Core Insights - Polen Capital's "Polen Focus Growth Strategy" reported a 3.34% gross return and 3.14% net return in Q3 2025, underperforming compared to the Russell 1000 Growth Index (10.51%) and the S&P 500 Index (8.12%) [1] - The equity market's strong performance was attributed to enthusiasm for generative AI, strength in the semiconductor sector, positive economic surprises, fiscal policy optimism, and better-than-expected corporate earnings [1] Company Analysis: Uber Technologies, Inc. - Uber Technologies, Inc. (NYSE: UBER) experienced a one-month return of -3.83% but a 52-week gain of 13.08%, with a market capitalization of $196.196 billion as of October 13, 2025 [2] - Polen Capital initiated a new position in Uber, citing its scale, network effects, growth opportunities, and market position as compelling investment factors, anticipating nearly $200 billion in booking transactions for 2025 [3] - Over the past three years, Uber has compounded revenues at 36%, EBITDA at 69%, and improved free cash flow margins from negative to mid-teens, with expected earnings growth of approximately 20% per annum over the next five years [3] Market Position and Hedge Fund Interest - Uber is ranked 10th among the 30 most popular stocks among hedge funds, with 152 hedge fund portfolios holding its shares at the end of Q2 2025, an increase from 145 in the previous quarter [4] - Despite recognizing Uber's potential, some analysts suggest that certain AI stocks may offer greater upside potential and less downside risk [4]

Core Insights - Bill Ackman has made significant moves in his Pershing Square Capital Management portfolio, with approximately 58% of the portfolio concentrated in three companies [2][4][9]. Company Summaries Uber Technologies (20.6%) - Ackman invested heavily in Uber, acquiring 30.3 million shares, making it the largest position in the portfolio [4]. - Uber's user base reached 180 million, a 15% year-over-year increase, with a 2% rise in trips per user [5]. - The company reported a 35% year-over-year growth in adjusted EBITDA, driven by a 20% increase in delivery gross bookings [5]. - Uber's stock is currently valued at about 1.2 times its gross bookings, with expectations for high teen growth, indicating it is fairly valued [8]. - The company is strategically positioned in the autonomous vehicle industry, having partnered with 20 companies, including Waymo [6][7]. Brookfield Corporation (19.7%) - Ackman has gradually built a position in Brookfield Corporation over the last five quarters, making it the second-largest holding [9]. - The company reported a 13% increase in distributable earnings per share last quarter and anticipates 21% annual growth from 2024 to 2029 [10]. - Brookfield's Wealth Solutions segment has seen rapid growth, with insurance assets increasing from $45 billion to $135 billion in two years, projected to exceed $300 billion by 2029 [10][11]. - The company is utilizing free cash flow for share buybacks and new investments, enhancing its earnings potential [12]. Alphabet Inc. (17.9%) - Ackman initially purchased shares of Alphabet in early 2023, viewing the market's reaction to generative AI as an overreaction [13]. - Alphabet's core advertising business grew by 10% year-over-year, with Google Search increasing by 12% [14]. - The Google Cloud segment experienced a 32% year-over-year sales increase, contributing significantly to overall operating earnings [15]. - Alphabet faces regulatory challenges, with the Department of Justice ruling it operates an illegal monopoly, which could impact its business model [16]. - The stock trades at less than 21 times forward earnings expectations, the lowest among the "Magnificent Seven" stocks, presenting a compelling investment opportunity [17].

Core Viewpoint - Grab Holdings Limited has seen a 2.5% increase in shares over the past month, underperforming the S&P 500, raising questions about the sustainability of this trend leading up to the next earnings release [1] Group 1: Earnings Report and Estimates - Estimates for Grab have trended upward over the past month, with a significant 50% shift in the consensus estimate [2] - The recent earnings report indicates important drivers that may influence future performance [1] Group 2: VGM Scores - Grab holds a Growth Score of B, but has a low Momentum Score of D, and a Value Score of F, placing it in the fifth quintile for value investment strategy [3] - The overall aggregate VGM Score for Grab is D, which is relevant for investors not focused on a single strategy [3] Group 3: Outlook - The upward trend in estimates is promising, and Grab has a Zacks Rank of 3 (Hold), suggesting an expectation of in-line returns in the coming months [4]

Group 1 - Uber Technologies, Inc. reported Q1 earnings on May 7, 2025, which supported a long-term bullish view on the company [1] - The analysis is based on insights gathered from investor calls, presentations, financials, and news, focusing on a 3-5 year time horizon [1] - The author emphasizes the importance of thorough research in identifying potentially life-changing investments [1] Group 2 - The author has a beneficial long position in Uber shares through stock ownership, options, or other derivatives [1]

Core Insights - Uber Technologies (UBER) is expected to report quarterly earnings of $0.51 per share, reflecting a significant increase of 259.4% year-over-year, with revenues projected at $11.6 billion, marking a 14.5% increase compared to the previous year [1] Earnings Estimates - Over the past 30 days, the consensus EPS estimate has been revised downward by 1.4%, indicating a reassessment by analysts [1][2] Revenue Projections - The consensus estimate for 'Revenue- Mobility' is $6.55 billion, showing a year-over-year increase of 16.3% [4] - 'Revenue- Freight' is expected to reach $1.30 billion, reflecting a slight increase of 0.9% from the prior year [4] - 'Revenue- Delivery' is projected at $3.78 billion, indicating a 17.7% increase year-over-year [4] Geographic Revenue Estimates - 'Geographic Revenue- Latin America' is forecasted at $736.14 million, a 3.7% increase year-over-year [5] - 'Geographic Revenue- United States and Canada' is expected to be $6.18 billion, representing a 12.9% increase [5] - 'Geographic Revenue- Asia Pacific' is projected at $1.34 billion, indicating a 12.5% increase [5] - 'Geographic Revenue- Europe, Middle East and Africa' is estimated at $3.27 billion, reflecting an 18.6% increase year-over-year [6] Gross Bookings Estimates - Total 'Gross Bookings' are expected to reach $42.87 billion, up from $37.65 billion year-over-year [6] - 'Gross Bookings - Delivery' is projected at $20.28 billion, compared to $17.70 billion in the previous year [7] - 'Gross Bookings - Mobility' is estimated at $21.49 billion, up from $18.67 billion year-over-year [7] - 'Gross Bookings - Freight' is expected to be $1.30 billion, slightly up from $1.28 billion [8] Monthly Active Platform Consumers - Analysts predict that 'Monthly Active Platform Consumers (MAPCs)' will reach 168 million, an increase from 149 million year-over-year [8] Stock Performance - Uber shares have increased by 15.8% over the past month, contrasting with a -0.5% change in the Zacks S&P 500 composite [8]