Investment Environment - L1 Capital International Fund's fourth-quarter 2025 investor letter emphasizes the importance of valuation analysis for AI-focused investments, indicating that mere conviction in AI is insufficient for successful outcomes [1] - The year 2025 was characterized as a strong year for global stock markets, with the fund returning 2.2% net of fees, compared to 2.5% for the MSCI World Net Total Return Index in AUD [1] Fund Performance - For the year 2025, the fund achieved a return of 9.8% net of fees, while the benchmark index returned 12.4% [1] Company Focus: Intercontinental Exchange, Inc. (NYSE:ICE) - Intercontinental Exchange, Inc. (NYSE:ICE) is highlighted as a long-term holding and remains a top 10 position in the fund, despite facing share price pressure due to AI-related concerns [3] - The stock of Intercontinental Exchange, Inc. (NYSE:ICE) experienced a one-month return of 8.04% and a 52-week gain of 15.12%, closing at $172.94 per share with a market capitalization of $98.995 billion on January 14, 2026 [2] - The share price of Intercontinental Exchange, Inc. (NYSE:ICE) has recovered 15% from recent lows, indicating resilience despite market pressures [3] Hedge Fund Interest - Intercontinental Exchange, Inc. (NYSE:ICE) was held by 82 hedge fund portfolios at the end of the third quarter, a slight decrease from 84 in the previous quarter, suggesting a stable interest among hedge funds [4] - While acknowledging the potential of Intercontinental Exchange, Inc. (NYSE:ICE) as an investment, the company believes that certain AI stocks may offer greater upside potential with less downside risk [4]

IQVIA Holdings Inc. (IQV) is a leading global provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry. Headquartered in Durham, North Carolina, the company draws on vast data resources, deep domain expertise, and Connected Intelligence to hasten clinical development and commercialization of innovative medical treatments. Operating across several countries, IQVIA assists pharmaceutical, biotechnology, and medical device companies through its core ...

Meridian Funds, managed by ArrowMark Partners, released its “Meridian Hedged Equity Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the quarter, the market is more focused on the tailwind of policy easing than the headwind of weakening fundamentals, resulting in substantial gains despite stagflation emerging as a key concern. In this environment, the fund returned 1.67% (net) during the quarter, compared to 8.13% returns of the S&P 500 Index and 3.53% returns of th ...

Core Viewpoint - CSPi is set to release its fiscal 2025 fourth quarter and full year financial results on December 16, 2025, before the market opens [1] Company Summary - CSPi is recognized as an award-winning provider of security and packet capture products, managed IT and professional services, and technology solutions [1] - The announcement was made by CSPi's President and CEO Victor Dellovo, along with CFO Gary W. [1]

Core Insights - IQVIA Holdings Inc. is valued at $37.6 billion and provides healthcare research services, including analytics, technology solutions, and clinical research to the life sciences industry, aimed at improving healthcare outcomes for patients [1] Performance Overview - Over the past year, IQV shares have gained 12.2%, underperforming the S&P 500 Index, which increased by nearly 13.7% [2] - In 2025, IQV's stock rose 10%, while the S&P 500 saw a 13.4% rise on a year-to-date basis [2] - Compared to the Health Care Select Sector SPDR Fund (XLV), which gained about 7% over the past year, IQV's performance is relatively better, although the ETF's 10.3% year-to-date returns outshine IQV's gains [3] Financial Results - For Q3, IQV reported an adjusted EPS of $3, exceeding Wall Street expectations of $2.96, and revenue of $4.10 billion, beating forecasts of $4.07 billion [4] - The company expects full-year adjusted EPS to be in the range of $11.85 to $11.95 and revenue between $16.2 billion and $16.3 billion [4] Analyst Expectations - Analysts project IQV's EPS to grow by 5.1% to $10.77 for the current fiscal year ending in December [5] - Among 22 analysts covering IQV, the consensus rating is a "Strong Buy," with 16 "Strong Buy" ratings, one "Moderate Buy," and five "Holds" [5] - A month ago, the bullish sentiment increased, with 15 analysts suggesting a "Strong Buy" [6] Price Targets - BMO Capital initiated coverage of IQV with an "Outperform" rating and a price target of $260, indicating a potential upside of 20.3% from current levels [6] - The mean price target is $244.38, representing a 13.1% premium to current prices, while the highest price target of $265 suggests an upside potential of 22.6% [6]

Core Insights - TMX Group Limited reported significant increases in trading statistics for October 2025 across its marketplaces, indicating robust market activity and growth compared to previous periods [1][2]. Trading Statistics - Total trading volume in October 2025 reached 18,846,129,482 shares, up from 17,189,380,707 in September 2025 and 11,818,894,460 in October 2024, reflecting a year-over-year increase of 59.4% [2]. - The total value of trades in October 2025 was $388,951,149,042, compared to $378,148,495,945 in September 2025 and $275,535,479,382 in October 2024, marking a 41.1% increase year-over-year [2]. - The number of transactions in October 2025 was 32,543,664, up from 27,283,644 in September 2025 and 21,395,785 in October 2024, representing a 52.0% increase year-over-year [2]. Daily Averages - Daily average trading volume in October 2025 was 856.6 million shares, compared to 818.5 million in September 2025 and 537.2 million in October 2024, showing a 59.5% increase year-over-year [3]. - The daily average value of trades was $17,679.6 million in October 2025, down slightly from $18,007.1 million in September 2025 but up from $12,524.3 million in October 2024, indicating a 41.1% increase year-over-year [3]. - Daily average transactions were 1,479,257 in October 2025, compared to 1,299,221 in September 2025 and 972,536 in October 2024, reflecting a 52.0% increase year-over-year [3]. Year-to-Date Statistics - For the year-to-date in 2025, total trading volume reached 137,167,577,640 shares, a 26.3% increase from 108,571,984,222 in 2024 [4]. - The total value of trades year-to-date in 2025 was $3,279,799,187,060, up 29.9% from $2,524,409,457,579 in 2024 [4]. - The number of transactions year-to-date in 2025 was 257,619,241, representing a 25.1% increase from 205,871,281 in 2024 [4]. Toronto Stock Exchange - In October 2025, the Toronto Stock Exchange recorded a trading volume of 10,276,749,913 shares, up from 9,859,266,723 in September 2025 and 7,410,735,875 in October 2024, indicating a 38.5% increase year-over-year [6]. - The total value of trades on the Toronto Stock Exchange in October 2025 was $359,530,835,199, compared to $354,597,976,029 in September 2025 and $258,170,442,462 in October 2024, reflecting a 39.2% increase year-over-year [6]. - The number of transactions on the Toronto Stock Exchange in October 2025 was 27,510,977, up from 23,443,698 in September 2025 and 18,895,859 in October 2024, representing a 45.7% increase year-over-year [6]. TSX Venture Exchange - The TSX Venture Exchange reported a trading volume of 6,622,291,383 shares in October 2025, an increase from 5,805,056,692 in September 2025 and 3,314,442,275 in October 2024, marking a 99.5% increase year-over-year [10]. - The total value of trades on the TSX Venture Exchange in October 2025 was $6,100,705,074, compared to $4,442,233,002 in September 2025 and $1,432,967,777 in October 2024, indicating a 325.5% increase year-over-year [10]. - The number of transactions on the TSX Venture Exchange in October 2025 was 2,567,858, up from 1,807,632 in September 2025 and 797,469 in October 2024, reflecting a 222.5% increase year-over-year [10]. TSX Alpha Exchange - The TSX Alpha Exchange recorded a trading volume of 1,893,812,483 shares in October 2025, up from 1,480,458,760 in September 2025 and 1,077,118,524 in October 2024, representing a 75.6% increase year-over-year [14]. - The total value of trades on the TSX Alpha Exchange in October 2025 was $22,249,060,790, compared to $18,165,169,218 in September 2025 and $15,360,507,092 in October 2024, indicating a 44.8% increase year-over-year [14]. - The number of transactions on the TSX Alpha Exchange in October 2025 was 2,314,065, up from 1,900,198 in September 2025 and 1,649,664 in October 2024, reflecting a 40.4% increase year-over-year [14]. Montreal Exchange - The Montreal Exchange reported a derivatives volume of 19,430,481 contracts in October 2025, slightly down from 19,774,523 in September 2025 but up from 18,178,423 in October 2024 [22]. - The open interest in contracts on the Montreal Exchange was 33,112,659 in October 2025, compared to 30,757,922 in September 2025 and 22,135,497 in October 2024, marking a 49.6% increase year-over-year [22]. - Year-to-date derivatives volume in 2025 reached 193,994,017 contracts, a 21.1% increase from 160,129,974 in 2024 [23].

Core Points - TMX Group Limited declared a dividend of $0.22 per common share, payable on November 28, 2025, to shareholders of record as of November 14, 2025 [1][2] - The dividend is designated as an "eligible dividend" for Canadian income tax purposes [2] - TMX Group operates various global markets and provides a range of services including trading, clearing, and data solutions [3] Company Overview - TMX Group is headquartered in Toronto and has offices across North America and key international markets [3] - Key operations include the Toronto Stock Exchange, TSX Venture Exchange, and other financial services [3] - The company facilitates funding, growth, and success for businesses, traders, and investors through its diverse offerings [3]

Core Insights - Macquarie Asset Management's "Macquarie Large Cap Growth Fund" reported positive returns in Q3 2025 but underperformed the Russell 1000 Growth Index due to an unfavorable market environment and missteps [1] - AI-themed stocks were significant contributors to market gains, accounting for approximately 75% of market returns in the quarter [1] Fund Performance - The fund's performance lagged behind the benchmark, primarily due to not owning high-performing stocks like Tesla and the underperformance of its positions in Intercontinental Exchange, Inc. and Intuit Inc. [3] - The fund's top five holdings for 2025 were highlighted, indicating a focus on long-term structural trends despite short-term challenges [1] Intercontinental Exchange, Inc. (NYSE:ICE) - Intercontinental Exchange, Inc. experienced a one-month return of -8.12% and a 52-week loss of 4.15%, with a closing stock price of $158.27 and a market capitalization of $90.597 billion as of October 14, 2025 [2] - The company operates commodity exchanges and a mortgage technology business, but faced challenges due to slowed trading volumes, particularly in energy [3] - Despite recent underperformance, the fund believes ICE maintains a strong market position with potential for long-term growth driven by structural aspects of the energy market [3] Hedge Fund Interest - Intercontinental Exchange, Inc. was held by 84 hedge fund portfolios at the end of Q2 2025, a decrease from 94 in the previous quarter [5] - The company is not among the 30 most popular stocks among hedge funds, with a suggestion that certain AI stocks may offer better upside potential and lower downside risk [5]

Core Insights - Accenture plc (NYSE:ACN) is recognized as one of the 12 Most Promising Dividend Stocks by Wall Street Analysts [1] Group 1: Company Overview - Accenture is a global professional services company focusing on digital transformation, consulting, and technology solutions [2] - The company operates in over 120 countries, leveraging its global network to provide tailored solutions for various business challenges [2] Group 2: Strategic Focus - In recent years, Accenture has emphasized strengthening its leadership in technology and innovation, particularly through advancements in AI and strategic acquisitions [3] Group 3: Financial Performance - In fiscal Q4 2025, Accenture reported a free cash flow of $3.8 billion, totaling nearly $11 billion for the entire year [4] - For FY26, the company anticipates returning $9.6 billion in shareholder returns [4] - On September 25, Accenture announced a 10.1% increase in its quarterly dividend to $1.63 per share, extending its dividend growth streak to 15 years [4] - The stock currently supports a dividend yield of 2.58% as of October 8 [4]

Company Overview - IQVIA Holdings Inc. has a market cap of $32.2 billion and is a leading global provider of advanced analytics, technology solutions, and clinical research services for the life sciences industry [1] - The company operates through four segments: Technology & Analytics Solutions, Research & Development Solutions, Contract Sales & Medical Solutions, and Contract Sales & Medical Solutions [1] Market Position and Growth Potential - IQVIA is classified as a "large-cap" stock and is positioned for steady growth due to its diverse offerings and strong backlog, with digital health and AI trends providing long-term tailwinds [2] - The company has a consensus rating of "Strong Buy" from 22 analysts, with a mean price target of $213.52, indicating a potential upside of 16.1% from current market prices [6] Stock Performance - Shares of IQVIA have decreased 25.9% from their 52-week high of $248.03, but have surged 15.1% over the past three months, outperforming the Langar Global Healthtech ETF's (LGHT) 1.3% decrease [3] - Year-to-date, IQVIA's stock has declined 6.4%, lagging behind LGHT's marginal rise, and over the past 52 weeks, shares have plunged nearly 21.8%, compared to LGHT's 2.3% drop [4] Recent Financial Results - On July 22, IQVIA shares jumped 17.9% following the release of Q2 results, with adjusted EPS of $2.81 exceeding Wall Street's estimate of $2.76, and revenue of $4.02 billion surpassing expectations of $3.96 billion [5] - The company guided for full-year adjusted EPS between $11.75 and $12.05 and revenue in the range of $16.1 to $16.3 billion [5] Competitive Landscape - Top rival Agilent Technologies, Inc. has seen its shares fall 7.6% year-to-date and 10.1% over the past 52 weeks, which is a greater decline than IQVIA's performance during the same timeframe [6]