In a world obsessed with perpetual ascent, where investors chase the ephemeral butterfly of momentum like debutantes at a ball, Chicago’s Wishbone Management has committed an act of quiet rebellion. On November 13, they spent $15.08 million acquiring 100,000 shares of EPAM Systems – a company whose stock has fallen 12% in twelve months, as though beauty could only exist in the eyes of those who refuse to blink. [EPAM 0.69%]
The Art of Contrarianism
The SEC filing reveals a curious truth: this fund, possessing merely four holdings, has chosen to frame EPAM’s digital engineering prowess alongside industrial distributors and airline stocks. It’s the artistic equivalent of hanging a Monet next to a spreadsheet – yet therein lies the genius. While the market dismisses EPAM’s $204.88 share price as a faded masterpiece, Wishbone sees the brushstrokes of enterprise AI spending waiting to be rediscovered.
The Portfolio as Gallery
With 8.1% of its assets now invested in this digital chameleon, the fund’s composition reads like a curated exhibition:
- NASDAQ: AVT – $67.44 million (36.3%): The Renaissance portrait of audio-visual technology
- NYSE: CPA – $56.14 million (30.2%): A Baroque study in aviation logistics
- NYSE: LSPD – $47.34 million (25.4%): The modernist sculpture of high-speed commerce
- NYSE: EPAM – $15.08 million (8.1%): An unfinished digital symphony awaiting its final movement
The Company Reimagined
| Metric | Value |
|---|---|
| Market Capitalization | $11.41 billion (a gilded frame for artistry) |
| Price (as of Thursday) | $204.88 (the price of admission to tomorrow) |
| Revenue (TTM) | $5.30 billion (the artist’s annual confession) |
| Net Income (TTM) | $371.62 million (where commerce kisses creativity) |
Portraits in Digital Oil
- EPAM paints with algorithms, crafting digital transformations across industries like a modern Da Vinci sketching flying machines
- Its 60,000 employees are the palette from which enterprises commission masterpieces in AI and automation
- Their true canvas? A global client base that pays to witness the future being rendered in real-time
The Critic’s Eye
While the market scoffs at EPAM’s 12% decline, the company has increased revenue by 19.4% to $1.394 billion in Q3 – a paradox where growth masquerades as failure. The $82.1 million in stock repurchased this quarter whispers a secret: even Rembrandts sometimes hang in pawn shops. With management forecasting $5.45 billion in 2025 revenue, one wonders whether the market’s myopia is merely the price of admission for genius.
The fund’s concentrated approach – four stocks as four seasons – transforms EPAM from speculation to statement. This is no gambler’s chip, but a collector’s acquisition: the only pure-play digital engineering name in a portfolio of industrial romances. As EPAM’s shares rise 30% since September 30, we’re reminded that true beauty often reveals itself after the crowd has left the gallery. 🎨
Lexicon of the Aesthetic Investor
13F reportable assets under management: The inconvenient truth the market forces us to disclose
Assets Under Management (AUM): The golden chains we wear voluntarily
Stake: Not the vampire’s weakness, but the investor’s commitment
Trailing twelve months (TTM): The rear-view mirror of financial truth
Digital transformation: The alchemy of turning old business models into new gold
Information technology services provider: A euphemism for modern-day wizards
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2026-01-01 23:18