Core Insights - The FPA Queens Road Small Cap Value Fund reported a return of -0.36% in Q4 2025, underperforming the Russell 2000 Value Index which gained 3.26% during the same period. However, for the full year 2025, the Fund achieved a return of 13.36%, slightly outperforming the Index's 12.59% [1] Group 1: Fund Performance - The Fund outperformed in the first half of 2025 amidst weak and volatile markets, but underperformed in the second half as markets favored speculative and low-quality stocks [1] - The portfolio aims to protect clients from market drawdowns by focusing on quality and value [1] Group 2: EPlus Inc. (NASDAQ:PLUS) - EPlus Inc. provides IT solutions to optimize IT environments and supply chain processes, with a one-month return of -7.32% and a 52-week gain of 17.89% [2] - As of February 11, 2026, EPlus Inc. shares closed at $83.91, with a market capitalization of $2.148 billion [2] - The Fund added a new position in EPlus Inc. in Q4 2025, considering it well-managed and inexpensive relative to its growth and quality profile, especially after adjusting for its significant cash holdings [3] Group 3: Hedge Fund Interest - EPlus Inc. was held by 19 hedge fund portfolios at the end of Q3 2025, an increase from 17 in the previous quarter [4] - While EPlus Inc. is recognized for its potential, the company is not among the 30 most popular stocks among hedge funds, with certain AI stocks being viewed as having greater upside potential and less downside risk [4]

Dell Technologies Inc. (NYSE:DELL) is one of the best affordable tech stocks to buy right now. On February 9, the Piper Sandler analyst team, led by James Fish, maintained its Overweight rating on Dell Technologies Inc. (NYSE:DELL) but flagged a cautious outlook ahead of the company’s earnings announcement. Dell Technologies (DELL): Mixed Outlook Amid Strategic AI Partnerships The analysts described Dell’s earnings setup for calendar year 2026 as “concerning to mixed.” They said that Dell has been perfor ...

Core Viewpoint - CDW exceeded fourth-quarter sales and profit expectations, driven by continued client investments in artificial intelligence and cloud adoption [1] Group 1: Financial Performance - CDW reported better-than-expected sales and profit figures for the fourth quarter [1]

On February 2, 2026, CapWealth Advisors, LLC disclosed a buy of Lumen Technologies (NYSE:LUMN) shares worth an estimated $9.92 million, based on quarterly average pricing, in a Securities and Exchange Commission (SEC) filing. Lumen Technologies delivers integrated communications and fiber infrastructure services to business and residential customers worldwide. What happened According to a Securities and Exchange Commission (SEC) filing dated February 2, 2026, CapWealth Advisors, LLC bought 704,970 addi ...

Group 1 - NNIT A/S announces the departure of CEO Pär Fors after nearly 5 years due to personal family matters, with Fors remaining in the role until the end of July 2026 or until a new CEO is appointed [1] - The Board of Directors is actively engaged in the search for a suitable successor while maintaining focus on customers, employees, and the company's positive development [1] Group 2 - NNIT is a leading provider of IT solutions in the life sciences sector internationally, as well as for public and private sectors in Denmark [2] - The company specializes in high complexity industries, thriving in environments with significant regulatory demands [2] - NNIT aims to build sustainable digital solutions that cater to the needs of patients, citizens, employees, and customers [2] Group 3 - NNIT consists of the parent company NNIT A/S and its subsidiary SCALES, employing approximately 1,600 people across Europe, Asia, and the USA [3] - The company emphasizes a business-first approach, leveraging domain expertise and partner technologies to meet business needs rather than being driven solely by technology [3]

Core Insights - Oakmark Fund's fourth-quarter 2025 investor letter indicates a focus on capital appreciation through investments in large-cap US companies, with the fund outperforming the S&P 500 Index by returning 4.78% compared to the index's 2.66% [1] Company Overview - CDW Corporation (NASDAQ:CDW) is identified as a leading information technology solutions provider, with a market capitalization of $17.641 billion [2] - The stock closed at $134.60 per share on January 13, 2026, with a one-month return of -6.33% and a 52-week gain of 28.20% [2] Performance and Strategy - CDW Corporation's consolidated net sales for Q3 2025 were reported at $5.7 billion, reflecting a 4% increase from Q3 2024 [4] - The company has transitioned from a technology hardware reseller to a comprehensive IT solutions provider, focusing on software and services, which has positively impacted its margins [3] - The strong corporate culture at CDW, exemplified by its skilled account managers and technology consultants, has been crucial in attracting and retaining customers [3] Market Position - Despite CDW's significant role in the IT ecosystem, the challenging environment for IT service and hardware resellers has negatively affected its share price, presenting a buying opportunity at a compelling valuation [3] - CDW Corporation is not among the 30 most popular stocks among hedge funds, although the number of hedge fund portfolios holding the stock increased from 44 to 48 in the last quarter [4]

Core Viewpoint - NNIT has updated its financial outlook for 2025 due to a slowdown in market and customer activity, leading to a suspension of its mid-term financial aspirations [1][4][5] Financial Outlook for 2025 - Organic revenue growth for 2025 is now anticipated to be around -3%, a decrease from the previous expectation of 0-5% [2] - The expected operating profit margin excluding special items is revised to around 5.5%, down from the previous low end of 7-9% [2] - Special items are now expected to be around DKK 83 million, an increase from the previous estimate of up to DKK 69 million, primarily due to an accelerated strategic process and cost-out project [2] Performance Drivers - The lower-than-expected financial performance is attributed to a temporary disruption in the US region, where several larger projects have been postponed to 2026 [3] - The US business has experienced a slowdown in new contract wins, negatively impacting revenue generation in the fourth quarter [3] - In Europe, performance remains subpar, with larger customers hesitant to enter new contracts [3] Mid-term Financial Aspirations - The mid-term financial aspirations communicated in February 2025 have been suspended due to increasing uncertainty in the macroeconomic and geopolitical environment [4][5] - The previously announced targets of annual organic revenue growth of 7 to 10% and an operating profit margin above 10% in 2027 are no longer in effect [5] Company Overview - NNIT is a leading provider of IT solutions, focusing on high complexity industries, particularly in life sciences and the public and private sectors in Denmark [6][8] - The company employs around 1,600 people across Europe, Asia, and the USA [8]

Core Viewpoint - AL Sydbank A/S has chosen Bankdata as its future IT solutions provider, marking a significant step towards achieving annual cost synergies of DKK 1,200 million and enhancing operational efficiency through a unified IT platform [2][3]. Group 1: IT Solutions and Cost Synergies - The decision to partner with Bankdata will facilitate the development of a common IT platform, which is essential for the merged bank to operate efficiently [2]. - The exit from BEC will incur an exit fee, which is now payable in December 2025, accelerating the integration process [4]. - The move to Bankdata is expected to optimize development capacity and efficiency, aligning with the bank's strategic goals [3]. Group 2: Profit Forecast and Financial Adjustments - The profit forecast for 2025 has been revised to a range of DKK 1,700-1,900 million, down from the previous expectation of DKK 2,400-2,600 million [5]. - Merger and integration costs are now anticipated to be between DKK 1.4-1.9 billion, slightly lower than earlier estimates [5]. - The bank aims to enhance its offerings to corporate customers, reinforcing its position as Denmark's Corporate Bank [4].

AI Strategy and Implementation at Rippling - Rippling utilizes AI across its suite, including HR, payroll, IT, and finance, focusing on content summarization, standalone AI products, and AI agents [3][8] - The company fosters AI innovation through hack weeks, providing access to tools like OpenAI, Anthropic, and Google, and partnering with Langchain [10][11][12] - Rippling emphasizes a balance between top-down product strategy and bottom-up innovation, encouraging employees to identify and automate workflows with AI [14] - Rippling's AI team focuses on creating basic primitives and a foundation for other teams to innovate, offering a "paved path" from prototype to production [18] - Rippling is expanding its product capabilities in IT, finance, and global markets, incentivizing the use of AI in these areas [13][14] AI Agent Development and Challenges - Rippling views AI agents as system analysts assisting admins with day-to-day tasks, exploring their potential within the company's vast product footprint [9] - The company emphasizes the importance of real-world production data for validating AI functionality and value, along with early feedback loops from actual users [20][22] - Rippling uses internal dogfooding to test AI features, gathering immediate feedback from employees, including executives like the CEO [21][24] - Rippling is shifting from deterministic, workflow-centric agents to leveraging the reasoning and judgment capabilities of LLMs, providing ample context and toolsets [31][33] - Rippling prioritizes AI inside the product, ensuring data security and compliance with regulations like GDPR and CCPA, with rigorous responsible AI practices [40][39][43] Productivity and Internal AI Adoption - Rippling views AI as a superpower to enhance productivity across all departments, encouraging employees to identify and automate tasks [51][53] - The company has created an AI stance, provided access to tools, and established an enablement ecosystem to promote internal AI adoption [51][52] - Rippling emphasizes accountability for code quality, even when generated by AI, using AI code review tools and promoting spec-driven AI development [57][58][59]

Core Viewpoint - Dell Technologies Inc. has experienced a significant increase in analyst price targets, reflecting growing confidence in its business strategy and market position, particularly in the AI and cloud sectors [1][5]. Price Target Changes - The average price target for Dell increased from $157.95 a year ago to $180 last month, indicating a positive shift in analyst sentiment [5]. - Three months ago, the average price target was $164.4, showing a notable increase over the past quarter [2]. Financial Performance - Dell reported double-digit growth in both revenue and profit for the second quarter of fiscal year 2026, contributing to the optimistic outlook from analysts [2][5]. Strategic Initiatives - The company's strategic focus on expanding its cloud and IT solutions, along with its transition into the enterprise AI hardware sector, are seen as key drivers for future growth [3][5]. - Dell's partnerships with Nvidia and Hive Digital are expected to bolster its position in the AI and cloud sectors [4].