A Fund’s Flutter with Commerce

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Now, gather ’round, if you will, and let me tell you a tale. A tale of high finance, of fortunes made and unmade with the flick of a wrist, and a fund called TRAN Capital Management. Seems they had a bit of a dalliance with a company called SPS Commerce, a purveyor of what they call “cloud-based supply chain management solutions.” Sounds mighty complicated, don’t it? Like trying to herd cats with a telegraph.

This TRAN Capital, they bought a heap of SPS Commerce shares, some 147,591 of ’em, back when the market was feelin’ generous. Spent a cool $15.37 million, they did. Then, quicker than you can say “market correction,” they up and sold the whole kit and kaboodle. Just like that. A fella might wonder what brought on such a sudden change of heart, but these Wall Street types, they operate on a logic all their own.

They claim it was a mere adjustment of their portfolio, a shifting of funds. But I reckon there’s more to it than that. It’s always the same song and dance. Buy high, sell low, and call it strategy.

Now, as of late, SPS Commerce was havin’ a bit of a tumble. Shares were down 53% from their peak, a predicament that would give any investor the vapors. The fund managers, it seems, decided they didn’t fancy catchin’ a fallin’ knife. Sensible enough, I suppose, though a bolder man might have seen an opportunity.

Let’s have a look at what TRAN Capital

did

keep around. Nvidia, that’s the fella makin’ all the fancy chips. $60.95 million worth. Then there’s Talen Energy, Amazon, Microsoft, and Danaher. Solid enough investments, I suppose, though lackin’ a bit of poetry.

SPS Commerce, for those of you not in the know, is one of them companies that helps businesses move goods from one place to another. They boast of 99 consecutive quarters of sales growth, a feat that would impress even the most hardened accountant. And they claim to be benefitin’ from this newfangled trend of “omnichannel sales.” Sounds like a fancy way of sayin’ folks are buyin’ things from every which way.

They also reckon their stock is undervalued. Tradin’ at 24 times free cash flow, they say, compared to an average of 52. A bargain, they claim. I’ve heard that song before.

Now, I’ll admit, there’s somethin’ to be said for a company that can keep its sales growin’ for nigh on a hundred quarters. And this notion of connectin’ retailers, suppliers, and logistics folks… it’s not without merit. But in this age of artificial intelligence and disruptin’ technologies, it’s hard to say what will be worth a dime tomorrow.

TRAN Capital, they may be smarter than me. They might have seen somethin’ I didn’t. But I’ll wager a nickel that this whole business of supply chain management ain’t goin’ anywhere. Folks will always need to move goods, one way or another.

So, there you have it. A tale of a fund, a company, and a market. A reminder that in the world of finance, nothin’ is certain, and the only constant is change. And that, my friends, is a truth worth rememberin’.

Metric Value
Price (as of market close Jan. 16, 2026) $91.13
Market Capitalization $3.48 billion
Revenue (TTM) $729.76 million
Net Income (TTM) $85.06 million

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2026-01-23 00:02