Company Reports

Broadband competition has increased over the past three years as fixed-wireless has gained share and fiber networks have expanded. SpaceX's Starlink has also emerged as a competitor, especially in less densely populated areas. We believe Charter can navigate this competitive environment and generate solid cash flow. But it will likely be a smaller firm in the future, which will require it to reduce its heavy debt load to maintain lender confidence. As the outlook for Charter's long-term prospects evolves, its shares will remain volatile.

IREN is a leading bitcoin miner that operates one of the world’s largest bitcoin mines. Low energy costs and outstanding efficiency enable the company to produce bitcoin at a lower cost than other miners. More recently, generative artificial intelligence has been growing faster than any other new technology we have seen before. Bitcoin miners like IREN quickly realized AI is a bigger, better opportunity to leverage their cheap power supply. Thanks to its experience in low-cost, high-efficiency compute, IREN is quickly pivoting from bitcoin mining to AI cloud. As of fiscal 2026, the company is retrofitting its bitcoin mines in British Columbia and West Texas into AI data centers. It also secured additional sites in Texas and Oklahoma for future AI cloud expansion.

Consolidated Edison's core rate-regulated electric and natural gas distribution utilities in New York and New Jersey have produced stable earnings and dividend growth despite a service territory with operating and regulatory challenges.

Following the appointment of railroading legend Hunter Harrison as CEO in 2012, Canadian Pacific embarked on a successful profitability turnaround. Harrison and his successor—operations expert Keith Creel, who worked alongside Harrison for decades—took the rail from ranking as one of the worst Class I margin performers to among the best. We like that Creel has infused the firm's culture with precision-scheduled railroading principles, which stand behind much of the rail's progress. Profitability caught up with PSR pioneer and historical margin leader Canadian National in 2018 and surpassed it in 2019 with a 60% operating ratio.

StandardAero is a maintenance, repair, and overhaul provider focused on aircraft engines. It is authorized to work on more than 40 engine platforms in service today, including the ubiquitous CFM56 engine and its successor LEAP engine. It provides much-needed capacity in a mission-critical segment of the aerospace supply chain, allowing aircraft operators to avoid unwanted plane downtime. Turnaround time is paramount in the MRO business, and StandardAero’s experience and access to replacement parts give it a competitive edge over smaller independent shops. Around 60% of the firm’s revenue comes from servicing engines for commercial jets, with the rest split between military aircraft and business jets.

Pembina Pipeline is building out incremental improvements to its asset portfolio. Intrabasin pipelines and processing facilities provide multiple investment opportunities so Pembina can bolster its competitive position. Pembina’s primary focus is bolstering its natural gas liquids and related liquefied petroleum gas offering. This makes sense, as its long-haul pipelines deliver NGLs and condensate to the Chicago area from processing centers in Edmonton, Alberta.

Moderna's mRNA technology gained rapid validation as sales of its COVID vaccine soared in 2021 and 2022, but we think the firm has yet to secure a narrow economic moat, largely because of uncertainties tied to an evolving virus and a changing competitive and regulatory landscape for innovative vaccines. However, Moderna is making progress applying its mRNA technology to oncology, which could support competitive advantages down the road.

Thanks to recent mergers and acquisitions activity, Globus Medical sits as the second-largest player in the $11 billion spine industry at roughly 20% market share. When the company merged with NuVasive in 2023, it combined two companies with about 9% share each to create a $10 billion market-capitalized entity that has continued to gain share over the past few years. Globus then spent $250 million in 2025 to acquire Nevro and bring spinal cord stimulation into its product portfolio.

Since Ian Edwards took the helm as president and CEO in 2019, AtkinsRéalis has transformed and significantly derisked its portfolio. The company has ceased bidding on lump-sum turnkey (LSTK) projects and divested its oil and gas business. We view the new strategic direction favorably, as cost overruns on LSTK projects led to negative cash flows in recent years. The company has steadily reduced its LSTK backlog to only CAD 94 million at the end of 2025, which we believe significantly reduces the risk of further material cost overruns. We expect more-stable results once the firm completes the remaining LSTK backlog.

After completing the acquisition of three regional utilities, Enbridge has a highly diversified midstream platform with many productive avenues to deploy capital.

Ameren is a regulated utility operating in Illinois and Missouri. Improving regulation in Missouri has created significant investment opportunities. Illinois has been challenging, although management has proved adept at navigating regulatory challenges.

Zoetis is the undisputed leader in the global animal health industry, and we believe it possesses the widest moat of all the competitors. Zoetis has set itself apart based on the impressive innovation that shows up across its product portfolio, including a number of drugs for specific pet ailments such as separation anxiety. The pipeline contains several high-potential monoclonal antibodies to treat canine and feline kidney disease and two types of canine cancer.

Swire Properties has over 50 years of history in Hong Kong, and it has been characterized by patience and transformation. The company's modus operandi is to acquire assets in less-than-prime areas. Over a span of several decades, the company gradually builds, manages, upgrades, expands, and eventually transforms the entire area.

Air Products benefits from operating in an industry with a very favorable structure. Despite selling industrial gases, which are essentially commodities, publicly traded industrial gas firms have consistently delivered lucrative returns due to their economic moats. Industrial gases typically account for a relatively small fraction of customers’ costs but are a vital input to ensure uninterrupted production. As such, customers are often willing to pay a premium and sign long-term contracts to ensure their businesses run smoothly. Long-term contracts and high switching costs contribute to industrial gas producers’ moats, helping them generate a predictable cash flow stream and lucrative returns.

Clarivate is an information, analytics, and workflow solutions company based in the United Kingdom. It generates revenue by selling information and analytics services, which provide access to its proprietary databases and software tools. Around 80% of sales are recurring (subscription or recurring), while the remaining 20% are one-off transaction sales of data. The company’s customer base is concentrated in academia, who utilize the company’s flagship Web of Science and ProQuest One products. Other key end markets are intellectual property, where Clarivate provides information on patents and trademarks, and life sciences, where the company’s products assist clients with clinical trial information, regulatory approval, and commercialization.

Americold Realty Trust is the world’s second-largest temperature-controlled warehouse REIT, operating 224 facilities and over 1.4 billion cubic feet across the globe. The warehouse segment is responsible for over 90% of revenue and an even higher percentage of profits, while the transportation segment serves as a supplement that improves client monetization. The firm has taken strides to improve revenue stability through the cycle by expanding its prevalence of fixed-commitment contracts and inking longer duration contracts, now representing 58% of storage revenue and a weighted-average stated term of eight years, up from 42% and six years in 2020.

Cellnex is Europe's largest independent tower firm. Since its inception, Cellnex’s strategy has been to acquire European wireless tower portfolios from mobile network operators and lease the towers back to those MNOs while adding other tenants to take advantage of the towers’ operating leverage. MNOs find value in Cellnex’s proposition as they can monetize towers at good valuations and use the proceeds to reduce debt. Transactions are structured as sale/leaseback and provide Cellnex with long-term revenue and cash flow visibility, underpinned by 10- to 25-year contracts, which include annual rent escalators often tied to inflation.

Frasers Logistics & Commercial Trust invests in income-producing logistics, industrial, and commercial properties across Singapore, Australia, Germany, the Netherlands, and the United Kingdom.

GPT’s strategy is to operate a diversified portfolio of high-quality property assets in Australia’s largest cities and to reshape exposure by taking advantage of structural tailwinds such as rising e-commerce and population growth. This is executed by divesting low-yielding assets, actively developing logistics sites, and replenishing landbanks. Today, the retail and office segments, including contributions from their respective funds management, each account for around 40% of the group’s funds from operations. Logistics contributes less than a quarter. In 2010, the retail/office/logistics split was about 60%/30%/10%. The gross lettable area of logistics sites has roughly doubled over the past decade, mostly on the eastern seaboard of Australia.

Light & Wonder has significantly simplified its business by divesting noncore lottery and sports betting assets. It is now a more focused entity, cut in much the same image as dominant competitor Aristocrat, with operations across the social casino space, i-gaming, and electronic gaming machines. Most of Light & Wonder's revenue is derived from electronic gaming machines. Within this segment, revenue comes both from leased machines, which attract a fee per day or a percentage of the wagered amount, and outright sales. To maintain share over the long run in the fiercely competitive EGM market, manufacturers need to consistently deliver new, high-quality games that keep consumers engaged and maximize revenue for gaming venues. This requires continuous spending on research and development. Relative to Aristocrat, Light & Wonder spends a lower percentage of revenue on R&D. As a result, we expect it will be difficult to capture a material, maintainable incremental share in the EGM market. But we do not expect Light & Wonder to cede share to smaller players either, as its R&D spending is multiples of most of its smaller competitors.