Pipeline console

Baupost and Harris both added meaningfully in the same quarter, which is exactly the kind of multi-manager overlap the 13F engine is supposed to surface.

quantify exposure to affected Eastern Mediterranean routes and haircut FY2026 earnings to see whether ~9.6x adj EPS / ~4.7x EV-EBITDA is actually cheap enough

coverage-universe/companies/OTB.L/first-pass/2026-04-21_initial.md

Pershing opened an 11.37% position, which is too large to ignore and automatically clears the bar for a live conviction-change lead.

pull latest filing, separate operating business from investment portfolio, and test liquidity / governance risk

pressure-test inventory quality, because the apparent ~0.69x NCAV discount disappears fast under harder haircuts

coverage-universe/companies/HURC/first-pass/2026-04-21_initial.md

Harris opened a filtered Tier 2 new position above the weight floor, which is exactly the kind of diversified-manager entry the engine is supposed to catch.

Himalaya opened a new position, which is automatically interesting given Li Lu's concentrated roster and low turnover.

test whether the still-large ~0.55x post-interim P/B survives a harsher view of plantation asset quality and operating losses, then force a promote / reject / defer decision

coverage-universe/companies/CAM.L/first-pass/2026-04-21_initial.md

Pershing added 50% and Akre added 40% in the same quarter, which is the kind of cross-manager reinforcement worth preserving even without a fresh new-position flag.

Baupost opened a large new position while Pershing added aggressively in the same quarter, with Berkshire simultaneously fully exiting, which makes this a real high-signal disagreement rather than ordinary 13F noise.

Packaging-and-test exposure plus AI/advanced-packaging framing could matter if the market is still anchoring to a cyclical trough.

Berkshire opened a new position, which matters even at a small visible weight because new Berkshire lines are rare and worth triaging.

High-quality payroll compounder showed up with steady-growth framing, but that is exactly the sort of thing everyone with a spreadsheet already knows.

Real business, but not a clear value-funnel mispricing. Company IR shows FY2025 net sales of about JPY 49.0bn, operating profit of about JPY 10.6bn, net income of about JPY 8.0bn, year-end cash of about JPY 19.0bn, and equity ratio of about 83.5%, with 9M FY2026 sales up about 13.8% and operating profit up about 4.8%. The problem is price, not quality: Yahoo chart data showed the stock around JPY 3,380, which implies roughly ~1.9x book on FY2025 net assets per share of JPY 1,787 and about ~19.6x FY2025 EPS of JPY 172. Even after giving credit for the net cash, this still looks more like a deservedly premium niche industrial than a broken-expectations value setup.

Japanese gas-detection niche with service/maintenance mix, clean balance sheet, and a still-reasonable multiple looked like the only top-card name with actual value-funnel potential instead of generic quality growth.

Japan recruiting-platform story had decent visible economics, but the setup looked like another straightforward growth rerating argument.

Japanese consolidation/accounting software with recurring revenue and governance tailwinds looked economically attractive on the stub.

Card showed healthcare optics in company info and industrial motor language in the summary, which is not a great sign before the work even starts.

Smart-grid software angle was understandable, but the visible multiples already looked too rich for a first-pass value funnel.

Deep cyclical industry writeup may surface survivor names with strong upcycle convexity after a brutal downcycle

Quality franchise with real technology and buyback support, but the current setup does not look mispriced enough for the funnel. At roughly ~9.6x TTM earnings, ~1.2x sales, and ~3.8x book after a sharp rerating, upside appears too dependent on sustaining favorable market activity while leverage remains high and earnings quality stays cyclical.