Group 1: Fund Performance - Artisan Mid Cap Value Fund's Investor Class returned 0.97%, Advisor Class returned 0.98%, and Institutional Class returned 0.97% in Q3 2025, compared to a 6.18% return for the Russell Midcap Value Index [1] - The equity markets continued to rally in Q3 2025, driven by strong corporate earnings, rising AI capital expenditures, and expectations for economic support from US fiscal policy and lower interest rates [1] Group 2: Gartner, Inc. Overview - Gartner, Inc. (NYSE:IT) is a research and advisory company that operates through research, conferences, and consulting segments, with a market capitalization of $17.952 billion as of January 2, 2026 [2] - Gartner's one-month return was 4.29%, but its shares lost 51.80% of their value over the last 52 weeks [2] Group 3: Investment Insights on Gartner, Inc. - Artisan Mid Cap Value Fund initiated new positions in Gartner, Inc. and noted that the company helps corporate executives make better strategic decisions [3] - Gartner's research business has faced cyclical headwinds, including issues from the US federal government and tariffs, but the long-term threat from AI is not fully discounted [3] - Gartner consistently generates free cash flow and has a clean balance sheet, with a reasonable valuation reflecting an 8% free cash flow yield, the highest since 2009 [3] Group 4: Hedge Fund Interest and Revenue - Gartner, Inc. was held by 42 hedge fund portfolios at the end of Q3 2025, down from 45 in the previous quarter [4] - The company reported revenue of $1.5 billion in Q3 2025, reflecting a 3% year-over-year increase [4]

Sustainable Growth Advisers (SGA), an investment management company, released its third-quarter investor letter for its “U.S. Large Cap Growth Strategy.” A copy of the letter can be downloaded here. The portfolio returned -1.3% (Gross) and -1.4% (Net) in the third quarter, compared to a 10.5% return for the Russell 1000 Growth Index and an 8.1% return for the S&P 500 Index. SGA’s investment objective is to invest in high-quality growth businesses expected to achieve consistent mid-teens earnings growth, acc ...

Core Insights - Gartner (IT) shares have increased by 9.5% over the past month, outperforming the industry growth of 5.9% [1] - The company has a Growth Score of A, indicating strong financial metrics and sustainable growth, with revenue growth projected at 3.5% in 2025 and 3.3% in 2026 [1] Revenue Growth Drivers - IT's revenue growth is significantly supported by its technologically advanced research segment, which offers essential insights and decision-support solutions [2] - The acquisition of CEB Inc. in 2017 has strengthened Gartner's market position by enhancing its research and advisory services [2] Competitive Advantages - The company is advancing its AI-driven tool, AskGartner, which provides quick access to in-depth business and technology insights, leveraging a vast proprietary data pool [3] - IT creates substantial client value through its Conferences, such as the recent 35th Annual IT Symposium/Xpo, which attracted over 7,000 technology leaders [4] Shareholder Value Enhancement - The company has consistently engaged in share buybacks, repurchasing 7.3 million shares for $1.7 billion in 2021, 3.8 million shares for $1 billion in 2022, 3.9 million shares for $600 million in 2023, and 1.6 million shares for $700 million in 2024 [5] Current Financial Position - IT's current ratio stands at 0.88, which is below the industry average of 1.19, indicating potential challenges in meeting short-term obligations [6]

TCW funds, an investment management company, released its “TCW Concentrated Large Cap Growth Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. Equity markets continued their rally in the third quarter, driven by continued optimism around AI investments and positive corporate earnings. Against this backdrop, the fund (I share) returned +4.11% in the quarter compared to +10.51% for the Russell 1000 Growth Index. In addition, please check the fund’s top five holdings to kn ...

HHL Rühm Osaühing (the “Bidder”) made a voluntary takeover bid to all the shareholders of Aktsiaselts Ekspress Grupp (“Ekspress Grupp”) for acquiring all the shares of Ekspress Grupp (the “Shares”) not yet in the ownership of the Bidder (the “Bid”). The Bid was made based on the Bid notice (the “Bid Notice”) and the prospectus attached to it (the “Prospectus”, together with the Bid Notice, the “Bid Documents”). The Estonian Financial Supervision and Resolution Authority approved the Bid on 24 November 2025, ...

Group 1: Investment Performance - TimesSquare Capital's U.S. Focus Growth Strategy achieved a gross return of 4.00% and a net return of 3.78% in Q3 2025, outperforming the Russell Midcap Growth Index which returned 2.78% [1] - All major asset classes posted positive returns in Q3 2025, except for fixed income assets outside the US [1] Group 2: Gartner, Inc. Overview - Gartner, Inc. (NYSE:IT) reported a revenue of $1.5 billion in Q3 2025, reflecting a year-over-year increase of 3% and a 1% increase on a foreign exchange neutral basis [4] - The stock of Gartner, Inc. closed at $233.89 per share on December 12, 2025, with a market capitalization of $17.714 billion [2] Group 3: Investment Strategy and Positioning - TimesSquare Capital prefers critical system providers and specialized component designers within the Information Technology sector, focusing on companies that improve productivity and efficiency [3] - Despite Gartner, Inc. reporting revenue and earnings above estimates, a key contract value metric fell short, leading to an 18% decline in its stock price, prompting TimesSquare to liquidate its position [3] - The number of hedge funds holding Gartner, Inc. decreased from 45 to 42 in Q3 2025, indicating a decline in popularity among institutional investors [4]

Q3 2025 Financial Performance - Global Contract Value (CV) increased by 30% to $50 billion[13] - Consolidated Revenues grew by 27% to $15 billion[13] Foreign Exchange (FX) neutral growth was 12%[13] Contribution Margin was 689%[13] - Insights Revenues increased by 51% to $13 billion[13] FX Neutral growth was 36%[13] Contribution Margin reached 767%[13] - Conference Revenues decreased by 16% to $75 million[13] FX Neutral decrease was 41%[13] Contribution Margin was 366%[13] - Consulting Revenues decreased by 32% to $124 million[13] FX Neutral decrease was 48%[13] Contribution Margin was 285%[13] - Adjusted EBITDA increased by 19% to $347 million[13] FX Neutral growth was -08%[13] Adjusted EBITDA Margin was 228%[13] - Adjusted EPS grew by 104% to $276[13] - Free Cash Flow was $269 million[13] Updated 2025 Guidance - Consolidated Revenues are projected to be at least $6475 billion[13] - Adjusted EBITDA is expected to be at least $1575 billion[13] - Adjusted EPS is projected to be at least $1265[13] - Free Cash Flow is expected to be at least $1145 billion[13] Capital Allocation - Share repurchases amounted to $11 billion[13] - Approximately $13 billion remains authorized for repurchase as of September 30, 2025[39]

Core Insights - Gartner Inc. is set to release its third-quarter 2025 results on November 4, before market open, with a strong earnings surprise history, averaging 21.3% over the last four quarters [1][4]. Revenue Expectations - The Zacks Consensus Estimate for Gartner's Q3 2025 revenue is $1.5 billion, reflecting a 2.3% increase from the same quarter last year [2][10]. - The Business and Technology Insights segment is expected to generate $1.3 billion in revenue, indicating a 3.1% year-over-year growth, driven by high-demand topics such as AI [2][10]. Segment Performance - Consulting revenues are projected at $133 million, representing a 13.1% decline from the previous year [3][10]. - Conference revenues are estimated at $77 million, suggesting a significant drop of 69.3% compared to the prior-year quarter [3][10]. Earnings Projections - The consensus estimate for earnings per share (EPS) is $2.41, indicating a year-over-year decrease of 3.6% [3][10]. - Gartner currently has an Earnings ESP of -4.07% and a Zacks Rank of 3, suggesting that an earnings beat is not anticipated this quarter [4].

Core Perspective - Gartner (IT) stock is expanding, generating cash, and is currently undervalued compared to its historical highs [1] Financial Performance - Gartner has a free cash flow yield of 7.6%, indicating strong cash generation capabilities [5] - The company experienced a revenue growth of 5.9% over the last 12 months, suggesting an increase in cash reserves [5] - The stock is trading at a significant valuation discount, currently 34% lower than its 3-month high, 52% below its 1-year high, and 52% below its 2-year high [5] Investment Strategy - The average forward returns for Gartner's stock are projected at 25.7% for 6 months and 57.9% for 12 months, with a win rate of over 70% for both periods [6]

Q2 2025 Financial Performance - Consolidated revenues reached $1686 million, a 5.7% increase year-over-year, or 4.6% on a foreign exchange (FX) neutral basis[6] - Insights revenues grew by 4.2% to $1319 million, or 3.3% on an FX neutral basis, with a contribution margin of 73.9%[6] - Conference revenues increased by 13.6% to $211 million, or 12.0% on an FX neutral basis, boasting a contribution margin of 57.4%[6] - Consulting revenues rose by 8.8% to $156 million, or 6.5% on an FX neutral basis, with a contribution margin of 39.6%[6] - Adjusted EBITDA increased by 6.6% to $443 million, with an Adjusted EBITDA margin of 26.3%[6] - Adjusted EPS grew by 9.6% to $3.53[6] - Free cash flow was $347 million[6] Contract Value Growth - Global contract value (CV) increased by 4.9%[6] - Global Technology Sales CV grew by 3.6% to $3800 million[6] - Global Business Sales CV increased by 9.2% to $1200 million[6] Updated 2025 Guidance - The company projects consolidated revenues of at least $6455 billion[7] - Adjusted EBITDA is expected to be at least $1515 billion[7] - Adjusted EPS is projected to be at least $11.75[7] - Free cash flow is anticipated to be at least $1145 billion[7]