Manager holders · last 4 qtrsⓘ
4
2025Q2 – 2026Q1 · -1 QoQ
Total position
$637M
Combined value across tracked managers
Net move this quarter
↓ Trimming
Weighted by holders' share change
HolderQ actionValue% of port.Style
Harris (Oakmark)Add+1.5%$396M0.53%Deep value / Contrarian long-term
Baillie GiffordⓘTrim-6.2%$187M0.19%Long-term growth / Global allocation
MarathonAdd+8.84%$27M1.04%Capital cycle / Contrarian value
FundsmithⓘTrim-58.07%$27M0.21%Quality growth / Long-term concentrated
What managers sayⓘ
2022-07-20Voss CapitalBullStock Comp in Software — Hidden Margin Deterioration?Detail →
13D/G Ownership Filingsⓘ
Earnings Callsⓘ
Q1 results exceeded expectations, primarily driven by a 9% increase in recurring revenue and margin expansion from automation.
Recurring revenue YoY +9%, Adjusted EBITDA margin 48.2% (YoY +50bps), Repurchased 15% of outstanding shares (8.4 million shares).
AI assistant IWant usage QoQ +33%, Beti reduces payroll labor by 90%, and sales training improvements enable new reps to ramp faster.
Full-year guidance maintained: recurring +7–8%, total revenue midpoint +6.5%, no upward/downward revision.
Management tone is positive, NPS continues to improve, emphasizing that the current valuation is undervalued, and buybacks demonstrate confidence.
FinancialsⓘFY2025 · Source: SEC EDGAR 10-K
5y revenue CAGR 18% · latest net margin 22.1% · FCF consistently positive
Revenue$2.05B
Rev. YoY+8.9%
Gross margin83.2%
Net margin22.1%
Net income$0.45B
Free cash flow$0.41B
Operating cash flow$0.68B
ROE26.2%