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This is a proactively managed investment vehicle that strategically invests based on overarching themes to pinpoint companies at the forefront of innovation, those transforming their industries. Its scope is broad, spanning diverse industries and global markets. The ultimate objective is to foster substantial capital growth over an extended period.
Is FWD's expense ratio expensive, average, or a steal for its category?
Pro reveals the verdict on a 5-tier spectrum calibrated against ICI 2025 industry averages, with strategy-aware bands so the comparison is meaningful.
I initiate coverage of Constellium SE with a Strong Buy rating and a $55 price target. Aerospace is my strongest growth driver, supported by recovering aircraft production, easing destocking and higher EBITDA per ton, while packaging, automotive rolled products and AS&I provide additional earnings growth. The valuation remains difficult for me to ignore, with CSTM trading at 6.54x FWD non-GAAP P/E and 5.23x FWD EV/EBITDA.
SPS Commerce remains a Buy as its Gen AI strategy potentially enhances network value and positions the company for future growth. SPSC reported Q2 2026 results ahead of estimates, with 6% YoY revenue growth, improved gross margin, and robust operating leverage. The company's clean balance sheet, aggressive stock buybacks, and discounted valuation (3.2x FWD revenue, 9.5x FWD EBITDA) support upside potential.
Nebius delivered a Q2 earnings and revenue beat, driven by rapid expansion of its cloud compute base and strong GPU demand. I maintain a 'Strong' Buy rating on NBIS, citing an up to 9x ARR upswing in 2026, robust data center growth, and strategic partnerships with Nvidia, Meta, and Microsoft. Nebius is also seeing a major EBITDA uplift amid growing adoption of high-margin AI cloud services and higher-dollar cloud compute contracts.
I am reiterating my Strong Buy rating on Sandisk Corporation and increasing my price target from $2,380 to $3,300. I now believe SNDK can generate about $165 in FWD non-GAAP EPS even after applying a haircut for NAND cyclicality. I arrive at my price target for SNDK by applying a FWD non-GAAP P/E multiple of 20x to my estimated FWD non-GAAP EPS of $165.
I maintain my Strong Buy rating Lam Research (LRCX) with a revised price target of $455 per share. LRCX's Q4 2026 results exceeded expectations, supporting an increased FWD non-GAAP EPS estimate to $9.1, despite applying a more conservative 50x P/E multiple. My previous model estimated FWD non-GAAP EPS of $7.26. Based on Q1 2027 guidance I have increased my FWD non-GAAP EPS estimate to $9.1.