Performance Overview - The Third Avenue Value Fund achieved a return of 11.85% for the quarter ending September 30, 2025, outperforming the MSCI World Index (7.36%) and the MSCI World Value Index (5.98%) [2] - Year-to-date, the Fund returned 26.04%, compared to 17.83% for the MSCI World Index and 17.54% for the MSCI World Value Index [2] - Annualized performance for the trailing three-year and five-year periods was 23.24% and 23.66%, respectively [2] Key Contributors to Performance - Capstone Copper was the largest contributor, benefiting from the expansion of its Mantoverde mine and rising copper prices due to tight global supplies and operational disruptions in major mining regions [3] - Lundin Mining also contributed positively, aided by rising copper and gold prices, with its Brazilian copper mine being a significant asset [3] - Warrior Met Coal's Blue Creek project began production ahead of schedule, expected to significantly increase production volumes and reduce costs [4] - Close Brothers benefited from a favorable U.K. Supreme Court ruling, improving the outlook for U.K. lenders involved in motor finance [5] Negative Contributors to Performance - Negative contributions were limited, with easyJet, Ayala Corp., S4 Capital, Interfor, and Boise Cascade noted as underperformers [7] - Boise Cascade and Interfor are exposed to the cyclical downturn in U.S. housing starts and repair activity, presenting potential opportunities for undervalued investments [7] Investment Themes - European companies were significant contributors to performance, with Deutsche Bank and Bank of Ireland showing improved health and operating performance [8][9] - The Fund reduced its position in Deutsche Bank despite its strong performance, indicating a strategic shift in investment focus [9] New Investments - The Fund initiated positions in Boise Cascade, Rogers Corp., and Ayala Corp. during the quarter [32] - Boise Cascade is viewed as inexpensive with potential for recovery in housing-related demand, supported by a strong financial position [34] - Rogers Corporation has valuable intellectual property but has struggled to grow; recent management changes may enhance its competitive position [38] - Ayala Corp. is trading at multi-decade low valuations, with potential catalysts for value creation through asset monetizations and share repurchases [40][41]

Group 1: Skillsoft Corp. (SKIL) - Skillsoft is an instructor-led training services company with a Zacks Rank 1 [1] - The Zacks Consensus Estimate for its current year earnings has increased by 240.9% over the last 60 days [1] - The company has a PEG ratio of 0.47 compared to the industry average of 0.93 and possesses a Growth Score of B [1] Group 2: Lam Research Corporation (LRCX) - Lam Research manufactures and services semiconductor equipment and holds a Zacks Rank 1 [2] - The Zacks Consensus Estimate for its current year earnings has increased nearly 3% over the last 60 days [2] - The company has a PEG ratio of 1.72 compared to the industry average of 3.41 and possesses a Growth Score of B [2] Group 3: Ultrapar Participaçoes S.A. (UGP) - Ultrapar is a distributor of liquefied petroleum gas, gasoline, ethanol, diesel, fuel oil, and kerosene, with a Zacks Rank 1 [3] - The Zacks Consensus Estimate for its current year earnings has increased by 33.3% over the last 60 days [3] - The company has a PEG ratio of 2.01 compared to the industry average of 2.56 and possesses a Growth Score of A [3]

This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. Dive Brief: SC Fuels, Pilot Company’s fuel distribution arm on the West Coast, has acquired California-based competitor Downs Energy for an undisclosed amount, according to an announcement from Matrix Capital Markets, which coordinated the sale. The deal includes Downs’ six cardlock facilities, fleet card, and fuel and lubricants delivery businesses. Since its fou ...

Core Insights - Sunoco LP's share price increased by 9.33% from October 10 to October 17, 2025, making it one of the top-performing energy stocks during that week [1] - The Canadian government's approval of Sunoco's proposed ~$9.1 billion takeover of Parkland is a significant development for the company [3] Company Overview - Sunoco LP is a major operator of energy infrastructure and the largest independent fuel distributor in North America [2] - The acquisition of Parkland is expected to enhance Sunoco's market presence in Canada and strengthen its position in the North American fuel distribution sector [3] Transaction Details - The Parkland takeover deal, valued at approximately $9.1 billion, was first announced earlier in the year and is anticipated to close in Q4 2025, pending final regulatory approvals [3]

Group 1 - Cosan S.A. is recognized as one of the best oil and gas penny stocks to buy, highlighting its significant upside potential according to analysts [1] - Rubens Ometto, the controlling shareholder, is negotiating a $141 million loan from Banco Bradesco to support his family office's ownership amid a proposed capital increase [2] - The company reported second-quarter 2025 results showing an EBITDA of nearly $1.1 billion but a net loss of approximately $190 million, indicating ongoing challenges at Raízen and Moove [3] Group 2 - Cosan S.A. plans to raise up to $1.9 billion in equity to repair its balance sheet, with contributions from Ometto ($140 million), Perfin Infra Fund ($380 million), and BTG Pactual ($850 million) [3] - The loan from Bradesco is intended to facilitate Ometto's involvement in financing, especially after shares fell over 20% due to restructuring news [4] - Cosan S.A. operates as a fuel distribution company both domestically in Brazil and internationally, emphasizing its market presence [4]

Core Viewpoint - The Government of Canada has approved the acquisition of Parkland Corporation by Sunoco LP, with the transaction expected to close in the fourth quarter of 2025, pending further regulatory approvals and customary closing conditions [1][2]. Company Overview: Parkland Corporation - Parkland Corporation is a leading international fuel distributor and convenience retailer operating in 26 countries across the Americas, with approximately 4,000 retail and commercial locations [3]. - The company focuses on providing essential fuels and environmentally friendly options, including renewable fuels and ultra-fast EV charging solutions [3]. - Parkland's strategy is built on two pillars: Customer Advantage, which emphasizes brand differentiation and customer loyalty, and Supply Advantage, which aims to achieve the lowest cost to serve in challenging markets [4]. Company Overview: Sunoco LP - Sunoco LP is a master limited partnership involved in energy infrastructure and fuel distribution, operating in over 40 U.S. states, Puerto Rico, Europe, and Mexico [5]. - The partnership has an extensive midstream operation, including approximately 14,000 miles of pipeline and over 100 terminals, serving around 7,400 branded locations and independent dealers [5].

Group 1 - Cosan S.A. (NYSE:CSAN) experienced a significant share price decline of 20.92% from September 18 to September 25, 2025, making it one of the worst-performing energy stocks during that week [1] - The company announced plans to raise up to 10 billion Brazilian reais (approximately $1.9 billion) through a public offering aimed at reducing its increasing debt [3] - Analysts from Citi indicated that the public offering could lead to a 40-50% dilution for current shareholders, but it is expected to be beneficial as it would allow Cosan S.A. to enter a new phase focused on deleveraging [4] Group 2 - Following the recent downturn, Cosan S.A.'s share price has decreased by 51% over the past year [4]

Core Viewpoint - Parkland Corporation and Sunoco LP announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, a significant regulatory approval for Sunoco's acquisition of Parkland, expected to close in Q4 2025, pending other regulatory approvals and customary closing conditions [1][2]. Group 1: Company Overview - Parkland Corporation is a leading international fuel distributor and convenience retailer operating in 26 countries across the Americas, with approximately 4,000 retail and commercial locations [3]. - The company focuses on providing essential fuels and renewable energy solutions, including ultra-fast EV charging and carbon credit options, aiming to lower environmental impact [3]. - Parkland's strategy is built on two pillars: Customer Advantage, which emphasizes brand differentiation and customer loyalty, and Supply Advantage, which aims for the lowest cost to serve in challenging markets [4]. Group 2: Sunoco LP Overview - Sunoco LP operates as a master limited partnership in energy infrastructure and fuel distribution across over 40 U.S. states, Puerto Rico, Europe, and Mexico, with a network of approximately 14,000 miles of pipeline and over 100 terminals [5]. - The partnership serves around 7,400 branded locations and additional independent dealers and commercial customers, supported by its extensive midstream operations [5].

Core Viewpoint - Sunoco LP is progressing towards the acquisition of Parkland Corporation, with the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act being a significant regulatory milestone for the transaction, which is anticipated to close in Q4 2025, pending other regulatory approvals and customary closing conditions [1][2]. Company Overview Sunoco LP - Sunoco LP operates as a leading energy infrastructure and fuel distribution master limited partnership across over 40 U.S. states, Puerto Rico, Europe, and Mexico, featuring approximately 14,000 miles of pipeline and over 100 terminals [3]. - The partnership serves around 7,400 branded locations and additional independent dealers and commercial customers, with its general partner owned by Energy Transfer LP [3]. Parkland Corporation - Parkland is recognized as a prominent international fuel distributor and convenience retailer, operating in 26 countries across the Americas, with a retail network that caters to everyday consumer needs [4]. - The company emphasizes environmental sustainability by offering renewable fuels, ultra-fast EV charging, and various solutions for carbon credits and solar power, with around 4,000 retail and commercial locations in Canada, the U.S., and the Caribbean [4][5]. Strategic Focus Parkland's Strategy - Parkland's strategy is built on two main pillars: Customer Advantage and Supply Advantage, aiming to be the preferred choice for customers through competitive pricing, reliable service, and a strong loyalty program [5]. - The Supply Advantage focuses on achieving the lowest cost to serve in challenging markets, leveraging well-positioned assets and significant scale to enhance business performance [5].

Summary of Ultrapar (NYSE: UGP) 2025 Investor Day Company Overview - **Company**: Ultrapar - **Event**: 2025 Investor Day - **Date**: September 19, 2025 Key Points Industry Context - The fuel market in Brazil has been experiencing significant changes, particularly with the rise of biofuels driven by government mandates [9][11] - Petrobras, the main supplier in Brazil, has lost market share to private refineries and imports, leading to increased competition and market volatility [11][12] - The market has seen a growth of 4% above GDP over the past four years, primarily due to biofuels [9] Safety and Operational Excellence - Safety is emphasized as a core value and license to operate, with Ipiranga reporting no reportable incidents in August [8][9] - Continuous improvement in safety culture and operational processes is a priority for the company [8][49] Market Dynamics - Ipiranga has maintained stable market share despite the competitive landscape, while IBP has lost significant market share [12] - Tax asymmetry and irregular operations have disrupted the market, but recent regulatory changes are aimed at improving compliance [12][15] Financial Performance - Ipiranga has doubled its EBITDA, reflecting strong operational performance and favorable market conditions [46] - The company has invested between BRL 400 million to BRL 700 million annually in key buyers, impacting its competitive positioning [18] Logistics and Distribution - Ipiranga has made significant progress in logistics, reducing storage expenses and increasing freight productivity [25][26] - The company aims to capture BRL 250 million in benefits over the next two years through improved logistics [27] Product and Service Expansion - Ipiranga is the largest independent operator of biofuels in Brazil and is expanding its product offerings, including lubricants and convenience store partnerships [24][35] - The company has restructured its AMPM franchise to enhance value for resellers and consumers [34] Regulatory Environment - The Brazilian LPG market is characterized by robust regulation, ensuring quality and safety in operations [54][59] - Recent regulatory reviews are aimed at maintaining high standards in the LPG market, with a focus on branded bottles and quality assurance [60][62] Future Outlook - Ultrapar is focused on sustainable growth, with plans to expand its logistics capabilities and enhance operational efficiency [105][106] - The company is exploring new energy solutions, including biomethane and electric energy, to diversify its offerings [76][75] Investment and Growth Strategy - Ultrapar has invested over BRL 3 billion in the last decade, with expectations for returns in the coming years [64] - The company is committed to maintaining a strong market presence through strategic investments and operational excellence [102] Community Engagement - Ipiranga has initiatives aimed at social responsibility, including medical support programs for truck drivers and local communities [44] Additional Insights - The company is leveraging technology and innovation to enhance operational efficiency, including the use of AI for contract evaluation and performance monitoring [99][100] - Ultrapar's commitment to ESG goals includes a focus on waste reduction and sustainability in its operations [100] This summary encapsulates the key points discussed during the Ultrapar 2025 Investor Day, highlighting the company's strategic focus, market dynamics, and future growth prospects.