Aristotle Capital Boston, LLC, an investment advisor, released its “Small Cap Equity Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the third quarter, the small-cap equities delivered strong results with the Russell 2000 Index reaching its first all-time high since November 2021. A favorable macroeconomic backdrop led the rally. In the quarter, the fund (Class I-2) delivered a return of 3.16% underperforming the 12.39% total return of the Russell 2000 Index. For mo ...

TORONTO--(BUSINESS WIRE)--Granite Real Estate Investment Trust ("Granite†) (TSX: GRT.UN / NYSE: GRP.U) announced today that its board of trustees has declared a distribution of CDN $0.2958 per unit for the month of December 2025. The distribution will be paid by Granite on January 15, 2026 to unitholders of record at the close of trading on December 31, 2025. Granite confirms that no portion of the distribution constitutes effectively connected income for U.S. federal tax purposes. A qualified notice prov ...

Core Viewpoint - Granite Real Estate Investment Trust intends to voluntarily delist its trust units from the New York Stock Exchange (NYSE) and deregister from its reporting obligations under the United States Securities Exchange Act of 1934, while maintaining its listing on the Toronto Stock Exchange (TSX) [1][2][3]. Group 1 - The decision to delist from the NYSE is driven by consistently low trading volumes, with the NYSE accounting for less than 1% of Granite's global average daily trading volume [2][3]. - The company aims to reduce operating costs, achieve administrative efficiencies, and simplify its structure by maintaining only the TSX listing [2][3]. - Granite plans to file a Form 25 with the SEC on or about December 22, 2025, with the delisting expected to be effective around January 1, 2026 [3]. Group 2 - Following the delisting, Granite will continue to meet its SEC reporting obligations until it can terminate the registration of its units under SEC rules [3]. - The company has applied for its units to be quoted on the OTCQX platform, with trading expected to begin on or about December 23, 2025 [4]. - Unitholders will not need to exchange their unit certificates or take any action regarding the OTC Markets quotation [4]. Group 3 - Granite is a Canadian-based Real Estate Investment Trust (REIT) focused on the acquisition, development, ownership, and management of logistics, warehouse, and industrial properties in North America and Europe, owning 140 investment properties with approximately 60.9 million square feet of leasable area [6].

Core Viewpoint - Mullen Group Ltd. has successfully completed the redemption of its 5.75% convertible unsecured subordinated debentures, which were due on November 30, 2026, on December 1, 2025, marking a significant financial maneuver for the company [1][3]. Redemption Details - On October 21, 2025, Mullen Group issued a notice to redeem the outstanding debentures at their principal amount plus accrued interest, with a conversion option available until November 21, 2025 [2]. - A total of $117,899,000 of the debentures were converted into common shares prior to the redemption [2]. - On the redemption date, holders who did not convert received $1,000 per debenture, which included their principal and accrued interest, with Mullen Group redeeming a total of $7,101,000 in principal amount [3]. Company Overview - Mullen Group is a public company with a strong history in acquiring transportation and logistics companies, boasting one of the largest logistics portfolios in North America [4]. - The company offers a diverse range of services including less-than-truckload, customs brokerage, truckload, warehousing, logistics, and specialized hauling, particularly in sectors like energy, mining, forestry, and construction [4].

Core Insights - FedEx Corporation has a market capitalization of $65 billion and operates globally in transportation, e-commerce, and business services through its Federal Express and FedEx Freight segments [1] - The company is recognized as a large-cap stock, having established itself as a leader in express delivery and supply chain management [2] Stock Performance - FedEx shares have decreased by 9.4% from their 52-week high of $302.02, but have increased by 18.5% over the past three months, outperforming the Nasdaq Composite's 7.7% gain during the same period [3] - Year-to-date, FedEx stock is down 2.7%, significantly trailing the Nasdaq's 21% gain, and has declined 9.6% over the past 52 weeks compared to the Nasdaq's 22.6% return [4] Financial Results - Following the Q1 2026 results released on September 18, FedEx shares rose by 2.3% due to strong year-over-year earnings growth, with adjusted operating income reaching $1.30 billion and adjusted EPS at $3.83, driven by robust U.S. domestic package revenue and cost reductions [5] - The company projects a revenue growth of 4% - 6% and an adjusted EPS of $17.20 - $19 for fiscal 2026, excluding certain costs [5] Strategic Developments - FedEx completed $500 million in share repurchases during the quarter and is progressing towards the planned spin-off of FedEx Freight in June 2026 [6] - In contrast, United Parcel Service (UPS) has seen a decline of 24.3% year-to-date and 29.6% over the past 52 weeks, indicating FedEx's relative strength in the market [6] Analyst Sentiment - Despite recent stock underperformance, analysts maintain a moderately optimistic outlook on FedEx, with a consensus rating of "Moderate Buy" from 30 analysts, and the stock is currently trading above the mean price target of $268.52 [7]

Core Viewpoint - Walmart demonstrated resilience amid a challenging market environment, with its shares rising 6.46% following strong quarterly sales and earnings, despite broader market losses [1][3]. Company Performance - In Q3 fiscal 2026, Walmart reported total revenues of $179.5 billion, a 6.2% increase compared to the previous year, with adjusted earnings per share rising 6.9% to $0.62 [7]. - Global commerce sales and global advertising revenue saw significant growth, increasing by 27% and 53% year-over-year, respectively [7]. - For the full fiscal year 2026, Walmart projects net sales growth between 4.8% and 5.1% and adjusted operating income growth of 4.8% to 5.5%, both in constant currency [9]. Strategic Moves - Walmart plans to transfer its stock listing to Nasdaq, which is expected to be the largest exchange transfer on record, starting on 9 December 2025 [2]. - The move aligns with Walmart's long-term strategy of becoming a tech-powered enterprise, leveraging advanced analytics and AI in its operations [4][10]. - The shift to Nasdaq is not merely symbolic, as Walmart is well-positioned to join the Nasdaq-100 Index, benefiting from a lower maximum annual listing fee and access to a growth-focused investor base [6]. Leadership Insights - Walmart's CFO expressed gratitude to the NYSE and excitement for the partnership with Nasdaq, indicating a positive outlook for the company's growth trajectory [5]. - The CEO highlighted strong performance across the business, particularly in eCommerce, and noted an increase in "value-seeking" customers across all income levels [8].

Core Insights - Werner Enterprises, Inc. (WERN) reported a third-quarter 2025 loss per share of 3 cents, missing the Zacks Consensus Estimate of earnings of 15 cents per share, compared to earnings of 15 cents per share in the same quarter last year [1][10] Financial Performance - Total revenues for the quarter were $771.5 million, exceeding the Zacks Consensus Estimate of $768.1 million, and reflecting a year-over-year increase of 3.5% driven by a $25.8 million (12%) rise in Logistics revenues, partially offset by a $3.0 million (1%) decline in Truckload Transportation Services (TTS) revenues, with a portion of the TTS decline attributed to a $3.3 million decrease in fuel surcharge revenues [2][10] - Adjusted operating income was reported at $10.91 million, a decrease of 50% year over year, with an adjusted operating margin of 1.4%, down 150 basis points from the previous year [3] - In the TTS segment, revenues fell 1% year over year to $519.78 million, with adjusted operating income dropping 63% to $8.95 million and an adjusted operating margin declining 300 basis points to 1.7%. Conversely, Logistics revenues increased 12% year over year to $232.58 million, with adjusted operating income rising over 100% to $4.16 million and an adjusted operating margin increasing 140 basis points to 1.8% [4][10] Liquidity and Capital Expenditure - As of September 30, 2025, Werner had cash and cash equivalents of $50.98 million, slightly down from $51.42 million at the end of the previous quarter. Long-term debt remained stable at $725 million. The company generated $44.1 million in cash from operations during the third quarter, with net capital expenditure amounting to $35.2 million [5] - No share repurchases were made in the third quarter, with 5.0 million shares remaining under the new share repurchase authorization as of September 30, 2025 [6] Outlook - For 2025, Werner anticipates TTS truck growth to decline from breakeven to 2%, down from a prior estimate of 1-4%. Net capital expenditure is now projected to be between $155 million and $175 million, revised from $145 million to $185 million. The company expects dedicated revenues per truck per week to rise from breakeven to 1.5%, up from a previous estimate of 0-3%. The full-year 2025 tax rate is now expected to be in the range of 26%-27%, revised from 25%-26% [7]

Core Points - Castellum, Inc. has been awarded a $66.2 million contract for logistics, engineering, and cyber support services for the Naval Air Warfare Center Aircraft Division, marking its first full and open prime contract win without small-business set-aside restrictions and the second-largest contract in the company's history [1][2][3] Group 1: Contract Details - The awarded contract is a five-year agreement aimed at supporting the Mission Operations & Integration Department at NAWCAD Lakehurst, which is responsible for Navy Aircraft Platform Support Equipment and Aircraft Launch Recovery Equipment [1][3] - Specialty Systems, Inc. will provide services related to logistics, engineering, and cyber work products for aircraft carriers and air-capable ships [1][3] Group 2: Company Strategy and Performance - The contract win reflects the effectiveness of Castellum's strategy to focus on full and open opportunities as it transitions to a larger business model [4] - Castellum has secured two major prime contracts in the past seven months, including a $103 million contract announced in February, indicating strong growth and competitiveness in the market [5] Group 3: Leadership and Team Recognition - The leadership at Castellum emphasizes the dedication and skills of its professionals, attributing the contract win to their hard work and commitment to providing world-class service [6] - The company expresses confidence in its team and the positive impact of these contracts on its mission capabilities and overall business growth [5][6]

Core Insights - Hub Group reported revenue of $934.5 million for the quarter ended September 2025, reflecting a year-over-year decline of 5.3% and an EPS of $0.49 compared to $0.52 a year ago, with a slight revenue surprise of +0.58% over the Zacks Consensus Estimate of $929.12 million [1] Financial Performance - Operating Revenue from Intermodal and Transportation Solutions was $561.49 million, exceeding the three-analyst average estimate of $539.45 million, with a year-over-year change of +0.3% [4] - Operating Revenue from Inter-segment eliminations was reported at $-29.39 million, slightly worse than the estimated $-28.14 million, showing a year-over-year decline of -13.4% [4] - Operating Revenue from Logistics was $402.4 million, below the average estimate of $418.62 million, representing a year-over-year decrease of -12.7% [4] Market Performance - Hub Group's shares have returned +6.5% over the past month, outperforming the Zacks S&P 500 composite's +3.6% change, although the stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance in the near term [3]

Financial Data and Key Metrics Changes - Revenues for Q3 2025 totaled $771 million, an increase of 3% year-over-year, with revenues net of fuel increasing by 4% [16] - Adjusted EPS was negative $0.03, impacted by discrete tax items which negatively affected adjusted EPS by $0.08 [11][28] - Adjusted operating margin was 1.4%, with TTS adjusted operating margin at 1.9% net of fuel surcharge, a decrease of 340 basis points year-over-year [16][11] Business Line Data and Key Metrics Changes - In Dedicated Truckload Services, revenue net of fuel was $292 million, up 2.5%, representing 65% of TTS trucking revenues [18] - One-Way Truckload Services saw trucking revenue net of fuel decrease by 3% to $160 million, with revenue per truck per week decreasing by 4.3% due to lower miles per truck [20][12] - Logistics revenue increased by 12% year-over-year to $233 million, with truckload logistics revenues up 13% and shipments increasing by 12% [22] Market Data and Key Metrics Changes - Demand in Q3 was below normal seasonality for most of the quarter, but improvement in one-way trucking demand was noted through September and into October [13] - Retail inventories have mostly normalized, with non-discretionary goods experiencing consistent replenishment cycles [14] - Spot rates trended higher starting in September and are expected to follow normal seasonal patterns for the remainder of the year [14] Company Strategy and Development Direction - The company focuses on three priorities: driving growth in core business, operational excellence, and capital efficiency [6] - The company is investing in technology transformation, creating a modern, scalable, secure cloud-based platform to enhance operational efficiency and customer experience [8][9] - The company aims to maintain a balanced capital allocation strategy, investing in growth while returning capital to shareholders [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in business fundamentals despite challenges in the one-way business, highlighting steady momentum in dedicated services [4][5] - Concerns about consumer health persist, but rising retail sales and moderate inflation relief are seen as supportive signs for retail [13] - The company expects continued improvement in one-way production and a more favorable position as the market stabilizes [12][15] Other Important Information - The company achieved $36 million in savings towards its $45 million cost savings goal for 2025, with expectations to reach the full goal by year-end [23] - Operating cash flow was $44 million for the quarter, representing 5.7% of total revenue, with total liquidity at quarter-end amounting to $695 million [24] Q&A Session Summary Question: Expectations for TTS operating ratio improvement from Q3 to Q4 - Management expects some operating income upside due to startup expenses dropping off and one-way production rebounding, but logistics gross margin pressure may offset this [31] Question: Impact of regulatory enforcement on capacity reduction - Management noted that the pace of capacity reduction related to regulatory enforcement is increasing, with projections suggesting about 30,000 drivers could be placed out of service annually [32][33] Question: Thoughts on mid-season rates for 2026 - Management believes enforcement issues could lead to better bid season outcomes compared to the previous year, with expectations for improved rates due to increased enforcement [35][37] Question: Peak season expectations - Management anticipates peak season to look similar to the previous year, with discount retail holding up well and projections for same-store sales remaining stable [44][45] Question: Regional tightness and its impact - Management confirmed that while some regions are tightening, there is evidence of avoidance behavior among drivers, but overall, the impact on the market is significant [47]