Montaka Global Investments, an investment management company, released its second-quarter 2025 investor letter. A copy of the letter can be downloaded here. The firm is focused on sustainably compounding its portfolio over the long term. The June quarter was interesting for investors. In the first week, Trump’s ‘Liberation Day’ tariff policy caused a double-digit drop in the S&P 500. However, the index then rebounded nearly 25%, despite ongoing Israeli and US attacks on Iran. Although volatile, such market ...

Core Insights - Strive, Inc. is acquiring Semler Scientific in an all-stock transaction, co-founded by Vivek Ramaswamy [1][3] - The merger represents a significant premium of approximately 210% over Semler's closing price prior to the announcement [3] - The combined entity will focus on a "preferred equity only" leverage model to mitigate debt maturity risks [4][6] Acquisition Details - Strive will purchase Semler shares at about $90.52 each, exchanging each SMLR share for 21.05 ASST shares [3] - The post-merger company will hold over 10,900 BTC and maintain sufficient cash reserves for future offerings [3][4] Market Reaction - Following the announcement, Semler Scientific's shares increased by 7.64% to $31.41, while Strive's shares fell by 8.13% to $3.95 [7] - Strive has also acquired an additional 5,816 BTC for $675 million, bringing its total holdings to 5,886 BTC [7] Strategic Vision - The merger aims to create a scaled and innovative Bitcoin acquisition platform, enhancing value for shareholders [6] - Future plans include exploring monetization or distribution of Semler Scientific's profitable diagnostics business [4]

Core Insights - Nolan Capital, a family office focused on middle-market investments, has agreed to sell its portfolio company Water Engineering to Kemira, a leader in sustainable chemical solutions for water-intensive industries [1] - The transaction is anticipated to close before the end of 2025, pending regulatory approvals and customary closing conditions [1] Company Overview - Nolan Capital is based in Hermosa Beach, California, and specializes in investing in leading middle-market companies [1] - Kemira, headquartered in Helsinki, Finland, is recognized for its sustainable chemical solutions aimed at water-intensive industries [1] Transaction Details - The sale of Water Engineering to Kemira marks a strategic move for both companies, aligning with Kemira's focus on sustainability [1] - The completion of the transaction is subject to regulatory approvals, indicating a standard process for such deals in the industry [1]

Core Viewpoint - Wendel successfully completed the accelerated placement of approximately 23.3 million Bureau Veritas shares, raising around 591 million euros to prepare for the settlement of an exchangeable bond maturing in March 2026 [1][2][4]. Group 1: Transaction Details - The sale was executed through an accelerated bookbuilding process aimed at qualified and international institutional investors, with a share price set at 25.40 euros [2][3]. - The proceeds from the placement will reduce Wendel's Loan-To-Value (LTV) ratio to approximately 13%, enhancing its financial flexibility ahead of the bond's maturity [4]. Group 2: Impact on Shareholding - Following the placement, Wendel's stake in Bureau Veritas decreased from 26.5% of the share capital and 41% of voting rights to about 21.4% of the share capital and 35% of voting rights [5]. - Wendel has committed to a lock-up period of 180 calendar days for its remaining Bureau Veritas shares post-placement [5]. Group 3: Market Context - The transaction was strategically timed due to the short period until the bond's maturity, upcoming negative windows constraints, and favorable market conditions [4]. - The placement was led by BNP PARIBAS and Goldman Sachs Bank Europe SE, with Société Générale also participating as a joint bookrunner [6].

Core Viewpoint - Wendel is launching the accelerated placement of approximately 23.3 million Bureau Veritas shares to prepare for the settlement of an exchangeable bond maturing in March 2026, aiming to enhance financial flexibility and reduce its Loan-To-Value ratio ahead of the bond's maturity [1][4]. Group 1: Transaction Details - The exchangeable bond (EB) was issued in March 2023, raising €750 million with an annual coupon of 2.625%, which is lower than a straight bond due to its optional component [2]. - The transaction involves monetizing the underlying shares of the EB and implementing a symmetrical hedging protection to neutralize the optional component, with BNP PARIBAS and Goldman Sachs acting as hedging counterparties [3]. - Approximately 2.3 million shares will be ordered by the hedging counterparties as part of the placement, which will be fully allocated by Wendel [3]. Group 2: Financial Implications - The proceeds from the placement will help reduce Wendel's Loan-To-Value ratio, allowing the company to pursue its strategic plan more effectively [4]. - Following the placement, Wendel's stake in Bureau Veritas will decrease from 26.5% of the share capital and 41% of voting rights to approximately 21.4% of the share capital and 35% of voting rights [5]. Group 3: Market and Regulatory Context - The placement is reserved for qualified investors and international institutional investors, and it is not a public offering in any country, including France [7][10]. - The final terms of the placement will be announced after the completion of the bookbuilding process, which is expected to settle on September 18, 2025 [6].

Core Viewpoint - Marlton Partners L.P. asserts that the revised terms of the business combination between 180 Degree Capital Corp. and Mount Logan Capital Inc. validate the shareholder value by delivering 110% of Net Asset Value (NAV) to TURN shareholders [2][3]. Group 1: Transaction Details - The business combination was completed under revised terms on September 12, 2025, which were influenced by Marlton's pressure on management [1][2]. - The revised terms include a 60-day tender offer, providing TURN shareholders with a near-term opportunity for partial liquidity [3]. Group 2: Shareholder Value and Performance - Marlton emphasizes the importance of delivering a premium to NAV, which has been a focal point since the deal's announcement in January [3]. - Since Marlton nominated directors on December 17, 2024, TURN's share price has increased by 35.5%, outperforming the S&P 500's 8.8% and the Russell 2000's 2.78% [4]. Group 3: Company Background - Marlton Partners L.P. is a Chicago-based investment firm with a focus on closed-end funds and enhancing long-term value through active ownership [5].

Group 1 - Brookfield Corporation (NYSE:BN) is recognized as one of the best TSX stocks to buy, with a Buy rating initiated by Goldman Sachs and a price target of C$92 [1] - The company has a large and diverse asset portfolio, including real estate, infrastructure, and renewable energy, which reduces risk and supports growth [2] - Brookfield Corporation is expected to generate increasing excess capital in the coming years, driving growth in book value and improving returns on equity [2] Group 2 - Cash flow from the Real Estate segment is forecasted to grow, along with performance fees and insurance income, presenting an opportunity to buy undervalued shares with strong growth potential [3]

Core Points - Partners Value Split Corp. completed an offering of 4,000,000 Class AA Preferred Shares, Series 16, raising gross proceeds of US$100,000,000 at an offering price of US$25.00 per share [1] - The Series 16 Preferred Shares offer a 5.40% annualized yield and have a final maturity date of March 31, 2032 [1] - The net proceeds from the offering will be used for distributions to holders of the Company's capital shares [2] - The Company owns approximately 120 million Class A Limited Voting Shares of Brookfield Corporation and 30 million Class A Limited Voting Shares of Brookfield Asset Management Ltd., which are expected to yield sufficient dividends to cover the preferred shares' dividends [3] - Brookfield Corporation operates in alternative asset management, wealth solutions, and various operating businesses including renewable power and real estate [4] - Brookfield Asset Management Ltd. manages over US$1 trillion in assets across multiple sectors, providing a range of alternative investment products [5]

Core Points - Partners Value Split Corp. has entered into an agreement to sell 3,000,000 Class AA Preferred Shares, Series 16 at a price of US$25.00 per share, resulting in gross proceeds of US$75,000,000 [1][2] - The Series 16 Preferred Shares will carry a fixed coupon of 5.40% and have a final maturity date of March 31, 2032, with a provisional rating of Pfd-2 from DBRS Limited [2] - The company has granted underwriters an option to purchase an additional 1,000,000 Series 16 Preferred Shares, potentially increasing the gross offering size to US$100,000,000 if fully exercised [3] - The net proceeds from the offering will be used to make distributions to the holders of the company's capital shares [2] Company Overview - The company owns approximately 120 million Class A Limited Voting Shares of Brookfield Corporation and about 30 million Class A Limited Voting Shares of Brookfield Asset Management Ltd., which are expected to yield sufficient quarterly dividends to fund the preferred shares' dividends [4] - Brookfield Corporation is a leading global investment firm focused on building long-term wealth through alternative asset management, wealth solutions, and operating businesses in renewable power, infrastructure, and real estate [5] - Brookfield Asset Management Ltd. manages over US$1 trillion in assets across various sectors, aiming to generate attractive long-term risk-adjusted returns for clients and shareholders [6]

Core Viewpoint - Carlyle has agreed to acquire intelliflo from Invesco, enhancing its position in the UK financial advisory software market and expanding into Australia [1][3]. Company Overview - Carlyle is a global investment firm with $465 billion in assets under management as of June 30, 2025, focusing on private capital across various sectors [8]. - Invesco is a global independent investment management firm managing $2 trillion in assets as of June 30, 2025, offering a range of investment capabilities [11]. - intelliflo, founded in 2004, provides cloud-based practice management software for independent financial advisors in the UK, supporting over 30,000 users and managing approximately £450 billion in client assets [3][9]. - RedBlack, a US-based subsidiary of intelliflo, specializes in SaaS-based portfolio rebalancing tools and will operate as a standalone business post-acquisition [1][4][10]. Transaction Details - The acquisition price is up to $200 million, consisting of $135 million at closing and up to $65 million in potential future earn-outs [2]. - The transaction is expected to close in the fourth quarter of 2025, subject to certain conditions [2]. Strategic Implications - The acquisition aims to strengthen intelliflo's market position in the UK and accelerate growth in Australia, while RedBlack will focus on the US market [4]. - Carlyle will support the separation of both businesses from Invesco and partner with their leadership teams to drive growth initiatives [4][6]. Market Position - intelliflo's platform integrates with over 120 third-party applications, providing comprehensive solutions including CRM, financial planning, and compliance workflows [3]. - RedBlack supports over $825 billion in assets across its platforms, emphasizing its role in the wealth management industry [10].