Diy13/iStock via Getty Images Dear Partner: Liberty Park Fund, LP’s value increased by 1.13%, net of fees, in the third quarter of 2025 vs. a 12.40% increase in the Russell 2000. The 14.42% increase in our long positions contributed 12.38% on a weight-adjusted basis, while the 18.60% increase in our shorts detracted 10.85% on a weight-adjusted basis. Gross exposure averaged 142.48%. Net exposure averaged 33.61%. Gross Pure Alpha[1] — our proprietary measure of returns generated from stock selection — wa ...

Core Insights - Tutor Perini Corporation's subsidiary, Five Star Electric, has secured an electrical subcontract for the Passaic Valley Sewerage Commission's Standby Power Generator Facility project [1] Company Summary - Tutor Perini Corporation is recognized as a leading civil, building, and specialty construction company [1] - The awarded project is part of a resiliency initiative aimed at constructing an on-site emergency backup power system at the wastewater treatment plant [1] Industry Context - The project reflects a growing trend in the construction industry towards enhancing infrastructure resilience, particularly in wastewater management systems [1]

Core Viewpoint - The article discusses the best growth stocks to buy and hold for the long term, highlighting a positive outlook for equity markets amid a resilient US economy and low-interest-rate environment [1][4]. Group 1: Market Outlook - Global equities are expected to continue rising despite valuation concerns, with a Bank of America survey indicating that most fund managers remain overweight in equities [1][2]. - The risk of a recessionary trade war is diminishing, contributing to a bullish sentiment in equity markets [2]. - The US Federal Reserve's hints at potential interest rate cuts further enhance the outlook for growth stocks, which typically trade at a premium [2][3]. Group 2: Methodology for Stock Selection - The selection of the best growth stocks involved using the Finviz screener to identify stocks with over 10% EPS growth in the past five years and an expected EPS growth rate of at least 20% over the next five years [6]. - The list was narrowed to stocks with a forward price-to-earnings ratio exceeding 20 and popularity among elite hedge funds in Q2 2025 [6][7]. Group 3: Featured Growth Stocks - **Comfort Systems USA, Inc. (NYSE:FIX)**: - EPS Growth Over the Past Five Years: 36.52% - EPS Growth Over the Next Five Years: 24.58% - Forward Price to Earnings Ratio: 30.31 - Number of Hedge Fund Holders: 53 - UBS raised its price target to $875, citing strong financial health and a robust project environment [8][9][10]. - **Howmet Aerospace Inc. (NYSE:HWM)**: - EPS Growth Over the Past Five Years: 22.24% - EPS Growth Over the Next Five Years: 23.36% - Forward Price to Earnings Ratio: 44 - Number of Hedge Fund Holders: 57 - The company is experiencing healthy growth in its spares business and is investing in capacity expansion to meet demand [12][13][14][15]. - **DexCom, Inc. (NASDAQ:DXCM)**: - EPS Growth Over the Past Five Years: 39.06% - EPS Growth Over the Next Five Years: 24.59% - Forward Price to Earnings Ratio: 26.07 - Number of Hedge Fund Holders: 60 - UBS maintains a bullish stance on the company despite concerns over its G7 continuous glucose monitoring sensor, expecting strong demand for CGM technology [16][17][18][19].

Market Overview - The U.S. stock market has reached record highs following the Fed's first rate cut of the year, reducing rates by 25 basis points to 4-4.25% [1] - The Fed's indication of potential further cuts through 2026 and 2027 has bolstered investor confidence in supportive monetary policy despite slowing growth [1] Investment Strategy - Relative price strength is emphasized as a strategy to identify market leaders likely to outperform [2] - Stocks such as Tutor Perini Corporation (TPC), RF Industries, Ltd. (RFIL), and A-Mark Precious Metals, Inc. (AMRK) are recommended based on their relative price strength [2] Stock Performance Metrics - A stock's potential for returns is primarily assessed through earnings and valuation ratios, alongside its price performance relative to peers [3] - Stocks outperforming their industries or benchmarks should be included in investment portfolios for higher return potential [4] Earnings Estimates and Analyst Sentiment - Stocks that have outperformed the S&P 500 over the past 1 to 3 months and show solid fundamentals are considered optimal for investment [5] - Positive revisions in earnings estimates are crucial, as upward revisions typically lead to price gains [6] Screening Parameters - Stocks must show positive relative price changes over 12 weeks, 4 weeks, and 1 week, alongside positive current-quarter estimate revisions [7] - Only Zacks Rank 1 (Strong Buy) stocks, which have historically outperformed the S&P 500, are included in the screening process [8] Company-Specific Insights - Tutor Perini Corporation (TPC) has a 2025 earnings estimate indicating 220.8% growth, with shares up 153.1% over the past year [9][11] - RF Industries (RFIL) projects a 422.2% growth in 2025 earnings, with shares surging 132.2% in a year [9][13] - A-Mark Precious Metals (AMRK) has a 2026 earnings estimate showing 58.1% year-over-year growth, although shares have declined by 40.3% in the past year [9][15]

Financial Data and Key Metrics Changes - The Adjusted Operating Profit (AOP) for FY2025 increased by 7% year on year to $4.5 billion, and excluding two businesses, it rose by 9% to $4.5 billion [10][11] - Profit attributable to shareholders increased by 4% year on year to $2.2 billion [17] - Cash on hand amounted to $20.2 billion, with total available liquidity close to $30 billion [18] - The net gearing ratio was 37%, remaining stable compared to the previous year [18][21] Business Line Data and Key Metrics Changes - Roads segment AOP decreased by 8% year on year to $1.4 billion, but excluding four roads with expired concessions, it increased by 1% [11][30] - Financial services segment AOP rose by 29% to $1.24 billion, driven by the rebranding and expansion of services [11][30] - Logistics business AOP increased by 3% to $740 million, with occupancy rates in Hong Kong logistics properties at 80% [11][36] - Construction segment AOP was $790 million, slightly decreasing by 7% when excluding YQ due to project completions [11] Market Data and Key Metrics Changes - The proportion of government-related projects in the construction segment increased from 40% to 61% [14][41] - The backlog of contracts increased by 24% to $38 billion, indicating a strong pipeline for future work [40] Company Strategy and Development Direction - The company is focusing on portfolio optimization, including divestments and acquisitions, to strengthen its business segments [6][9] - The financial services segment aims to leverage the Chow Tai Fook brand to enhance wealth management offerings [9][30] - The logistics segment will target undervalued assets in the Greater Bay Area and Yangtze River Delta [8][13] - The construction segment will continue to focus on government projects, especially in light of recent policy initiatives [14][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining stable results despite geopolitical tensions and economic challenges [9] - The company anticipates continued growth in various segments, particularly in financial services and logistics, to offset potential declines in toll road revenues [70] - The management emphasized the importance of strategic acquisitions to enhance cash flow and profitability [70] Other Important Information - The company maintained a progressive dividend policy, with total dividends for the year amounting to $0.95 per share [17][23] - The company has issued convertible bonds to enhance liquidity and restore public float [20][24] Q&A Session Summary Question: Updates on the roads segment and potential disposals - Management indicated that while there have been approaches regarding toll road assets, there are no immediate plans for disposals unless the price is right [57] Question: Impact of not investing further in toll roads on the dividend policy - Management reassured that the next major toll road concession expiry is in 2029, and they expect to replenish lost cash flow through growth in other segments [70][71] Question: Logistics occupancy targets and market conditions - Management acknowledged that reaching 90% occupancy in Hong Kong will be challenging but expressed confidence in achieving 85% [61][64] Question: Strategic value of Sunshine Esther acquisition - Management highlighted that the acquisition enhances competitive bidding capabilities and allows for more accurate cost calculations in tenders [66][68]

Core Insights - Alger Weatherbie Specialized Growth Fund's second-quarter 2025 investor letter highlights the impact of trade policy uncertainty and subsequent market recovery, with the S&P 500 achieving a 10.94% gain by the end of Q2 [1] - Sterling Infrastructure, Inc. (NASDAQ:STRL) is a key holding in the fund, showing significant stock performance with a one-month return of 28.50% and a 52-week gain of 154.79% [2] - The company operates in three main business areas: Transportation Solutions, E-Infrastructure Solutions, and Building Solutions, with the E-Infrastructure segment experiencing rapid growth [3] Company Performance - Sterling Infrastructure, Inc. closed at $371.84 per share on September 23, 2025, with a market capitalization of $11.311 billion [2] - The company reported stronger-than-expected operating results, particularly in the E-Infrastructure and Transportation segments, while Building Solutions slightly underperformed [3] - Management has increased revenue guidance for the full year, citing growth in the backlog of future projects within the E-Infrastructure Solutions segment [3]

Summary of Janus Henderson Group (NYSE:JHG) Update / Briefing Company Overview - **Company**: Janus Henderson Group - **Event**: Pre-AGM webinar for the Henderson Smaller Companies Investment Trust - **Date**: September 17, 2025 Key Points Industry Context - The UK market environment has been challenging due to the new Labour government and its political and fiscal agenda [2][3] - The UK small-cap asset class has underperformed large caps, with a total return decline of 5.1% for the year ending May 31, 2025 [5][6] Financial Performance - **Net Asset Value (NAV)**: Declined by 5.1% on a total return basis [3][5] - **Share Price**: Fell by 2.3% [3][5] - **Benchmark Underperformance**: Underperformed the Deutsche Numis Smaller Companies Index by 10.1% [3][5] - **Dividend**: Final dividend declared at £0.205, bringing the full-year dividend to £0.28, a 3.7% year-on-year growth [3][6] Management Changes - Neil Hermon, the Portfolio Manager for 22 years, is retiring [3][6][10] - Indriyati Van Heen will take over as the sole Fund Manager [6][10] Investment Strategy - Focus on UK smaller companies, leveraging the "small-cap effect" where smaller companies tend to outperform larger ones [15][16] - Emphasis on active management due to the illiquidity in the small-cap market [16] - The Trust has around £700 million in gross assets and £600 million in net assets, with an attractive 8% to 9% discount to NAV [17][18] Portfolio Management - The investment process remains unchanged, focusing on the 4Ms: business model, money, management, and earnings momentum [23] - Plans to reduce the number of holdings to focus on high-conviction positions [23][36] - Recent purchases include AJ Bell and Alpha Financial Services, which are expected to benefit from unique tailwinds [33] Market Outlook - The UK small-cap market is seen as undervalued, trading at over 30% discount to developed markets [38] - Anticipation of a positive shift in sentiment due to potential fiscal stability and government reforms [39][52] - The upcoming autumn statement is critical for market reassurance regarding fiscal policies [50][51] Sector Performance - Defense sector has been a strong contributor to performance due to increased government spending amid geopolitical instability [47] - Construction companies are also benefiting from strong demand for infrastructure projects [47][48] Share Buyback Program - The company has actively bought back shares, reducing the total share capital by nearly 15% over the past year [57][58] - The discount to NAV has narrowed as a result of the buyback program [58][59] Conclusion - The Trust aims to provide diversified exposure to high-quality UK small-cap growth stocks, with a focus on long-term value creation [45] - The management team expresses cautious optimism about the future, citing attractive valuations and potential for growth as key drivers [53][54] This summary encapsulates the key insights and developments discussed during the Janus Henderson Group's update, highlighting the company's strategic direction, financial performance, and market outlook.

Core Points - Tutor Perini Corporation's subsidiary, Perini Management Services, Inc., has secured a contract worth approximately $41.9 million from the National Park Service [1] - The project involves the design and construction of comprehensive upgrades to critical utility systems in the Glen Canyon National Recreation Area located in Arizona [1]

Core Insights - Golden Triangle Ventures, Inc. has launched GoldenEra Development, a wholly owned subsidiary aimed at enhancing the Company's Construction Division with secured contracts and immediate revenue flow [1][2][3] - The subsidiary is positioned to deliver a wide range of residential, commercial, and industrial projects, contributing significantly to GTVH's financial performance [2][3] - The leadership of GoldenEra Development has a proven track record in high-profile infrastructure and technology-related developments, particularly in Texas [2][3] Company Strategy - The launch of GoldenEra Development marks the beginning of a division focused on consistent growth, aiming to create real value for shareholders through a full-service construction platform [3][4] - The subsidiary emphasizes quality execution, disciplined project management, and long-term client relationships, which are critical for establishing a vertically integrated business model [3][4] - This initiative is part of a broader expansion plan for GTVH's Construction Division, with additional initiatives anticipated to build momentum across all core business units [4] Market Position - Golden Triangle Ventures, Inc. operates across three divisions: Construction, Health & Beverage, and Manufacturing & Distribution, with a strong focus on innovation and operational excellence [4] - The establishment of GoldenEra Development is expected to meet demand in growing markets while maintaining disciplined execution, positioning the subsidiary as a strong contributor to the overall business [2][3]

Core Viewpoint - The article emphasizes the importance of identifying and maintaining trends in short-term investing, highlighting that sound fundamentals and positive earnings revisions are crucial for sustaining momentum in stocks [1]. Group 1: Recent Price Strength Screen - The "Recent Price Strength" screen is a unique short-term trading strategy that helps identify stocks with strong fundamentals capable of maintaining an uptrend [2]. - Stocks that pass this screen are typically trading in the upper portion of their 52-week high-low range, indicating bullish sentiment [2]. Group 2: Tutor Perini (TPC) Analysis - Tutor Perini (TPC) has shown a significant price increase of 49.8% over the past 12 weeks, indicating strong investor interest [3]. - TPC has also experienced a 9.9% price increase over the last four weeks, suggesting that the upward trend is still intact [4]. - Currently, TPC is trading at 97.7% of its 52-week high-low range, indicating a potential breakout [4]. Group 3: Fundamental Strength - TPC holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises [5]. - The Zacks Rank system has a strong historical performance, with Rank 1 stocks averaging a +25% annual return since 1988 [6]. - TPC also has an Average Broker Recommendation of 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term price performance [6]. Group 4: Additional Investment Opportunities - Besides TPC, there are other stocks that meet the criteria of the "Recent Price Strength" screen, suggesting further investment opportunities [7]. - The article encourages exploring over 45 Zacks Premium Screens tailored to different investing styles for potential winning stock picks [7].