Fund Performance - Platinum International Technology Fund achieved a 3% return in Q4 2025 and a 13.1% return for the entire year, outperforming the benchmark returns of 2.5% and 12.4% respectively [1] - The depreciation of the U.S. Dollar negatively impacted both the Fund and Benchmark returns when measured in Australian dollars [1] Market Environment - The market was characterized as 'risk-on', with defensive sectors such as Real Estate and Consumer Staples underperforming, while discretionary consumer businesses showed mixed results [1] - For 2026, the firm anticipates a similar investment environment as in 2025 and 2024, aiming to avoid extreme events [1] Company Focus - Jacobs Solutions Inc. (NYSE:J) is highlighted as a key stock, providing infrastructure and advanced facilities, with a market capitalization of $14.74 billion [2] - The stock of Jacobs Solutions Inc. experienced a one-month return of -10.14% and a 52-week gain of 3.37% [2] Investment Outlook - Jacobs Solutions Inc., along with Microsoft and Uber, detracted from the Fund's quarterly returns by between 0.5% and 0.8% each, but the company is viewed positively for the long term [3] - The engineering services industry is facing potential disruption from AI, but Jacobs Solutions is expected to be a net beneficiary of the AI revolution, with management actively investing in AI to enhance efficiencies [4][5]

Janus Henderson Investors, an investment management company, released its “Global Sustainable Equity Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the fourth quarter of 2025, global equity markets experienced a significant upswing, with many indices hitting new all-time highs. Resilient equity markets, favorable monetary policies, and ongoing momentum in AI and electrification trends supported this positive investment environment. The firm maintained a focus on ...

Core Insights - Legence Corp. reported record quarterly revenues of $737.6 million for Q4 2025, marking a 34.6% increase from $548.2 million in Q4 2024, primarily driven by organic growth [1][4][3] - The company achieved a record total backlog and awarded contracts of $3.7 billion, a 49% increase year-over-year, with a robust book-to-bill ratio of 1.9x for Q4 [1][24][25] - Non-GAAP Adjusted EBITDA for Q4 2025 was $87.0 million, reflecting a 53.2% increase from $56.8 million in Q4 2024 [4][3] Financial Performance - Q4 2025 revenues totaled $737.6 million, up 34.6% from $548.2 million in Q4 2024 [4][5] - Gross profit for Q4 2025 was $147.5 million, with a gross margin of 20.0%, compared to $112.9 million and 20.6% in Q4 2024 [4][5] - For the full year 2025, total revenues reached $2.6 billion, a 21.5% increase from $2.1 billion in 2024 [5][8] Segment Performance - The Engineering & Consulting segment generated $172.6 million in revenue for Q4 2025, a 10.0% increase from $156.9 million in Q4 2024, driven by demand for Program & Project Management services [9][12] - The Installation & Maintenance segment reported revenues of $565.1 million for Q4 2025, a 44.4% increase from $391.3 million in Q4 2024, primarily due to strong demand from data centers and life sciences clients [16][18] - For the full year 2025, the Installation & Maintenance segment revenues totaled $1.8 billion, up 21.9% from $1.5 billion in 2024 [22][23] Backlog and Contracts - Total backlog and awarded contracts reached $3.7 billion as of December 31, 2025, a 48.6% increase from $2.5 billion a year earlier [24][26] - The Engineering & Consulting segment backlog increased by 16.2% year-over-year, while the Installation & Maintenance segment backlog surged by 65.8% [24][25] Acquisitions - On March 1, 2026, Legence completed the acquisition of Metrix Engineers LLC for approximately $30 million, enhancing its engineering capabilities in the Pacific Northwest [27][28] - The company also acquired Bowers on January 2, 2026, for an upfront cash payment of $325 million, funded through a combination of cash and debt [29] Guidance - For Q1 2026, Legence expects revenues between $925 million and $950 million, with Non-GAAP Adjusted EBITDA projected at $90 million to $100 million [30][31] - The full-year 2026 guidance has been raised to revenues of $3.7 billion to $3.9 billion and Non-GAAP Adjusted EBITDA of $400 million to $430 million [34]

Core Viewpoint - Arthur J. Gallagher & Co. (NYSE:AJG) is considered one of the most undervalued blue-chip stocks, with varying price targets from different analysts reflecting market conditions and company performance [1][2]. Group 1: Analyst Ratings and Price Targets - Truist lowered its price target on AJG to $235 from $271, maintaining a Hold rating due to valuation pressure in the insurance brokerage sector [1][6]. - RBC Capital resumed coverage on AJG with an Outperform rating and a price target of $260, suggesting that the recent sell-off driven by AI concerns is overdone [2]. Group 2: Company Developments - AJG's Risk Placement Services division acquired S Philips Surety & Insurance Services, which enhances its U.S. wholesale brokerage and programs business [3]. - The company provides a range of services including insurance brokerage, consulting, and claims management on a global scale [3].

Core Viewpoint - Luotea Oyj has updated its share-based incentive plans for key employees, introducing changes to align with company objectives and employee experience metrics, while also launching a new incentive plan for 2026-2030 aimed at long-term value creation [2][3][6]. Group 1: Updates to Existing Incentive Plans - The share-based incentive plan for 2023-2027 has been modified to change the ESG criterion from carbon footprint reduction to employee experience measured by eNPS for the years 2026 and 2027 [3]. - The performance criteria for the earning periods 2024-2026 and 2025-2027 remain unchanged, with the maximum rewards corresponding to approximately 183,000 shares and 291,000 shares respectively [4]. Group 2: New Share-Based Incentive Plan 2026-2030 - The new share-based incentive plan for 2026-2030 consists of three performance periods: 2026-2028, 2027-2029, and 2028-2030 [7]. - The plan aims to align the interests of the company, shareholders, and key employees, focusing on long-term value increase and employee commitment [6]. Group 3: Performance Criteria for New Incentive Plan - The performance criteria for the 2026-2028 period include relative total shareholder return (TSR) weighted at 30%, return on capital employed (ROCE) at 50%, and cash conversion, earnings per share (EPS), eNPS, and revenue growth each weighted at 20% [8][13]. - The maximum rewards for the 2026-2028 performance period are estimated to be approximately 389,000 shares, targeting around 18 key employees [9]. Group 4: General Provisions - Rewards will be distributed partly in shares and partly in cash, with cash portions intended to cover tax liabilities [10]. - Group Management Team members are required to hold at least 50% of the net shares received until their value equals their annual salary [11].

Core Viewpoint - Luotea Plc, a real estate service company, is focused on providing comprehensive property lifecycle solutions, integrating energy efficiency and data-driven technologies to enhance property value and user experience [2][3]. Group 1: Company Overview - Luotea Plc operates in Finland and Sweden, employing approximately 5,000 people [3]. - The company reported a revenue of €346 million in 2025 [3]. - Luotea is listed on Nasdaq Helsinki [3]. Group 2: Management Transactions - Antti Niitynpää, the Chief Executive Officer, received a share-based incentive of 5,803 shares at a unit price of €0.00 on March 6, 2026 [2]. - This transaction is categorized as an initial notification [2]. - The aggregated volume weighted average price for the transaction is also €0.00 [2]. Group 3: Service Offerings - Luotea provides a wide range of services including advanced property maintenance, technical and consulting services, as well as cleaning and support services [2]. - The company's services are designed to enhance property value and create optimal conditions for property users [2].

Core Insights - Luotea Oyj's CEO, Antti Niitynpää, made an initial notification regarding a share acquisition on March 3, 2026 [1] - The transaction occurred on NASDAQ HELSINKI LTD, with a total volume of 15,875 shares traded at a volume-weighted average price of €2.53134 [2] Company Overview - Luotea is a real estate service company operating in Finland and Sweden, providing comprehensive solutions throughout the entire lifecycle of properties [2][4] - The company reported a revenue of €346 million in 2025 and employs approximately 5,000 people [4] - Luotea's services include advanced property maintenance, technical consulting, and support services, focusing on enhancing property value and user conditions [2]

Company Overview - Arthur J. Gallagher & Co. (AJG) has a market cap of $57.9 billion and operates as a global insurance and reinsurance brokerage firm, providing risk management, consulting, and claims services to businesses and individuals worldwide [1] - The company serves a diverse clientele, including commercial, industrial, public, religious, and nonprofit organizations, through a vast global network of brokers and consultants [2] Stock Performance - AJG shares have declined 35.9% from their 52-week high of $351.23, with an 8.2% decrease over the past three months, underperforming the Nasdaq Composite's 4% dip during the same period [3] - Year-to-date, AJG stock is down nearly 13%, compared to a 3.1% decline in the Nasdaq Composite, and has dropped 34.1% over the past 52 weeks, while the Nasdaq Composite has increased by 22.7% [3] Technical Indicators - AJG stock has been trading below its 50-day and 200-day moving averages since early June 2025 [4] Financial Performance - Following its Q4 2025 results, AJG shares rose 1.4% after reporting 5% organic growth in brokerage, 38% growth in reported brokerage revenue, and 30% growth in adjusted EBITDAC, marking 23 consecutive quarters of double-digit EBITDAC growth [5] - Management reaffirmed a 2026 brokerage organic growth guidance of around 5.5% and projected $160 million in annualized integration synergies by the end of 2026, with a longer-term target of $260 million to $280 million by early 2028 [5] Competitive Position - AJG has shown a more pronounced decline compared to its rival, Marsh & McLennan Companies, Inc. (MMC), which has fallen 1.5% year-to-date and 13.6% over the past 52 weeks [6] - Despite the stock's weak performance, analysts maintain a moderately optimistic outlook, with a consensus rating of "Moderate Buy" from 23 analysts and a mean price target of $283.74, indicating a potential premium of nearly 26% to current levels [6]

Core Viewpoint - Luotea Plc has undergone a partial demerger of its Circular Economy Business, which has been classified as discontinued operations in accordance with IFRS 5, affecting the presentation of its financial statements for the years 2024 and 2025 [2][3]. Group 1: Demerger Details - The Demerger Plan for the Circular Economy Business was published on 7 August 2025 and approved on 4 December 2025, with the demerger implemented on 31 December 2025 [2]. - Following the demerger, the financial results related to the circular economy business will be presented separately from continuing operations, with comparative periods restated accordingly [2][3]. Group 2: Financial Information - The income statement for discontinued operations includes revenue and expenses directly attributable to the circular economy business, which will be derecognized from the Group post-demerger [3]. - The comparative information provided is unaudited and reflects the financial performance of continuing operations after the demerger [4]. Group 3: Company Overview - Luotea is a real estate service company operating in Finland and Sweden, providing comprehensive property lifecycle solutions, including energy efficiency and data-driven technologies [5]. - In 2024, Luotea reported a revenue of €346 million and employed approximately 5,000 people [5].

Core Viewpoint - Arthur J. Gallagher & Co. (AJG) has experienced significant underperformance in its stock price compared to the broader market, raising concerns about its competitive position and future growth potential [2][3]. Company Overview - Arthur J. Gallagher & Co. is based in Rolling Meadows, Illinois, and provides insurance and reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services globally. The company has a market capitalization of $56.1 billion and operates through Brokerage and Risk Management segments [1]. Stock Performance - Over the past 52 weeks, AJG stock has declined by 33.3%, while the S&P 500 Index has increased by 12.4%. Year-to-date, AJG shares are down 16.2%, contrasting with a slight gain in the S&P 500 [2]. - AJG stock has also underperformed compared to the State Street Financial Select Sector SPDR ETF, which rose by 1.1% over the same period [3]. Recent Financial Results - Following the release of its Q4 2025 results, AJG shares rose by 1.4%. The company reported revenue of $3.6 billion for the quarter, exceeding analysts' expectations, and an adjusted EPS of $2.36, which also surpassed Wall Street estimates [5]. Market Challenges - On February 9, AJG shares dropped nearly 10% after OpenAI introduced insurance-native applications within its ChatGPT App Library, which could threaten traditional brokerage models [5]. Earnings Forecast - Analysts project that AJG's EPS will grow by 24% year-over-year to $13.26 for the year ending December 2026. The company's earnings surprise history is mixed, with two beats and two misses in the last four quarters [6]. Analyst Ratings - Among 23 analysts covering AJG stock, the consensus rating is a "Moderate Buy," consisting of 11 "Strong Buy" ratings, 11 "Holds," and one "Strong Sell" [6]. - Citigroup analyst Matthew Heimermann maintained a "Neutral" rating on AJG and raised the price target from $277 to $280. The mean price target of $289.95 suggests a 32.8% premium to current price levels, while the highest target of $388 indicates a potential upside of 77.7% [7].