managers

What happened

According to a filing with the Securities and Exchange Commission dated October 17, 2025, investment management company Capricorn Fund Managers Ltd established a new position in Waystar (WAY 0.46%), acquiring 505,122 shares. The estimated transaction value, based on the average closing price during the third quarter of 2025, was approximately $19.15 million. This addition brings the fund’s total reported positions to 59 at quarter-end.

What else to know

The new position in Waystar accounts for 6.4% of Capricorn Fund Managers’ 13F reportable assets under management. The stock is now the fund’s largest holding by reported market value.

The fund’s top holdings after the filing are:

• WAY: $19.15 million (6.4% of AUM)
• TARS: $14.26 million (4.8% of AUM)
• MSFT: $14.15 million (4.8% of AUM)
• VERA: $13.10 million (4.4% of AUM)
• REAL: $12.64 million (4.2% of AUM)

As of October 16, 2025, shares of Waystar were priced at $36.81, up 34% over the one-year period, outperforming the S&P 500 by 20 percentage points during the same timeframe.

Company overview

Company snapshot

Waystar provides a cloud-based software platform for healthcare payments, including solutions for financial clearance, patient financial care, claims and payment management, denial prevention and recovery, revenue capture, and analytics.

IMAGE SOURCE: GETTY IMAGES.

The company serves healthcare organizations as its primary customers, targeting providers seeking to optimize revenue cycle management and payment processes.

Waystar was founded in 2017 and is headquartered in Lehi, Utah, working in the technology sector with approximately 1,500 employees. The company operates at scale in the healthcare technology industry, focusing on streamlining payment processes for healthcare providers through its cloud-based platform.

Foolish take

Capricorn Fund Managers’ new position in Waystar stock merits attention for a few reasons. The investment management company not only deemed Waystar a valuable addition to its portfolio, but the purchase was so big, the stock catapulted to the top of its holdings.

Investing in Waystar makes sense. The business boasts some compelling qualities. It has grown revenue every quarter for the past two years, and the trend continues in 2025.

In Q2, Waystar’s sales rose 15% year over year to $270.7 million. The company expects to hit $1 billion in revenue this year, up from $944 million in 2024.

Waystar also had a solid balance sheet exiting Q2. Total assets were $4.7 billion compared to total liabilities of $1.5 billion. It does have over $1 billion in debt, but the company is slowly paying this down.

The consistent sales growth Waystar is experiencing, and its forward price-to-earnings ratio of about 25, which is reasonable for a fast-growing tech company, explains Capricorn Fund Managers’ big buy of Waystar stock. These factors make the stock a worthwhile investment for the long haul.

Glossary

13F reportable assets under management: The total value of securities a fund must disclose quarterly to the Securities and Exchange Commission (SEC) on Form 13F.

Stake: The ownership interest or investment a fund or individual holds in a company.

Initiated position: When an investor or fund purchases shares of a company for the first time.

Assets under management (AUM): The total market value of investments managed by a fund or investment firm.

Quarter-end: The last day of a fiscal quarter, used for financial reporting and portfolio snapshots.

Outperforming: Achieving a higher return or growth rate compared to a benchmark or index.

Cloud-based platform: Software and services delivered over the internet rather than installed locally on computers.

Revenue cycle management: The process healthcare providers use to track patient care revenue from appointment to final payment.

Denial prevention and recovery: Strategies to reduce and resolve rejected insurance claims in healthcare billing.

Market value: The current worth of an asset or holding based on the latest market price.

Healthcare payments: Financial transactions related to medical services, including billing, claims, and reimbursements.

TTM: The 12-month period ending with the most recent quarterly report.

OLIVER GLASNER, Fabian Hurzeler and Andoni Iraola are among the coaches under consideration to replace Ruben Amorim if he is sacked by Manchester United.

Amorim suffered his 17th Premier League defeat out of 33 games in charge of United against Brentford on Saturday, who have lost three of their six league matches this term.

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Although Amorim retains the club’s backing, United are keeping an eye on potential replacements amid their alarming form.

Club sources insist they do not have a successor to Amorim lined up but accept the speculation around the manager’s role.

Erik ten Hag was dismissed after four defeats from the first nine league fixtures last term, though the United hierarchy is more invested in Amorim, the first managerial appointment under co-owner Sir Jim Ratcliffe.

United initially placed an emphasis on Premier League-proven signings in the summer with Matheus Cunha and Bryan Mbeumo and could apply that to their next managerial search.

That has had an impact on former England manager Gareth Southgate’s chances – he has not managed in the Premier League since Middlesbrough were relegated in 2009.

Southgate has suggested he may not return to management while his friend and ally, United director Sir Dave Brailsford, is no longer visible at the club after his disastrous attempt to improve performance at Old Trafford.

Glasner guided Crystal Palace to their first piece of silverware in the FA Cup last season and the Eagles are the only unbeaten side in the top flight, having ended Liverpool’s winning run with a 2-1 triumph on Saturday.

Iraola took charge of Bournemouth two years ago and led them to ninth last season.

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Despite the high-profile departures of Dean Huijsen, Ilya Zabarnyi and Milos Kerkez, the Cherries are currently third.

Hurzeler replaced Roberto De Zerbi at Brighton at the start of last season and presided over an eighth-place finish.

The Seagulls beat Chelsea 3-1 on Saturday to rise to tenth.

Glasner, 51, uses the same 3-4-2-1 system that Amorim is wedded to, which could be a deterrent.

The Austrian has European pedigree from his time at Eintracht Frankfurt, whom he led to Europa League glory in 2022.

Palace have so far failed to tie down Glasner on a new contract as his current one expires at the end of the season.

Iraola’s deal also runs out in the summer of 2026, while Hurzeler is tied to Brighton until 2027.

Meanwhile, reports suggest Xavi would be extremely keen on the Old Trafford gig.

However, there is not believed to have been any interest from the Red Devils as yet.

Amorim insists he’s right man

Amorim signed a two-and-a-half year contract with United when he was appointed as Ten Hag’s replacement last November but the club finished 15th last season, their worst top-flight finish since the team was relegated in 1974.

United have invested £256.82million in six signings on Amorim’s watch but the team have plunged to 14th following Saturday’s loss.

Sunderland travel to Old Trafford next week before the October internationals and United resume their schedule against Liverpool at Anfield on October 19.

United are winless in their last ten at Anfield and have not won there since January 2016.

Asked if he can turn it around at United, Amorim replied: “I’m always confident as I know what to do.

“When you lose, you go back to the same place and you fight again for one win that can help you to create the momentum.”

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The key change this season is that outfield players can now earn two bonus points based on the number of defensive actions they make in one match.

FPL managers now also get double the amount of chips – two Free Hits, two Wildcards, two Bench Boosts and two Triple Captains.

And managers will have their free transfer pool boosted to five transfers before the Africa Cup of Nations in January.

Full details here.

Pras: A two-point return is almost as good as a three-point assist, so picking reliable players with good minutes, mainly centre-backs and defensive midfielders, has become much more viable.

We will also need to think about our bench players differently. Players are more likely to accumulate these two-pointers in tougher matches. So is Everton’s James Tarkowski (£5.5m) away to Chelsea as bad a fixture as before? Perhaps not.

Holly: Defensive contribution points give extra utility to centre-backs and we could see a rise in managers opting to play 4-4-2 or 4-3-3.

When it comes to midfielders, FPL managers should embrace the value provided by defensive midfielders such as Chelsea’s Moises Caicedo (£5.5m) and Brighton’s Carlos Baleba (£5m) for their fourth or fifth midfielder spots.

Statman: You’ve got to remember that these defensive contribution numbers are only there if you’ve picked that player every single game through the season.

For example, with Tarkowski, you’ve got to go through those games against Liverpool and Manchester City, those games where Everton are not favourites, to get those points – so you’re really going to have to balance it out in terms of opposition and whether you think they’re going to make defensive actions.

One team I’m really excited about for defensive contributions is Tottenham under Thomas Frank, because the numbers should shoot up for a number of their players and they’ve got a lot of £4.5m defenders.

In midfield, one player who really stands out is Bruno Fernandes. He would have got 22 extra points last season.

The start of the season is rubbish for Manchester United but he’s someone that does make a lot of ball recoveries, makes a lot of tackles for his position.

Heisenberg: The FPL rule changes shift gameplay significantly.

Two sets of chips is an interesting change. We’ll see greater variety in chip usage in the first half of the season, with no double gameweeks around.

Five free transfers for Afcon is a rule change I am not a fan of. Properly planning used to lead to an advantage, now everyone gets bailed out for free. However, I plan to maximise these free transfers by effectively having close to an extra wildcard and I won’t use it to simply firefight absences from my squad.

“But the news is incredibly positive. If it had gone the other way, there would have been a whole other line of questions.

“Lucas is happy and committed. He is an important person in dressing room and at the club and we love him. We just want to help him enjoy his football.

“You can imagine on a personal level for him, having to fight those allegations was an incredible challenge for him. It has been a really tough period in his life and career.

“It is a credit to him and his family and everyone who has supported him that he has come through.”

As the written reasons are yet to be published, it is still not known whether Paqueta will take legal action against the FA.

Meanwhile, Antonio looks to be surplus to Potter’s plans.

Asked whether the 35-year-old would be part of his squad for the forthcoming campaign following the signing of another veteran frontman – and Antonio’s former podcast partner – Callum Wilson on a free transfer, Potter said simply: “No.”

Last month, the club said no formal decision had been made on the player whose contract expired at the end of the month.

“As a long-serving, highly-respected player, and a much-loved member of the West Ham family, the club’s absolute priority at this time is to support Michail personally in his journey to resume playing at the highest level,” said a statement.

There had been no update on that prior to Potter’s answer.

Having recovered from his horrific car crash in December, Antonio made a playing return for Jamaica during this summer’s Concacaf Gold Cup.

He joined West Ham from Nottingham Forest for an undisclosed fee, reported to be £7m, in 2015 and is the club’s record Premier League goalscorer, scoring 68 goals in 268 top-flight appearances.

As Hart High football players participated in a 6 a.m. workout on Wednesday morning, injured player Micaiah Underwood was given an important task — flying the team’s drone to take video. He had been trained by head coach Jake Goossen.

When an alarm went off alerting low battery, Underwood calmly manipulated the controls to bring the drone down — though it briefly went so high that teammates were joking it was out of control.

Managers make peanut butter and jelly sandwiches for football players to eat after practices.

(Eric Sondheimer / Los Angeles Times)

Every head coach needs to delegate responsibilities and rely on others to help him focus on getting his team ready, and three important positions in 2025 are drone operator, manager and athletic trainer.

Every program needs one of each.

At a City Section school earlier this week, three managers were making peanut butter and jelly sandwiches for players to eat after practices. At another school, the athletic trainer was taping ankles and roaming the field in case of an emergency. For those teams without athletic trainers, coaches were forced to take on the task.

Coaches kept handing out their keys to managers to retrieve or open something.

Managers and trainers have been around for years, but drone operators are new. At Hart, they have to pay special attention to hawks. Seriously, Hart had a drone disabled by a hawk. Now there are spotters to make sure no hawks are nearby. After all, Hart’s new nickname is the Hawks and apparently the real hawks like flying drones.

So everyone say thanks to the drone operators, managers and trainers. They’re unsung helpers every program needs.

Electric bikes lined up at Hart High.

(Eric Sondheimer / Los Angeles Times)

Oh, and one more trend. There are so many players using electric bikes to get to practices perhaps a charging station is next to be added on a program’s football budget.

May 26 (UPI) — A German court convicted four former Volkswagen managers of fraud on Monday and a decade after “Dieselgate” exposed deceptive devices installed in many Volkswagen models to pass emissions tests.

Jens Hadler was sentenced to 4.5 years in prison and formerly was Volkswagen’s diesel engine development chief, the New York Times reported.

Hanno Jelden, a former VW engine electronics manager, received a sentence of two years and seven months in prison.

Defendants Heinz-Jakob Neusser, a former systems development manager, and a former emissions expert identified as “Thorsten D.,” received suspended sentences of 15 months and 22 months in prison, respectively.

A judicial panel in Braunschweig, Germany, entered its verdicts in the court that is located close to Volkswagen’s headquarters in nearby Wolfsburg.

Panel chairman Judge Christian Schutz called the defendants a “gang” and said they were guilty of “particularly serious” fraud, the New York Times reported.

He said Hadler knew of the emissions-testing defeat devices that manipulated software to ensure the vehicles would pass emissions tests since at least September 2007.

Only a relatively small number of people within Volkswagen knew of the device’s existence, according to emails used as evidence in the case.

The trial lasted almost four years in the “dieselgate” emissions scandal that was exposed when the U.S. Environmental Protection Agency in 2015 reported many diesel-powered VW models contained deceptive emissions-monitoring devices, Politico reported.

The “defeat devices” detected when system emissions testing was underway and automatically adjusted engine performance to ensure the respective vehicles met environmental standards.

Berlin’s Federal Court of Justice in 2020 ordered Volkswagen to pay up to $31,000 to each of about 60,000 German owners of diesel-powered VWs.

The automaker paid billions of dollars in settlements for installing defeat devices on about 10 million vehicles sold in the U.S., Germany and other markets around the globe.

Legal cases remain open against 31 other defendants, but former VW Chief Executive Officer Martin Winterkorn is not among them due to health concerns, MarketWatch reported.

Winterkorn has denied any wrongdoing in the matter.