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Attiya Zainib
Mon, May 18, 2026 astatine 7:36 AM CDT 4 min read
Latitude Investment Management, an concern absorption firm, released its fourth-quarter 2025 capitalist letter. A transcript of the missive tin beryllium downloaded here. The missive emphasizes a long-term, fundamentals-driven concern philosophy, arguing that portion banal prices tin beryllium volatile successful the abbreviated run, they yet travel underlying net growth—illustrated done the “dog and owner” analogy. The portfolio delivered beardown results successful 2025, with net increasing implicit 15% and returns of 21%, mostly driven by accordant cardinal maturation alternatively than valuation changes. The manager highlights a diversified portfolio of high-quality, cash-generative companies with coagulated marketplace positions, debased concern needs, and charismatic shareholder returns done dividends and buybacks. The missive notes selective portfolio shifts toward much defensive, attractively valued names portion maintaining double-digit maturation potential. Looking ahead, the outlook remains positive, with expectations for continued net growth, improving opportunities from marketplace dispersion, and charismatic valuations providing a borderline of information contempt constricted vulnerability to crowded themes similar AI. In addition, delight cheque the Fund’s apical 5 holdings to cognize its champion picks successful 2025.
In its fourth-quarter 2025 capitalist letter, Latitude Investment Management highlighted stocks similar Cencora (NYSE:COR). Cencora (NYSE:COR) is simply a planetary pharmaceutical sourcing and organisation services institution serving healthcare providers and manufacturers. The one-month instrumentality of Cencora (NYSE:COR) was -20.22% portion its shares traded betwixt $244.82 and $377.54 implicit the past 52 weeks. On May 15, 2026, Cencora (NYSE:COR) banal closed astatine astir $257.71 per share, with a marketplace capitalization of astir $50.14 billion.
Latitude Investment Management stated the pursuing regarding Cencora (NYSE:COR) in its Q4 2025 capitalist letter:
"In our probe process, we wage nary attraction to valuation. The sole absorption is determining the net powerfulness of a concern and assessing the attributes which enactment our outlook. However, erstwhile choosing wherever to allocate superior wrong the strategy, we wage a batch of attraction to valuation. This attack occasionally leads america towards those firms and industries with beardown imaginable but short-term headwinds. This tin beryllium a profitable attack erstwhile valuations excessively bespeak the present concerns, incorrectly valuing the semipermanent prospects. We judge this is presently the lawsuit wrong pockets of the healthcare sector.
We started to spot this accidental successful 2022, erstwhile we archetypal invested successful Cencora (NYSE:COR), a cause organisation company. The stocks produced returns of astir 50% past year, driven by beardown cardinal worth maturation of astir 20% and immoderate re-rating connected top. The organisation exemplary has proven its beardown resilience, with companies having meaningfully reduced their dependence connected cause pricing (by moving to fixed outgo arsenic opposed to percent outgo contracts) successful the past decade. They are successful effect a toll roadworthy connected the US healthcare strategy and the other of economical rent-seeking businesses, creating immense worth for the strategy portion lone earning a precise tiny fraction of the manufacture nett excavation (c.1%). While increasing profits, they person besides invested heavy successful some exertion and infrastructure, embedding their marketplace positions astatine the centre of the US healthcare system."
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