Artisan Partners, an investment management company, released its fourth-quarter 2025 investor letter for “Artisan Mid Cap Fund”.  A copy of the letter can be downloaded here. The Fund seeks to invest in companies that possess franchise characteristics, with strong earnings trajectories, and are trading at a discount to the estimated private market value. US equities ended a record year with robust fourth-quarter gains. The Fund’s Investor Class, ARTMX, delivered -0.44%, the Advisor Class, APDMX, delivered - ...

Company Overview - Chemed is a diversified services company operating in healthcare and essential home services markets, with a dual-segment model that provides stable revenue streams through hospice care and property maintenance [6] - As of February 12, 2026, Chemed's market capitalization is $6.76 billion, with a revenue of $2.53 billion and a net income of $278.81 million [4] Recent Developments - On February 12, 2026, Barington Companies Management disclosed a new position in Chemed, acquiring 13,000 shares valued at approximately $5.56 million [1][2] - This new position represents 3.65% of Barington Companies Management's reportable U.S. equity assets [8] Financial Performance - Chemed reported third-quarter revenue of $624.9 million, reflecting a year-over-year increase of 3.1%, while adjusted diluted EPS decreased by 6.6% to $5.27 [10] - VITAS revenue increased by 4.2% to $407.7 million, with admissions up 5.6% and average daily census up 2.5% [11] - Roto-Rooter revenue grew by 1.1% to $217.2 million, although margins experienced compression [11] - Chemed ended the quarter with $129.8 million in cash and no current or long-term debt, maintaining full-year guidance of $22.00 to $22.30 per share [11] Market Position and Strategy - Chemed operates through two main segments: VITAS for hospice and palliative care services, and Roto-Rooter for plumbing and water restoration services, targeting both healthcare and property maintenance sectors [9] - The company leverages its national network, brand strength, and operational expertise to maintain a competitive position in its core markets [6] - The recent investment by Barington Companies Management adds defensive exposure to Chemed's portfolio, which is primarily focused on consumer and technology sectors [12]

Core Insights - The company reported Q1 revenue of $871 million, an increase from $749.5 million in the previous year, indicating a year-over-year growth in revenue [1] Group 1: Residential Segment Performance - The residential segment continues to face challenges due to a difficult housing market, which has not shown signs of improvement [1] - Factors such as housing affordability issues, insurance availability and costs, and overall economic uncertainty are negatively impacting consumer demand, leading to a decrease in residential revenue and earnings for Q1 of fiscal 2026 compared to the prior year [1] - The company is prioritizing plumbing and HVAC expansion plans in markets where it already has a strong presence in the single-family electrical business, in response to the challenging market conditions [1] Group 2: Future Outlook - Despite the current economic challenges expected to persist, particularly through the slower winter season, the company remains optimistic about the long-term outlook for its residential business [1]

Core Insights - UFC and Skilled Trades College (STC) have renewed their partnership to promote hands-on training and career readiness for aspiring tradespeople [1][3] - STC plans to expand its pre-apprenticeship training programs into the United States [2] Partnership Details - The partnership emphasizes shared values such as discipline, ambition, and excellence, aiming to prepare the workforce for high-performance careers [3] - STC will receive branding opportunities at UFC events, including inside the Octagon and across UFC's digital platforms [4][5] Scholarship Initiatives - The Building Champions Scholarship will continue, providing grants for students to attend STC's programs, with UFC legend Georges St-Pierre as a brand ambassador [5][6] - The scholarship initiative has already funded 12 full scholarships for STC pre-apprenticeship programs [5] Company Background - UFC is a leading mixed martial arts organization with over 700 million fans and 330 million social media followers, producing more than 40 live events annually [7] - Skilled Trades College, established in 2008, is recognized for its excellence in construction training and offers hands-on pre-apprenticeship programs across six campuses in Canada [8][9]

Core Viewpoint - Watts Water Technologies, Inc. will hold a conference call to discuss its Fourth Quarter and Full Year 2025 results on February 12, 2026, at 9:00 a.m. Eastern Standard Time, with financial results announced on February 11, 2026, after market close [1]. Group 1 - The conference call can be accessed via the Investor Relations section of the company's website, and an archived version will be available until February 11, 2027 [2]. - Watts Water Technologies, Inc. is a global manufacturer headquartered in the USA, providing a broad range of plumbing, heating, and water quality products [3]. - The company offers innovative solutions to enhance the efficiency, safety, and quality of water in commercial, residential, and industrial applications [3].

Core Insights - Mr. Handyman of Wheaton-Hinsdale has surpassed 1,000 reviews on Google with a 4.8-star rating, indicating strong demand for home repair services and a commitment to quality [1] - The company has received the 2025 Angi Super Service Award, recognizing its exceptional service and quality in the home improvement industry [2][9] - The company has been operating since 2010, providing a wide range of handyman services to various communities in the western Chicago suburbs [10] Company Achievements - The achievement of 1,000 reviews and a 4.8-star rating reflects the company's dedication to customer satisfaction and service excellence [1][3] - Mr. Handyman of Wheaton-Hinsdale has received the Angi Super Service Award for twelve consecutive years, showcasing its consistent performance in the industry [3][9] - The company maintains an A+ accreditation with the Better Business Bureau and has completed over 5,000 projects without any complaints [11] Service Offerings - The company provides a comprehensive range of services, including drywall repair, tile services, exterior home repairs, and bathroom remodels [4][10] - Mr. Handyman emphasizes same-day response times and employs a skilled workforce to ensure professionalism and customer care [4][6] - Partnerships with local vendors enhance the service experience and contribute to the local economy [6] Community Engagement - The company focuses on building lasting relationships with clients and aims to continue its growth within the community [5] - Mr. Handyman serves clients in Wheaton and surrounding areas, including Hinsdale, Schaumburg, and Lombard, indicating a broad service area [4][10]

Core Insights - Ferguson Enterprises Inc. reported strong financial results, achieving a net sales increase of 5.1% year-over-year, driven by organic revenue growth of 4.2% and acquisition growth of 1.0% [4][11] - The company is optimistic about its performance in calendar year 2025, expecting mid-single digit growth in net sales and maintaining a strong balance sheet while returning capital to shareholders [2][12] - Non-residential revenue grew by 12% during the quarter, significantly outperforming the residential market, which faced challenges [8][7] Financial Performance - For the quarter ended October 31, 2025, net sales reached $8.2 billion, up from $7.8 billion in the same period last year [4][37] - Gross margin improved to 30.7%, a 60 basis point increase from the previous year, while operating profit rose to $771 million, reflecting a 15.9% increase [5][37] - Diluted earnings per share increased by 23.9% to $2.90, compared to $2.34 in the prior year [6][37] Segment Analysis - In the U.S. market, net sales increased by 5.3%, with organic revenue growth of 4.4% and a 0.9% contribution from acquisitions [7][11] - The residential market, which constitutes about half of U.S. revenue, showed a decline of 1%, while non-residential markets saw a 12% increase, supported by large capital project activities [8][7] - In Canada, net sales grew by 2.2%, with organic growth of 0.7% and a 4.6% contribution from acquisitions, although the market remained subdued [10][11] Guidance and Future Outlook - The company updated its guidance for calendar year 2025, projecting mid-single digit growth in net sales and an adjusted operating margin of 9.4% to 9.6% [2][12] - Interest expenses are expected to be between $180 million and $200 million, with capital expenditures projected at approximately $300 million to $350 million [2][12] Capital Management - Ferguson completed share repurchases totaling $208 million during the quarter and has approximately $0.8 billion remaining under its current share repurchase program [12][13] - The company declared a quarterly dividend of $0.89, representing a 7% increase from the previous year, to be paid on February 27, 2026 [13][12] Financial Position - As of October 31, 2025, the net debt to adjusted EBITDA ratio was 1.1x, indicating a strong financial leverage position [12][26] - Total assets were reported at $17.7 billion, with total liabilities of $11.6 billion, resulting in stockholders' equity of $6.1 billion [38][37]

Core Insights - Watts Water Technologies, Inc. has been recognized as one of the Top Places to Work in Massachusetts for the third consecutive year, as voted by employees [1] - The recognition is based on employee feedback regarding various aspects of the workplace, including company direction, management, and benefits [1] - The survey was conducted by Energage, collecting responses from nearly 120,000 employees across 314 organizations in Massachusetts [1] Company Commitment - The CEO, Robert J. Pagano, Jr., emphasized the importance of employee passion and dedication to the company's success and commitment to providing a meaningful employee experience [1] - The Chief Human Resources Officer, Monica Barry, highlighted the company's focus on fostering a positive workplace culture and a people-first strategy [1] Industry Context - Watts Water Technologies is a global manufacturer headquartered in the USA, offering a wide range of plumbing, heating, and water quality products [1] - The company aims to provide innovative solutions to enhance the efficiency, safety, and quality of water in various applications, including commercial, residential, and industrial [1]

Core Points - Watts Water Technologies, Inc. will participate in the 2025 Baird Global Industrial Conference on November 12, 2025, at 7:55 AM Central Time in Chicago [1] - Key executives attending include Robert J. Pagano, Jr. (CEO), Ryan S. Lada (CFO), Andre Dhawan (COO), and Diane McClintock (SVP FP&A and Investor Relations) [1] Company Overview - Watts Water Technologies, Inc. is a global manufacturer based in the USA, providing a wide range of plumbing, heating, and water quality products [2] - The company offers innovative solutions for commercial, residential, and industrial applications [2]

Company Overview - Chemed Corporation operates two primary segments: VITAS, which provides hospice and palliative care services, and Roto-Rooter, offering plumbing, drain cleaning, and water restoration solutions [4][5] - The company generates revenue through direct service delivery to patients and customers via company-owned branches, independent contractors, and franchisees [4][5] - Chemed's primary customers include patients requiring end-of-life care and residential or commercial clients needing plumbing and related services across the United States [5] Financial Performance - For the trailing twelve months (TTM), Chemed reported revenue of $2.53 billion and net income of $278.81 million [3] - The company's dividend yield stands at 0.44% as of October 28, 2025 [3] - As of October 28, 2025, Chemed shares were priced at $438.94, reflecting a 27.91% decline over the past year and underperforming the S&P 500 by 45.55 percentage points [2] Recent Developments - Schwartz Investment Counsel reduced its position in Chemed by 28,771 shares, valued at approximately $13.03 million, bringing its stake down to 1.67% of reportable assets from 2.24% in the previous quarter [1][2] - Chemed's stock was demoted from the 11th-largest holding to the 17th place in Schwartz's portfolio by the end of September 2025 [6] - The hospice segment experienced a decline in adjusted EBITDA by 3.8% to $70.4 million, despite a 2.98% year-over-year increase in average revenue per day [8] - The Roto-Rooter segment's revenue grew by 1.1% year over year, but adjusted EBITDA declined by 12.4% [9]