WCM Portfolio Manager Shares His Thesis on Composite Decking, Analog Semiconductors

Latticework by MOI Global

0:00

-46:45

WCM Portfolio Manager Shares His Thesis on Composite Decking, Analog Semiconductors

Exclusive Interview with Anthony Glickhouse

John Mihaljevic

and

MOI Global Equity Research

May 20, 2025

We had the pleasure of speaking with Anthony Glickhouse, portfolio manager and business analyst at WCM Investment Management.

In this conversation with John, Anthony discusses the philosophy, process, and insights underpinning the quality value approach he and his team employ at WCM Investment Management. With an investment career that traces its roots back to early influences from Warren Buffett, Glickhouse reflects on his evolution from a curious teenager tracking stocks to a portfolio manager focused on qualitative depth over quantitative shortcuts.

Central to the conversation is Anthony’s investment approach, defined by a commitment to identifying and holding high-quality businesses with durable competitive advantages and shareholder-friendly management. Rather than relying on traditional quantitative screens, Anthony emphasizes deep qualitative analysis to uncover long-term compounders.

Illustrating this philosophy, Anthony delves into specific sectors that exemplify his team’s investment criteria. He provides insights into the decking industry, highlighting leading players Trex Co (TREX) and Azek Company (AZEK), which dominate the market. Anthony breaks down the competitive advantages of these companies, such as Trex’s manufacturing efficiencies and brand presence, as well as Azek’s evolving competitive positioning. This live case study shows how qualitative analysis can uncover sustainable moats and long-term growth even in seemingly mundane sectors.

The discussion further explores the underappreciated analog semiconductor industry, focusing on MACOM Technology Solutions (MTSI), Silicon Laboratories (SLAB), and Allegro MicroSystems (ALGM). Anthony explains how these companies, although operating outside the flashy headlines of digital semiconductors, provide essential technologies with defensible niches and compelling long-term prospects.

Insights you’ll gain in this conversation:

Anthony Glickhouse’s Path in Investing
The Philosophy of Quality Value Investing
Deep Dive: Composite Decking Industry (Trex and Azek)
Analog Semiconductors: Underappreciated Investment Opportunities
Portfolio Construction and Risk Management
Building a Concentrated Portfolio: Why Less Is More
Generalist vs. Specialist Approaches in Investment Management

Enjoy the conversation!

The information presented reflects the views specific to the WCM Quality Value Team, is not applicable to all WCM investment strategies, and may be based on subjective criteria. This information is for general informational purposes only, should not be construed as investment advice, and should not be considered as a complete representation of all the firm’s investment products or services. Each investment strategy has its own unique objectives, risks, and approaches. Clients and prospective investors should carefully review the specific disclosures, offering documents, and investment objectives of any strategy prior to making investment decisions. The securities identified and described do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable. Past performance is not indicative of future results, and all investments carry risk, including the potential loss of principal. WCM assumes no obligation to update any forward-looking information.

This interview was recorded on February 27, 2025.

Anthony Glickhouse is a Portfolio Manager and Business Analyst with WCM Investment Management. He joined WCM in 2016. His primary responsibilities include equity research for the firm’s fundamental value strategies. Since the start of his investment career in 2006, Anthony’s experience has included a position at Opus Capital Management, where he was a research analyst as well as a founder of and portfolio manager for a small cap fund. Previously, Anthony held positions at The Private Client Reserve of US Bank, where he conducted economic and capital market research. He graduated from Miami University (Ohio) with a BS in finance.

Featured Events