Core Insights - Marram Investment Management reported a portfolio return of +4.0% (net) in 2025, with a cumulative return of 609.7% since inception, emphasizing long-term profit metrics over short-term market fluctuations [1] - The firm identified positive contributions to performance from Large Financials, MLP Energy Infrastructure, and Biopharma, while Payment Technology holdings lagged by 4% despite growth in per-share profits [1] - The firm believes that operating leverage and appropriate capital allocation will enable sustained free cash flow per share growth and exceptional upside potential for these businesses in the long term [1] Company Focus: Paymentus Holdings, Inc. - Paymentus Holdings, Inc. (NYSE:PAY) is a cloud-based bill payment technology company, providing electronic bill presentment and payment services, with a market capitalization of $3.06 billion [2] - As of March 20, 2026, Paymentus shares closed at $24.32, with a one-month return of -0.33% and a 52-week loss of 12.49% [2] - The payment technology sector is experiencing a disconnect between operating fundamentals and share price performance, with investor fears of near-term growth deceleration leading to valuation compression [3]

Core Insights - Marram Investment Management reported a portfolio return of +4.0% (net) in 2025, with a cumulative return of 609.7% since inception, indicating strong long-term performance despite short-term market fluctuations [1] - The firm emphasizes long-term profit metrics over short-term market volatility, highlighting contributions from Large Financials, MLP Energy Infrastructure, and Biopharma, while noting a 4% lag in Payment Technology holdings despite growth in per-share profits [1] - The firm believes that operating leverage and proper capital allocation will enable sustained free cash flow per share growth and significant upside potential for these businesses in the long term [1] Company Specifics - PayPal Holdings, Inc. (NASDAQ:PYPL) is identified as a leading technology platform for digital payment solutions, with a market capitalization of $41.18 billion [2] - As of March 20, 2026, PayPal's stock closed at $44.01 per share, reflecting a one-month return of -0.09% and a significant 37.99% decline over the past 52 weeks [2] - The payment technology sector is experiencing a disconnect between operating fundamentals and share price performance, driven by investor concerns over near-term growth deceleration, leading to valuation compression and shareholder turnover [3]

PAX Global Technology Limited (327.HK) 2025 Annual Results Disclaimer The information contained in these presentation materials has been prepared by PAX Global Technology Limited ( "Company" or "PAX") (incorporated in Bermuda with limited liability) solely for use at the presentation to prospective investors for introduction of the Company. By accepting this document, you are agreeing to maintain absolute confidentiality regarding the information disclosed in this document. This document has not been indepe ...

Group 1: Company Overview - Shift4 Payments, Inc. (NYSE:FOUR) is a payment technology company that provides integrated payment processing and software solutions for merchants across various industries, including hospitality, retail, and e-commerce [4]. Group 2: Recent Developments - Shift4 Payments announced a strategic partnership with voice AI platform Maple to offer AI-powered phone ordering for restaurants using the SkyTab POS system, aiming to improve order capture and operational efficiency [3][4]. - The partnership addresses the issue of unanswered restaurant phone calls, which statistics show can lead to losses exceeding $30,000 annually due to unfulfilled orders [3]. Group 3: Market Analysis - BTIG has lowered its price target for Shift4 Payments from $80 to $70 while maintaining a Buy rating, citing a slowdown in organic growth from approximately 20% to low double digits [2]. - Despite the current stock decline, BTIG emphasizes that the company's strategic options could sustain revenue growth above market estimates, suggesting that projections of low future growth may overlook these opportunities [2].

Core Insights - Nelnet Campus Commerce has appointed Evan Claudeanos as the managing director of Product and Engineering, focusing on product innovation and technical strategy, particularly for Project Horizon, a multiyear platform transformation set to launch in 2026 [1] Company Overview - Nelnet Campus Commerce is a leader in secure payment technology for higher education, providing integrated payment solutions to over 1,300 campuses across the United States [1] - The company’s solutions are PCI Level 1 validated and compatible with all major Enterprise Resource Planning (ERP) systems, facilitating various payment processes including tuition payment plans and online storefronts [1] Leadership and Strategy - Evan Claudeanos brings extensive experience in applied AI and product leadership, having previously led the Innovation and Incubation Lab at Ellucian and founded Amaforge, a B2B SaaS platform focused on securing research funding for universities [1] - His approach emphasizes informed innovation and leveraging technology to enhance financial wellness and operational efficiency for educational institutions, aligning with Nelnet's strategic goals [1] Project Horizon - Project Horizon represents a significant transformation initiative for Nelnet Campus Commerce, aimed at enhancing the user experience and operational capabilities of their payment solutions [1] - The project is expected to accelerate innovation while maintaining usability for clients, reflecting the company's commitment to supporting student success [1]

Group 1 - Visa Inc. is currently experiencing a sell-off in the stock market, which is not reflective of its business performance but rather market sentiment [1] - Jim Cramer expressed a positive outlook on Visa, indicating it is a strong growth company, although he prefers MasterCard slightly more [1] - A caller mentioned initiating a significant position in Visa at $68, highlighting investor interest despite current market conditions [1] Group 2 - Visa is recognized as a payment technology company that processes digital transactions and offers various card products [2] - Cramer recently had a positive update regarding Visa's performance, indicating that the company is doing incredibly well [2] - For those interested in credit card companies with lower fees, Cramer recommended Capital One, which is currently valued at 12 times earnings [2]

Earnings Presentation Q4 2025 February 26, 2026 Private Securities Litigation Reform Act of 1995 Safe Harbor for Forward-Looking Statements This presentation contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. The forward-looking statements are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Adiscussion of these forward-looking statements and risk factors that may affect them is set forth at the ...

Core Viewpoint - Global Payments Inc. (NYSE:GPN) is recognized as one of the 12 cheap technology stocks to invest in according to hedge funds, with analysts raising price targets following positive Q4 results and a favorable outlook for 2025 and 2026 [1][3]. Financial Performance - For Q4 2025, Global Payments reported adjusted earnings per share of $3.18, slightly exceeding estimates of $3.16, while revenue was approximately $2.32 billion, just below the average estimate of $2.35 billion [3]. - The company anticipates net revenue growth of nearly 5% for 2026, excluding dispositions, with adjusted earnings per share projected to be between $13.80 and $14, indicating a growth of 13% to 15% [4]. Analyst Ratings and Price Targets - TD Cowen analyst Bryan Bergin raised the price target on Global Payments from $90 to $91, maintaining a Hold rating, citing a healthy outlook for 2025 and 2026 [1][3]. - RBC Capital also increased its price target from $95 to $97 while keeping a Sector Perform rating, expressing positivity following the Q4 earnings beat and noting that the FY2026 outlook is 'appropriately level-set' [4]. Company Strategy - CEO Cameron Bready highlighted that 2025 was a transformative year for Global Payments, focusing on repositioning the business as a unified, streamlined operating company while achieving strong financial results [3]. - Global Payments provides payment technology and software solutions for card, check, and digital payments across the Americas, Europe, and the Asia-Pacific, operating through Merchant Solutions and Issuer Solutions segments [4].

Market Overview - In the fourth quarter of 2025, the S&P 500 returned 2.65%, leading to a full-year return of 17.9% for 2025, with annual growth exceeding 21% over the last three years [1] - Market leadership was characterized by High Beta and Momentum factors, with narrow participation, although sectors like Healthcare, Financials, and Consumer Discretionary showed slight improvements [1] - Mega-cap technology companies remained the primary drivers of the S&P 500's overall return, indicating high stock concentration [1] Fund Performance - The Madison Large Cap Fund (Class I) appreciated 3.43% in the fourth quarter, outperforming the S&P 500 Index's return of 2.65% [1] Company Focus: Fiserv, Inc. - Fiserv, Inc. (NASDAQ:FISV) is highlighted as a significant stock in the Madison Large Cap Fund's fourth-quarter report, with a market capitalization of $31.746 billion [2] - Fiserv's stock closed at $58.40 per share on February 23, 2026, with a one-month return of -11.90% and a twelve-month decline of 74.87% [2] - Fiserv was identified as one of the bottom five detractors for the quarter due to disappointing results in its Financial Solutions segment and a need for additional investment to improve its product suite [3] - The company has lost conviction in its durable growth profile, leading to the decision to sell shares [3] Hedge Fund Interest - Fiserv, Inc. was held by 82 hedge fund portfolios at the end of the fourth quarter, a slight decrease from 83 in the previous quarter [4] - While acknowledging Fiserv's potential, the company believes that certain AI stocks present greater upside potential and less downside risk [4]

Core Insights - Global Payments reported a rise in fourth-quarter profit and forecasted annual earnings above Wall Street estimates, leading to an over 8% increase in its shares [1] Financial Performance - The company expects adjusted earnings per share for fiscal year 2026 to be between $13.80 and $14, surpassing Wall Street's estimate of $13.64 [1] - Quarterly net profit attributable to Global Payments rose to $754.7 million, or $3.18 per share, on an adjusted basis, compared to $717.9 million, or $2.85 per share, a year earlier [1] - The merchant solutions segment, the largest for the company, saw a nearly 3% increase in adjusted operating income to $877.1 million in the fourth quarter year-over-year [1] - Adjusted operating income from the issuer solutions business increased to $267.8 million in the fourth quarter from $253.6 million the previous year [1] Market Dynamics - Consumer spending among higher-income shoppers remains strong, while middle and lower-income households are reducing expenditures due to macroeconomic pressures [1] - The diversified nature of Global Payments' merchant business across sectors and regions provides a buffer against economic downturns [1] Capital Management - CEO Cameron Bready stated the company expects to return $7.5 billion of capital to shareholders through the end of 2027 following the completion of major transactions [1]