Finseta is a cross border payments business serving both HNWIs and businesses. Their focus on more esoteric transactions allows them to take business from the much larger banks who lack the flexibility and capabilities to compete effectively in the same area.

In response to the current share price decline I have taken the opportunity to look at some of investors’ key concerns over Ashtead’s long-term fundamentals. In doing so I hope to reinforce the conviction I already have and possibly take the opportunity to add to my position.

Three updates for this week. One which was less good, one which was more of the same, and the last which was very good!

The Gym Group is a low-cost provider of gyms which currently owns over 250 sites across the UK. With a growing end-market, driven by increasing popularity of exercise, and a number of competitive advantages over smaller competitors, there are some compelling points to the investment case. Concerns over capacity, however, mean that the investment case is far from clear.

Mulberry is a company I have followed for some time, but have been unable to find a clear reason to invest. The company has a new CEO, a new strategy, and the potential for its price point to be attractive to consumers in the current macro environment. Despite this, the scale of the challenge facing the new CEO means it is not a viable investment at this stage.

A popular stock with professional investors because of the predictable nature of its revenue, Gamma’s recent share price weakness has created a good opportunity to buy in. Providing a range of software and services required for B2B communication, Gamma occupies a unique position in the competitive landscape, enabling it to benefit from long-term trends towards cloud-based communication.

I see the investment case for Zigup as a tale of two halves. The vehicle rental segment, Northgate, has reached an inflection point, with greater access to new vehicles allowing them to invest in the fleet. Conversely, I believe the claims and services division, formerly Redde, is in structural decline, with its poor performance being shielded by a strong acquisition. For this reason, the business is not a buy for me.

The recent selloff has provided the perfect opportunity to add to my position in Ashtead Technology, particularly given how well the business has continued to perform. It also remains downstream of some compelling market trends which I think are resilient, even in the face of the current economic uncertainty.

Big Technologies has released further updates on their current litigation with former shareholders, including announcing the termination of the previous CEO’s employment.

Marks Electrical is a retailer of domestic appliances, with a particular focus on hard to deliver goods such as washing machines and fridges. Whilst there is a lot to like about the business, it operates in a very challenging market with few opportunities to differentiate itself from competitors. Not a buy for now, but perhaps one for the future.

A mixed week for two of my positions with one issuing two trading updates and the other publishing its full year results for FY24.

Tracsis is a leading provider of software and services to the rail and wider transport industry. I believe the business has reached an inflection point, with the nationalisation of the UK rail industry and the digitisation of the US market providing clear and significant drivers of future growth for the business.

YouGov is one of the UK’s most successful growth stories in recent years, but a recent profit warning has hit the companies share price. I believe, however, that the long term story remains intact and that YouGov is well positioned to continue to grow and take market share from the larger incumbent players.

AJ Bell is a low cost investment platform that has consistently taken market share over the past decade. I think that their low-cost, simple to use platform combined with a trend towards greater personal responsibility of finances, creates a compelling long-term investment.