FLYW (6.5%) – Largest position. Thesis intact; execution improving. Beat & raised 3 quarters in a row. Growth accelerating in UK + healthcare + B2B. Margins expanding (40%+ incremental EBITDA). High conviction, actively adding.
CLBT (6.2%) – Duopoly asset mispriced as "mature govtech." Platform expansion + federal re-acceleration in 2026. Strong FCF conversion (130–140% of EBITDA). Structural compounder, valuation disconnect.
EEFT (5.8%) – Thesis impaired near-term; position reduced. All segments underperformed; margins deteriorating. Strategic asset value still real, but execution weak. Skeptical hold; watching for strategic reset.
PRKS (5.2%) – Recent earnings collapse (-45% stock move). Competitive pricing pressure + negative operating leverage. Massive buyback authorization (~74% of float possible). Trimmed slightly for tax losses; still long.
XPOF (1.2%) – Market misreads slowing same-store sales. Studios opening near capacity → front-loaded cash flow, not weak demand. Club Pilates alone likely worth 2× current market cap. Asymmetric upside, PE-style asset mispricing.