Core Viewpoint - SPS Commerce, Inc. has appointed Michael McConnell and Fumbi Chima as independent directors to enhance its Board of Directors and drive shareholder value [1][4][5] Group 1: Board Appointments - Michael McConnell returns to the SPS Board after previously serving from 2018-2019 and has extensive experience on various public company boards [2][6] - Fumbi Chima has held senior executive roles at major companies such as Adidas and Walmart, and currently serves on the board of Willis Towers Watson [2][7] Group 2: Board Structure and Governance - Sven Wehrwein, a director since 2008, will not seek re-election due to age limitations, resulting in a Board of nine directors, eight of whom are independent [4] - The recent appointments reflect a commitment to Board refreshment and enhancing governance practices [5] Group 3: Strategic Initiatives - McConnell will join the Finance & Strategy Committee, focusing on operational and financial matters to enhance shareholder value, while Chima will join the Audit Committee [3] - The company announced an increase in its share repurchase authorization to $300 million, indicating confidence in its business and value [5] Group 4: Cooperation Agreement - SPS Commerce entered into a cooperation agreement with Anson Funds Management LP, which includes standstill, voting, and confidentiality commitments [5]

Core Insights - Ryder System is focusing on a balanced growth strategy that emphasizes asset-light supply chain and dedicated businesses, generating over 90% of revenue from its contractual portfolio [2][7] - The company is investing in technology, particularly AI, to enhance its proprietary tools and customer-facing technology [1][7] - Ryder's leadership transition is set for March 31, with John Diez succeeding Robert Sanchez as CEO [3][7] Financial Performance - In Q4, Ryder reported comparable EPS of $3.59, a 4% increase year-over-year, on revenue of $2.6 billion, with a return on equity of 17% [6][8] - Year-to-date free cash flow reached $946 million, significantly up from $133 million the previous year, attributed to reduced capital expenditures and lower working capital needs [9][14] - Ryder's Fleet Management Solutions segment faced challenges with a 1% decline in operating revenue, while used vehicle sales showed mixed results with a 1% increase in used tractor pricing but a 9% decline in used truck pricing [9][10] 2026 Outlook - Ryder forecasts approximately 3% revenue growth and EPS in the range of $13.45 to $14.45 for 2026, with expected free cash flow of $700 to $800 million [5][15] - The company anticipates a modest decline in U.S. Class 8 production and does not expect significant improvements in freight market conditions [15][16] - Ryder's capital deployment capacity is projected at around $14 billion over three years, with about $5 billion available for flexible buybacks and acquisitions after accounting for replacements and dividends [13][14] Segment Performance - Supply Chain Solutions saw a 3% increase in operating revenue, but segment earnings fell 8% due to lost business and production shutdowns [18] - Dedicated Transportation Solutions experienced a 4% decrease in operating revenue, although EBT increased due to lower bad debt and acquisition synergies [18] - The company expects gradual improvement in used vehicle sales pricing through 2026, with retail pricing pressure anticipated in the first quarter [19][20] Strategic Initiatives - Ryder's management emphasized initiatives-driven earnings growth, with a focus on executing actions within their control [23] - The company is addressing automotive-related disruptions, including microchip shortages and production retooling, which are expected to normalize in the latter half of the year [22]

Core Insights - Fenimore Asset Management's Q4 2025 investor letter indicates a solid yet volatile stock market, influenced by AI enthusiasm, economic uncertainty, and monetary policy concerns [1] - The firm anticipates mixed market conditions in 2026, with many AI-related stocks appearing expensive while high-quality companies are trading at multi-year lows, presenting potential investment opportunities [1] Market Performance - The S&P 500 Index rose by 2.66% in Q4 2025, driven by large-cap technology and communication services stocks [1] - Fenimore Small Cap Strategy returned -4.12%, underperforming the Russell 2000 Index, which returned 2.19% [1] - Fenimore Dividend Focus Strategy declined -4.41% compared to the Russell Midcap Index's 0.16% return [1] - Fenimore Value Strategy also declined -1.17% against the Russell Midcap Index's 0.16% return, with underperformance attributed to investments in the financial and industrial sectors [1] Company Focus: SPS Commerce, Inc. - SPS Commerce, Inc. (NASDAQ:SPSC) was highlighted as a significant performance detractor in the Fenimore Small Cap Strategy [2][3] - As of January 15, 2026, SPS Commerce's stock closed at $91.24, with a one-month return of 0.74% and a 52-week loss of 52.23% [2] - The company has a market capitalization of $3.459 billion [2] - Management's poor acquisition decision has attracted activist attention, although the firm is still viewed as having multiple avenues for value creation [3]

Core Insights - Tecsys Inc. has been recognized by Modern Healthcare's Best in Business Awards for its contributions to enhancing supply chain resilience and visibility in healthcare systems [1][2][3] Company Overview - Tecsys is a global provider of advanced supply chain solutions, focusing on innovation and customer success [6] - The company offers a range of software and technology solutions, including enterprise resource planning, warehouse management, and supply management [6][7] - Tecsys' solutions are utilized by prominent health networks such as AdventHealth, Vanderbilt Health, and Sanford Health [3] Industry Recognition - The Best in Business Awards program by Modern Healthcare honors organizations that drive innovation and excellence in the healthcare industry [2][4] - The awards aim to highlight the significant role of companies like Tecsys in improving the healthcare ecosystem [2][4] Leadership Commentary - Peter Brereton, President and CEO of Tecsys, emphasized the importance of their solutions in ensuring that healthcare providers have the necessary products available when needed, thereby improving patient outcomes [3]

Core Viewpoint - A class action lawsuit has been filed against Jayud Global Logistics Limited for alleged securities fraud during the period from April 21, 2023, to April 30, 2025, following a significant stock price manipulation scheme [1][3]. Company Overview - Jayud Global Logistics Limited is headquartered in Shenzhen, China, and offers end-to-end supply chain solutions, including freight forwarding, supply chain management, customs brokerage, and intelligent logistics IT systems [2]. Allegations and Stock Performance - The lawsuit claims that Jayud's stock price surged from approximately $1.00 to $8.00 per share in early 2025 due to a "pump-and-dump" scheme orchestrated by insiders, leading to a subsequent collapse of about 95% on April 2, 2025, resulting in substantial investor losses [3].

Core Insights - The company has launched Supply Chain Network Intelligence to enhance sourcing operations management and provide insights into performance and risk, thereby strengthening supply chain resilience [1][2] - This new network is a response to increasing demands for supply chain transparency as businesses prepare for evolving regulations and market pressures expected in 2026 [2] - The platform integrates primary production chain data with industry-wide information to facilitate collaboration among brands and retailers with their supplier networks [2] Features and Capabilities - Users can analyze various factors including supplier overlap, compliance risks, audit trends, cost data by region, raw material price forecasts, currency volatility, geopolitical risks, and logistics resilience [3] - All supply chain data is cross-validated in real-time by stakeholders such as retailers, suppliers, inspectors, and certification bodies [3] - The network profile allows suppliers and factories to record and share operational compliance and sustainability information with brands and retailers [7] Strategic Importance - The CEO of Inspectorio highlighted that global inflation and customer price sensitivity have compelled retailers to make cost-driven compromises, emphasizing the need for alignment with sourcing partners to meet time-to-market, quality, and compliance demands [4][5] - Supply Chain Network Intelligence is positioned as a comprehensive solution for managing and optimizing complex, multi-tier supplier ecosystems in real-time [5] - The company plans to present this new network at NRF 2026, following the launch of its AI ecosystem, Paramo, aimed at optimizing supply chain management [6]

Core Insights - The article discusses the evolution of supply chains, highlighting that they have traditionally operated on a foundation of assumed trust, where documents accompanied goods throughout the process [1] Group 1 - Supply chains have historically relied on trust, with documents moving alongside goods [1]

Group 1 - The establishment of Foshan Qingcheng Supply Chain Management Co., Ltd. has been registered with a capital of 1 million RMB [1] - The company's business scope includes supply chain management services, domestic trade agency, import and export of goods, and various technology services [1] - The company is involved in artificial intelligence application software development, integrated circuit chip manufacturing, and information system integration services [1] Group 2 - The company also focuses on smart home consumer device manufacturing and sales, as well as IoT technology research and development [1] - Additional services offered include enterprise management consulting and social economic consulting [1] - The company operates under the principle of conducting business activities independently based on its business license, except for projects that require approval [1]

Core Insights - The GEP Global Supply Chain Volatility Index indicates that global supply chains remained underutilized in November 2025, with a headline index of -0.29, suggesting a weakening outlook for early 2026 [1][3][8] Regional Analysis - **North America**: The index fell to -0.53 from -0.45, marking the highest degree of underutilized supplier capacity since March, indicating a softening manufacturing activity [9] - **Europe**: The index dipped to -0.33 from -0.25, reflecting ongoing fragility in the industrial economy, with manufacturers in Germany and France showing reluctance to expand purchasing [4][9] - **Asia**: The index rose to -0.16 from -0.30, signaling less spare capacity than in October, with Chinese factory purchasing slowing down, although ASEAN countries like Indonesia and Vietnam showed resilience [4][9] Demand and Supply Dynamics - Global factories' purchases of commodities and intermediate goods slowed in November, primarily due to reduced factory buying in China and weak demand in the US and major European economies [14] - Reports of stockpiling due to price or supply fears remain historically low, indicating limited concerns about purchasing price inflation or shortages [14] - The global item shortages tracker is well below its long-term trend, suggesting healthy supply levels for manufacturers, with minimal challenges in sourcing [14] Cost Pressures and Market Conditions - With excess capacity globally, companies are expected to face limited purchasing cost pressures, excluding tariff-related effects, as shortages remain minimal and stockpiling activity is low [5][8] - Transportation costs increased slightly in November but remained in line with historical averages, indicating stable logistics conditions [14]

Core Insights - Companies are modernizing supply chains to enhance agility, visibility, and sustainability in response to geopolitical and environmental disruptions [1] Group 1 - The modernization of supply chains is driven by the need for greater agility [1] - Enhanced visibility in supply chains is becoming a priority for companies [1] - Sustainability is a key focus area for companies as they adapt to disruptions [1]