The William C. Dunkelberg Owl Fund

On Wednesday, February 5th, the Owl Fund welcomed Maris Ogg from Fiduciary Trust International. Maris led a great discussion on market themes in today's economic and political environment. She also shared valuable insights on the software and hardware industry, and provided advice on positioning portfolios with market concentration. Thank you, Maris for taking the time to speak with the Fund!

Eric Bagdasarian is a junior Finance major and is entering his second semester in the Owl Fund as the Lead Analyst of the Consumer & Communication Services team. 

Justin Malkowski is a senior Finance major and is entering his second semester in the Owl Fund as the Lead Analyst of the Financials & Real Estate team. He will be joining VRC (Valuation Research Corporation) full-time as a Portfolio Valuation Analyst after graduation. 

David Horan is a junior Finance major and is entering his second semester in the Owl Fund as the Lead Analyst of the Information Technology team. Last summer, he interned at Carpenter Technology Corporation as an Executive Finance Intern.

Aadi Patil is a sophomore Finance major and is entering his second semester in the Owl Fund as the Lead Analyst of the Healthcare team. This summer, he will be joining Odyssey Capital Advisors as an Investment Analyst Intern.

Anika Sharma is a sophomore Finance major and is entering her second semester in the Owl Fund as the Lead Analyst of the Infrastructure team. This summer, she will be a scholar in the Girls Who Invest Summer Intensive Program.

On November 25th, our Healthcare Team, led by Justine Bennett alongside associates Eric Bagdasarian and Daniel Moya, initiated an investment into McKesson Corporation (MCK). MCK is a global leader in healthcare services and pharmaceutical distribution, operating across oncology, specialty pharmaceuticals, biosimilars, and technology-driven solutions. After a 1Q’25 earnings miss and a subsequent sell-off in shares, the team viewed the pullback as an opportunity to invest in a premier name benefiting from robust healthcare tailwinds. MCK’s oncology platform, bolstered by the Core Ventures acquisition, significantly expands its U.S. Oncology Network, enabling the Company to serve over 3.3k providers and capitalize on a ~$290 bn oncology market growing at a 9.9% CAGR. The Company is also well-positioned to benefit from biosimilars, as biosimilars lower costs for payers and patients, driving utilization and prescription volume growth. Additionally, strategic partnerships such as the ~$32 bn deal with OptumRx will accelerate specialty drug volumes, driving margin expansion and operational efficiency. MCK’s focus on high-growth areas like oncology, specialty pharmaceuticals, and GLP-1 drugs, combined with its strategic initiatives and future M&A opportunities, positions the Company to deliver sustained top-line growth. The team sees shares reaching $748 over the Fund’s investment horizon, providing a 22.1% upside.

On Wednesday, October 30th, the Fund welcomed Sara Warren, Bobby McFarland, and Jason Jerista from LLR Partners. The Owl Fund and Fox Fund analysts learned about growth equity investing through a discussion about due diligence, modeling, and the process sponsors go through before acquiring a company. The analysts enjoyed evaluating a hypothetical investment opportunity presented by Bobby. Thank you Sara, Bobby, and Jason for taking the time to come and speak with the Fund!

On October 25th, the Owl Fund and Temple University Fox Fund Analysts attended the 12th annual Wall Street Day. The event was hosted at Brown Brothers Harriman, a Private Banking and Investment Management firm based in New York City. Thank you, Douglas Maine, for hosting us and leading a great panel discussion. The panel consisted of undergraduate and graduate alumni of the Fox School of Business at Temple University who now work at some of the most prestigious firms on Wall Street. The panelists shared their college experiences and how they leveraged their time and experiences at Temple to advance them further in their careers. The Analysts had the opportunity to ask the panelists questions in regard to career guidance, market outlooks, and advice for their remaining semesters in college. Thank you to Cindy Rosen Axelrod, CFA, for organizing the event and to the panelists for participating. As always, Wall Street Day continues to be the highlight of the Fall semester and is an extremely valuable experience for all the Analysts.

On October 14th, the Healthcare Team, led by Justine Bennett, alongside associates Eric Bagdasarian and Daniel Moya initiated an investment into Bruker Corporation, Inc. (BRKR). BRKR is a leading supplier of high-end analytical scientific instruments to end markets in pharmaceutical, clinical and chemical materials industries. Weakness in BRKR’s end markets resulted in negative sentiment for BRKR, alongside a top-line miss in its 1Q’24 earnings. However, despite transitory weakness within pharmaceutical end markets, BRKR sported industry-leading organic growth, driven by its positioning within sustainable end markets such as industrial and academic end markets. Moving forward, BRKR’s inorganic growth strategy and investments in its product line supported its ongoing portfolio evolution into high-growth areas. The team sees shares reaching $86 over the next 12-18 months, providing 28.4% upside.