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 ...

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 ...

With a market cap of $277.8 billion, Morgan Stanley (MS) is a global financial holding company that provides a wide range of financial products and services to governments, institutions, and individuals worldwide. The firm operates through Institutional Securities, Wealth Management, and Investment Management segments, offering services such as capital raising, financial advisory, brokerage, lending, asset management, and research. Morgan Stanley is expected to announce its fiscal Q4 2025 earnings result ...

Core Viewpoint - FactSet Research Systems Inc. (FDS) is experiencing significant stock underperformance despite its strong market position and high client retention in the financial data and analytics sector [1][3][4]. Company Overview - FactSet has a market capitalization of $10.9 billion, classifying it as a large-cap stock, which highlights its size and influence in the financial sector [1][2]. - The company operates a subscription-based model, serving asset managers, banks, hedge funds, and corporations globally [1]. Stock Performance - FactSet's stock has declined 41% from its 52-week high of $496.90, with a 15.1% drop over the past three months, underperforming the Financial Select Sector SPDR Fund (XLF), which rose by 2% during the same period [3]. - Over the past year, FDS shares have decreased by 39.9%, and by 30.5% in the last six months, while XLF advanced by 10.5% and 8.1% respectively [4]. - The stock has remained below its 200-day moving average since early June, although a recent move above the 50-day moving average indicates potential short-term stabilization [4]. Recent Developments - On December 4, FactSet announced its market intelligence is now available through Amazon Quick Research, allowing clients to integrate FactSet data with AWS cloud environments, which supports AI-driven strategies [6]. - Following this announcement, FDS shares rose more than 4% in the next trading session [6]. Competitive Position - In comparison, rival S&P Global Inc. (SPGI) has only seen a marginal decline over the past year and a 1% dip over the past six months, emphasizing FactSet's relative underperformance in the market [7].

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]

Product Launch - Launched Research for @cfosilvia, integrating deep financial analysis and code execution [1] - Research features include Monte Carlo simulations and portfolio stress tests [1] - Users can access Research while chatting or directly via the Research page [1] Key Features - Offers deep financial analysis capabilities [1] - Supports code execution for advanced analysis [1] - Enables Monte Carlo simulations for risk assessment [1] - Facilitates portfolio stress tests to evaluate resilience [1] Access and Sign-up - Available to users of @cfosilvia [1] - Sign-up link provided for new users [1]

Core Insights - Gartner, Inc. is a large-cap company with a market capitalization of approximately $16.7 billion, providing research, data, and advisory support across various industries [2] - The stock has faced significant challenges, trading about 60.3% below its February high of $584.01, with a 52-week decline of 55.6% and a year-to-date drop of 52.1% [3][4] Financial Performance - In Q3 fiscal 2025, Gartner reported revenue of $1.52 billion, a year-over-year increase of 2.7%, meeting analyst expectations [6] - Adjusted EPS rose by 10.4% to $2.76, surpassing forecasts of $2.43 [6] - The company announced a $1 billion stock repurchase, reducing the share count by 6% year-over-year [7] Future Guidance - Gartner raised its full-year guidance, projecting Insights revenue of at least $5.06 billion, Conferences revenue of $630 million, and Consulting revenue of $575 million [7] - Full-year EBITDA is now expected to be a minimum of $1.575 billion, an increase of $60 million from prior guidance, with margins lifted to 24.3% [8] - Adjusted EPS for 2025 is anticipated to reach $12.65, indicating confidence in sustainable growth and profitability [8] Market Position - Despite recent stock performance challenges, Gartner's stock saw a nearly 4.4% increase on November 5, following the positive earnings report [6] - Technical indicators show that the stock has been trading below its 50-day and 200-day moving averages, indicating a bearish trend [5]

FY25 Performance - Revenues reached $14.4 billion, a 4% year-over-year increase[10] - Adjusted EBITDA was $1,104 million, up 5% year-over-year[10] - Adjusted Diluted EPS increased by 11% year-over-year to $2.22[10] - Free Cash Flow amounted to $516 million[10] - The company's Backlog was $47.1 billion with a Book-to-Bill ratio of 1.2x[10] Q4 FY25 Highlights - The company achieved a robust Q4 book-to-bill ratio of 1.6x[9] - Secured a Space Force Range Contract worth $4 billion over ten years[15] - Awarded nuclear services totaling over $1.8 billion over 15 years for Sellafield Decommissioning and Nuclear Waste Partners[16] - NASA awarded Ascend Aerospace & Technology, a joint venture in which Amentum is a partner, a new nine-year $1.8 billion contract to support flight mission operations and training[17] - Secured multiple classified intelligence contracts totaling nearly $700 million[18] FY26 Guidance - The company initiated FY26 guidance with revenue expected to be between $13.95 billion and $14.3 billion, implying underlying growth of approximately 3%[56] - Adjusted EBITDA is projected to be between $1.1 billion and $1.14 billion, representing approximately 5% underlying growth[56] - Adjusted Diluted EPS is expected to be between $2.25 and $2.45, indicating approximately 12% underlying growth[56] - Free Cash Flow is forecasted to be between $525 million and $575 million, also representing approximately 12% underlying growth[56]

Core Insights - Marcus & Millichap, Inc. (MMI) reported an earnings per share (EPS) of $0.01, significantly below the estimated $0.23, indicating lower profitability than expected [2][6] - The company achieved a 15.1% increase in revenue year-over-year, reaching $193.9 million, although this was below the anticipated $253.2 million [2][3][6] - MMI's financial health is characterized by a low debt-to-equity ratio of 0.14 and a current ratio of 3.47, indicating a stable financial position despite earnings challenges [5][6] Financial Performance - MMI's revenue of $193.9 million represents a 15.1% increase compared to the same quarter in 2024, showcasing strong performance in its core services [2][3] - The company's revenue fell short of market expectations, which were set at $253.2 million, highlighting challenges in meeting financial forecasts [3][6] Valuation Metrics - MMI's price-to-sales ratio is approximately 1.60, indicating that investors are willing to pay $1.60 for every dollar of sales [4] - The enterprise value to sales ratio also stands at roughly 1.60, reflecting the company's valuation in relation to its sales [4] - The enterprise value to operating cash flow ratio is about 16.11, suggesting how many times the operating cash flow can cover the enterprise value [4]