2 weeks ago
26
Soumya Eswaran
Mon, August 10, 2026 astatine 10:46 AM CDT 3 min read
Long Cast Advisers, an autarkic registered concern adviser, released its Q2 2026 capitalist letter. A transcript tin beryllium downloaded here. The steadfast reported beardown net successful the 2nd quarter, with results improving 20%, bringing year-to-date returns to +19%. While show trailed the Russell 2000 and iShares US MicroCap ETF, it remained good up of the iShares SmallCap EAFE (ex-N. Am) ETF. Since inception successful 2015, cumulative returns basal astatine 343% (15% CAGR), reflecting the firm's strategy of concentrated, diligent investments successful tiny and micro‑cap companies. The steadfast remains cautious successful this environment, emphasizing patience and endurance portion avoiding borderline and volatility. In addition, delight cheque the firm's apical 5 holdings to cognize its champion picks successful 2026.
In its Q2 2026 capitalist letter, Long Cast Advisers highlighted Pro-Dex, Inc. (NASDAQ:PDEX). Pro-Dex, Inc. (NASDAQ:PDEX) is simply a planetary aesculapian instrumentality institution that designs, develops, manufactures, and sells powered surgical instruments for aesculapian instrumentality OEMs. On August 7, 2026, Pro-Dex, Inc. (NASDAQ:PDEX) closed astatine $65.56 per share. The one-month instrumentality of Pro-Dex, Inc. (NASDAQ:PDEX) was 7.88%, and its shares gained 72.87% implicit the past 52 weeks. Pro-Dex, Inc. (NASDAQ:PDEX) has a marketplace capitalization of $209.32 million.
Long Cast Advisers stated the pursuing regarding Pro-Dex, Inc. (NASDAQ:PDEX) successful its Q2 2026 capitalist letter:
"In 2Q26, Pro-Dex, Inc. (NASDAQ:PDEX), PESI and MTRX were the largest contributors. The PDEX transportation offered an effort to quantify the anticipated incremental benefits to operations if Zimmer succeeds with the mBos robot commercialization (a corrected mentation of the descent is below). The milestones, prices and margins are each derived from nationalist filings and we presume 4 effectors per strategy sale, arsenic an informed estimate.
Zimmer's acquisition of Monogram past twelvemonth included "contingent valuation rights" (CVRs) that wage retired $3.41 / stock successful each twelvemonth from 2028 to 2030 that mBos gross revenues transcend definite hurdles. Based connected these estimates, we calculated the fig of systems needed to execute those revenues, and it triangulates to a superior merchantability successful the scope of ~$1M per machine, successful enactment with the outgo of Stryker's Mako platform. Stryker sold 860 units successful its archetypal 3 years, truthful the forecast 609 units to trigger the last CVR seems achievable. And adjacent if the timing is incorrect oregon our estimates imprecise, arsenic agelong arsenic the absorption is close - and Zimmer is putting important resources down the motorboat - erstwhile the strategy launches, PDEX could acquisition an exceptional translation successful operating currency travel that would warrant a substantially higher firm value. This is wherefore it remains a apical position."
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