The Universe is expanding.
Today, we’re adding 10 stocks to the investable Universe. Five of them are also being added to The Mispriced 25, our research index.
The Universe is the starting point of the research process: the set of assets that have passed a minimum threshold of acceptability and are worth following more closely.
What is the Universe?
The Universe is the investable opportunity set behind The Mispriced research.
It currently includes roughly ~250 assets, mostly public equities, alongside a smaller number of selected digital assets.
An asset entering the Universe does not mean it is cheap, attractive today, or suitable for the Index.
It means it has passed a basic filter.
The business, asset, liquidity, structure, and risk profile are good enough to justify further research.
From there, the harder questions begin:
Is the quality high enough?
What is already reflected in the price?
Are the odds attractive?
And, if the thesis is strong enough, how much risk does it deserve?
In other words: Quality. Price. Odds. Sizing.
The Universe gives us somewhere to look.
The Mispriced 25 is where select ideas earn a place.
🆕 New additions
1. Brookfield Asset Management BAM 0.00%↑
Market Cap: $78.06B
ROIC (5Yr Avg): 16%
P/E: 28.4x
Brookfield Asset Management is one of the largest alternative asset managers globally, with exposure across infrastructure, real estate, private equity, renewable power, and credit.
The core attraction is the combination of a scaled asset-management platform, recurring fee-related earnings, long-duration capital, and exposure to secular growth in private markets.
Added to both the Universe and The Mispriced 25.
2. Nvidia Corporation NVDA 0.00%↑
Market Cap: $5.45T
ROIC (5Yr Avg): 100.3%
P/E: 28.6x
Nvidia has become one of the most important infrastructure businesses behind modern AI computing.
Its position extends beyond GPUs. The broader ecosystem includes networking, software, development tools, and an installed base that creates meaningful switching costs.
The business clearly passes the quality threshold. The harder question is price: how much future growth is already embedded in expectations?
Added to both the Universe and The Mispriced 25.
3. Cboe Global Markets CBOE 0.00%↑
Market Cap: $31.16B
ROIC (5Yr Avg): 11.8%
P/E: 23.3x
Cboe operates financial exchanges and market infrastructure across options, equities, futures, foreign exchange, and other markets.
It is an interesting picks-and-shovels business: rather than taking directional market exposure, Cboe earns from trading activity, data, access, and market infrastructure.
Added to the Universe for further research.
4. Crocs CROX 0.00%↑
Market Cap: $5.48B
ROIC (5Yr Avg): 32.2%
P/E: 9.9x
Crocs is a consumer business built around an unusually recognizable product, strong brand economics, and an asset-light operating model.
The debate is less about whether the core Crocs brand has been successful and more about durability: how long can its economics persist, and how much skepticism is already reflected in the valuation?
Added to both the Universe and The Mispriced 25.
5. Cummins CMI 0.00%↑
Market Cap: $77.61B
ROIC (5Yr Avg): 12.9%
P/E: 28.8x
Cummins is a global power technology company with deep positions in engines, power systems, components, and related technologies.
It combines an established industrial franchise with exposure to the long transition in transportation and power generation.
Added to the Universe.
6. Elmos Semiconductor $ELG
Market Cap: €2.46B
ROIC (5Yr Avg): 18.1%
P/E: 24x
Elmos Semiconductor designs semiconductor products primarily for automotive applications.
It operates in specialized areas where reliability, engineering relationships, qualification cycles, and product integration can matter as much as scale.
Added to the Universe.
7. LeMaitre Vascular LMAT 0.00%↑
Market Cap: $1.82B
ROIC (5Yr Avg): 15.8%
P/E: 27.9x
LeMaitre Vascular develops medical devices used primarily in the treatment of peripheral vascular disease.
It is a relatively focused medical-device business operating in specialized niches, with a model that deserves closer study around margins, reinvestment opportunities, competitive positioning, and long-term runway.
Added to the Universe.
8. Yelp YELP 0.00%↑
Market Cap: $1.14B
ROIC (5Yr Avg): 16%
P/E: 10x
Yelp remains a meaningful local-services discovery platform connecting consumers with businesses.
The interesting part of the thesis is not headline growth. It is the combination of an established platform, cash generation, capital returns, and the gap that may exist between the perception of the business and its underlying economics.
Added to both the Universe and The Mispriced 25.
9. Franklin Electric FELE 0.00%↑
Market Cap: $4.38B
ROIC (5Yr Avg): 14.7%
P/E: 28.6x
Franklin Electric manufactures systems and components used to move water and fuel.
It operates in less visible parts of the industrial economy, with exposure to groundwater, water infrastructure, pumping systems, and related applications.
Not an obvious narrative stock. Potentially an interesting business.
Added to the Universe.
10. Ross Stores ROST 0.00%↑
Market Cap: $73.25B
ROIC (5Yr Avg): 23.6%
P/E: 27.8x
Ross Stores is one of the largest off-price apparel and home-fashion retailers in the U.S.
The model is built around purchasing inventory opportunistically and offering branded products at discounted prices. Scale, buying capabilities, inventory discipline, and store economics make the business worth following.
Added to the Universe.
Universe vs. Index
These two decisions should not be confused.
Universe inclusion means: this is an asset we are willing to research and potentially own inside the framework.
Index inclusion means: given the current combination of quality, price, odds, and portfolio construction, the idea currently deserves scarce space inside The Mispriced 25.
The hurdle for the second decision is much higher.
With these changes, the research funnel gets a little broader.
But the goal stays the same:
Find good assets.
Understand what the market is pricing in.
Think in probabilities.
And only size the ideas where the asymmetry is strong enough.