Anthony Glickhouse Shares His Thesis on Composite Decking, Analog Semis

We had the pleasure of speaking with Anthony Glickhouse, portfolio manager and business analyst at WCM Investment Management.

In this conversation with John, Anthony discusses the philosophy, process, and insights underpinning the quality value approach he and his team employ at WCM Investment Management. With an investment career that traces its roots back to early influences from Warren Buffett, Glickhouse reflects on his evolution from a curious teenager tracking stocks to a portfolio manager focused on qualitative depth over quantitative shortcuts.

Central to the conversation is Anthony’s investment approach, defined by a commitment to identifying and holding high-quality businesses with durable competitive advantages and shareholder-friendly management. Rather than relying on traditional quantitative screens, Anthony emphasizes deep qualitative analysis to uncover long-term compounders.

Illustrating this philosophy, Anthony delves into specific sectors that exemplify his team’s investment criteria. He provides insights into the decking industry, highlighting leading players Trex Co (TREX) and Azek Company (AZEK), which dominate the composite decking market. Anthony breaks down the enduring competitive advantages of these companies, such as Trex’s manufacturing efficiencies and brand presence, as well as Azek’s evolving competitive positioning. This live case study shows how qualitative analysis can uncover sustainable moats and long-term growth even in seemingly mundane sectors.

The discussion further explores the underappreciated analog semiconductor industry, focusing on MACOM Technology Solutions Holdings (MTSI), Silicon Laboratories (SLAB), and Allegro MicroSystems (ALGM). Anthony explains how these companies, although operating outside the flashy headlines of digital semiconductors, provide essential technologies with defensible niches and compelling long-term prospects.

Insights you’ll gain in this conversation:

* Anthony Glickhouse’s Path in Investing
* The Philosophy of Quality Value Investing
* Deep Dive: Composite Decking Industry (Trex and Azek)
* Analog Semiconductors: Underappreciated Investment Opportunities
* Portfolio Construction and Risk Management
* Building a Concentrated Portfolio: Why Less Is More
* Generalist vs. Specialist Approaches in Investment Management

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About the interviewee:

Anthony Glickhouse is a Portfolio Manager and Business Analyst with WCM Investment Management. He joined WCM in 2016. His primary responsibilities include equity research for the firm’s fundamental value strategies. Since the start of his investment career in 2006, Mr. Glickhouse’s experience has included a position at Opus Capital Management, where he was a research analyst as well as a founder of and portfolio manager for a small cap fund. Previously, Mr. Glickhouse held positions at The Private Client Reserve of US Bank, where he conducted economic and capital market research. He graduated from Miami University (Ohio) with a BS in finance.

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