Overview
- The investor letter attributes Q3 gains to a September rate cut, renewed AI and mega‑cap tech enthusiasm, and speculative flows, underscoring FMI’s focus on downside protection and idiosyncratic dislocations.
- For OneMain, FMI cites leadership in nonprime lending, prospects for mid‑single‑digit organic growth and operating leverage, and potential reframing as a higher‑quality financial with dividends and episodic buybacks.
- Reported OneMain metrics include a one‑month return of -5.99%, a 52‑week gain of 22.70%, an October 21 close of $56.53 for a $6.72 billion market value, and Q2 earnings of $1.40 per share up 137% year over year.
- For Becton Dickinson, FMI points to durable demand for medical essentials, execution on growth and simplification, and a 2026 separation that it expects will lift recurring consumables revenue to roughly 90% with a target of over 5% organic growth.
- Reported Becton Dickinson metrics include a one‑month return of 1.70%, a 52‑week decline of 21.33%, an October 21 close of $189.03 for a $54.201 billion market value, and fiscal Q3 revenue of $5.5 billion up 8.5% or 3% organically, with hedge‑fund holdings at 58 portfolios in Q2 versus 54 previously.