In a notable portfolio adjustment disclosed on November 13, PSquared Asset Management AG, an investment firm based in Zurich, Switzerland, announced the establishment of a sizeable new stake in TaskUs, Inc. (NASDAQ: TASK). According to a filing submitted to the U.S. Securities and Exchange Commission, the fund purchased 635,084 shares of TaskUs as of September 30, collectively valued at approximately $11.34 million. This acquisition represents 9.0% of PSquared’s $125.97 million in reportable U.S. equity assets, elevating TaskUs to the position of the fund’s fourth largest equity holding by value.
PSquared’s investment portfolio as of the latest filing reveals a concentrated set of holdings with significant exposure to a handful of companies: leading with Kellanova (NYSE: K) at $42.77 million or 34.0% of assets under management (AUM); followed by Silvercrest Metals (NYSEMKT: SLSR) at $25.04 million (19.9% of AUM); Teck Resources (NYSE: TECK) holding $18.99 million (15.1% of AUM); TaskUs at $11.34 million (9.0% of AUM); and Hologic (NASDAQ: HOLX) with $8.42 million (6.7% of AUM). This concentrated weighting emphasizes PSquared’s strategic approach of backing distinct opportunities within their U.S. equity exposure.
TaskUs, a digital outsourcing and business process services provider, specializes in omni-channel customer care, trust and safety solutions, content security enforcement, and artificial intelligence data labeling for a broad range of global enterprises. Its business model centers on offering managed services that leverage technology-driven solutions designed to help clients streamline operations, enhance customer experience, and safeguard digital platforms.
The company’s client base spans various segments of the digital economy, including e-commerce, financial technology, food delivery, ride-sharing platforms, gaming, social media, and streaming services. Such a diversified spectrum underscores TaskUs's embedded role across multiple rapidly evolving digital market sectors.
Financially, TaskUs reported trailing twelve-month revenue totaling $1.14 billion, with a net income of $81.43 million. Despite these solid financial metrics, the company's stock trades at $11.51 per share as of the most recent close, representing a sharp year-over-year price decline of 32%. This significant drop contrasts with the broader S&P 500 benchmark, which has appreciated roughly 15% over the same timeframe.
However, recent quarterly operational performance paints a more optimistic picture. TaskUs posted a 17% increase in revenue year-over-year, reaching a record $298.7 million during the quarter ended September 30. The firm sustained adjusted EBITDA margins of 21.2%, among the highest within its industry according to management commentary. Furthermore, free cash flow for the quarter amounted to $42 million, converting approximately two-thirds of EBITDA into cash – indicating strong cash generation capabilities.
The juxtaposition of TaskUs’ robust financial execution with its depressed market valuation may partially elucidate PSquared Asset Management’s investment thesis. The fund’s sizable position, totaling nearly one-tenth of its U.S. equity assets, signals confidence in TaskUs's ability to generate durable cash flows and to expand into higher-margin service lines such as AI data labeling and trust and safety solutions. This contrasts with valuation perceptions that may currently discount the company as facing structural decline rather than recognizing its operational momentum.
In addition to TaskUs, the fund’s concurrent stakes in Kellanova, Teck Resources, and Silvercrest Metals highlight a willingness to embrace volatility in exchange for potential upside across varied sectors. This investment posture reflects a strategic orientation toward concentrated bets that balance risk and return aligned with fundamental business prospects.
Ultimately, TaskUs’s recent performance and service portfolio growth present the company as a cash-generative operator navigating competitive digital outsourcing markets. While short-term share price trends suggest caution, the firm’s operational results and strategic positioning offer a rationale for a substantive investment despite prevailing market headwinds.