Q3 2025 Operating & Financial Results October 21, 2025 Forward-looking statements This presentation includes "forward-looking statements." These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to ...

Core Insights - Investors are advised to focus on PulteGroup's new orders and home sale gross margin as key indicators of the company's performance [1] Group 1 - The upcoming earnings report from PulteGroup is highly anticipated by investors [1] - New orders are a critical metric for assessing the company's future revenue potential [1] - Home sale gross margin will provide insights into the company's profitability and operational efficiency [1]

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Core Insights - Century Communities, Inc. is launching a new community named Summerlin in western San Antonio, with a Grand Opening event scheduled for October 23, 2025 [1][3] - The community will feature single- and two-story homes starting from the high $200s, along with planned amenities such as a resort-style pool and sports courts [1][6] - The event will provide attendees the opportunity to explore the new model home and take advantage of special savings [2][3] Company Overview - Century Communities is recognized as one of the largest homebuilders in the U.S. and a leader in online home sales, having been named one of America's Most Trustworthy Companies by Newsweek [7] - The company operates in 16 states and over 45 markets, offering a range of services including mortgage and insurance through its subsidiaries [7] - The mission of Century Communities is to build high-quality homes at affordable prices, catering to a diverse range of homebuyers [7]

Key Takeaways PHM's Q3 EPS is expected to be $2.86, down 14.6% year over year, with revenues projected to fall 4%.High mortgage rates and affordability issues likely drove lower closings and pressured revenue growth.PHM anticipates gross margin of 26-26.5%, down from 28.8% last year due to higher incentive costs.PulteGroup Inc. (PHM) is scheduled to report its third-quarter 2025 results on Oct. 21, before the opening bell.In the last reported quarter, the company’s earnings per share (EPS) and revenues beat ...

Market Overview - The market experienced increased volatility, particularly in October, which is historically a challenging month, although September saw a 3.5% increase, the best performance since 2010 [2][3] - Recent events, including isolated bankruptcies and concerns over China trade, contributed to market fluctuations, but the overall economic outlook remains positive [3][4] Economic Indicators - The Atlanta Fed's tracker indicated a 3.9% growth for the third quarter, driven by consumer spending and advancements in AI [4] - Federal Reserve Chair Powell's dovish stance suggests potential interest rate cuts and an end to quantitative tightening soon, which could support market stability [4] Earnings Outlook - Earnings reports from major banks were strong, with net interest income and fee income showing significant growth, particularly a 40% increase in investment banking fees [6][7] - Regional banks also reported better-than-expected net interest income and credit quality, indicating resilience despite isolated issues [7][8] Sector Preferences - The focus remains on industrial plays related to AI, such as data center buildouts and grid upgrades, with companies like Quana Services and Eaton highlighted as strong prospects [10] - Homebuilders are viewed positively due to anticipated interest rate declines, despite being out of favor currently [11] Consumer Trends - Upcoming earnings reports from companies like Proctor & Gamble and Deckers are anticipated to provide insights into consumer behavior and market share dynamics against competitors like Nike [9][12] - The discretionary sector is expected to perform well, with positive indicators from back-to-school sales and holiday shopping forecasts [15][16] Energy Sector Sentiment - Traditional energy stocks are viewed less favorably due to macroeconomic challenges and government policies aimed at lowering oil prices, leading to a lack of investment in this sector [13][14]

Core Insights - The Muhlenkamp Fund, once a top performer in the 1990s, faced significant challenges during the tech boom and financial crisis, leading to a drastic decline in assets and performance [1][3] - Under the management of Jeffrey Muhlenkamp, the fund has recently outperformed the S&P 500, achieving an average annual return of 17.56% over the past five years [5] - The fund has shifted its investment strategy to include a significant allocation in gold stocks, reflecting concerns over inflation and geopolitical instability [7][8] Historical Performance - The Muhlenkamp Fund's assets grew from approximately $200 million in the late 1990s to over $3 billion before the financial crisis, but fell to $1 billion by the end of 2009 [2][3] - An investment in the fund yielded less than 9% annually over 15 years, compared to a 12% return from the S&P 500 [3] Management Transition - Jeffrey Muhlenkamp took over the fund in 2020 after a military career, aiming to revitalize the investment strategy while maintaining core principles established by his father [4] Investment Strategy - The fund currently allocates 19% of its $400 million in assets to gold stocks, which have seen significant price increases, with gold prices more than doubling in the last five years [7][8] - The investment philosophy emphasizes companies with high return on equity and a focus on inflation trends, adapting to current market conditions [9] Key Holdings - Major holdings include Microsoft, Berkshire Hathaway, and Apple, with a focus on companies that provide steady cash flow rather than just growth potential [10] - The fund's longest-held investment, Rush Enterprises, has yielded significant returns, highlighting a successful consolidation strategy in the truck dealership sector [10] Market Outlook - The fund is cautious about AI investments, drawing parallels to past market bubbles and emphasizing the potential for a downturn in capital spending [11] - The portfolio has shifted towards manufacturing and healthcare sectors, which are currently out of favor, indicating a contrarian investment approach [10]

"Great Place To Work Certification is a highly coveted achievement that requires consistent and intentional dedication to the overall employee experience," says Sarah Lewis-Kulin, the Vice President of Global Recognition at Great Place To Work. She emphasizes that Certification is the sole official recognition earned by the real-time feedback of employees regarding their company culture. "By successfully earning this recognition, it is evident that Taylor Morrison stands out as one of the top companies to w ...

Market Overview - Concerns are rising in the credit markets as indicated by JPMorgan CEO Jamie Dimon, following regional bank earnings [1] - Despite these concerns, Wall Street remains optimistic about AI driving market growth, with predictions that the S&P 500 could reach at least 7,000 by year-end [1] Hedge Fund Activity - Hedge funds are focusing on stocks that have shown strong performance, with a strategy that has returned 427.7% since May 2014, outperforming benchmarks by 264 percentage points [2] Housing Sector Insights - Stephen Kim from Evercore ISI downgraded several housing stocks, citing that the U.S. government is likely to pursue supply-side solutions to the housing problem, which could negatively impact builders [5][7] - Kim argues that the current issue is a demand problem rather than a supply problem, suggesting that the administration's focus on supply-side solutions may not address the core issue [5][8] - Despite short-term challenges, there is potential for housing stocks to trade at higher multiples in the long term due to improved operations and competitive advantages among builders [6] Specific Company Analysis - **Sixth Street Specialty Lending Inc (NYSE:TSLX)**: Hedge fund interest is noted, with a 9.5% yield, and a CEO expressing confidence in its quality despite recent market trends [3] - **D.R. Horton Inc (NYSE:DHI)**: The largest homebuilder in the U.S. with a strong market share, operates with a speculative inventory model to produce affordable housing [9] - **AbbVie Inc (NYSE:ABBV)**: Attractively valued with a good dividend yield, AbbVie has seen a 27% increase in shares this year, despite facing industry-wide pressures [10] - **Datadog Inc (NASDAQ:DDOG)**: Recognized for its observability services in cloud applications, Datadog is expected to see significant growth due to its leadership in the market and innovations in AI [12][13] - **Advanced Micro Devices Inc (NASDAQ:AMD)**: Positioned to benefit from rising demand for AI chips, AMD is seen as a competitive supplier alongside NVIDIA, with strong growth potential in the AI market [14][15]

Core Insights - The Federal Reserve initiated a rate-cutting cycle in September 2024 due to a modest growth scare in Q3 [1] Group 1 - The rate-cutting cycle is rarely smooth or elegant, indicating potential volatility in financial markets [1] - The reasons for the Fed's decision to lower rates were somewhat optimistic at the time [1]