Core Insights - The FPA Queens Road Small Cap Value Fund reported a return of 7.46% in Q3 2025, underperforming the Russell 2000 Value Index which returned 12.60% [1] - For the first three quarters of 2025, the fund achieved a return of 13.77%, outperforming the index's 9.04% [1] - The fund's investment strategy focuses on a disciplined approach, expecting to perform better in down markets and lag in speculative environments [1] Company Highlights: TD SYNNEX Corporation - TD SYNNEX Corporation is recognized as the largest IT distributor globally, evolving from traditional hardware distribution to providing outsourced sales and IT consulting services [3] - The company reported a one-month return of -5.70% but has seen a 52-week gain of 20.89%, with shares closing at $146.24 and a market capitalization of $12.06 billion as of November 21, 2025 [2] - In Q3 2025, TD SYNNEX Corporation reported revenue of $15.7 billion, reflecting a 7% year-over-year increase [4] - The company's growth is driven by its Advanced Solutions portfolio, which has rebounded to double-digit billings growth, focusing on software and security solutions [3] - Current valuation of TD SYNNEX shares is approximately 12 times this year's earnings, indicating potential attractiveness for investors [3] Hedge Fund Interest - As of the end of Q2 2025, 36 hedge fund portfolios held TD SYNNEX Corporation, an increase from 35 in the previous quarter [4]

Core Viewpoint - Dell Technologies has shown strong stock performance in 2025, with a year-to-date total return of approximately 35%, significantly outperforming the S&P 500 Index's return of about 13.5% and the Technology Select Sector SPDR Fund's return of 22% [1][2]. Financial Projections - Dell has increased its annual revenue growth target from 3% to 9% for fiscal years 2027 to 2030, more than doubling its previous expectations [3][4]. - The company has also raised its adjusted diluted earnings per share (EPS) growth target to "15% or better" from a previous forecast of "8% or better" for the same period, indicating strong long-term growth potential [4]. Growth Drivers - The primary growth driver for Dell is its Infrastructure Solutions Group (ISG), which is expected to grow by 12.5% annually, up from a previous midpoint of 7% [7]. - The Client Solutions Group (CSG), which includes personal computers and accessories, is projected to grow at a slower rate of 2% to 3% annually [8]. - Dell anticipates that enterprise AI servers will be a significant contributor to its growth, as more companies invest in their own AI infrastructure rather than relying on public cloud services [9][10]. Market Opportunity - Dell believes that 90% of enterprises have yet to deploy AI at scale, presenting a substantial long-term opportunity for the company [11]. - The current price target consensus for Dell is approximately $160.79, suggesting a potential upside of over 13% based on updated analyst forecasts [12][13]. Valuation - Dell's shares are currently trading at a forward price-to-earnings (P/E) ratio of 15x, indicating that they are reasonably priced given the growth opportunities in the enterprise AI server market [13].