Investments

We are long Regal Rexnord, a $15 billion market capitalization leader in industrial power transmission and motion control solutions. Five years ago, Regal Beloit was largely a low-growth, HVAC-heavy, low-margin company prone to cyclicality. However, two major acquisitions have given Regal an extreme makeover. With the acquisitions of Rexnord’s Process & Motion Control business ($3.7B, 2021) and Altra Industrial Motion ($5.1B, 2023), Regal laid the foundation for a remarkable business transformation….

We are long MTU Aero Engines (MTX GR), a €19 billion aerospace engine specialist trading as if a temporary disruption has permanently impaired a business that is already through the worst of it. For years, MTU and its French peer Safran traded in lockstep across every meaningful valuation metric, reflecting fundamentally similar business models and exposure to the same long-duration, compounding aftermarket economics. That relationship…

We are long Telecom and Data Systems (TDS), a $4.8 billion telecom holding company that spent most of the last decade stuck in a narrative so convoluted that investors largely stopped trying to unravel it. A shrinking regional wireless carrier consumed capital and oxygen, the wireless business inched toward a fiber future…

We are long Aixtron (Frankfurt:AIXA), a $1.8 billion market capitalization semiconductor capital equipment company. Despite its low profile, Aixtron may be one of the most strategically important companies in the industry. Aixtron is the dominant supplier of metal-organic chemical vapor deposition (MOCVD) equipment required to produce compound semiconductors, and its 70-90% market share across most of its product portfolio might even make ASML blush…

We are long shares of Buzzi SpA (Milan: BZU), an €8.9 billion market capitalization cement company headquartered in Italy. Buzzi is the best managed cement company in the world. Over the past 30 years, the company has grown EPS at a CAGR of 15%, transforming a….

We are long shares of Seagate Technology Holdings, a leading supplier of hard disk drives (HDDs). HDDs hold almost 90% of the data residing in large-scale data centers, and as a result over 80% of Seagate’s revenue is derived…

We are long shares of ACM Research (NASDAQ: ACMR), an emerging, high-growth semiconductor wafer fabrication equipment (WFE) company. ACMR, domiciled in the U.S. but with its main operations in Shanghai, is the leading Chinese supplier of wafer cleaning tools. The company….

We are long shares of Maxar Technologies, a leading provider of space-based imagery and infrastructure as it nears the launch of a game-changing new constellation, WorldView Legion. The operational and financial benefits of the new fleet once it enters service will be nothing short of transformative…

We are long shares of Acutus Medical, a small-cap medical device company that we believe will play a central role in changing the treatment paradigm for persistent atrial fibrillation (AF) and other complex arrhythmias. Evidence that catheter ablation successfully treats less advanced forms of AF has been mounting for years, but persistent AF remains intractable: pharmaceutical intervention rarely succeeds and 30-50% of patients undergoing ablation suffer a relapse into AF in less than a year. Because unresolved AF increases the risk of stroke, heart failure, dementia, and other cardiac disease, the unmet need for…

We are long shares of UP Fintech, the holding company of Tiger Brokers, which we believe is positioned to become the Robinhood of China. Love it or hate it, you have to admit that Robinhood has created an enormous amount of value for its investors in a very short time: having debuted its trading app in 2015, the company…

“I’ve heard a lot about Korn Ferry’s ability to build a brand around digital transformation and attract the  right leaders…and to make use of the data and insights to drive strategic sales growth…as we prioritize our own digital transformation, they’re favored to win projects” – HR executive from a $10bn+ global business…

We are long shares of Intelsat and SES, two large satellite operators with significant and underappreciated 5G spectrum assets. For us, this is an unusual position to be in. For years, with our reports on Globalstar (2014), Straight Path (2015) and DISH (2016), we have publicly railed against the excesses of spectrum hype. Time and again, we have argued, equity investors have gotten carried away with their enthusiasm about offbeat frequencies and futuristic…