Executive Summary This report provides a comprehensive analysis of Thule Group AB, a global leader in the sports and outdoor sector, renowned for its premium products under the motto “Active Life, Simplified.”.1 The analysis covers the period from 2019 through early 2025, a timeframe characterized by an unprecedented demand surge during the COVID-19 pandemic, followed…

Executive Summary This report provides a comprehensive due diligence analysis of Crown Castle International Corp. (CCI), a leading provider of shared communications infrastructure in the United States. The company is at a significant strategic inflection point, undertaking a fundamental transformation from a diversified infrastructure provider into a pure-play U.S. tower Real Estate Investment Trust (REIT).…

Executive Summary American Tower Corporation (AMT) stands as a dominant force in the global telecommunications infrastructure landscape, operating a vast portfolio of communications sites and a growing network of U.S. data centers.1 The company’s investment thesis is anchored in the powerful, long-term secular trend of escalating global mobile data consumption, which necessitates continuous network investment…

Executive Summary Investment Thesis SBA Communications Corp. (NASDAQ: SBAC) represents a compelling long-term investment opportunity, positioned as a high-quality, disciplined operator of mission-critical wireless infrastructure. The company’s durable, high-margin site leasing business model is supported by powerful secular tailwinds, including the multi-year 5G investment cycle and the exponential growth in mobile data consumption. While facing…

Executive Summary Ferguson plc represents a compelling investment case as the undisputed North American market leader in a large, fragmented, and essential industry. The company’s formidable scale, resilient business model weighted towards less cyclical Repair, Maintenance, and Improvement (RMI) activity, and a disciplined capital allocation strategy position it to compound value through economic cycles. Ferguson’s…

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…