Meridian Funds, managed by ArrowMark Partners, released its “Meridian Contrarian Fund” fourth-quarter 2025 investor letter. A copy of the same can be downloaded here. U.S. equity markets experienced a quarter supported by optimism around potential monetary easing and caution related to economic growth and valuations. Early gains were driven by strong AI-related earnings and the US Federal Reserve’s rate cut in October, which improved expectations for financial conditions. However, market sentiment cooled l ...

Core Insights - Delta has achieved double "A List" status in the 2025 CDP reports for "Climate Change" and "Water Security" for the fifth time, with less than 1% of over 22,000 participating companies worldwide reaching this level [1][4] Sustainability Strategies - Delta has integrated multiple environmental issues into its sustainability strategies, elevating oversight to the board level and focusing on Scope 3 emissions reductions towards net-zero goals [1][2] - The company established a board-level sustainability committee in 2025 to ensure direct oversight of sustainability strategies and execution [2] Emission Reductions - Delta achieved a 53.6% reduction in Scope 1 and Scope 2 greenhouse gas emissions in 2024 compared to the 2021 baseline, with an 84% renewable electricity usage rate across global operational sites [2] - In 2024, Delta invested US$ 21 million through its internal carbon pricing mechanism, resulting in carbon emission reductions exceeding 37,000 metric tons [3] Supplier Engagement - Over half of Delta's procurement value comes from tier-1 suppliers committed to Science Based Targets (SBT), with over 60% of significant tier-1 suppliers signing the "Carbon Reduction Commitment" [3] Water Resource Management - Delta's Board approved a Water Resource Policy in 2024 to enhance resilience against climate change and water scarcity, achieving a 30.7% reduction in overall water productivity intensity across manufacturing sites compared to the 2020 baseline [3] Industry Recognition - CDP's assessment is recognized as the gold standard for corporate environmental transparency, with Delta being listed on CDP's "A List" for Water Security for six consecutive years and maintaining "Leadership" recognition for Climate Change ten times [4]

Group 1 - The company, Aikesaibo (688719.SH), focuses on the research, development, production, and sales of power electronic conversion and control equipment [1] - Main products include precision test power supplies, special power supplies, and power quality control equipment [1] - The company does not currently engage in the robotics sector but is continuously monitoring market opportunities in related fields [1]

Core Viewpoint - Vicor Corporation will participate in the 28th Annual Needham Growth Conference on January 16, 2026, where key executives will discuss the company's performance and strategies [1]. Group 1: Event Participation - Patrizio Vinciarelli, CEO, Jim Schmidt, CFO, and Phil Davies, Corporate VP of Sales and Marketing will represent Vicor at the conference [1]. - The discussion will be led by Quinn Bolton, Managing Director of Equity Research at Needham & Company, LLC, scheduled for 11:00 a.m. ET [1]. Group 2: Company Overview - Vicor Corporation specializes in designing, developing, manufacturing, and marketing modular power components and complete power systems [2]. - The company is headquartered in Andover, Massachusetts, and serves various high-performance market segments, including enterprise computing, industrial automation, communications, transportation, and aerospace [2].

Core Viewpoint - Vicor Corporation (VICR) is recommended as a buy for growth investors due to its appealing valuation and focus on data center power architecture [1]. Company Summary - Vicor Corporation specializes in power solutions for data centers, indicating a strong position in a growing market [1]. - The company is recognized for its innovative approach to power architecture, which is critical for the efficiency of data centers [1]. Investment Analysis - The current valuation of Vicor is considered interesting, suggesting potential for growth and investment opportunities [1]. - The emphasis on data center power solutions aligns with industry trends towards increased demand for efficient power management [1].

Core Viewpoint - Vicor Corporation (VICR) is recommended as a buy for growth investors due to its appealing valuation and focus on data center power architecture [1]. Company Summary - Vicor Corporation specializes in power solutions for data centers, indicating a strong position in a growing market [1]. - The company is recognized for its innovative approach to power architecture, which is critical for the efficiency of data centers [1]. Investment Analysis - The current valuation of Vicor is considered interesting, suggesting potential for growth and investment opportunities [1]. - The emphasis on data center power solutions aligns with industry trends towards increased demand for efficient power management [1].

Core Viewpoint - The company emphasizes its commitment to innovation and development in the power electronics sector, focusing on three main areas: "Intelligent Computing Centers," "Smart Electric Power," and "Clean Energy" [1] Group 1 - The company is dedicated to continuous innovation and market expansion in the power electronics technology field [1] - The company aims to enhance operational efficiency and deliver better results to investors [1] - The company encourages communication and engagement with investors through dedicated channels [1]

Group 1 - AVG Logistics has acquired a land parcel of 2,295 square metres in Tahliwal, Himachal Pradesh for a warehouse and ancillary unit, located near a Nestlé factory, providing strong infrastructure support and easy access to manpower [1] - Adani Green Energy Ltd has incorporated a new step-down subsidiary, Adani Ecogen Five Ltd, which operates as a wholly-owned entity within the Adani Green Energy group [2] - Titan Co Ltd reported a 40% annual growth in standalone revenue during the December quarter of FY26, driven by a 41% YoY growth in its jewellery division, which constitutes around 85% of its business [3] Group 2 - IRB Infrastructure Trust has secured a toll-operate-transfer project from NHAI in Odisha for an upfront consideration of ₹3,087 crore, marking its entry into the Odisha market [4] - Acme Solar Holdings Ltd has successfully commissioned 12 MW of its upcoming 100 MW wind power project in Gujarat, with the commissioning certificate issued on January 6, 2026 [5] - Biocon Ltd's arm Biocon Biologics will introduce three new oncology biosimilars at the 2026 JP Morgan Healthcare Conference, enhancing its cancer portfolio [6] - Ceigall India has approved the incorporation of Ceigall Green Energy MP Ltd as a wholly-owned subsidiary to implement a solar power project in Madhya Pradesh with an aggregate capacity of 130 MW [7] - Delta Electronics India has announced an agreement to supply 100 units of 1.1 MW bi-directional Power Conditioning Systems for Battery Energy Storage System projects across India, supporting renewable integration and grid stability [8]

Company Overview - Vicor is a specialized provider of modular power solutions, focusing on advanced technology for power conversion in mission-critical industries, with a scalable product portfolio and engineering capabilities [1] - The company targets high-reliability and high-performance end markets, designing and manufacturing modular power components, DC-DC converters, and custom power system solutions [2] Recent Transaction - On October 24, 2025, Claudio Tuozzolo, Corporate Vice President of Vicor, exercised and sold 5,508 shares of common stock for approximately $498,863, indicating a routine exercise-and-sell transaction [4][6] - This transaction reduced Tuozzolo's direct holdings by 14.08%, leaving him with 33,622 shares, which is 0.0747% of the company's outstanding shares [3][5] Financial Performance - Vicor's stock has delivered a remarkable 160% return over the past year, significantly outperforming the S&P 500's 17% gain during the same period [7] - The company's strong third-quarter earnings announcement revealed product revenues and licensing income totaling $110.4 million, an 18.5% year-over-year increase, with net income rising to $28.3 million [7] Growth Drivers - The company's growth is attributed to expanding intellectual property licensing related to high-density power technologies used in AI, automotive, and industrial markets, with management expecting nearly $300 million in contributions from IP settlements and licenses through 2026 [8]

Core Viewpoint - The company is expanding into the AI server power supply sector based on its expertise in power electronics, although these products are still in the early stages and have not yet generated revenue [1] Group 1 - The company disclosed in its "2025 Semi-Annual Report" that it is entering the AI server power supply market [1] - The company is committed to continuously expanding its market customer base [1] - AI server power supply and related products are currently in the initial phase and have not yet formed revenue [1]