Equity Highlights October 2025

Welcome to Broyhill's Equity Highlights, where we share a few quick takes on recent news across the portfolio every month.  

We aim to make these highlights easy to read and easy to repeat. Feel free to share our work! 

Healthcare Overhang Improves. Pfizer struck a deal with the US government, including cheaper pricing on certain branded drugs and a direct-to-consumer option, in exchange for a temporary reprieve from the 100% tariffs planned for the industry. AstraZeneca made a similar deal days later with commitments for increased US production. While Broyhill is not currently involved in these companies directly, it could signal a reprieve from an overhang on healthcare in general, which remains our largest exposure.

Six Flags Real Estate Value. An activist investor, Land & Buildings, highlighted the value of the real estate under Six Flags parks and encouraged a separation of the theme park's operations from its land holdings. Land & Buildings estimated $6 billion of real estate value, only slightly below the enterprise value of the company as a whole. With the share price approaching a low since the merger with Cedar Fair, we believe there are multiple ways the company could recognize this value.

Dollar Tree Holds Investor Day. Management highlighted its multi-price point strategy at its recent Investor Day. Customers can expect to see benefits from a more diverse assortment and greater value. The company also announced earnings targets for the coming years with accelerated growth of 12% to 15% along with reaffirming guidance for the current year.

Disclosures

Any statements above reflect the views of Broyhill Asset Management, LLC as of the posting date and are subject to change. The information provided above is for informational purposes only and reflects publicly available news regarding certain companies that represent a subset of our total exposure to all of our portfolio companies at the time of posting. This information is not investment advice or a recommendation to buy or sell any security. Holdings and views expressed may not be current and are subject to change without notice. Please review our full disclosures for additional important information and disclosures.