Jonathan Isaac of Quilt Investment Management presented his thesis on United States Lime & Minerals, Inc. (US: USLM) at Wide-Moat Investing Summit 2024.

Jonathan had previously presented USLM at Wide-Moat Investing Summit 2018.

Thesis summary:

United States Lime & Minerals, Inc. is in a unique position to profit from the long-term consequences of subpar transportation infrastructure. In the lime and limestone industry, government regulations and public opinion can keep competitors at bay, and, for existing operations, transportation constraints can shape the radius of economic distribution. This means that location matters, as it would be for any resource that is significantly heavier than it is expensive. Luckily for USLM, its operations are exceptionally well-placed, with proximity to the dramatic population growth and urban sprawl of the Dallas-Fort Worth Metroplex. Moreover, the company is positively impacted by measures to increase infrastructure spending.

As a small regional player in a concentrated and consolidating industry, USLM is a trophy asset. The company’s unique locational advantage in the Texas lime market and impressive operating metrics could attract a buyer. The alignment of a transportation infrastructure boom time with the increasing age of those with influence within USLM may come at the right time—for the incentives of USLM’s leadership and outside investors.

Disclaimer/Disclosure: Quilt Investment Management, LLC currently (as of June 26th, 2024) holds United States Lime & Minerals (ticker symbol “USLM”) in client accounts and may transact in the security, as well as any other security mentioned, without future updates. USLM is often relatively illiquid, and can trade at a wide bid/ask spread. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of specific securities, investments, or investment strategies. Additionally, the information should not be construed as Quilt Investment Management, LLC’s solicitation to effect the rendering of personalized investment advice for compensation, over the internet or otherwise. This information is not intended to provide investment, tax, or legal advice. We make no warrantees for our interpretations or calculations, and these interpretations may include opinions that may or may not be accurate or complete. We are not obligated to update any forward- looking statements, and the future may hold events no one can foresee. This is not a research report and/or a recommendation. Investments involve risk and, unless stated otherwise, are not guaranteed. Always be sure to first consult with a qualified financial adviser and/or a tax professional before investing. Past performance is not indicative of future performance.

Jonathan Isaac is President and Portfolio Manager of Quilt Investment Management, LLC. Quilt Investment Management, LLC is a registered investment adviser with an office in Portland, Oregon. Registration does not imply a certain level of skill or training.

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About the instructor:

Jonathan Isaac is President and Portfolio Manager of Quilt Investment Management, LLC, a registered investment adviser in Portland, Oregon.

Txomin Zaratiegui of Arlas Capital presented his investment thesis on Vente-unique (France: ALVU) at Wide-Moat Investing Summit 2024.

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Txomin Zaratiegui Osés is the founder and portfolio manager of Arlas Capital Fund. He has a passion for investing and continuous learning. He was previously an Investment Director at Gala Capital, a leading Private Equity fund management firm headquartered in Madrid focused on growth capital equity investments. He worked on dozens of acquisitions and deals sourced across different industries. He was a Senior Analyst and Investment Associate at the firm. He also worked as an Investment Advisor for the Economic Office of Spain to the United Arab Emirates and Qatar, where he advised Spanish companies to expand internationally. Txomin Zaratiegui Osés started his career working as a management consultant and as a Corporate Banker at Barclays Bank. He also served as a Board Member at Prot-On, ESM2M, and Technoactivity (Mymoid). He holds a degree in Economics from the Pompeu Fabra Univeristity in Barcelona, Spain and an MBA from London Business School and Columbia Business School, where he graduated with honors.

Chris Crawford of Crawford Fund Management presented his investment thesis on Uber Technologies (US: UBER) at Wide-Moat Investing Summit 2024.

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Chris Crawford is the Managing Partner and Chief Investment Officer of Crawford Fund Management, LLC, a Boston-based Investment Partnership. The firm manages a long/short fund that invests in equities and options with an emphasis on underfollowed public companies. Prior to co-founding Crawford Fund Management in 2009, Chris was Managing Director, Portfolio Manager and head of the Boston office with Stark Investments, a $10B multi-strategy global hedge fund. At Stark, Chris built the firm’s equity long/short team and managed $1.5B in equity long/short assets as well as a $200M short-biased portfolio. From 2003-2006, Chris was Senior Vice President and Portfolio Manager with Putnam Investments, and co-Portfolio Manager of the $3B Putnam International Capital Opportunities Fund and related client accounts. From 2000 to 2003, Chris was a Partner and Senior Analyst with ABRY Partners on a team managing a $400M TMT-focused hedge fund. From 1996 to 2000, Chris was with Wellington Management Company, where he served as a Global Industry Analyst covering the media industry and as a Portfolio Manager for $600M in client sector-fund and institutional assets. Chris holds an MBA from The Wharton School of Business and graduated magna cum laude from University of Pennsylvania with a BA in Physics, BS in Economics, BAS in Systems Engineering and an MA in International Relations.

Todd Wenning of KNA Capital Management presented his investment thesis on Games Workshop (UK: GAW) at Wide-Moat Investing Summit 2024.

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About the instructor:

Todd Wenning is the President and CIO of KNA Capital Management, based in Cincinnati, Ohio. Before founding KNA Capital, Todd spent eight years on the buyside with Ensemble Capital and Johnson Investment Counsel. Prior to that, Todd was a sell-side analyst with Morningstar where he served as the head of the equity stewardship methodology. Earlier in his career, Todd worked for The Motley Fool, SunTrust Asset Management, and Vanguard. Todd is the author of the Flyover Stocks newsletter and is a lecturer at The University of Dayton. He holds a BA in History from Saint Joseph’s University in Philadelphia and the Chartered Financial Analyst designation.

Kyle Campbell of Greenhaven Road Capital presented his investment thesis on Hagerty (US: HGTY) at Wide-Moat Investing Summit 2024.

Thesis summary:

Hagerty is the leading specialty insurance provider for classic and collector cars, partnering with nine of the top ten auto insurers in the U.S. While insurance has been the core driver of the business since its inception in 1984, the leadership team is leveraging its current dominant position in a niche industry to build a much larger company that will ultimately control the car enthusiast ecosystem.

Hagerty’s reinsurance business earns 25-35% after-tax returns on incremental invested capital. The company controls its own pricing and has consistently achieved sub-40% loss ratios, compared to an industry average of 68%. After a multi-year investment period in advance of new partnerships and products, Hagerty’s Managing General Agent segment is returning to profitability and should achieve mid-teens margins over the next couple of years.

Hagerty recently launched an online marketplace business for classic/collector cars. With a laser focus on trust and value-added services, this offering is well-positioned for years of rapid, high-margin growth.

An owner-operator with large insider ownership, heavy-weight partners (Markel and State Farm), historical financials that do not reflect underlying business reality, and a stable business with low churn that can grow for decades with no additional capital makes Hagerty an attractive investment opportunity for those willing to do the work.

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Kyle Campbell is a Senior Analyst at Greenhaven Road Capital with a strong background in finance, accounting, and data analysis. Prior to joining Greenhaven Road in 2021, he was the CFO of a single-family office, where he led a comprehensive overhaul of financial reporting systems and made capital allocation decisions across both public and private investments. Before entering the finance world, Kyle spent 14 years in the US Air Force, serving in various intelligence roles that supported special operations around the globe. He holds an MBA from Columbia Business School and is a graduate of their prestigious Value Investing Program.

Rodrigo Lopez Buenrostro of KUE Capital presented his investment thesis on Rentokil Initial (UK: RTO) at Wide-Moat Investing Summit 2024.

Thesis summary:

Rentokil solves a human problem that has existed for the past 5,000 years since humans started to live in and around cities. RTO is the largest pest control business in terms of global market share. This is a boring yet extremely profitable business that grows the top line by 5-7% each year and has 30% ROEs on a consistent basis. The business model is recession-resilient, as both residential and commercial clients need to have a reliable pest control company to ensure the safety and cleanliness of where they live and work.

Every big city around the world needs a trustworthy pest control business, especially now with warmer climates, more urbanization, and more pets in houses and commercial areas. In the context of a fragmented industry, RTO has consolidated around 300 small businesses in the past ten years, including the second-largest player in the US, Terminix, which RTO bought in 2022.

The market appears to be impatient with RTO’s integration of Terminix, which has taken longer than expected. Investors apparently do not believe that current management can continue to compound earnings at an attractive level. Herein lies the opportunity to buy a long-term compounder at a wide margin of safety.

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Rodrigo Lopez Buenrostro is a Partner at Kue Capital where he invests to preserve capital over time. He currently leads the asset management division within the firm and divides his time between equity research and manager selection with a global mandate. Previously, Rodrigo worked as a summer equity analyst at SW Investments, a value-focused hedge fund in Chicago. He began his professional career as an Investment Banker at BBVA. Rodrigo is an MBA graduate from Chicago Booth Class of 2015 where he earned a concentration in Analytic Finance and was actively involved in the Investment Management community. He studied Business and Accounting at ITAM for undergraduate where he wrote his graduating thesis on hedge funds and started to invest personally. Rodrigo has always had an interest in finding the real value of assets, reading, and volunteering to teach basic concepts related to investing.

Arvind Mallik and Jonathon Fite of KMF Investments presented their in-depth investment thesis on Topgolf Callaway Brands (US: MODG) at Wide-Moat Investing Summit 2024.

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Arvind Mallik is a Managing Partner of KMF Investments, a pure Pay-for-Performance Private Investment Partnership based in Denton, Texas. KMF seeks long-term capital appreciation by investing in companies whose intrinsic value is significantly higher than the market price. Since its founding in 2008, KMF has found opportunities in world dominating franchises, hard assets below replacement costs, businesses at large discounts to liquidation value, and firms with beneficial exposure to rising interest rates. Prior to founding KMF Investments, Mr. Mallik was a Senior Manager in the Strategy practice of Accenture. At Accenture, he helped global companies formulate and execute strategies to enter new markets, develop innovative new services and solutions, and reduce their operating costs to improve shareholder returns. Mr. Mallik obtained a BS in Chemical Engineering and BS in Bioengineering from UC Berkeley, and an MS in Chemical Engineering from MIT. He graduated with highest honors from both institutions.

Jonathon Fite is a Managing Partner of KMF Investments, a pure Pay-for-Performance Private Investment Partnership based in Denton, Texas.KMF seeks long-term capital appreciation by investing in companies whose intrinsic value is significantly higher than the market price. Since its founding in 2008, KMF has found opportunities in world dominating franchises, hard assets below replacement costs, businesses at large discounts to liquidation value, and firms with beneficial exposure to rising interest rates.Prior to founding KMF Investments, Mr. Fite was a Senior Manager in the Strategy practice of Accenture, where he helped companies improve shareholders returns. He is also a Lecturer for the College of Business at the University of North Texas. Mr. Fite graduated with honors from the University of Arkansas with a BS and MS in Industrial Engineering.

Niraj Gupta of GCI Partners presented his investment thesis on Harrow (US: HROW) at Wide-Moat Investing Summit 2024.

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Niraj Gupta has 30 years of experience analyzing and investing in private and publicly-traded companies with particular expertise in the technology, media and telecommunications (TMT) and healthcare industries. Mr. Gupta is Founder and Managing Member of GCI Partners LLC (GCIP), the Investment Manager of GCI Partners Opportunity Fund, LP. Mr. Gupta managed the Gupta Family Office from 2009 until the launch of GCI Partners Opportunity Fund, LP in 2019 . Prior to forming GCIP, Mr. Gupta was a member of Pequot Capital Management, which he joined for the launch of the firm’s Global TMT fund. Before joining Pequot, Mr. Gupta spent 13 years as a sell-side research analyst, including nine years at Citigroup Smith Barney (and the predecessor firm, Schroders), where he held the title of Managing Director. During his tenure at Smith Barney and Schroders, Mr. Gupta was named to Institutional Investors’ “All-America Research Team” on five separate occasions for his coverage of the Broadcasting, Cable and Satellite industries. Mr. Gupta was also previously recognized by Institutional Investor as the “Best of the Best”. Prior to joining Citigroup/Schroders, Mr. Gupta was a media and communications research analyst at Goldman Sachs and Nomura Securities. Mr. Gupta holds a Bachelor of Business Administration from the University of Michigan’s Ross School of Business and resides in Manhattan with his wife and two children.