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The filings with the Securities and Exchange Commission reveal a quiet accumulation, a bolstering of position in Hexcel throughout the final quarter of the previous year. The seven and a half million dollars represent not merely the price of the shares themselves, but a whisper of confidence, a subtle acknowledgment of potential. The fund’s overall valuation in Hexcel experienced a rise of twelve and eighty-one hundred-thousandths of a million dollars, a figure compounded by both the act of purchase and the gentle swell of market sentiment.

The filing showed the increase in shares during the fourth quarter. A tidy sum, based on the quarter’s average. But it wasn’t just the money. The value of their Nexstar holdings rose five and a half million. That’s a signal. The kind that cuts through the noise.

The stock, having enjoyed a rather exuberant five-year ascent – a 170% increase, if one is inclined to keep score – projects a compound annual growth rate of 25% through 2029. A conservative estimate, naturally. One suspects modesty is merely a veil for absolute certainty. The AI market, after all, is predicted to swell to a rather vulgar $3.5 trillion by 2033. One almost feels sorry for the accountants.

The SEC filing dropped on February 17th, 2026, and it revealed that Vision One has now accumulated 61,448 shares in Powell Industries. Which, if you’re keeping track (and let’s be real, who isn’t?), represents a $12.4 million jump from the previous quarter. They’re clearly… enthusiastic. It’s a bit like that one dress you keep buying in different colours. You know it’s probably irrational, but you just… can’t stop.

This, naturally, creates an opportunity. Not for us to solve the energy crisis, mind you (that would require actual effort), but for those of us interested in a potentially fruitful investment. Specifically, an investment in the companies that operate the extensive network of pipelines – the metallic arteries of the modern world – that transport this gas. They function, in essence, as very large, geographically fixed toll collectors. They don’t ask probing questions about where the gas is going, or why it needs to go there. They simply collect a fee. It’s a beautifully uncomplicated business model. (One might even say, disturbingly so.)

So, they’re getting a lot of new cardholders from Millennials and Gen Z. 65% of new cards, apparently. Which means…what? That these kids don’t remember a time without reward points? It’s unsettling. I mean, what are they rewarding them for? Spending money they don’t have? It’s a vicious cycle! And the CFO, Christophe Le Caillec – a name I’m already mispronouncing in my head – is thrilled. “Largest share of U.S. consumer spending,” he says. Great. More spending. Just what we need. The implication is that these kids will eventually have income. Like that’s some groundbreaking revelation. They’ll spend more. And Amex will make more money. It’s…predictable. And frankly, a little insulting to those of us who built our credit the hard way – by carefully paying off bills and resisting the urge to buy avocado toast.

The analysts, those hopeful souls, anticipated $1.15 per share. Molson delivered $1.21. A small victory, perhaps, like finding a forgotten coin in an old coat pocket. But then, the sales figures. They aimed for over $2.7 billion, a grand ambition. They received…less. A whisper of a shortfall, barely noticeable, yet undeniably present.

The SEC filing, a document as dry and brittle as autumn leaves, revealed this new acquisition. Vision One, it seems, decided that the lubrication of engines and the maintenance of automobiles presented a sound, if unglamorous, avenue for investment. One imagines the partners, gathered around a mahogany table, debating the merits of synthetic versus conventional oil with the solemnity of theologians discussing the nature of the divine. The eleven million, four hundred and thirty thousand dollars, mind you, is not merely a number; it represents hopes, anxieties, and the faint scent of motor oil clinging to the balance sheets.

They picked up 248,749 shares, as of February 4th, 2026. The market, being the chaotic beast it is, valued that at around $12.7 million. It’s now a top holding, nestled comfortably alongside SPIB and a few other acronyms that probably keep someone in accounting awake at night. I’m looking at the chart – and yes, it’s going up. Slowly. Like a reluctant teenager being asked to take out the trash.

The reduction, detailed in the obligatory SEC filing, brings Vision One’s stake down to 363,358 shares, valued at $8.50 million as of quarter’s end. A shrinking footprint. They held eleven-point-three percent of the fund’s assets in Caesars; now, a mere four-point-seven-seven percent. One suspects a certain… re-evaluation. Not a panic, precisely. More a gentle adjustment of expectations. It’s as if they’ve decided the house always wins, and perhaps it’s best not to be too close to the table.