and less downside risk [4]

Key highlights 2025During 2025, NNIT has made significant strategic progress resulting in an improved operational efficiency, refined go-to-market approach and structurally lowered the cost base. However, the financial performance has been negatively impacted by a challenging macroeconomic environment and geopolitical uncertainty, especially in Europe. Moreover, the US region saw a temporary slowdown in business performance towards the end of the year including rephasing of revenue suppressing growth and pr ...

Core Viewpoint - CDW exceeded fourth-quarter sales and profit expectations, driven by continued client investments in artificial intelligence and cloud adoption [1] Group 1: Financial Performance - CDW reported better-than-expected sales and profit figures for the fourth quarter [1]

Earnings Presentation Q4 2025 Results January 29, 2026 Forward-Looking Statements This presentation and other written or oral statements made from time to time by management contain "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995 and involve certain risks and uncertainties. The words "anticipate", "believe", "estimate", "expect", "intend", "will", "would", "could", "can", "should", "targeting", "projecting", "driving", "future", "plan", "predict", "may" and si ...

Core Viewpoint - Super Micro Computer, Inc. (SMCI) will host its second quarter fiscal 2026 financial results conference call on February 3rd, 2026, at 5:00 p.m. ET / 2:00 p.m. PT, with a webcast available for access [1]. Group 1 - Supermicro is a global leader in Application-Optimized Total IT Solutions, focusing on Enterprise, Cloud, AI, and 5G Telco/Edge IT Infrastructure [2]. - The company designs and manufactures its products in-house in the US, Taiwan, and the Netherlands, optimizing for scale and efficiency while reducing environmental impact [2]. - Supermicro's award-winning portfolio includes Server Building Block Solutions® that allow customers to customize systems based on their specific workloads and applications [2].

Core Viewpoint - Dell Technologies Inc. is being closely monitored by analysts as a promising AI stock, with Barclays upgrading its rating to "Overweight" due to strong AI server momentum, enterprise recovery, and disciplined operating expenses [1]. Group 1: AI Server Business - Dell is experiencing robust strength in AI server orders, with analysts becoming more comfortable with the margin profile of its AI server business despite pressured gross margins [2]. - The company plans to ship an estimated $9.4 billion of AI servers in Q4, raising full-year AI server shipments to $25 billion, with projected growth of 155% and 60% in AI orders for fiscal years 2026 and 2027 [4]. Group 2: Operating Margins and Management - Analysts are encouraged by Dell's ability to maintain mid-single-digit operating margins in the AI server business, despite concerns about dilutive gross margins [3]. - Dell's disciplined operating expense management is highlighted as a positive factor contributing to its outlook [3]. Group 3: Enterprise Server and Storage Market - The enterprise server and storage markets are believed to be recovering, with Dell increasing the mix of its IP offerings in storage [5]. - Dell has a significant opportunity for upgrades in traditional servers, as 70% of its installed base consists of older generation products [5].