Core Viewpoint - Treatt reported a challenging financial year due to sustained high citrus raw material costs and softer consumer demand in parts of North America, impacting overall performance [1][2] Financial Performance - Revenue for the year ended 30 September 2025 was GBP 132.5 million, reflecting an 11.8% decline year over year, primarily driven by volume reductions linked to high citrus prices [3] - Gross margin decreased to 25.9%, down 340 basis points year over year, attributed to citrus-related inflation and a weaker product mix [4] - Profit before tax and exceptional items was GBP 10.3 million, with management actions noted but insufficient to fully counter external pressures [4] Dividend and Exceptional Costs - The company declared a dividend of 5.6 pence per share, consistent with its dividend policy and balanced against earnings and cash flow [4] - Exceptional costs amounted to GBP 3.3 million, higher than the previous year, mainly related to a potential transaction process [5] Category Performance - Heritage category sales declined by 11%, primarily volume-led, with management aiming to recover citrus volumes as prices ease [6] - Premium category sales fell by 13%, driven by slower U.S. consumer demand amid macroeconomic uncertainty, although the company remains confident in its health and wellness offerings [6] - New category sales also declined due to citrus headwinds affecting China, while coffee volumes remain low but are expected to grow with the opening of the Shanghai Commercial and Innovation Center [7]

Group 1 - ICL Group Ltd has expanded into the global food ingredient segment by acquiring Bartek Ingredients for approximately $90 million, with the first phase of the acquisition expected to close in Q1 2026 [1][2] - Bartek Ingredients operates the only vertically integrated production facilities for maleic anhydride and food-grade malic and fumaric acid in North America, generating annual revenue of $65 million [2] - The acquisition aligns with ICL's refined strategy focusing on specialty crop nutrition and specialty food solutions, indicating a commitment to long-term value and sustainable growth for shareholders [3] Group 2 - Analysts at Barclays have reiterated a Hold rating for ICL Group Ltd, setting a price target of $6, highlighting the company's role as a key player in agriculture through its focus on potash and phosphate-based fertilizers [4]

Core Message - Ingredion Incorporated has launched its first custom-designed railcar wrap to support the American Heart Association and promote heart health [1][2]. Group 1: Company Initiatives - As part of its long-term sponsorship of the American Heart Association's Heart of Chicago campaign, Ingredion introduced a custom-wrapped GATX railcar featuring the "Move More!" message to encourage physical activity among Americans [2][3]. - The railcar serves as a mobile message promoting the importance of regular physical activity, which is one of the American Heart Association's Life's Essential 8 measures for improving cardiovascular health [2][3]. Group 2: Partnerships and Community Engagement - Kimberly Bors, volunteer chair of the American Heart Association Board of Directors in Chicago, emphasized that support from Ingredion and GATX helps share important health messages and advance the Association's mission [3]. - Paul F. Titterton, executive vice president of GATX Rail North America, highlighted the value of collaboration and community engagement in championing causes that make a difference [3]. - Eric Seip, senior vice president of Ingredion, expressed pride in sponsoring the Heart of Chicago Campaign and emphasized the company's commitment to heart health and community well-being [3]. Group 3: Company Background - Ingredion Incorporated, headquartered in the suburbs of Chicago, serves customers in over 120 countries and reported annual net sales of approximately $7.4 billion in 2024 [4]. - The company specializes in turning grains, fruits, vegetables, and other plant-based materials into value-added ingredient solutions for various markets, including food and beverage [4].

Market Overview - The S&P 500 Index rose 17.9% in 2025, while the Bloomberg US Aggregate Index increased by 7.3% [3] - The average investor experienced a positive sentiment driven by expectations of AI advancements and Federal Reserve easing [3] - Despite overall market gains, nearly half of U.S. stocks were down, with the bottom fifth of stocks in the Russell 3000 experiencing a median loss of 40% [18] Economic Indicators - U.S. GDP grew by 4.3% in Q3 2025, with healthcare spending and construction of new AI data centers contributing significantly to this growth [17] - The Federal Reserve's policies have led to a financial system reliant on permanent liquidity, raising concerns about long-term inflation and economic inequality [10][13] Fund Performance - The Palm Valley Capital Fund achieved a total return of 4.46% in 2025, underperforming the S&P SmallCap 600 and Morningstar SmallCap benchmarks, which gained 6.02% and 12.20% respectively [32] - The Fund's equity positions increased by 1.12% over the last quarter, benefiting from exposure to precious metals [31] Investment Opportunities - New positions were added in Domino's Pizza Group, Utz Brands, and Ingredion, with each company showing potential for growth despite current challenges [33][36][39] - Domino's holds a significant market share in the UK pizza delivery market but faces growth challenges due to a pressured consumer environment [34] - Utz Brands is well-positioned with strong free cash flow potential and improving margins, trading at approximately 12x estimated free cash flow [37] - Ingredion is focusing on modified ingredients to address wellness trends and has improved its balance sheet, trading at 10x earnings [39] Market Trends - The "Visine effect" suggests that underperforming stocks are often discarded without sensitivity to price, impacting smaller companies more significantly [21] - The rise of passive investing has altered market dynamics, leading to concentrated buying and selling pressures during rebalancing periods [21] - Despite a strong year for equities, many small caps remain fully valued, with the average profitable non-financial member of the Russell 2000 trading at an enterprise value to operating profit of 18x [26]

Core Viewpoint - Moolec Science SA has announced a share consolidation with a final ratio of 15-for-1, effective January 5, 2026, to comply with Nasdaq listing requirements [1][4]. Share Consolidation Details - The share consolidation will reduce the number of issued and outstanding ordinary shares from 10,891,761 to approximately 726,118 shares [2]. - No fractional shares will be issued; any resulting fractional shares will be rounded up to the nearest whole share, ensuring no dilutive effect on shareholders [3]. Compliance and Trading Information - The consolidation aims to regain compliance with Nasdaq's minimum bid price requirement of U.S.$1.00 per share, as per Nasdaq Listing Rule 5550(a)(2) [4]. - The new shares will be admitted to trading on the Nasdaq Capital Market under CUSIP number G6223S 125 starting January 5, 2026 [4]. Company Overview - Moolec Science is focused on producing animal proteins and nutritional oils in plants, utilizing molecular farming and precision fermentation [6]. - The company has a diversified pipeline that includes alternative proteins, bioactive compounds, nutritional oils, and biological inputs for regenerative agriculture [6]. - Moolec holds over 118 granted and pending patents across multiple technology platforms, indicating a strong intellectual property portfolio [6].

Core Viewpoint - Pomerantz LLP is investigating claims on behalf of investors of Above Foods Ingredients Inc. regarding potential securities fraud or unlawful business practices by the company and its officers or directors [1]. Group 1: Company Developments - On December 2, 2025, Above Food disclosed that its auditor had resigned in July at the company's request [3]. - Following the auditor's resignation announcement, Above Food's stock price fell by $0.23 per share, or 7.67%, closing at $1.69 per share on December 19, 2025 [3]. Group 2: Legal Context - Pomerantz LLP is recognized as a leading firm in corporate, securities, and antitrust class litigation, with a history of fighting for victims of securities fraud and corporate misconduct [4].

Economic Overview - Consumer confidence in the United States fell to 89.1 in December, a decline of 3.8 points from November's 92.9, indicating growing concerns over jobs and income amid a weakening economy [4][10] - The Present Situation Index dropped 9.5 points to 116.8, reflecting a negative assessment of current business and labor market conditions [4] - The Expectations Index remained unchanged at 70.7, staying below the 80 mark for 11 consecutive months, which signals a potential recession [5] Federal Reserve Actions - The Federal Reserve cut interest rates by 25 basis points three times in the current year but indicated only one rate cut for the next year due to persistent high inflation [5][6] Market Trends - A significant tech selloff has occurred, with investors offloading tech stocks due to concerns over profitability against high valuations, leading to a loss of momentum in the tech rally [6][10] Investment Recommendations - Investors are advised to focus on low-beta, defensive stocks from the utility and consumer staples sectors to mitigate market volatility [2][10] - Recommended stocks include: - **Atmos Energy Corporation (ATO)**: Expected earnings growth rate of 6.7%, beta of 0.75, and a dividend yield of 2.38% [8][7] - **American States Water Company (AWR)**: Expected earnings growth rate of 5.1%, beta of 0.70, and a dividend yield of 2.76% [12][11] - **Sempra (SRE)**: Expected earnings growth rate of 12.1%, beta of 0.73, and a dividend yield of 2.91% [13] - **Ingredion Incorporated (INGR)**: Expected earnings growth rate of 1.6%, beta of 0.72, and a dividend yield of 2.94% [14]

Core Viewpoint - The Portnoy Law Firm has initiated an investigation into Above Food Ingredients, Inc. for possible securities fraud and may file a class action on behalf of investors [1]. Group 1: Company Developments - On December 2, 2025, Above Food disclosed that its auditor had resigned at the company's request in July, leading to a stock price decline of $0.17, or 6.1%, closing at $2.60 per share [3]. - On December 12, 2025, Above Food announced that the timetable for its fiscal year 2025 audit was impacted by illness-related challenges, resulting in a further stock price drop of $1.33, or 43.04%, closing at $1.76 per share on December 15, 2025 [4]. Group 2: Legal Actions - Investors are encouraged to contact the Portnoy Law Firm to discuss their legal rights and options for pursuing claims to recover losses [2]. - The Portnoy Law Firm has a history of recovering over $5.5 billion for investors affected by corporate wrongdoing [5].

Core Insights - ICL Group Ltd has announced a strategic initiative to acquire Bartek Ingredients, a Canadian producer of food-grade acidulants, to expand its presence in the global food ingredients market [1][4] Group 1: Acquisition Details - The acquisition is structured in two phases, starting with an initial cash investment of approximately $90 million for about 50% ownership, with the first phase expected to close in Q1 2026 [2][6] - The second phase will involve acquiring the remaining stake, contingent on meeting operational and integration milestones and obtaining regulatory approvals [4] Group 2: Bartek Ingredients Overview - Bartek Ingredients generates around $65 million in annual revenues and serves customers in over 40 countries [3][6] - The company is constructing a new manufacturing facility expected to be operational in 2026, which will significantly enhance its capacity and output [3][6] Group 3: Market Context - The global functional food ingredients market is projected to exceed $45 billion in sales by 2030, indicating substantial growth potential for ICL following the acquisition [3] - ICL's shares have declined by 23.5% over the past six months, compared to an 11.9% decline in the industry [4]

Core Viewpoint - The Law Offices of Frank R. Cruz is investigating Above Food Ingredients Inc. for potential violations of federal securities laws, indicating concerns regarding the company's compliance and financial practices [1]. Group 1 - The investigation is initiated on behalf of investors who may have suffered financial losses related to Above Food Ingredients Inc. [1] - The company disclosed information on December 2, 2025, which is central to the investigation [1].