Tourlite Capital Management, an investment management firm, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. Tourlite Fund, LP returned -2.0% in the third quarter of 2025 compared to 8.1% and 12.4% returns for the S&P 500 and the Russell 2000 Indexes. Since its inception, the fund has achieved annualized returns of 8.6%, compared to 13.4% and 6.3% for the Indexes, respectively. The firm observed that the rise in speculative, lower-quality stocks is similar to the trend seen in late 2021. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its third-quarter 2025 investor letter, Tourlite Capital Management highlighted stocks such as TIC Solutions, Inc. (NYSE:TIC). The company, previously known as Acuren Corporation, rebranded as TIC Solutions, Inc. in October 2025. TIC Solutions, Inc. (NYSE:TIC) is a critical asset integrity services provider. The one-month return of TIC Solutions, Inc. (NYSE:TIC) was -24.26%, and its shares lost 8.67% of their value over the last 52 weeks. On November 19, 2025, TIC Solutions, Inc. (NYSE:TIC) stock closed at $9.27 per share, with a market capitalization of $2.045 billion.
Tourlite Capital Management stated the following regarding TIC Solutions, Inc. (NYSE:TIC) in its third quarter 2025 investor letter:
“TIC Solutions, Inc. (NYSE:TIC) (formally known as Acuren) is a provider of asset integrity services, specializing in nondestructive testing (NDT), rope access solutions, and engineering and laboratory analysis to keep industrial facilities safe and compliant. Its recurring, regulation-driven inspection and maintenance work supports critical infrastructure such as pipelines, refineries, power plants, and aerospace components, making it a highly resilient and essential partner to customers.
TIC was taken public via a SPAC by Martin Franklin, who also brought APi Group (APG) public, a former Tourlite holding. We see clear parallels between the two companies: both operate in regulatory driven, highly recurring service industries with strong free cash flow generation. APG’s share price has increased more than fivefold over the past six years, and we believe TIC may be at the beginning of a similar value-creation trajectory. The company recently completed a transformative acquisition of NV5, which we expect to drive meaningful cost synergies and cross-selling opportunities, similar to APG’s acquisition of Chubb Fire & Security business in 2021.
When we began purchasing TIC shares around an average of approximately $10 in August, our normalized 2027 estimates (post-NV5 integration) implied a teens free cash flow yield, comparable to where APG traded when we first invested in 2022. We see multiple catalysts over the next two years, including broader analyst coverage, strong execution on the NV5 integration, margin expansion, and incremental cross-selling benefits. In September, TIC’s share price spiked ~30% after being featured on a popular investing Substack. Even after this move, we continue to see meaningful upside from current levels.”
TIC Solutions, Inc. (NYSE:TIC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 15 hedge fund portfolios held TIC Solutions, Inc. (NYSE:TIC) at the end of the second quarter, compared to 24 in the previous quarter. In the third quarter of 2025, TIC Solutions, Inc. (NYSE: TIC) reported a revenue of $473.9 million, which represented significant year-over-year growth. While we acknowledge the risk and potential of TIC Solutions, Inc. (NYSE:TIC) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than TIC Solutions, Inc. (NYSE:TIC) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered TIC Solutions, Inc. (NYSE:TIC) and shared a bullish thesis on the company. In addition, please check out our hedge fund investor letters Q3 2025 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
