Assistant Portfolio Manager Christina Malbon recently appeared on CNBC’s ‘Closing Bell’. CNBC Pro users can watch the video at the following link. See the top highlights below.
Volatility, in our view, is not something to fear—it’s a source of opportunity. While headlines around tariffs and macro uncertainty can rattle markets, we remain focused on long-term fundamentals that truly drive shareholder value. Tariffs are an unknown, but so are the potential benefits from the implementation of AI. Could margins expand over time as companies become more efficient? Could growth accelerate as top talent is freed up to focus on new growth drivers? By having a long-term view, your perspective can change. From that vantage point, we took advantage of recent dislocations to add to high conviction names trading at attractive valuations.
Travel remains a sector we’ve had conviction in for a long time, and we continue to see upside potential. While the airlines and cruise lines sold off on tariff news and concern around the consumer, data continues to track well. The CEO of Delta Air Lines Inc (DAL), Ed Bastian, was on TV last week noting that he expects demand to tick up in the second half of the year. At the same time, we are seeing improving booking trends at Norwegian Cruise Line (NCLH).
Alphabet Inc. (GOOGL) remains significantly undervalued relative to its intrinsic value when considering all its market leading assets. Recent data shows Waymo, its autonomous ride-hailing division, capturing 27% market share in San Francisco—surpassing Lyft in just 20 months. At Google I/O 2025, CEO Sundar Pichai emphasized that AI-generated summaries are increasing the number of searches, not cannibalizing them, and later noted that they are being monetized at comparable rates. Despite persistent fears around regulatory breakup, we believe the market is failing to account for the full value of Alphabet’s major businesses today—Search, YouTube, and Waymo among them. While a breakup scenario isn’t our base case, we believe it could help surface hidden value. Alphabet remains the most underappreciated of the Magnificent Seven, trading at just 18x earnings—well below the S&P 500’s 22x—despite earnings growth projected at nearly three times the market rate.
In this interview, Christina Malbon candidly discusses her opinion on the market and on stocks and sectors that may have, at the time of the interview, been held in the Firm's strategies. This opinion is current as of the date of this interview but is subject to change. The information presented should not be considered a recommendation to purchase or sell any security and should not be relied upon as investment advice. The information contained in the interview is not guaranteed as to its accuracy or completeness. Portfolio composition is subject to change without notice.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. ANY INVESTMENT INVOLVES RISK OF LOSS, AND MAY RESULT IN A TOTAL LOSS OF INVESTMENT.
Certain statements included in this presentation, are forward-looking statements within the meaning of the relevant securities laws and are subject to numerous known and unknown risks and uncertainties. The factors discussed could cause actual results and developments to be materially different from those expressed in or implied by such forward-looking statements. Forward-looking statements generally include the use of words such as "believes," "intends," "expects," "anticipated," "plans," and similar expressions. Undue reliance should not be placed on these forward-looking statements. Actual results could differ materially from those expressed or implied in the forward-looking statements for many reasons, including the risks described herein and the Offering Documents. Such statements relate only to events as of the date on which the statements are made and there can be no assurance that future results, levels of activity, performance, or actual achievements will meet these expectations.
For Institutional Investors Only.
Share