7 mins. ago
Reddit reported a strong second quarter but spooked investors by mentioning in an investor letter that traffic from search engines had grown "choppy."
The company's total revenue of $805 million jumped 61% compared to the year-ago quarter while net income was $253 million, up 183%. These beat Wall Street's expectations. Plus, the company said it expects to hit revenue of $860 million to $870 million with healthy earnings before taxes next quarter as well, which beat expected guidance.
Normally, telling investors that they can expect even better results to come would cause a stock to rise. But the stock slid over 10% in after-hours trading.
The culprit was likely CEO Steve Huffman's warning in that separate letter to shareholders. "Search referrals were choppy in the quarter, and traffic was more volatile later in the quarter, but the bigger picture is unchanged: the commercial business is strong," he wrote.
AI is clearly changing the search engine landscape — and investors seem to fear that Reddit's traffic may suffer.
#choppy #revenue
The company's total revenue of $805 million jumped 61% compared to the year-ago quarter while net income was $253 million, up 183%. These beat Wall Street's expectations. Plus, the company said it expects to hit revenue of $860 million to $870 million with healthy earnings before taxes next quarter as well, which beat expected guidance.
Normally, telling investors that they can expect even better results to come would cause a stock to rise. But the stock slid over 10% in after-hours trading.
The culprit was likely CEO Steve Huffman's warning in that separate letter to shareholders. "Search referrals were choppy in the quarter, and traffic was more volatile later in the quarter, but the bigger picture is unchanged: the commercial business is strong," he wrote.
AI is clearly changing the search engine landscape — and investors seem to fear that Reddit's traffic may suffer.
#choppy #revenue
37 mins. ago
The venture-backed IPO market has roared back to life in 2026, headlined by ******* eX's record $1.77 trillion IPO, but the stock performance of newly public companies has been comparably muted.
There have been 44 VC-backed IPOs in the US so far this year, according to new PitchBook data, on track to trounce 2025's total of 50. In addition to ******* eX—and the planned mega-IPOs of Anthropic and OpenAI—companies including Cerebras, Quantinuum, X-Energy and HawkEye 360 raised significant proceeds, and delivered some long-awaited liquidity to investors.
But the results since haven't been pretty: ******* eX, as of Thursday's market close, was trading 30.3% down from its debut, and Cerebras was down 34.7%, even with a 19.9% one-day gain.
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Stocks' 2026 gains have largely evaporated thanks to Wall Street's recent concerns over the continued war in Iran and the potential for Chinese chip manufacturers to challenge US incumbents in the race for AI computing power.
#cerebras #backed #down
There have been 44 VC-backed IPOs in the US so far this year, according to new PitchBook data, on track to trounce 2025's total of 50. In addition to ******* eX—and the planned mega-IPOs of Anthropic and OpenAI—companies including Cerebras, Quantinuum, X-Energy and HawkEye 360 raised significant proceeds, and delivered some long-awaited liquidity to investors.
But the results since haven't been pretty: ******* eX, as of Thursday's market close, was trading 30.3% down from its debut, and Cerebras was down 34.7%, even with a 19.9% one-day gain.
Sign up for The Daily Pitch newsletter Subscribe
Stocks' 2026 gains have largely evaporated thanks to Wall Street's recent concerns over the continued war in Iran and the potential for Chinese chip manufacturers to challenge US incumbents in the race for AI computing power.
#cerebras #backed #down
2 hours ago
Securities and Exchange Commission chair Paul Atkins defended a proposal to allow companies to disclose their financial results twice a year, rather than quarterly, in the face of thousands of negative comments urging the agency not to reduce reporting requirements.
"When people say, oh, this could be less transparent or whatnot, we have a one-size-fits-all rule right now," Atkins said.
"What do I tell a pre-revenue biotech company that's gone public and is waiting for the FDA to say yay or nay to that particular product, so they go for sometimes years without showing any revenue. So what am I supposed to tell them? You just have to file a 10Q anyway," he added.
Atkins said allowing the option of twice-a-year filings "gives them a way to make it more responsible, basically, for their investors and the expenses that they have with respect to their disclosures."
The SEC received 200,000 comments, mostly in opposition, particularly from ***** et managers and retail investor advocacy groups. A tracker created by an accounting professor at Ohio State University showed 99.5% of the letters opposed the proposal.
#twice #comments #exchange
"When people say, oh, this could be less transparent or whatnot, we have a one-size-fits-all rule right now," Atkins said.
"What do I tell a pre-revenue biotech company that's gone public and is waiting for the FDA to say yay or nay to that particular product, so they go for sometimes years without showing any revenue. So what am I supposed to tell them? You just have to file a 10Q anyway," he added.
Atkins said allowing the option of twice-a-year filings "gives them a way to make it more responsible, basically, for their investors and the expenses that they have with respect to their disclosures."
The SEC received 200,000 comments, mostly in opposition, particularly from ***** et managers and retail investor advocacy groups. A tracker created by an accounting professor at Ohio State University showed 99.5% of the letters opposed the proposal.
#twice #comments #exchange
6 hours ago
This story was originally published on Construction Dive. To receive daily news and insights, subscribe to our free daily Construction Dive newsletter.
Contech giant Procore has entered an agreement to acquire DroneDeploy, a prominent robotics and visual intelligence platform that's used in over 180 countries, according to a Wednesday announcement. Procore will acquire the firm for $845 million in cash, subject to customary purchase price adjustments.
When the acquisition closes later this year, Procore and DroneDeploy will sell one another's solutions to their client base, Ajei Gopal, president and CEO of Procore, said in the announcement.
The combination will create a veritable ocean of construction data. By pairing the two tech companies' capabilities, builders will be able to use cameras, drones and robots to regularly evaluate jobsites and automatically initiate appropriate responses securely, compliantly and in context, per the announcement.
The deal underscores the power of data control in a landscape dominated by artificial intelligence. Simply put, data is king.
#data #dive #intelligence
Contech giant Procore has entered an agreement to acquire DroneDeploy, a prominent robotics and visual intelligence platform that's used in over 180 countries, according to a Wednesday announcement. Procore will acquire the firm for $845 million in cash, subject to customary purchase price adjustments.
When the acquisition closes later this year, Procore and DroneDeploy will sell one another's solutions to their client base, Ajei Gopal, president and CEO of Procore, said in the announcement.
The combination will create a veritable ocean of construction data. By pairing the two tech companies' capabilities, builders will be able to use cameras, drones and robots to regularly evaluate jobsites and automatically initiate appropriate responses securely, compliantly and in context, per the announcement.
The deal underscores the power of data control in a landscape dominated by artificial intelligence. Simply put, data is king.
#data #dive #intelligence
8 hours ago
The proposed acquisition would provide processing capacity for multiple sand products as the company works toward launching commercial operations in Texas.
Black Dragon Resource Company (USOTC:BDGR) signed a letter of intent to acquire a sand processing plant in Texas.
The proposed plant has a processing capacity of 350 tonnes of sand per hour.
Management expects the acquisition would allow the plant to be relocated to the company's property and could support revenue generation within a few months if completed.
The facility is designed to process frac sand, commercial sand and silicon chip sand, according to the company.
#proposed
Black Dragon Resource Company (USOTC:BDGR) signed a letter of intent to acquire a sand processing plant in Texas.
The proposed plant has a processing capacity of 350 tonnes of sand per hour.
Management expects the acquisition would allow the plant to be relocated to the company's property and could support revenue generation within a few months if completed.
The facility is designed to process frac sand, commercial sand and silicon chip sand, according to the company.
#proposed
8 hours ago
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter.
CFOs and treasury professionals are looking for more transparency and visibility when it comes to their payment and treasury systems in an age where companies are increasingly required to conduct their business in real-time, with faster, more data-saturated systems.
For finance chiefs, incorporating new payment rails or solutions is a balancing act: On the one hand, they want to reduce manual work for their teams, which is increasingly a cause for friction, but on the other hand, "certainly, there's always concern about resiliency in their own systems," said Richard Dooley, VP of Product Commercialization at payments company The Clearing House.
"Less friction in their processes, whether it's the payment process, the liquidity visibility process, obviously their AP and AR processes, that's always a top-of-mind issue," Dooley told CFO Dive regarding how executives are considering innovation. "How do they get greater visibility into what they're doing, into what's happening?"
In Dooley's experience, when it comes to what treasurers want out of their payment rails, visibility is key, he said—more insight into the payment data can help companies identify when something is a timing problem, versus a problem of liquidity, for instance, he said.
#payment #dive #increasingly
CFOs and treasury professionals are looking for more transparency and visibility when it comes to their payment and treasury systems in an age where companies are increasingly required to conduct their business in real-time, with faster, more data-saturated systems.
For finance chiefs, incorporating new payment rails or solutions is a balancing act: On the one hand, they want to reduce manual work for their teams, which is increasingly a cause for friction, but on the other hand, "certainly, there's always concern about resiliency in their own systems," said Richard Dooley, VP of Product Commercialization at payments company The Clearing House.
"Less friction in their processes, whether it's the payment process, the liquidity visibility process, obviously their AP and AR processes, that's always a top-of-mind issue," Dooley told CFO Dive regarding how executives are considering innovation. "How do they get greater visibility into what they're doing, into what's happening?"
In Dooley's experience, when it comes to what treasurers want out of their payment rails, visibility is key, he said—more insight into the payment data can help companies identify when something is a timing problem, versus a problem of liquidity, for instance, he said.
#payment #dive #increasingly
8 hours ago
Carillon Tower Advisers, an investment management company, released its second-quarter 2026 investor letter for the "Carillon Eagle Mid Cap Growth Fund". A copy of the letter is available to download here. Mid-cap stocks delivered strong results, with the Russell Midcap® Growth Index rising 14.55% and slightly outperforming the Russell Midcap® Value Index's 13.40% gain. Information technology led the growth index with a 36.90% return, while industrials also outperformed, and energy was the only sector to decline. The quarter was supported by resilient corporate earnings, economic growth and AI infrastructure spending, although geopolitical tensions, higher energy prices and election-related uncertainty could create volatility. The firm remains optimistic that data-center investment will support technology, energy, defense and automation companies, while attractive healthcare valuations and stronger merger activity could create opportunities. However, financials and consumer stocks face mixed conditions because of housing weakness, inflation and uneven spending. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Carillon Eagle Mid Cap Growth Fund highlighted Marvell Technology, Inc. (NASDAQ:MRVL). Marvell Technology, Inc. (NASDAQ:MRVL) provides data infrastructure semiconductor solutions spanning the data center core to network edge in the United States and internationally. On July 29, 2026, Marvell Technology, Inc. (NASDAQ:MRVL) closed at $163.40 per share. The one-month return of Marvell Technology, Inc. (NASDAQ:MRVL) was -25.21%, and its shares gained 128.27% over the past 52 weeks. Marvell Technology, Inc. (NASDAQ:MRVL) has a market capitalization of $143.1 billion.
Carillon Eagle Mid Cap Growth Fund stated the following regarding Marvell Technology, Inc. (NASDAQ:MRVL) in its Q2 2026 investor letter:
"Marvell Technology, Inc. (NASDAQ:MRVL) is a fabless semiconductor company focused on chips and optical components for data centers. The company reported a strong quarter, and management said AI-related demand remained very strong. Investors appreciated the accelerating revenue growth, margin improvement in optical products, and upcoming ramp-up of custom silicon chips."
Marvell Technology, Inc. (NASDAQ:MRVL) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 79 hedge fund portfolios held Marvell Technology, Inc. (NASDAQ:MRVL) at the end of the first quarter, compared to 85 in the previous quarter. In the first quarter of fiscal 2027, Marvell Technology, Inc. (NASDAQ:MRVL) reported record revenue of $2.42 billion reflecting 9% sequential and 28% year over year growth. While we acknowledge the risk and potential of Marvell Technology, Inc. (NASDAQ:MRVL) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time
In its second-quarter 2026 investor letter, Carillon Eagle Mid Cap Growth Fund highlighted Marvell Technology, Inc. (NASDAQ:MRVL). Marvell Technology, Inc. (NASDAQ:MRVL) provides data infrastructure semiconductor solutions spanning the data center core to network edge in the United States and internationally. On July 29, 2026, Marvell Technology, Inc. (NASDAQ:MRVL) closed at $163.40 per share. The one-month return of Marvell Technology, Inc. (NASDAQ:MRVL) was -25.21%, and its shares gained 128.27% over the past 52 weeks. Marvell Technology, Inc. (NASDAQ:MRVL) has a market capitalization of $143.1 billion.
Carillon Eagle Mid Cap Growth Fund stated the following regarding Marvell Technology, Inc. (NASDAQ:MRVL) in its Q2 2026 investor letter:
"Marvell Technology, Inc. (NASDAQ:MRVL) is a fabless semiconductor company focused on chips and optical components for data centers. The company reported a strong quarter, and management said AI-related demand remained very strong. Investors appreciated the accelerating revenue growth, margin improvement in optical products, and upcoming ramp-up of custom silicon chips."
Marvell Technology, Inc. (NASDAQ:MRVL) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 79 hedge fund portfolios held Marvell Technology, Inc. (NASDAQ:MRVL) at the end of the first quarter, compared to 85 in the previous quarter. In the first quarter of fiscal 2027, Marvell Technology, Inc. (NASDAQ:MRVL) reported record revenue of $2.42 billion reflecting 9% sequential and 28% year over year growth. While we acknowledge the risk and potential of Marvell Technology, Inc. (NASDAQ:MRVL) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time
8 hours ago
Carillon Tower Advisers, an investment management company, released its second-quarter 2026 investor letter for the "Carillon Eagle Mid Cap Growth Fund". A copy of the letter is available to download here. Mid-cap stocks delivered strong results, with the Russell Midcap® Growth Index rising 14.55% and slightly outperforming the Russell Midcap® Value Index's 13.40% gain. Information technology led the growth index with a 36.90% return, while industrials also outperformed, and energy was the only sector to decline. The quarter was supported by resilient corporate earnings, economic growth and AI infrastructure spending, although geopolitical tensions, higher energy prices and election-related uncertainty could create volatility. The firm remains optimistic that data-center investment will support technology, energy, defense and automation companies, while attractive healthcare valuations and stronger merger activity could create opportunities. However, financials and consumer stocks face mixed conditions because of housing weakness, inflation and uneven spending. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Carillon Eagle Mid Cap Growth Fund highlighted Teradyne, Inc. (NASDAQ:TER). Teradyne, Inc. (NASDAQ:TER) engages in the design, development, manufacture, and sale of automated test systems and robotics products. On July 29, 2026, Teradyne, Inc. (NASDAQ:TER) closed at $319.41 per share. One-month return of Teradyne, Inc. (NASDAQ:TER) was -13.46% and its shares gained 197.32% over the past 52 weeks. Teradyne, Inc. (NASDAQ:TER) has a market capitalization of $50 billion.
Carillon Eagle Mid Cap Growth Fund stated the following regarding Teradyne, Inc. (NASDAQ:TER) in its Q2 2026 investor letter:
"Teradyne, Inc. (NASDAQ:TER) provides tester equipment for the semiconductor industry and other end markets. AI-related demand for memory and custom silicon chips has led to very strong orders for Teradyne's equipment. Investors also have appreciated the company's potential to take market share from some of its largest customers."
Teradyne, Inc. (NASDAQ:TER) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 80 hedge fund portfolios held Teradyne, Inc. (NASDAQ:TER) at the end of the first quarter which was 77 in the previous quarter. While we acknowledge the risk and potential of Teradyne, Inc. (NASDAQ:TER) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Teradyne, Inc. (NASDAQ:TER) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
#carillon #fund #letter #investment
In its second-quarter 2026 investor letter, Carillon Eagle Mid Cap Growth Fund highlighted Teradyne, Inc. (NASDAQ:TER). Teradyne, Inc. (NASDAQ:TER) engages in the design, development, manufacture, and sale of automated test systems and robotics products. On July 29, 2026, Teradyne, Inc. (NASDAQ:TER) closed at $319.41 per share. One-month return of Teradyne, Inc. (NASDAQ:TER) was -13.46% and its shares gained 197.32% over the past 52 weeks. Teradyne, Inc. (NASDAQ:TER) has a market capitalization of $50 billion.
Carillon Eagle Mid Cap Growth Fund stated the following regarding Teradyne, Inc. (NASDAQ:TER) in its Q2 2026 investor letter:
"Teradyne, Inc. (NASDAQ:TER) provides tester equipment for the semiconductor industry and other end markets. AI-related demand for memory and custom silicon chips has led to very strong orders for Teradyne's equipment. Investors also have appreciated the company's potential to take market share from some of its largest customers."
Teradyne, Inc. (NASDAQ:TER) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 80 hedge fund portfolios held Teradyne, Inc. (NASDAQ:TER) at the end of the first quarter which was 77 in the previous quarter. While we acknowledge the risk and potential of Teradyne, Inc. (NASDAQ:TER) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Teradyne, Inc. (NASDAQ:TER) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
#carillon #fund #letter #investment
8 hours ago
Carillon Tower Advisers, an investment management company, released its second-quarter 2026 investor letter for the "Carillon Eagle Mid Cap Growth Fund". A copy of the letter is available to download here. Mid-cap stocks delivered strong results, with the Russell Midcap® Growth Index rising 14.55% and slightly outperforming the Russell Midcap® Value Index's 13.40% gain. Information technology led the growth index with a 36.90% return, while industrials also outperformed, and energy was the only sector to decline. The quarter was supported by resilient corporate earnings, economic growth and AI infrastructure spending, although geopolitical tensions, higher energy prices and election-related uncertainty could create volatility. The firm remains optimistic that data-center investment will support technology, energy, defense and automation companies, while attractive healthcare valuations and stronger merger activity could create opportunities. However, financials and consumer stocks face mixed conditions because of housing weakness, inflation and uneven spending. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Carillon Eagle Mid Cap Growth Fund highlighted MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI). MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI) provides **** og semiconductor solutions for use in wireless and wireline applications across the radio frequency (RF), microwave, millimeter wave, and lightwave spectrum. On July 29, 2026, MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI) closed at $228.71 per share. The one-month return of MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI) was -21.92% and its shares gained 83.48% over the past 52 weeks. MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI) has a market capitalization of $17.45 billion.
Carillon Eagle Mid Cap Growth Fund stated the following regarding MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI) in its Q2 2026 investor letter:
"MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI) manufactures high-performance **** og and optical components. The company is diversified across data center, industrial, and telecom markets. The AI spending wave from the hyperscalers has led to very strong growth in Macom's data center products. Investors also have appreciated the company's exposure to end markets in aerospace, defense, and **** e that are expected to have long runways for growth."
#NASDAQ #letter
In its second-quarter 2026 investor letter, Carillon Eagle Mid Cap Growth Fund highlighted MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI). MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI) provides **** og semiconductor solutions for use in wireless and wireline applications across the radio frequency (RF), microwave, millimeter wave, and lightwave spectrum. On July 29, 2026, MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI) closed at $228.71 per share. The one-month return of MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI) was -21.92% and its shares gained 83.48% over the past 52 weeks. MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI) has a market capitalization of $17.45 billion.
Carillon Eagle Mid Cap Growth Fund stated the following regarding MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI) in its Q2 2026 investor letter:
"MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI) manufactures high-performance **** og and optical components. The company is diversified across data center, industrial, and telecom markets. The AI spending wave from the hyperscalers has led to very strong growth in Macom's data center products. Investors also have appreciated the company's exposure to end markets in aerospace, defense, and **** e that are expected to have long runways for growth."
#NASDAQ #letter
8 hours ago
Carillon Tower Advisers, an investment management company, released its second-quarter 2026 investor letter for the "Carillon Eagle Mid Cap Growth Fund". A copy of the letter is available to download here. Mid-cap stocks delivered strong results, with the Russell Midcap® Growth Index rising 14.55% and slightly outperforming the Russell Midcap® Value Index's 13.40% gain. Information technology led the growth index with a 36.90% return, while industrials also outperformed, and energy was the only sector to decline. The quarter was supported by resilient corporate earnings, economic growth and AI infrastructure spending, although geopolitical tensions, higher energy prices and election-related uncertainty could create volatility. The firm remains optimistic that data-center investment will support technology, energy, defense and automation companies, while attractive healthcare valuations and stronger merger activity could create opportunities. However, financials and consumer stocks face mixed conditions because of housing weakness, inflation and uneven spending. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Carillon Eagle Mid Cap Growth Fund highlighted Vertiv Holdings Co (NYSE:VRT). Vertiv Holdings Co (NYSE:VRT) designs, manufactures, and services critical digital infrastructure technologies and life cycle services for data centers, communication networks, and commercial and industrial environments. On July 29, 2026, Vertiv Holdings Co (NYSE:VRT) closed at $223.04 per share. The one-month return of Vertiv Holdings Co (NYSE:VRT) was -25.78% and its shares gained 53.19% over the past 52 weeks. Vertiv Holdings Co (NYSE:VRT) has a market capitalization of $85.67 billion.
Carillon Eagle Mid Cap Growth Fund stated the following regarding Vertiv Holdings Co (NYSE:VRT) in its Q2 2026 investor letter:
"Vertiv Holdings Co (NYSE:VRT), a global leader in critical infrastructure for data centers and communication networks, delivered another strong quarterly report. A highlight was management's commentary suggesting the company's commercial pipeline and visibility continue to point toward robust growth for the foreseeable future. The company remains well positioned to benefit from accelerating data center investment driven by rapid expansion in high-performance computing and artificial intelligence. Vertiv's leadership in power and thermal management, combined with strategic relationships across leading semiconductor manufacturers and hyperscale customers, reinforces its role as a key enabler of next-generation AI infrastructure."
#holdings #vertiv #carillon
In its second-quarter 2026 investor letter, Carillon Eagle Mid Cap Growth Fund highlighted Vertiv Holdings Co (NYSE:VRT). Vertiv Holdings Co (NYSE:VRT) designs, manufactures, and services critical digital infrastructure technologies and life cycle services for data centers, communication networks, and commercial and industrial environments. On July 29, 2026, Vertiv Holdings Co (NYSE:VRT) closed at $223.04 per share. The one-month return of Vertiv Holdings Co (NYSE:VRT) was -25.78% and its shares gained 53.19% over the past 52 weeks. Vertiv Holdings Co (NYSE:VRT) has a market capitalization of $85.67 billion.
Carillon Eagle Mid Cap Growth Fund stated the following regarding Vertiv Holdings Co (NYSE:VRT) in its Q2 2026 investor letter:
"Vertiv Holdings Co (NYSE:VRT), a global leader in critical infrastructure for data centers and communication networks, delivered another strong quarterly report. A highlight was management's commentary suggesting the company's commercial pipeline and visibility continue to point toward robust growth for the foreseeable future. The company remains well positioned to benefit from accelerating data center investment driven by rapid expansion in high-performance computing and artificial intelligence. Vertiv's leadership in power and thermal management, combined with strategic relationships across leading semiconductor manufacturers and hyperscale customers, reinforces its role as a key enabler of next-generation AI infrastructure."
#holdings #vertiv #carillon
8 hours ago
Carillon Tower Advisers, an investment management company, released its second-quarter 2026 investor letter for the "Carillon Eagle Mid Cap Growth Fund". A copy of the letter is available to download here. Mid-cap stocks delivered strong results, with the Russell Midcap® Growth Index rising 14.55% and slightly outperforming the Russell Midcap® Value Index's 13.40% gain. Information technology led the growth index with a 36.90% return, while industrials also outperformed, and energy was the only sector to decline. The quarter was supported by resilient corporate earnings, economic growth and AI infrastructure spending, although geopolitical tensions, higher energy prices and election-related uncertainty could create volatility. The firm remains optimistic that data-center investment will support technology, energy, defense and automation companies, while attractive healthcare valuations and stronger merger activity could create opportunities. However, financials and consumer stocks face mixed conditions because of housing weakness, inflation and uneven spending. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Carillon Eagle Mid Cap Growth Fund highlighted Karman Holdings Inc. (NYSE:KRMN). Karman Holdings Inc. (NYSE:KRMN) engages in designing, testing, and manufacturing mission-critical systems in the United States. On July 29, 2026, Karman Holdings Inc. (NYSE:KRMN) closed at $45.59 per share. One-month return of Karman Holdings Inc. (NYSE:KRMN) was -19.12% and its shares gained -11.82% over the past 52 weeks. Karman Holdings Inc. (NYSE:KRMN) has a market capitalization of $6.04 billion with a 52-week trading range between $43.68 - $118.38.
Carillon Eagle Mid Cap Growth Fund stated the following regarding Karman Holdings Inc. (NYSE:KRMN) in its Q2 2026 investor letter:
"Karman Holdings Inc. (NYSE:KRMN) provides components and systems for existing and emerging missile, defense, and **** e programs. The company's stock underperformed after Karman reported quarterly organic growth that came in slightly below market expectations. Ongoing noise surrounding next year's defense budget also has weighed on most defense company valuations in recent months. Despite these near-term dynamics, Karman's positioning as a supplier to a wide range of the most rapidly growing military programs – spanning hypersonics, strategic missile defense, tactical munitions, and **** e and launch operations – provides significant visibility toward robust organic growth for the foreseeable future."
#carillon #defense
In its second-quarter 2026 investor letter, Carillon Eagle Mid Cap Growth Fund highlighted Karman Holdings Inc. (NYSE:KRMN). Karman Holdings Inc. (NYSE:KRMN) engages in designing, testing, and manufacturing mission-critical systems in the United States. On July 29, 2026, Karman Holdings Inc. (NYSE:KRMN) closed at $45.59 per share. One-month return of Karman Holdings Inc. (NYSE:KRMN) was -19.12% and its shares gained -11.82% over the past 52 weeks. Karman Holdings Inc. (NYSE:KRMN) has a market capitalization of $6.04 billion with a 52-week trading range between $43.68 - $118.38.
Carillon Eagle Mid Cap Growth Fund stated the following regarding Karman Holdings Inc. (NYSE:KRMN) in its Q2 2026 investor letter:
"Karman Holdings Inc. (NYSE:KRMN) provides components and systems for existing and emerging missile, defense, and **** e programs. The company's stock underperformed after Karman reported quarterly organic growth that came in slightly below market expectations. Ongoing noise surrounding next year's defense budget also has weighed on most defense company valuations in recent months. Despite these near-term dynamics, Karman's positioning as a supplier to a wide range of the most rapidly growing military programs – spanning hypersonics, strategic missile defense, tactical munitions, and **** e and launch operations – provides significant visibility toward robust organic growth for the foreseeable future."
#carillon #defense
8 hours ago
Carillon Tower Advisers, an investment management company, released its second-quarter 2026 investor letter for the "Carillon Eagle Mid Cap Growth Fund". A copy of the letter is available to download here. Mid-cap stocks delivered strong results, with the Russell Midcap® Growth Index rising 14.55% and slightly outperforming the Russell Midcap® Value Index's 13.40% gain. Information technology led the growth index with a 36.90% return, while industrials also outperformed, and energy was the only sector to decline. The quarter was supported by resilient corporate earnings, economic growth and AI infrastructure spending, although geopolitical tensions, higher energy prices and election-related uncertainty could create volatility. The firm remains optimistic that data-center investment will support technology, energy, defense and automation companies, while attractive healthcare valuations and stronger merger activity could create opportunities. However, financials and consumer stocks face mixed conditions because of housing weakness, inflation and uneven spending. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Carillon Eagle Mid Cap Growth Fund highlighted Insmed Incorporated (NASDAQ:INSM). Insmed Incorporated (NASDAQ:INSM) is a biopharmaceutical company focusing on developing therapies for patients with serious and rare diseases. On July 23, 2026, Insmed Incorporated (NASDAQ:INSM) closed at $103.12 per share, reflecting a market capitalization of $22.35 billion. Insmed Incorporated (NASDAQ:INSM) posted a one-month return of -10.60%, and its shares lost 7.00% over the past 52 weeks.
Carillon Eagle Mid Cap Growth Fund stated the following regarding Insmed Incorporated (NASDAQ:INSM) in its Q2 2026 investor letter:
"Insmed Incorporated (NASDAQ:INSM) is a biopharmaceutical company focused on developing and commercializing therapies for serious and rare diseases. The company underperformed primarily because first-quarter Brinsupri sales, which were ahead of consensus estimates, fell short of more bullish estimates. Fortunately, second-quarter prescription trends have been strong and point to sales closer to the high end of consensus expectations."
Insmed Incorporated (NASDAQ:INSM) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held Insmed Incorporated (NASDAQ:INSM) at the end of the first quarter which was 75 in the previous quarter. While we acknowledge the potential of Insmed Incorporated (NASDAQ:INSM) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
#insmed #company
In its second-quarter 2026 investor letter, Carillon Eagle Mid Cap Growth Fund highlighted Insmed Incorporated (NASDAQ:INSM). Insmed Incorporated (NASDAQ:INSM) is a biopharmaceutical company focusing on developing therapies for patients with serious and rare diseases. On July 23, 2026, Insmed Incorporated (NASDAQ:INSM) closed at $103.12 per share, reflecting a market capitalization of $22.35 billion. Insmed Incorporated (NASDAQ:INSM) posted a one-month return of -10.60%, and its shares lost 7.00% over the past 52 weeks.
Carillon Eagle Mid Cap Growth Fund stated the following regarding Insmed Incorporated (NASDAQ:INSM) in its Q2 2026 investor letter:
"Insmed Incorporated (NASDAQ:INSM) is a biopharmaceutical company focused on developing and commercializing therapies for serious and rare diseases. The company underperformed primarily because first-quarter Brinsupri sales, which were ahead of consensus estimates, fell short of more bullish estimates. Fortunately, second-quarter prescription trends have been strong and point to sales closer to the high end of consensus expectations."
Insmed Incorporated (NASDAQ:INSM) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held Insmed Incorporated (NASDAQ:INSM) at the end of the first quarter which was 75 in the previous quarter. While we acknowledge the potential of Insmed Incorporated (NASDAQ:INSM) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
#insmed #company
9 hours ago
Investment management company Vulcan Value Partners recently released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. Vulcan Value Partners prioritizes long-term returns and lower risk over short-term performance. In the quarter, the Large Cap Composite (Net) returned 9.5%, the Small Cap Composite (Net) returned 13.3%, the Focus Composite (Net) returned 10.4%, the Focus Plus Composite (Net) returned 10.5%, and the All-Cap Composite (Net) returned 9.0%. The firm reported strong compounding across its strategies in Q2 2026. Management highlighted that their exceptional holdings remain deeply undervalued relative to "what is working" in the market, viewing this as an excellent opportunity for patient investors. In addition, please check the Firm's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Vulcan Value Partners highlighted CarMax, Inc. (NYSE:KMX), which it exited during the year. CarMax, Inc. (NYSE:KMX) is a used vehicle retailer headquartered in Richmond, Virginia. On July 29, 2026, CarMax, Inc. (NYSE:KMX) closed at $59.11 per share, reflecting a market capitalization of $8.39 billion. CarMax, Inc. (NYSE:KMX) posted a one-month return of 15.95%, while its shares gained 1.87% over the past 52 weeks.
Vulcan Value Partners stated the following regarding CarMax, Inc. (NYSE:KMX) in its Q2 2026 investor update:
"CarMax, Inc.'s (NYSE:KMX) stock performed well during the quarter. Fiscal 1Q 2027 (which ends in May) results were in line with management expectations and volumes continued to respond favorably to targeted investments in price. We are excited about the new CEO, Keith Barr, who was hired earlier this year. Our favorable impression of Keith dates back to his long successful tenure as CEO of InterContinental Hotels Group, another MVP company. With the stock price rising and our value stable, we took the opportunity to reallocate capital to more discounted names in the portfolio."
CarMax, Inc. (NYSE:KMX) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 51 hedge fund portfolios held CarMax, Inc. (NYSE:KMX) at the end of the first quarter, compared to 52 in the previous quarter. While we acknowledge the potential of CarMax, Inc. (NYSE:KMX) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
#NYSE #value #partners #quarter
In its Q2 2026 investor letter, Vulcan Value Partners highlighted CarMax, Inc. (NYSE:KMX), which it exited during the year. CarMax, Inc. (NYSE:KMX) is a used vehicle retailer headquartered in Richmond, Virginia. On July 29, 2026, CarMax, Inc. (NYSE:KMX) closed at $59.11 per share, reflecting a market capitalization of $8.39 billion. CarMax, Inc. (NYSE:KMX) posted a one-month return of 15.95%, while its shares gained 1.87% over the past 52 weeks.
Vulcan Value Partners stated the following regarding CarMax, Inc. (NYSE:KMX) in its Q2 2026 investor update:
"CarMax, Inc.'s (NYSE:KMX) stock performed well during the quarter. Fiscal 1Q 2027 (which ends in May) results were in line with management expectations and volumes continued to respond favorably to targeted investments in price. We are excited about the new CEO, Keith Barr, who was hired earlier this year. Our favorable impression of Keith dates back to his long successful tenure as CEO of InterContinental Hotels Group, another MVP company. With the stock price rising and our value stable, we took the opportunity to reallocate capital to more discounted names in the portfolio."
CarMax, Inc. (NYSE:KMX) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 51 hedge fund portfolios held CarMax, Inc. (NYSE:KMX) at the end of the first quarter, compared to 52 in the previous quarter. While we acknowledge the potential of CarMax, Inc. (NYSE:KMX) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
#NYSE #value #partners #quarter
9 hours ago
Investment management company Vulcan Value Partners recently released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. Vulcan Value Partners prioritizes long-term returns and lower risk over short-term performance. In the quarter, the Large Cap Composite (Net) returned 9.5%, the Small Cap Composite (Net) returned 13.3%, the Focus Composite (Net) returned 10.4%, the Focus Plus Composite (Net) returned 10.5%, and the All-Cap Composite (Net) returned 9.0%. The firm reported strong compounding across its strategies in Q2 2026. Management highlighted that their exceptional holdings remain deeply undervalued relative to "what is working" in the market, viewing this as an excellent opportunity for patient investors. In addition, please check the Firm's top five holdings to know its best picks in 2026.
Vulcan Value Partners' Q2 2026 investor letter highlighted ServiceNow, Inc. (NYSE:NOW), noting its inclusion in the firm's All-Cap strategy this quarter. ServiceNow, Inc. (NYSE:NOW) is a cloud-based software company that provides a platform for automating and managing digital workflows. On July 29, 2026, ServiceNow, Inc. (NYSE:NOW) closed at $115.76 per share, reflecting a market capitalization of $119.7 billion. ServiceNow, Inc. (NYSE:NOW) posted a one-month return of 4.56%, while its shares lost 44.33% over the past 52 weeks.
Vulcan Value Partners stated the following regarding ServiceNow, Inc. (NYSE:NOW) in its Q2 2026 investor update:
"We purchased three new positions during the quarter: Veeva Systems Inc., Equifax Inc., and ServiceNow, Inc. (NYSE:NOW). We believe that ServiceNow is also one of the best businesses in the world. ServiceNow automates workflows in large and complex enterprises. Their platform sits on top of all of an enterprise's data and systems of record. This very unique and enviable position allows ServiceNow to orchestrate and automate work across departments, enterprise wide. To use an **** ogy, if a large enterprise is an airport, and its multiple software applications are planes, ServiceNow is the control tower coordinating all of these planes/applications.
The company has grown from its roots in IT and now has very large businesses in sales and service, HR, finance, supply chain, operations, and security, as well as in industry specific verticals like Financial Services, Healthcare, and Government. ServiceNow grew revenue 21%, adjusted EBIT 28%, and free cash flow per share 33% in 2025. This growth at scale puts ServiceNow in elite company. Despite the strong performance, the stock is down approximately 40% year to date and 60% since the beginning of 2025. The company has been on our MVP list for over 5 years and has compounded its value at an incredible rate over that period. It has never been materially discounted until recently…." (Click here to read the full text)
#servicenow #composite #company #returned
Vulcan Value Partners' Q2 2026 investor letter highlighted ServiceNow, Inc. (NYSE:NOW), noting its inclusion in the firm's All-Cap strategy this quarter. ServiceNow, Inc. (NYSE:NOW) is a cloud-based software company that provides a platform for automating and managing digital workflows. On July 29, 2026, ServiceNow, Inc. (NYSE:NOW) closed at $115.76 per share, reflecting a market capitalization of $119.7 billion. ServiceNow, Inc. (NYSE:NOW) posted a one-month return of 4.56%, while its shares lost 44.33% over the past 52 weeks.
Vulcan Value Partners stated the following regarding ServiceNow, Inc. (NYSE:NOW) in its Q2 2026 investor update:
"We purchased three new positions during the quarter: Veeva Systems Inc., Equifax Inc., and ServiceNow, Inc. (NYSE:NOW). We believe that ServiceNow is also one of the best businesses in the world. ServiceNow automates workflows in large and complex enterprises. Their platform sits on top of all of an enterprise's data and systems of record. This very unique and enviable position allows ServiceNow to orchestrate and automate work across departments, enterprise wide. To use an **** ogy, if a large enterprise is an airport, and its multiple software applications are planes, ServiceNow is the control tower coordinating all of these planes/applications.
The company has grown from its roots in IT and now has very large businesses in sales and service, HR, finance, supply chain, operations, and security, as well as in industry specific verticals like Financial Services, Healthcare, and Government. ServiceNow grew revenue 21%, adjusted EBIT 28%, and free cash flow per share 33% in 2025. This growth at scale puts ServiceNow in elite company. Despite the strong performance, the stock is down approximately 40% year to date and 60% since the beginning of 2025. The company has been on our MVP list for over 5 years and has compounded its value at an incredible rate over that period. It has never been materially discounted until recently…." (Click here to read the full text)
#servicenow #composite #company #returned
9 hours ago
Investment management company Vulcan Value Partners recently released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. Vulcan Value Partners prioritizes long-term returns and lower risk over short-term performance. In the quarter, the Large Cap Composite (Net) returned 9.5%, the Small Cap Composite (Net) returned 13.3%, the Focus Composite (Net) returned 10.4%, the Focus Plus Composite (Net) returned 10.5%, and the All-Cap Composite (Net) returned 9.0%. The firm reported strong compounding across its strategies in Q2 2026. Management highlighted that their exceptional holdings remain deeply undervalued relative to "what is working" in the market, viewing this as an excellent opportunity for patient investors. In addition, please check the Firm's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Vulcan Value Partners highlighted Veeva Systems Inc. (NYSE:VEEV), noting its inclusion in the firm's All-Cap strategy this quarter. Veeva Systems Inc. (NYSE:VEEV) is a technology company that provides a cloud-based software platform for the life sciences industry. On July 29, 2026, Veeva Systems Inc. (NYSE:VEEV) closed at $207.91 per share, reflecting a market capitalization of $33.77 billion. Veeva Systems Inc. (NYSE:VEEV) posted a one-month return of 7.87%, while its shares lost 26.84% over the past 52 weeks.
Vulcan Value Partners stated the following regarding Veeva Systems Inc. (NYSE:VEEV) in its Q2 2026 investor update:
"We purchased three new positions during the quarter: Veeva Systems Inc. (NYSE:VEEV), Equifax Inc., and ServiceNow Inc. Veeva is the dominant vertical market software system of record for the life sciences industry. Their customers rely on and trust Veeva to help them run their entire business. Everything from the development, regulatory approval, and manufacturing of drugs to the selling and marketing of drugs runs on Veeva's platform.
Veeva grew revenue and EBIT 16% and 24%, respectively in 2025 and it is off to a strong start in 2026. Despite these strong results, the stock is down close to 20% year to date through the end of June in sympathy with the rest of the application software sector.…." (Click here to read the full text)
#systems #veev #vulcan #quarter
In its Q2 2026 investor letter, Vulcan Value Partners highlighted Veeva Systems Inc. (NYSE:VEEV), noting its inclusion in the firm's All-Cap strategy this quarter. Veeva Systems Inc. (NYSE:VEEV) is a technology company that provides a cloud-based software platform for the life sciences industry. On July 29, 2026, Veeva Systems Inc. (NYSE:VEEV) closed at $207.91 per share, reflecting a market capitalization of $33.77 billion. Veeva Systems Inc. (NYSE:VEEV) posted a one-month return of 7.87%, while its shares lost 26.84% over the past 52 weeks.
Vulcan Value Partners stated the following regarding Veeva Systems Inc. (NYSE:VEEV) in its Q2 2026 investor update:
"We purchased three new positions during the quarter: Veeva Systems Inc. (NYSE:VEEV), Equifax Inc., and ServiceNow Inc. Veeva is the dominant vertical market software system of record for the life sciences industry. Their customers rely on and trust Veeva to help them run their entire business. Everything from the development, regulatory approval, and manufacturing of drugs to the selling and marketing of drugs runs on Veeva's platform.
Veeva grew revenue and EBIT 16% and 24%, respectively in 2025 and it is off to a strong start in 2026. Despite these strong results, the stock is down close to 20% year to date through the end of June in sympathy with the rest of the application software sector.…." (Click here to read the full text)
#systems #veev #vulcan #quarter
9 hours ago
Investment management company Vulcan Value Partners recently released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. Vulcan Value Partners prioritizes long-term returns and lower risk over short-term performance. In the quarter, the Large Cap Composite (Net) returned 9.5%, the Small Cap Composite (Net) returned 13.3%, the Focus Composite (Net) returned 10.4%, the Focus Plus Composite (Net) returned 10.5%, and the All-Cap Composite (Net) returned 9.0%. The firm reported strong compounding across its strategies in Q2 2026. Management highlighted that their exceptional holdings remain deeply undervalued relative to "what is working" in the market, viewing this as an excellent opportunity for patient investors. In addition, please check the Firm's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Vulcan Value Partners highlighted SAP SE (NYSE:SAP). Headquartered in Walldorf, Germany, SAP SE (NYSE:SAP) is a leading enterprise application and business solutions provider. On July 29, 2026, SAP SE (NYSE:SAP) closed at $185.99 per share, reflecting a market capitalization of $214.67 billion. SAP SE (NYSE:SAP) posted a one-month return of 14.39%, while its shares lost 35.13% over the past 52 weeks.
Vulcan Value Partners stated the following regarding SAP SE (NYSE:SAP) in its Q2 2026 investor update:
"SAP SE (NYSE:SAP) is the global leader in enterprise resource planning (ERP) software, which serves as the operating system for many of the world's largest companies. SAP's ERP solutions often have decades of embedded data, business processes, and software customizations. It is extremely rare for companies to switch ERP vendors due to the cost, time, and disruption risk that switching creates. SAP's Q1 results were very strong, with total revenue up 12% and EBIT up 16%. Cloud revenue grew 27% and their cloud backlog grew 25%. They also repurchased €2.6B of stock in the quarter and maintained full-year guidance. Our value continues to grow and we believe its shares remain significantly discounted. We took advantage of stock price volatility to add to our position in SAP during the quarter."
SAP SE (NYSE:SAP) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 33 hedge fund portfolios held SAP SE (NYSE:SAP) at the end of the first quarter, compared to 36 in the previous quarter. While we acknowledge the potential of SAP SE (NYSE:SAP) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
#letter
In its Q2 2026 investor letter, Vulcan Value Partners highlighted SAP SE (NYSE:SAP). Headquartered in Walldorf, Germany, SAP SE (NYSE:SAP) is a leading enterprise application and business solutions provider. On July 29, 2026, SAP SE (NYSE:SAP) closed at $185.99 per share, reflecting a market capitalization of $214.67 billion. SAP SE (NYSE:SAP) posted a one-month return of 14.39%, while its shares lost 35.13% over the past 52 weeks.
Vulcan Value Partners stated the following regarding SAP SE (NYSE:SAP) in its Q2 2026 investor update:
"SAP SE (NYSE:SAP) is the global leader in enterprise resource planning (ERP) software, which serves as the operating system for many of the world's largest companies. SAP's ERP solutions often have decades of embedded data, business processes, and software customizations. It is extremely rare for companies to switch ERP vendors due to the cost, time, and disruption risk that switching creates. SAP's Q1 results were very strong, with total revenue up 12% and EBIT up 16%. Cloud revenue grew 27% and their cloud backlog grew 25%. They also repurchased €2.6B of stock in the quarter and maintained full-year guidance. Our value continues to grow and we believe its shares remain significantly discounted. We took advantage of stock price volatility to add to our position in SAP during the quarter."
SAP SE (NYSE:SAP) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 33 hedge fund portfolios held SAP SE (NYSE:SAP) at the end of the first quarter, compared to 36 in the previous quarter. While we acknowledge the potential of SAP SE (NYSE:SAP) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
#letter
9 hours ago
Investment management company Vulcan Value Partners recently released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. Vulcan Value Partners prioritizes long-term returns and lower risk over short-term performance. In the quarter, the Large Cap Composite (Net) returned 9.5%, the Small Cap Composite (Net) returned 13.3%, the Focus Composite (Net) returned 10.4%, the Focus Plus Composite (Net) returned 10.5%, and the All-Cap Composite (Net) returned 9.0%. The firm reported strong compounding across its strategies in Q2 2026. Management highlighted that their exceptional holdings remain deeply undervalued relative to "what is working" in the market, viewing this as an excellent opportunity for patient investors. In addition, please check the Firm's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Vulcan Value Partners highlighted PROG Holdings, Inc. (NYSE:PRG). Based in Draper, Utah, PROG Holdings, Inc. (NYSE:PRG) is a financial technology holding company. On July 29, 2026, PROG Holdings, Inc. (NYSE:PRG) closed at $42.78 per share, reflecting a market capitalization of $1.71 billion. PROG Holdings, Inc. (NYSE:PRG) posted a one-month return of -3.06%, while its shares gained 34.36% over the past 52 weeks.
Vulcan Value Partners stated the following regarding PROG Holdings, Inc. (NYSE:PRG) in its Q2 2026 investor update:
"PROG Holdings, Inc. (NYSE:PRG) provides lease-to-own financing to retailers and their non-prime customers. Its acquisition of Purchasing Power closed in the first quarter, which brings another attractive tool to the company's financing ecosystem. Additionally, the business, especially its buy now, pay later business, Four Technologies, has continued to execute well in a mixed environment."
PROG Holdings, Inc. (NYSE:PRG) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 28 hedge fund portfolios held PROG Holdings, Inc. (NYSE:PRG) at the end of the first quarter, compared to 34 in the previous quarter. While we acknowledge the potential of PROG Holdings, Inc. (NYSE:PRG) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
#prog #NYSE
In its Q2 2026 investor letter, Vulcan Value Partners highlighted PROG Holdings, Inc. (NYSE:PRG). Based in Draper, Utah, PROG Holdings, Inc. (NYSE:PRG) is a financial technology holding company. On July 29, 2026, PROG Holdings, Inc. (NYSE:PRG) closed at $42.78 per share, reflecting a market capitalization of $1.71 billion. PROG Holdings, Inc. (NYSE:PRG) posted a one-month return of -3.06%, while its shares gained 34.36% over the past 52 weeks.
Vulcan Value Partners stated the following regarding PROG Holdings, Inc. (NYSE:PRG) in its Q2 2026 investor update:
"PROG Holdings, Inc. (NYSE:PRG) provides lease-to-own financing to retailers and their non-prime customers. Its acquisition of Purchasing Power closed in the first quarter, which brings another attractive tool to the company's financing ecosystem. Additionally, the business, especially its buy now, pay later business, Four Technologies, has continued to execute well in a mixed environment."
PROG Holdings, Inc. (NYSE:PRG) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 28 hedge fund portfolios held PROG Holdings, Inc. (NYSE:PRG) at the end of the first quarter, compared to 34 in the previous quarter. While we acknowledge the potential of PROG Holdings, Inc. (NYSE:PRG) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
#prog #NYSE
9 hours ago
Investment management company Vulcan Value Partners recently released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. Vulcan Value Partners prioritizes long-term returns and lower risk over short-term performance. In the quarter, the Large Cap Composite (Net) returned 9.5%, the Small Cap Composite (Net) returned 13.3%, the Focus Composite (Net) returned 10.4%, the Focus Plus Composite (Net) returned 10.5%, and the All-Cap Composite (Net) returned 9.0%. The firm reported strong compounding across its strategies in Q2 2026. Management highlighted that their exceptional holdings remain deeply undervalued relative to "what is working" in the market, viewing this as an excellent opportunity for patient investors. In addition, please check the Firm's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Vulcan Value Partners highlighted Badger Meter, Inc. (NYSE:BMI), a recent addition to the firm's small‑cap strategy. Badger Meter, Inc. (NYSE:BMI) is a US-based flow measurement, quality, control, and communication solutions company with a strong focus on Utility water smart metering solutions and software technologies. On July 29, 2026, Badger Meter, Inc. (NYSE:BMI) closed at $133.54 per share, reflecting a market capitalization of $3.87 billion. Badger Meter, Inc. (NYSE:BMI) posted a one-month return of -8.61%, while its shares lost 29.38% over the past 52 weeks.
Vulcan Value Partners stated the following regarding Badger Meter, Inc. (NYSE:BMI) in its Q2 2026 investor update:
"We purchased Badger Meter, Inc. (NYSE:BMI) and TPG Inc. during the quarter. Badger Meter is the only pure-play, publicly traded manufacturer of water meters in North America. More than 120 years old, the company now supports over 50,000 water utilities across the country. It is one of three players that have controlled roughly 85% of the North American water meter market for decades. Water meters are essential tools for water utilities in generating revenue. If meter readings are outdated or inaccurate, the utility risks losing revenue by underbilling end customers. Given the cost of failure is high, it comes as no surprise that 85% of Badger Meter's revenue is derived from replacement demand. In addition to stable unit volume growth over the long term, Badger Meter has and will continue to benefit from positive mix benefits tied to its advanced metering infrastructure and ***** ociated software offering, both of which carry higher margins. Despite slowing industry growth due to difficult post-Covid comparisons, we expect operating performance to improve as the company executes against its strong pipeline of opportunities over the coming years. Badger Meter has a long history of profitable growth, is supported by a net cash balance sheet, and is led by a management team compensated on metrics such as FCF conversion and returns on invested capital. After many years of watching the company's success from afar, we
In its Q2 2026 investor letter, Vulcan Value Partners highlighted Badger Meter, Inc. (NYSE:BMI), a recent addition to the firm's small‑cap strategy. Badger Meter, Inc. (NYSE:BMI) is a US-based flow measurement, quality, control, and communication solutions company with a strong focus on Utility water smart metering solutions and software technologies. On July 29, 2026, Badger Meter, Inc. (NYSE:BMI) closed at $133.54 per share, reflecting a market capitalization of $3.87 billion. Badger Meter, Inc. (NYSE:BMI) posted a one-month return of -8.61%, while its shares lost 29.38% over the past 52 weeks.
Vulcan Value Partners stated the following regarding Badger Meter, Inc. (NYSE:BMI) in its Q2 2026 investor update:
"We purchased Badger Meter, Inc. (NYSE:BMI) and TPG Inc. during the quarter. Badger Meter is the only pure-play, publicly traded manufacturer of water meters in North America. More than 120 years old, the company now supports over 50,000 water utilities across the country. It is one of three players that have controlled roughly 85% of the North American water meter market for decades. Water meters are essential tools for water utilities in generating revenue. If meter readings are outdated or inaccurate, the utility risks losing revenue by underbilling end customers. Given the cost of failure is high, it comes as no surprise that 85% of Badger Meter's revenue is derived from replacement demand. In addition to stable unit volume growth over the long term, Badger Meter has and will continue to benefit from positive mix benefits tied to its advanced metering infrastructure and ***** ociated software offering, both of which carry higher margins. Despite slowing industry growth due to difficult post-Covid comparisons, we expect operating performance to improve as the company executes against its strong pipeline of opportunities over the coming years. Badger Meter has a long history of profitable growth, is supported by a net cash balance sheet, and is led by a management team compensated on metrics such as FCF conversion and returns on invested capital. After many years of watching the company's success from afar, we
11 hours ago
You can't keep him away for long! Michael Mauti is set to join Penn State's staff under Matt Campbell as Director of Football Engagement. The Penn State athletics website already reflects the change, showing this had likely been in the works for some time.
Mauti, a former All-American, has been a vocal advocate of the Nittany Lions since graduation and well before, having been one of the biggest reasons the 2012 team stayed together. Since, he's been involved in an "unofficial" capacity, having been involved in the early NIL world. He helped Lions Legacy Club, now Happy Valley United, which is Penn State's primary NIL collective.
Although this is the official ****** le, Mauti was already involved through the Nittany Lion Club, where he served as ****** ociate director of development. His transition into the new role now puts him in between the players and key boosters, as well as the Penn State Football Letterman's Club.
For those of you paying attention, maybe when Campbell said something to the effect of former players being the program's super power, this is what he was alluding to.
Congratulations to Michael in his new role, and we hope it comes with great success!
#involved
Mauti, a former All-American, has been a vocal advocate of the Nittany Lions since graduation and well before, having been one of the biggest reasons the 2012 team stayed together. Since, he's been involved in an "unofficial" capacity, having been involved in the early NIL world. He helped Lions Legacy Club, now Happy Valley United, which is Penn State's primary NIL collective.
Although this is the official ****** le, Mauti was already involved through the Nittany Lion Club, where he served as ****** ociate director of development. His transition into the new role now puts him in between the players and key boosters, as well as the Penn State Football Letterman's Club.
For those of you paying attention, maybe when Campbell said something to the effect of former players being the program's super power, this is what he was alluding to.
Congratulations to Michael in his new role, and we hope it comes with great success!
#involved
19 hours ago
There has been plenty of jersey talk for Notre Dame football this past week, and on Thursday it was more of the same.
Notre Dame released their "Irish Wear Green" uniform set, including the new patch on the upper left shoulder. Four players from all different positions: quarterback CJ Carr, wide receiver Jaden Greathouse, linebacker Drayk Bowen and defensive end Boubacar Traore helped show off this year's all green look.
Part of why many weren't extremely happy about the partnership with SoFi was due to the brands colors, but as you can see here it's been altered, to a green and white logo. I do have one critique with it, as I'd much rather see a green base with white lettering as it makes more sense with these alternate uniforms.
Aside from that, the cleat combination is fantastic, with a base green and gold piping. The new football logo on the right arm is a nice touch as well, and you can't quite see what's on the inside of the players gloves, but it looks like the same one.
This year's version is a great look, as Notre Dame will take on Stanford on October 10th.
#look #base
Notre Dame released their "Irish Wear Green" uniform set, including the new patch on the upper left shoulder. Four players from all different positions: quarterback CJ Carr, wide receiver Jaden Greathouse, linebacker Drayk Bowen and defensive end Boubacar Traore helped show off this year's all green look.
Part of why many weren't extremely happy about the partnership with SoFi was due to the brands colors, but as you can see here it's been altered, to a green and white logo. I do have one critique with it, as I'd much rather see a green base with white lettering as it makes more sense with these alternate uniforms.
Aside from that, the cleat combination is fantastic, with a base green and gold piping. The new football logo on the right arm is a nice touch as well, and you can't quite see what's on the inside of the players gloves, but it looks like the same one.
This year's version is a great look, as Notre Dame will take on Stanford on October 10th.
#look #base
20 hours ago
AC Milan and global sports brand PUMA have revealed the Club's 2026/27 Home Kit: a return to one of football's most iconic aesthetics, the Rossonero visual language in its most classic form.
The 2026/27 Home Kit restores the thick red and black stripes - bold, wide, and unmistakable - running across the full body of the jersey, both front and back, completed by the return of white shorts and black socks. A look that has always stood for itself.
These are not just stripes; they are the defining mark of AC Milan. Every detail reinforces that identity. The inscription 'From Milan to the World' pays tribute to the millions of fans worldwide, capable of making the Club feel at home on every continent. On the back neck, a wax seal enshrines the Rossoneri crest: the essence of AC Milan, imprinted on every shirt as its authentic signature, a timeless passage handed down from parent to child. Together, they make this shirt a love letter to all who claim it as their own.
Maikel Oettle, Chief Revenue Officer of AC Milan, said: "This kit goes back to the core of who we are. It's a design you immediately recognise and feel part of - essential, iconic, and unmistakably AC Milan. These stripes don't tell a story. They are the story. And it belongs to every Rossonero, wherever they are."
Maria Kiebacher, PUMA Director Product Line Management - Teamsport Apparel, said: "The thick stripes are the soul of this kit: a design that carries decades of history and still hits with the same force today. When something is this embedded in football culture, it doesn't need reinvention. It needs to be honoured and brought to life with everything the game demands of it."
#back
The 2026/27 Home Kit restores the thick red and black stripes - bold, wide, and unmistakable - running across the full body of the jersey, both front and back, completed by the return of white shorts and black socks. A look that has always stood for itself.
These are not just stripes; they are the defining mark of AC Milan. Every detail reinforces that identity. The inscription 'From Milan to the World' pays tribute to the millions of fans worldwide, capable of making the Club feel at home on every continent. On the back neck, a wax seal enshrines the Rossoneri crest: the essence of AC Milan, imprinted on every shirt as its authentic signature, a timeless passage handed down from parent to child. Together, they make this shirt a love letter to all who claim it as their own.
Maikel Oettle, Chief Revenue Officer of AC Milan, said: "This kit goes back to the core of who we are. It's a design you immediately recognise and feel part of - essential, iconic, and unmistakably AC Milan. These stripes don't tell a story. They are the story. And it belongs to every Rossonero, wherever they are."
Maria Kiebacher, PUMA Director Product Line Management - Teamsport Apparel, said: "The thick stripes are the soul of this kit: a design that carries decades of history and still hits with the same force today. When something is this embedded in football culture, it doesn't need reinvention. It needs to be honoured and brought to life with everything the game demands of it."
#back
21 hours ago
Manchester's bees are ready to sting.
This Friday morning, Manchester City unveiled their new away kit. As last season, black is once again the color of choice for the Citizens, but with a small twist.
This year, yellow has been added to the shirt, as a reference to the bees of the city of Manchester. The insect also appears as an overlay on the black background of the kit.
It is supposed to "symbolize the work, unity and resilience that define the city of Manchester."
It is also worth noting that a specific lettering style for the kit has been revealed as well.
#city #sting
This Friday morning, Manchester City unveiled their new away kit. As last season, black is once again the color of choice for the Citizens, but with a small twist.
This year, yellow has been added to the shirt, as a reference to the bees of the city of Manchester. The insect also appears as an overlay on the black background of the kit.
It is supposed to "symbolize the work, unity and resilience that define the city of Manchester."
It is also worth noting that a specific lettering style for the kit has been revealed as well.
#city #sting
21 hours ago
The state of West Virginia is small on representation among Division I athletics: Only five states have fewer than its two schools — Marshall and West Virginia.
What the Mountain State has produced, however, is some of the greatest college athletes in their respective sports.
There are five members of the Pro Football Hall of Fame and multiple members of the Basketball Hall of Fame who attended the two schools.
A couple are two of the best-known in their sport, including one who has his silhouette on his league's logo. There are also other standouts across the Olympic sports who are deserving of acknowledgement when compiling our list of the 10 greatest college athletes in the state's history.
PATH TO PLAYOFF: Sign up for our college football newsletter
#five
What the Mountain State has produced, however, is some of the greatest college athletes in their respective sports.
There are five members of the Pro Football Hall of Fame and multiple members of the Basketball Hall of Fame who attended the two schools.
A couple are two of the best-known in their sport, including one who has his silhouette on his league's logo. There are also other standouts across the Olympic sports who are deserving of acknowledgement when compiling our list of the 10 greatest college athletes in the state's history.
PATH TO PLAYOFF: Sign up for our college football newsletter
#five
22 hours ago
The Pacers' social media team started leaving breadcrumbs a week ago leading to the announcement of their new pinstriped Statement uniforms. Just before the formal announcement, they pointed back at the trail.
The Pacers posted a photo graphic of the uniforms with tweets clamoring for a return of the pinstripes. The post read: "Please go back and read the first letter of our last 17 tweets," with two eye emojis.
Indeed, the first letter of that tweet and the previous 16 spelled out "PINSTRIPES ARE BACK."
The pattern was never obvious in large part because the letters were posted in reverse order chronologically so that scrolling through the timeline would spell out the words. So the last letter -- K -- was posted first on July 23 in a post about newly acquired Pacers forward Kelly Oubre Jr. highlighting a quote in a podcast from general manager Chad Buchanan. It wasn't until Wednesday that any of the posts even touched on the topic of uniforms as the social media team kept the bit going through tweets about Obi Toppin's charity golf outing, video of Tyrese Haliburton dunking during his Achilles tendon injury recovery, Toppin's serving as the pace car driver at the Brickyard 400 and the appearances of Jarace Walker and Braden Smith at basketball camps.
The tweets follow.
#first #pinstripes
The Pacers posted a photo graphic of the uniforms with tweets clamoring for a return of the pinstripes. The post read: "Please go back and read the first letter of our last 17 tweets," with two eye emojis.
Indeed, the first letter of that tweet and the previous 16 spelled out "PINSTRIPES ARE BACK."
The pattern was never obvious in large part because the letters were posted in reverse order chronologically so that scrolling through the timeline would spell out the words. So the last letter -- K -- was posted first on July 23 in a post about newly acquired Pacers forward Kelly Oubre Jr. highlighting a quote in a podcast from general manager Chad Buchanan. It wasn't until Wednesday that any of the posts even touched on the topic of uniforms as the social media team kept the bit going through tweets about Obi Toppin's charity golf outing, video of Tyrese Haliburton dunking during his Achilles tendon injury recovery, Toppin's serving as the pace car driver at the Brickyard 400 and the appearances of Jarace Walker and Braden Smith at basketball camps.
The tweets follow.
#first #pinstripes
22 hours ago
The Pacers' social media team started leaving breadcrumbs a week ago leading to the announcement of their new pinstriped Statement uniforms. Just before the formal announcement, they pointed back at the trail.
The Pacers posted a photo graphic of the uniforms with tweets clamoring for a return of the pinstripes. The post read: "Please go back and read the first letter of our last 17 tweets," with two eye emojis.
Indeed, the first letter of that tweet and the previous 16 spelled out "PINSTRIPES ARE BACK."
The pattern was never obvious in large part because the letters were posted in reverse order chronologically so that scrolling through the timeline would spell out the words. So the last letter -- K -- was posted first on July 23 in a post about newly acquired Pacers forward Kelly Oubre Jr. highlighting a quote in a podcast from general manager Chad Buchanan. It wasn't until Wednesday that any of the posts even touched on the topic of uniforms as the social media team kept the bit going through tweets about Obi Toppin's charity golf outing, video of Tyrese Haliburton dunking during his Achilles tendon injury recovery, Toppin's serving as the pace car driver at the Brickyard 400 and the appearances of Jarace Walker and Braden Smith at basketball camps.
The tweets follow.
#tweets #uniforms #Media
The Pacers posted a photo graphic of the uniforms with tweets clamoring for a return of the pinstripes. The post read: "Please go back and read the first letter of our last 17 tweets," with two eye emojis.
Indeed, the first letter of that tweet and the previous 16 spelled out "PINSTRIPES ARE BACK."
The pattern was never obvious in large part because the letters were posted in reverse order chronologically so that scrolling through the timeline would spell out the words. So the last letter -- K -- was posted first on July 23 in a post about newly acquired Pacers forward Kelly Oubre Jr. highlighting a quote in a podcast from general manager Chad Buchanan. It wasn't until Wednesday that any of the posts even touched on the topic of uniforms as the social media team kept the bit going through tweets about Obi Toppin's charity golf outing, video of Tyrese Haliburton dunking during his Achilles tendon injury recovery, Toppin's serving as the pace car driver at the Brickyard 400 and the appearances of Jarace Walker and Braden Smith at basketball camps.
The tweets follow.
#tweets #uniforms #Media
22 hours ago
The Commonwealth of Virginia might be best known in college athletics for its major schools — Virginia and Virginia Tech.
However, the two Atlantic Coast Conference members don't have a monopoly on the best players to have participated in the state.
That's because there are 14 other Division I institutions that have their own standouts worthy of consideration for our list of best athletes from Virginia colleges. Old Dominion had two selections, and there were other contenders from Liberty, James Madison and Richmond who narrowly missed out.
PATH TO PLAYOFF: Sign up for our college football newsletter
But our list can only include 10, so here's the best of the bunch:
#commonwealth #Tech
However, the two Atlantic Coast Conference members don't have a monopoly on the best players to have participated in the state.
That's because there are 14 other Division I institutions that have their own standouts worthy of consideration for our list of best athletes from Virginia colleges. Old Dominion had two selections, and there were other contenders from Liberty, James Madison and Richmond who narrowly missed out.
PATH TO PLAYOFF: Sign up for our college football newsletter
But our list can only include 10, so here's the best of the bunch:
#commonwealth #Tech
1 day ago
The global spirits sector is undergoing a phase of aggressive structural consolidation, as evidenced by Sazerac Company's ambitious bid to merge with Brown-Forman Corporation (NYSE:BF-B). In an updated proposal letter to Class A shareholders dated July 24, Sazerac restated its all-cash bid of $32 per share for all outstanding Class A and Class B common shares. The proposal, which came with a full 13-page white paper, outlined a transformative financial case that would create a global beverage ****** an second only to Diageo in total annual revenue. The combined company is expected to generate more than $12 billion in revenue in 2026, as well as over $3 billion in EBITDA with an EBITDA margin of more than 30%.
Sazerac's operational strategy includes a broad "U.S. Margin Architecture Reset," which involves transferring Brown-Forman's premium portfolio, anchored on Jack Daniel's and Woodford Reserve, to Sazerac's high-efficiency domestic route-to-market (RTM) network. Internationally, the combined company would reverse this approach by integrating Sazerac's developing brand portfolio into Brown-Forman's existing global distribution footprint. According to Forbes, the white paper adopts a targeted "going deep, not broad" international strategy, naming the United Kingdom, India, and Australia as main acceleration markets where Brown-Forman's current route-to-market infrastructure might enable rapid geographic development for Sazerac's spirit portfolio.
Despite the strategic logic of Sazerac's plan, the acquisition attempt has run into an immovable corporate governance wall. Brown-Forman's controlling voting block, Wolf Pen Branch LP, which includes members of the Brown Family, made a decisive joint statement rejecting the revised plan as "not actionable". Since the Brown family owns more than 50% of the Class A voting stock, no change-of-control transaction can take place without their specific approval.
This refusal marks Brown-Forman's second high-profile M&A deadlock in 2026. Earlier this year, Brown-Forman Corporation (NYSE:BF-B) formally began exploratory merger talks with French liquor company Pernod Ricard. These talks were officially discontinued on April 28 when the parties were unable to establish mutually acceptable conditions, setting the stage for Sazerac's initial unsolicited bid on May 1.
The rejection of a $32 per share cash offer demonstrates a significant value gap in Brown-Forman's stock price. The company trades at around $28 per share and has a forward price-to-earnings ratio of about 16.8x, near the low end of its historical range and a notable discount to its 10-year historical average forward multiple of around 30x. Industry-wide destocking, lower global spirits consumption, and continuing input cost inflation have all negatively impacted Brown-Forman's near-term operating performance, reducing the company's market capitalization to around $13 billion. Sazerac's $32 cash bid suggests a price closer to 21x projected earnings
Sazerac's operational strategy includes a broad "U.S. Margin Architecture Reset," which involves transferring Brown-Forman's premium portfolio, anchored on Jack Daniel's and Woodford Reserve, to Sazerac's high-efficiency domestic route-to-market (RTM) network. Internationally, the combined company would reverse this approach by integrating Sazerac's developing brand portfolio into Brown-Forman's existing global distribution footprint. According to Forbes, the white paper adopts a targeted "going deep, not broad" international strategy, naming the United Kingdom, India, and Australia as main acceleration markets where Brown-Forman's current route-to-market infrastructure might enable rapid geographic development for Sazerac's spirit portfolio.
Despite the strategic logic of Sazerac's plan, the acquisition attempt has run into an immovable corporate governance wall. Brown-Forman's controlling voting block, Wolf Pen Branch LP, which includes members of the Brown Family, made a decisive joint statement rejecting the revised plan as "not actionable". Since the Brown family owns more than 50% of the Class A voting stock, no change-of-control transaction can take place without their specific approval.
This refusal marks Brown-Forman's second high-profile M&A deadlock in 2026. Earlier this year, Brown-Forman Corporation (NYSE:BF-B) formally began exploratory merger talks with French liquor company Pernod Ricard. These talks were officially discontinued on April 28 when the parties were unable to establish mutually acceptable conditions, setting the stage for Sazerac's initial unsolicited bid on May 1.
The rejection of a $32 per share cash offer demonstrates a significant value gap in Brown-Forman's stock price. The company trades at around $28 per share and has a forward price-to-earnings ratio of about 16.8x, near the low end of its historical range and a notable discount to its 10-year historical average forward multiple of around 30x. Industry-wide destocking, lower global spirits consumption, and continuing input cost inflation have all negatively impacted Brown-Forman's near-term operating performance, reducing the company's market capitalization to around $13 billion. Sazerac's $32 cash bid suggests a price closer to 21x projected earnings
1 day ago
The reaction to SK Hynix's (SKHY) capex guidance on Wednesday only highlights the stunning summer rout in semiconductor stocks.
Shares of the South Korean chip play tanked as the company said it expects its capital expenditures to surge 50% this year to at least $31 billion. The company is attempting to meet the strong demand for its memory chips, which are playing a key role in the AI boom.
Quick insight: The SK Hynix rout will unlikely do anything to reawaken animal spirits in the chips ***** e. All the stocks of the closely watched Philadelphia Semiconductor Index (^SOX) are now trading below their 50-day moving averages, the first such occurrence since April 2025, according to FactSet data.
The SOX has declined 18.9% so far in July, and is on track for its largest monthly loss since 2008.
"Chip stocks are becoming oversold," strategists at The Kobeissi Letter wrote in a note.
#wednesday
Shares of the South Korean chip play tanked as the company said it expects its capital expenditures to surge 50% this year to at least $31 billion. The company is attempting to meet the strong demand for its memory chips, which are playing a key role in the AI boom.
Quick insight: The SK Hynix rout will unlikely do anything to reawaken animal spirits in the chips ***** e. All the stocks of the closely watched Philadelphia Semiconductor Index (^SOX) are now trading below their 50-day moving averages, the first such occurrence since April 2025, according to FactSet data.
The SOX has declined 18.9% so far in July, and is on track for its largest monthly loss since 2008.
"Chip stocks are becoming oversold," strategists at The Kobeissi Letter wrote in a note.
#wednesday
1 day ago
Harris Oakmark recently released its second-quarter 2026 investor letter for the "Oakmark U.S. Concentrated Strategy". A copy of the letter can be downloaded here. The strategy returned 9.21% (net) in the second quarter, lagging the Russell 1000 Value Index's 13.87%. U.S. equities finished higher during the quarter, with nine of eleven GICS sectors posting gains, led by technology and industrials, while energy and utilities detracted. The market showed concentrated leadership, with investors favoring companies that benefit from AI spending. However, the firm continues to focus on value discipline, avoiding AI-driven market fads, prioritizing companies trading below intrinsic value. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Oakmark U.S. Concentrated Strategy highlighted Marsh & McLennan Companies, Inc. (NYSE:MRSH) as a newly established position. Marsh & McLennan Companies, Inc. (NYSE:MRSH) is a leading insurance broker and professional services firm. On July 28, 2026, Marsh & McLennan Companies, Inc. (NYSE:MRSH) closed at $192.19 per share, reflecting a market capitalization of $91.72 billion. Marsh & McLennan Companies, Inc. (NYSE:MRSH) posted a one-month return of 11.65%, while its shares lost 4.17% over the past 52 weeks.
Oakmark U.S. Concentrated Strategy stated the following regarding Marsh & McLennan Companies, Inc. (NYSE:MRSH) in its Q2 2026 investor update:
"Marsh & McLennan Companies, Inc. (NYSE:MRSH) is the world's largest insurance broker and risk management firm. In our view, it is well-positioned as a leader in what we think is an oligopolistic market, benefiting from strong organic revenue growth and a long track record of consistent margin expansion. We think this strong performance is poised to be supplemented by management's unifying re branding efforts, which center on rolling out an expense program, leveraging AI to improve productivity, and centralizing its technology and operations to drive efficiencies and pro duce significant savings over time. Despite solid historical performance, dominant positioning, and continued operational improvements, the stock has fallen out of favor due to softening insurance rates and macroeconomic uncertainty, creating an opportunity to invest in an in dustry-leading company at an attractive price."
Marsh & McLennan Companies, Inc. (NYSE:MRSH) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 55 hedge fund portfolios held Marsh & McLennan Companies, Inc. (NYSE:MRSH) at the end of the first quarter, compared to 69 in the previous quarter. While we acknowledge the risk and potential of Marsh & McLennan Companies, Inc. (NYSE:MRSH) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Ma
In its Q2 2026 investor letter, Oakmark U.S. Concentrated Strategy highlighted Marsh & McLennan Companies, Inc. (NYSE:MRSH) as a newly established position. Marsh & McLennan Companies, Inc. (NYSE:MRSH) is a leading insurance broker and professional services firm. On July 28, 2026, Marsh & McLennan Companies, Inc. (NYSE:MRSH) closed at $192.19 per share, reflecting a market capitalization of $91.72 billion. Marsh & McLennan Companies, Inc. (NYSE:MRSH) posted a one-month return of 11.65%, while its shares lost 4.17% over the past 52 weeks.
Oakmark U.S. Concentrated Strategy stated the following regarding Marsh & McLennan Companies, Inc. (NYSE:MRSH) in its Q2 2026 investor update:
"Marsh & McLennan Companies, Inc. (NYSE:MRSH) is the world's largest insurance broker and risk management firm. In our view, it is well-positioned as a leader in what we think is an oligopolistic market, benefiting from strong organic revenue growth and a long track record of consistent margin expansion. We think this strong performance is poised to be supplemented by management's unifying re branding efforts, which center on rolling out an expense program, leveraging AI to improve productivity, and centralizing its technology and operations to drive efficiencies and pro duce significant savings over time. Despite solid historical performance, dominant positioning, and continued operational improvements, the stock has fallen out of favor due to softening insurance rates and macroeconomic uncertainty, creating an opportunity to invest in an in dustry-leading company at an attractive price."
Marsh & McLennan Companies, Inc. (NYSE:MRSH) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 55 hedge fund portfolios held Marsh & McLennan Companies, Inc. (NYSE:MRSH) at the end of the first quarter, compared to 69 in the previous quarter. While we acknowledge the risk and potential of Marsh & McLennan Companies, Inc. (NYSE:MRSH) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Ma
1 day ago
Harris Oakmark recently released its second-quarter 2026 investor letter for the "Oakmark U.S. Concentrated Strategy". A copy of the letter can be downloaded here. The strategy returned 9.21% (net) in the second quarter, lagging the Russell 1000 Value Index's 13.87%. U.S. equities finished higher during the quarter, with nine of eleven GICS sectors posting gains, led by technology and industrials, while energy and utilities detracted. The market showed concentrated leadership, with investors favoring companies that benefit from AI spending. However, the firm continues to focus on value discipline, avoiding AI-driven market fads, prioritizing companies trading below intrinsic value. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Oakmark U.S. Concentrated Strategy highlighted ICON Public Limited Company (NASDAQ:ICLR). ICON Public Limited Company (NASDAQ:ICLR) is a clinical research organization that provides outsourced development and commercialization services to the pharmaceutical, biotechnology, and medical device industries. On July 28, 2026, ICON Public Limited Company (NASDAQ:ICLR) stock closed at $180.24 per share. One-month return of ICON Public Limited Company (NASDAQ:ICLR) was 2.96%, and its shares lost 0.69% over the past 52 weeks. ICON Public Limited Company (NASDAQ:ICLR) has a market capitalization of about $13.91 billion.
Oakmark U.S. Concentrated Strategy stated the following regarding ICON Public Limited Company (NASDAQ:ICLR) in its Q2 2026 investor update:
"ICON Public Limited Company (NASDAQ:ICLR) was a contributor during the quarter. The Ireland-headquartered and U.S.-listed clinical research organization reported two sets of results as it caught up following its accounting re view, both in line with expectations against an improving pharma backdrop. Bookings were the standout, with a strong net book-to-bill and sharply lower cancellations than a year ago, led by full-service outsourcing. Given the business's long-cycle nature, this should support accelerating revenue growth in coming years if sustained. Margins met guidance, and management is confident in further gains from steps al ready underway. With the accounting clean-up behind it, ICON plans to resume buybacks, its top capital priority, after next quarter's earnings. We continue to see ICON as the leading pure play in an attractive industry with a long runway for future growth."
ICON Public Limited Company (NASDAQ:ICLR) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 49 hedge fund portfolios held ICON Public Limited Company (NASDAQ:ICLR) at the end of the first quarter, up from 41 in the previous quarter. While we acknowledge the risk and potential of ICON Public Limited Company (NASDAQ:ICLR) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within
In its Q2 2026 investor letter, Oakmark U.S. Concentrated Strategy highlighted ICON Public Limited Company (NASDAQ:ICLR). ICON Public Limited Company (NASDAQ:ICLR) is a clinical research organization that provides outsourced development and commercialization services to the pharmaceutical, biotechnology, and medical device industries. On July 28, 2026, ICON Public Limited Company (NASDAQ:ICLR) stock closed at $180.24 per share. One-month return of ICON Public Limited Company (NASDAQ:ICLR) was 2.96%, and its shares lost 0.69% over the past 52 weeks. ICON Public Limited Company (NASDAQ:ICLR) has a market capitalization of about $13.91 billion.
Oakmark U.S. Concentrated Strategy stated the following regarding ICON Public Limited Company (NASDAQ:ICLR) in its Q2 2026 investor update:
"ICON Public Limited Company (NASDAQ:ICLR) was a contributor during the quarter. The Ireland-headquartered and U.S.-listed clinical research organization reported two sets of results as it caught up following its accounting re view, both in line with expectations against an improving pharma backdrop. Bookings were the standout, with a strong net book-to-bill and sharply lower cancellations than a year ago, led by full-service outsourcing. Given the business's long-cycle nature, this should support accelerating revenue growth in coming years if sustained. Margins met guidance, and management is confident in further gains from steps al ready underway. With the accounting clean-up behind it, ICON plans to resume buybacks, its top capital priority, after next quarter's earnings. We continue to see ICON as the leading pure play in an attractive industry with a long runway for future growth."
ICON Public Limited Company (NASDAQ:ICLR) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 49 hedge fund portfolios held ICON Public Limited Company (NASDAQ:ICLR) at the end of the first quarter, up from 41 in the previous quarter. While we acknowledge the risk and potential of ICON Public Limited Company (NASDAQ:ICLR) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within
