Executive Summary This report provides a comprehensive fundamental analysis of Core & Main, Inc. (CNM), a leading specialty distributor of water, wastewater, storm drainage, and fire protection products in the United States. The company operates as a critical intermediary in a highly fragmented market, connecting thousands of suppliers with a diverse customer base of municipalities,…

Executive Summary This report provides a comprehensive analysis of Ametek Inc. (NYSE: AME), a leading global manufacturer of electronic instruments and electromechanical devices. The core investment thesis centers on Ametek as a high-quality industrial compounder that executes a disciplined, repeatable business system—the AMETEK Growth Model—to establish and dominate defensible niche markets. This model has historically…

Executive Summary Epiroc AB presents the investment profile of a premier cyclical industrial company positioned at the confluence of two powerful secular trends: the accelerating global demand for minerals critical to the energy transition and the comprehensive technological transformation of the mining industry. This analysis frames Epiroc as a company balancing the stability of a…

Executive Summary Atlas Copco AB stands as a premier, diversified industrial conglomerate, distinguished by a high-quality business portfolio and a resilient, service-oriented operating model. This structure underpins its consistently premium profitability and superior returns on capital. The company commands leading market positions globally, particularly within its largest and most profitable Compressor Technique segment and its…

I. Executive Summary & Investment Thesis Synopsis of Analysis This report presents a comprehensive due diligence analysis of Investor AB, the preeminent industrial holding company in the Nordic region and the flagship investment vehicle of the Wallenberg family. The analysis concludes that Investor AB represents a unique and compelling investment proposition, distinguished by its three-pillar…

Executive Summary Brown & Brown, Inc. (BRO) stands as one of the world’s largest and most consistently performing insurance brokerage firms. Operating on a capital-light, intermediary business model, the company generates recurring, fee-based revenue by providing risk management solutions to a diverse client base, rather than assuming underwriting risk. Its long-term success has been built…

1. Company Overview & Business Model Arthur J. Gallagher & Co. (AJG), founded in 1927 and headquartered in Rolling Meadows, Illinois, operates as a global insurance brokerage, risk management, and consulting services firm.1 The company functions as an intermediary, planning and administering property/casualty (P/C) and human resource risk management programs for a diverse client base…

1. Company Overview & Business Model Willis Towers Watson PLC (WTW), a British-American multinational company, operates as a leading global advisory, broking, and solutions firm.1 The company provides data-driven, insight-led solutions across the domains of people, risk, and capital, serving a diverse client base in over 140 countries and markets.2 Its clientele is heavily weighted…

Executive Summary This report provides a comprehensive fundamental analysis of Aon plc (NYSE: AON), a leading global professional services firm specializing in risk, retirement, and health solutions. The analysis examines the company’s business model, competitive standing within the global insurance brokerage industry, historical financial performance, capital allocation strategy, recent developments, and key risks. Aon operates…

Executive Summary This report provides a deep-dive investment analysis of Marsh & McLennan Companies, Inc. (MMC), the world’s preeminent professional services firm, uniquely positioned at the intersection of risk, strategy, and people. The core investment thesis posits that MMC represents a superior long-term investment opportunity, characterized by a portfolio of market-leading businesses, a resilient and…