Core Insights - The performance of the Southeastern Small-Cap Fund has been mixed, with the underlying developments of holdings being better than stock price returns, particularly in a challenging market environment [2][3] - The fund's portfolio has a lower percentage of big winners compared to the Russell 2000, with only 15% of its holdings up an average of 30% compared to over 35% of the index's holdings up 70%+ [3] - The fund has maintained a strong position in the mid-range performance category, outperforming the Russell 2000 in that segment [4] - The fund's exposure to decliners was limited, with only 10% of the portfolio in this category, resulting in lower average losses compared to the index [5] Performance Analysis - The fund's average performance in the -20% to +20% return bucket was better than the Russell 2000's 0% return, with key holdings like White Mountains, CNX, and Rayonier contributing positively [4] - The fund's cash position and stable investments like Kodak initially provided safety but later became performance headwinds [6] - The fund's leverage rules have been effective in avoiding pitfalls, and adjustments to the overweight rule have been made to enhance performance [7][8] Notable Contributors - Beclé, a tequila and whiskey manufacturer, was a significant contributor due to its undervaluation and strong market position [9] - GCI Liberty, a communications company in Alaska, benefited from its unique market position and insider support from John Malone [10] - Graham Holdings showed strong performance due to growth in its education and healthcare segments [11] - Mattel has positioned itself well with strong brand power and a robust balance sheet, leading to significant stock repurchases [12] - Oscar Health experienced above-market growth but was exited due to emerging industry risks [14] Notable Detractors - Boston Beer faced challenges due to declining volumes in its major brands, although management is actively addressing these issues [15] - Clearwater Paper struggled with a weak market for solid bleached sulfate paperboard, but management is focusing on share repurchases [16] - Park Hotels & Resorts was impacted by macroeconomic concerns affecting leisure travel, leading to a decision to exit the position [18] Portfolio Activity - The fund made seven new purchases during the year, including GCI Liberty and Beclé, while exiting eight positions, including Kodak and Oscar Health [20][19] Outlook - The fund anticipates continued engagement through research perspectives and podcasts, focusing on quality investments amid market volatility [21] - The fund's strategy emphasizes owning resilient, free cash flow-generating assets to navigate market fluctuations effectively [22]

Core Viewpoint - Mattel, Inc. is set to release a new original young adult novel titled "Barbie: Dreamscape," written by bestselling author Alex Aster, which will be available in the U.S. and Canada on July 28, 2026 [1] Group 1 - The novel is part of Mattel's strategy to expand its brand portfolio and engage with younger audiences through storytelling [1] - "Barbie: Dreamscape" is described as being set in a magical dreamworld, indicating a focus on imaginative and creative themes [1] - The publication will be managed through Mattel Press, the company's own publishing platform, showcasing its commitment to diversifying its entertainment offerings [1]

Core Viewpoint - Mattel, Inc. plans to release its fourth quarter and full year 2025 financial results on February 10, 2026, followed by a webcast conference call [1]. Group 1: Financial Results Announcement - The financial results will be announced at approximately 4:05 p.m. Eastern Time on February 10, 2026 [1]. - A webcast conference call will take place at 5:00 p.m. Eastern Time on the same day [1]. Group 2: Webcast Details - The webcast and accompanying slides will be available on Mattel's Investor Relations website [2]. - Participants are advised to log on at least 10 minutes early to register and install any necessary audio software [2]. - An archive of the webcast will be accessible on the company's website for 12 months following the event [2]. Group 3: Financial Information - Certain financial and statistical information required by Regulation G will be available during the webcast on the "Investors" section of Mattel's corporate website [3]. Group 4: Company Overview - Mattel is a leading global toy and family entertainment company with a diverse brand portfolio, including iconic franchises like Barbie®, Hot Wheels®, and Fisher-Price® [4]. - The company engages consumers through various offerings, including toys, content, and digital experiences, and collaborates with major retail and e-commerce companies [4]. - Since its founding in 1945, Mattel has aimed to empower generations to explore childhood and reach their full potential [4].

Core Perspective - Mattel Inc. is launching an autistic Barbie to enhance diversity within its product line, which already includes dolls representing various disabilities and backgrounds [1][7]. Development Process - The autistic Barbie was developed over 18 months in collaboration with the Autistic Self Advocacy Network to accurately reflect the experiences of autistic individuals [2]. - The development faced challenges due to the wide range of autism behaviors and traits, which are not always visible [3]. Design Features - The doll features eyes that shift slightly to the side to represent avoidance of direct eye contact, articulated elbows and wrists for stimming behaviors, and a dress designed for comfort [3][5]. - The chosen outfit is an A-line dress with short sleeves and flat shoes to promote stability, along with accessories like a fidget spinner and noise-canceling headphones [5]. Representation and Inclusivity - The new Barbie also includes facial features inspired by Mattel employees in India, aiming to represent underrepresented segments of the autistic community [6]. - The Barbie Fashionistas line has previously introduced dolls with Down syndrome and Type 1 diabetes, showcasing a commitment to diverse body types and backgrounds [7]. Market Availability - The autistic Barbie will be available online and at Target stores for a suggested retail price of $11.87, with Walmart expected to carry it starting in March [8]. Autism Prevalence - The CDC reported that the estimated prevalence of autism among 8-year-old children in the U.S. is 1 in 31, with higher rates among certain racial and ethnic groups and a significantly higher prevalence in boys compared to girls [9].

Core Insights - Mattel, Inc. has launched its first autistic Barbie doll in collaboration with The Autistic Self Advocacy Network (ASAN), aiming to enhance representation for children on the autism spectrum [1][2][6] Product Features - The autistic Barbie doll includes specialized accessories such as a pink finger clip fidget spinner, noise-cancelling headphones, and a tablet displaying Augmentative and Alternative Communication (AAC) apps [4] - The doll is designed with articulation in the elbows and wrists to facilitate stimming and other hand gestures, and features a gaze that reflects the tendency of some autistic individuals to avoid direct eye contact [3] Design and Inclusivity - The doll is dressed in a loose-fitting, purple pinstripe A-line dress and purple shoes with flat soles, promoting comfort and stability [5] - This launch is part of Mattel's broader initiative to include diverse representations in its Barbie Fashionistas collection, which already features dolls representing various medical conditions and disabilities [6][7]

Core Insights - Mattel Inc. is launching an autistic Barbie to celebrate diversity, joining existing dolls that represent various disabilities [1][10] - The development of the autistic doll took over 18 months in collaboration with the Autistic Self Advocacy Network [1][2] Product Features - The autistic Barbie features design elements that reflect how some autistic individuals experience the world, such as slightly shifted eyes to represent avoidance of direct eye contact [5][6] - The doll includes articulated elbows and wrists to acknowledge stimming behaviors, along with accessories like a pink finger clip fidget spinner, noise-cancelling headphones, and a pink tablet for communication [6][10] Representation and Diversity - The new doll aims to represent an underrepresented segment of the autistic community, aligning with Mattel's ongoing efforts to reflect diverse experiences [9][10] - The Barbie Fashionistas line also includes dolls with various body types, hair types, and skin colors, emphasizing inclusivity [4][10] Market Context - The CDC reported that the estimated prevalence of autism among eight-year-old children in the US was one in 31 in 2025, highlighting the importance of representation in toys [11]

Core Perspective - Mattel Inc. is launching an autistic Barbie as part of its initiative to promote diversity and inclusivity within its product line, which already includes dolls representing various disabilities and backgrounds [1][6]. Development Process - The autistic Barbie was developed over 18 months in collaboration with the Autistic Self Advocacy Network, aiming to reflect the experiences of autistic individuals [2]. - The development faced challenges due to the broad spectrum of autism, which manifests in various behaviors and traits that are not always visible [3]. Design Features - The doll features eyes that shift slightly to the side to represent avoidance of direct eye contact, and articulated elbows and wrists to acknowledge stimming behaviors [3]. - The design team chose an A-line dress with short sleeves and flat shoes to accommodate sensory sensitivities and promote ease of movement [5]. - Each doll includes accessories such as a pink finger clip fidget spinner, noise-canceling headphones, and a pink tablet for communication [5]. Representation and Inclusivity - The autistic Barbie also incorporates facial features inspired by Mattel employees in India, aiming to represent underrepresented segments of the autistic community [6]. - The Barbie Fashionistas line includes dolls with various disabilities and body types, reflecting a commitment to diversity [7]. Market Availability - The autistic Barbie is set to be available online and at Target stores for a suggested retail price of $11.87, with Walmart expected to carry it starting in March [8]. Statistical Context - The CDC reported that the prevalence of autism among 8-year-old children in the U.S. is estimated at 1 in 31, with higher rates among certain racial and ethnic groups and a significantly higher prevalence in boys compared to girls [9].

Core Insights - Mattel, Inc. has introduced its first-ever autistic Barbie doll, developed with input from the autistic community to better represent their experiences and communication styles [1] Group 1: Product Development - The autistic Barbie doll was developed over a period of more than 18 months [1] - The creation involved collaboration with ASAN, a non-profit organization that advocates for autistic individuals [1] Group 2: Representation and Inclusion - This new doll aims to provide representation for more children, allowing them to see themselves reflected in the Barbie brand [1]

Core Viewpoint - The toy company faces ongoing risks due to tariffs imposed by Donald Trump [1] Group 1 - The company is still vulnerable to the impact of tariffs on its operations [1]

Core Insights - Mattel has appointed Natalia Premovic as its chief consumer products and experiences officer, effective January 5, to leverage her expertise in enhancing the company's intellectual property value [3][6] - Premovic previously held significant roles at Netflix and The Walt Disney Company, where she developed successful business models and partnerships [3][5] Company Developments - Premovic will oversee global consumer products, publishing, experiences, and location-based entertainment, reporting directly to CEO Ynon Kreiz [3] - Under her leadership at Netflix, she was instrumental in launching over 150 global partnerships and transforming popular shows into multibillion-dollar franchises [5] Strategic Initiatives - Mattel is focusing on expanding its entertainment offerings and maximizing value from its intellectual property, as indicated by recent collaborations on live-action films [6] - Upcoming projects include a live-action "Polly Pocket" film with Hello Sunshine, a "Rock 'Em Sock 'Em Robots" film featuring Vin Diesel, and a "Masters of the Universe" film set for release next June in partnership with Amazon MGM Studios [6] Financial Performance - In the most recent quarter, Mattel reported a nearly 6% year-over-year decline in net sales to $1.7 billion, with net income dropping 25% to $278.4 million [7] - Analysts have expressed concerns about the sales decline, indicating potential challenges as the company approaches the holiday season [7]