| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 7.6% | -11.6% | -11.6% |
Plural Partners Fund delivered -11.6% net return in Q1 2026, underperforming due to small cap volatility driven by Middle East conflict. Manager Chris Waller maintains value investing approach, seeking businesses trading at substantial discounts to intrinsic value. Portfolio estimated to trade at 7.8x FCF in three years and 40% of intrinsic value, similar to April 2020 levels. Fund roughly doubled position in Judges Scientific, a serial acquirer of niche scientific instrument businesses recovering from US college funding uncertainty. New investment in Douglas Dynamics, dominant snowplow manufacturer benefiting from strong winter after two weak seasons. Jet2 travel position impacted by oil prices but manager believes market overreacts to single summer prospects. Portfolio concentrated in 6-8 best investments across industrials, consumer, travel, telecom, and real estate sectors. Fund maintains 97% net exposure with 3% cash, positioned for recovery as intrinsic values become reflected in prices.
Value investing in small, under-researched businesses trading at substantial discounts to conservatively calculated intrinsic value, with focus on quality companies with strong economics and aligned management teams.
Manager expects recovery to continue from quarter-end, believing it is only the beginning of businesses' intrinsic values being more fully reflected in prices. Sees current portfolio trading at significant discount to intrinsic value.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 28 2026 | 2026 Q1 | JDG.L, JET2.L, PLOW | Acquisitions, industrials, small caps, Travel, Uk, value |
PLOW JDG.L |
Value fund down 11.6% in Q1 on small cap volatility despite strong fundamentals. Portfolio trades at 40% of intrinsic value, creating opportunity similar to April 2020. Doubled Judges Scientific position, added Douglas Dynamics snowplow manufacturer. Manager sees temporary headwinds for quality businesses at deep discounts, expects recovery as values get recognized. |
| Jan 20 2026 | 2025 Q4 | LOGC, WOSG.L | discount, Intrinsic Value, Luxury, Quality, retail, small caps, value |
WOSG LN LOGC |
Plural Partners delivered 5.7% in Q4 while maintaining deep value discipline. Portfolio trades at 44% of estimated intrinsic value with strong balance sheets and aligned management. Exited ContextLogic profitably after NOL strategy pivot. Holding Watches of Switzerland through tariff headwinds given structural advantages and acquisition opportunities. Concentrated approach targeting patient capital deployment in quality businesses. |
| Oct 21 2025 | 2025 Q3 | GLIB.A, JDG.L, JET2.L, SEG, WOSG.L | Buybacks, Europe, real estate, small caps, spinoffs, Telecom, Travel, value |
JET2 SEG GLIBA JET2 SEG JDG WOSG GLIBA |
Value-focused small-cap fund trading at 43% of estimated three-year intrinsic value despite Q3 decline. Key holdings like Jet2 and Seaport Entertainment offer compelling fundamentals at attractive valuations, with temporary headwinds creating better entry points. Portfolio increasingly upgraded with new opportunities as small-cap disconnects widen, positioning for value recognition as concerns resolve. |
| Jul 22 2025 | 2025 Q2 | JDG.L, WOSG.L | Luxury, retail, Scientific Instruments, small caps, Uk, value |
JET2 LN WOSG LN JDG LN JDG.L WOSG.L |
Plural Partners posted strong Q2 returns as markets moved from panic to reflection. The concentrated value fund targets small, under-researched businesses trading at deep discounts to intrinsic value. Key holdings include UK serial acquirer Judges Scientific and luxury watch retailer Watches of Switzerland. Portfolio trades at attractive 9.0x forward FCF with quality businesses offering significant upside potential. |
| Apr 23 2025 | 2025 Q1 | SEG, WOSG.L, XPEL | Luxury, real estate, small caps, tariffs, Travel, turnaround, value |
SEG WOSG.L |
Value fund down 15% in Q1 on tariff uncertainty despite limited fundamental impact. Portfolio trades 6.4x forward FCF with strong balance sheets. Key positions include cash/NOL shell below net cash, Manhattan real estate turnaround with Meow Wolf catalyst, and Rolex partner facing temporary luxury headwinds. Manager sees exceptional risk/reward opportunities from volatility. |
| Jan 16 2025 | 2024 Q4 | JET2.L, SEG, WOSG.LN | Luxury, real estate, small caps, Spin-Offs, Travel, United Kingdom, value |
JET2.L WOSG.LN SEG |
Concentrated value fund delivered 8.2% net returns in 2024 versus 1.8% for international small caps. Portfolio trades at 6.8x forward FCF with low double-digit growth. Key holdings Jet2, Watches of Switzerland, and Seaport Entertainment offer substantial upside despite UK small cap headwinds. Sentiment normalization could provide significant catalyst for undervalued UK positions. |
| Oct 7 2024 | 2024 Q3 | SEG, TVK.TO, WOSG.L | Entertainment, Luxury, real estate, small caps, spinoffs, value |
SEG WOSG.L TVK.TO |
Value fund delivered 9.2% in Q3, investing in businesses at 7.0x forward FCF with double-digit growth. Added Seaport Entertainment spinoff where insider Pershing Square oversubscribes to rights offering. Finding increasing small cap opportunities given market underperformance. Portfolio concentrated in six to eight best ideas with strong management alignment and substantial discounts to intrinsic value. |
| Jul 29 2024 | 2024 Q2 | E2N.MU, WOSG.L | FCF, gaming, international, Luxury, small caps, value |
WOSG.L E2N.DE |
Value-focused small cap fund targeting businesses at substantial discounts to intrinsic value. Portfolio trades 7.7x forward FCF with double-digit growth. Added luxury retailer Watches of Switzerland at 10x FCF with Rolex partnership moat. Exited gaming hardware maker Endor due to management execution failures. Sees increasing opportunities despite continued small cap underperformance. |
| May 7 2024 | 2024 Q1 | CXI.TO, TVK.TO | consumer, FCF, industrials, international, small caps, value |
TVK.TO CXI.TO |
Value-focused fund targeting small, under-researched businesses at significant discounts to intrinsic value. Portfolio trades at 7.2x three-year FCF with double-digit growth prospects and strong management alignment. Concentrated exposure through 6-8 positions including TerraVest and Currency Exchange International. Manager confident intrinsic value recognition will drive long-term returns despite current small-cap underperformance. |
| Jan 16 2024 | 2023 Q4 | KD, XPEL | consumer, small caps, Spin-Offs, technology, turnaround, value |
BKD XPEL |
Concentrated value fund targeting small cap businesses trading at deep discounts to intrinsic value. Portfolio trades at 6.1x forward earnings with high-quality businesses averaging 24% returns on capital. Key holdings Kyndryl and XPEL offer compelling turnaround and growth stories respectively. Recent market difficulties in small cap value have created increasing opportunities for new investments. |
| Nov 10 2023 | 2023 Q3 | CXI.TO, JET2.L | Drawdown, Intrinsic Value, small caps, Travel, undervalued, value |
CXI.TO JET2.L |
Value-focused small cap fund experiencing significant drawdown despite strong business fundamentals. Portfolio trades at 5.9x forward earnings with high-quality management teams. Key holdings in travel sector (CXI, Jet2) declined on multiple compression, not operational issues. Manager sees increasing opportunities and remains confident in long-term value recognition over five-year horizon. |
| Jul 18 2023 | 2023 Q2 | CXI.TO, E2N.DE | consumer, gaming, payments, small caps, Travel, value |
E2N CXI.TO |
Small cap value fund down 13.3% in Q2 due to illiquid holdings reacting poorly to short-term disappointments. Portfolio of 6-8 concentrated positions trades at 6.5x estimated three-year earnings with strong balance sheets and aligned management. Key holdings in gaming hardware and currency exchange positioned for multi-year value realization despite near-term execution challenges. |
| Apr 20 2023 | 2023 Q1 | CXI.TO, JET2.L | consumer, international, payments, small caps, Travel, value |
CXI.TO JET2.L |
Concentrated value fund targeting small, under-researched businesses at deep discounts. Portfolio trades at 6x estimated three-year earnings with strong fundamentals. Key holdings CXI and Jet2 benefit from travel recovery and strengthened competitive positions post-Covid. Manager maintains high conviction in 6-8 core positions with 3-5 year investment horizon. |
| Jan 3 2023 | 2022 Q4 | CURN, JET2 LN | - | - | |
| Oct 12 2022 | 2022 Q3 | JET2.L, RBL.AX | Currency, Drawdown, global, Intrinsic Value, small caps, Uk, value |
RBL.AX JET2.L |
Plural Partners fell 3.1% in Q3, hurt by currency headwinds and a complete loss on Redbubble investment. Despite -38.2% YTD performance, manager maintains conviction in concentrated small-cap value approach. Portfolio companies trade at 5x three-year earnings estimates with strong fundamentals. Using market weakness to adjust positions, expecting superior long-term returns when macro conditions improve. |
| Jul 13 2022 | 2022 Q2 | JET2.L, MOTR.L | consumer, Drawdown, small cap, Travel, United Kingdom, value |
MOTR.L JET2.L |
Value-focused fund down 24.4% in Q2 despite strong company fundamentals, with portfolio trading at 5x estimated three-year earnings. Manager added to positions during drawdown, particularly UK-focused holdings Motorpoint and Jet2, viewing current prices as opportunities. Currency headwinds and style rotation away from value stocks contributed to underperformance despite improving business outlooks. |
| Apr 19 2022 | 2022 Q1 | 2678.HK, JET2.L | China, consumer, global, small caps, Travel, value, volatility |
2678.HK JET2.L |
Plural Partners declined 15.7% in Q1 as portfolio companies faced drawdowns, though fundamentals largely remained intact. The concentrated value fund used volatility to add to positions and identify new opportunities. Key holdings Texhong Textiles and Jet2 are positioned for value realization through corporate restructuring and post-Covid travel recovery respectively. |
| Jan 19 2022 | 2021 Q4 | 2678.HK, JET2.L | Asia, consumer, Recovery, small caps, Textiles, Travel, value |
2678.HK JET2.L |
Concentrated value fund fully invested in two founder-led businesses trading at deep discounts. Texhong Textiles benefits from structural cost advantages in yarn production, targeting 3x upside. Jet2 positioned for travel recovery with strengthened market share, targeting 2x upside. Both companies have strong management teams and clear catalysts for value realization over the next three years. |
| Oct 19 2021 | 2021 Q3 | JET2.L | consumer, small caps, Travel, Uk, value | JET2.L | Concentrated value fund delivered 5.2% in Q3 with portfolio fully invested in attractively priced holdings. Primary position Jet2 gaining UK travel market share as restrictions ease, approaching profitability at half pre-Covid volumes. Competitors struggling with dilutive equity raises while Jet2 orders new aircraft, positioning for leadership emergence. |
| Jul 12 2021 | 2021 Q2 | JET2.L | consumer, small caps, special situations, Travel, value | JET2.L | Concentrated value fund targeting small, underresearched businesses at deep discounts to intrinsic value. Portfolio fully invested at 102% net exposure with strong Q2 performance of 13.8%. Core holding Jet2 positioned to emerge from travel disruption with strengthened market position. Manager continues finding significant opportunities despite challenging environment for travel industry. |
| Apr 14 2021 | 2021 Q1 | 2678.HK, JET2.L | global, Recovery, small caps, Textiles, Travel, value |
2678.HK JET2.L |
Concentrated value fund delivered 8.9% in Q1 with 114.6% annualized returns since inception. Sold profitable Texhong Textiles position to fund better opportunities. Jet2 travel holding faces near-term headwinds but positioned for post-COVID leadership. Portfolio fully invested in small, under-researched companies trading at substantial discounts. Five-year investment horizon with patient capital approach. |
| Jan 18 2021 | 2020 Q4 | JET2.L | Asia, real estate, Recovery, small caps, Travel, value | JET2.L | Concentrated value fund delivered 97% net returns in 2020 through small-cap investments in under-researched markets. Portfolio fully invested in 6-8 positions including Asian real estate at 40% of NAV with spin-off catalyst and Covid-impacted UK travel company Jet2 positioned for recovery. Five-year investment horizon targeting businesses with double upside potential. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
ValueFund invests in businesses trading at substantial discounts to intrinsic value, with portfolio estimated at 40% of intrinsic value in three years. Manager emphasizes buying quality businesses at deep discounts and holding through volatility. |
Value Intrinsic Value Discount Quality Long-term |
Small CapsFund deliberately focuses on small, under-researched companies with little coverage to develop research edge. Recent volatility in small caps created opportunities despite strong fundamentals. |
Small Caps Under-researched Research Edge Volatility | |
TravelJet2 position impacted by higher oil prices reducing summer profitability, but manager believes market overreacts to single summer prospects. Company trades at 5x mid-cycle P/E with strong competitive position. |
Travel Oil Prices Cyclical Overreaction | |
| 2025 Q4 |
AIManager believes market's assessment of AI risk differs from their own, with approximately 60% of underperformance attributed to positions where AI impact concerns drove stock declines. They view AI-impacted investments as having vast addressable markets and sustainable competitive advantages, expecting valuations to expand as market perspective aligns with theirs. |
Artificial Intelligence Disruption Valuation Software Analytics |
QualityFund exclusively invests in businesses with superior characteristics including high barriers to entry, sustainable competitive advantages, and durable growth prospects. Manager notes their focus on leading businesses has been foundation of strategy since inception, though this approach was out of favor in 2025 as investors sold higher-quality investments for riskier stocks. |
Earnings Quality Competitive Advantages Margins Cash Flow | |
Small CapsStrategy of owning competitively advantaged small and medium-sized businesses remained out of favor for most of the quarter. Fund observed improvement in early December as investors showed renewed enthusiasm for high-quality small-cap stocks, with significant outperformance potential when their style comes back into favor. |
Small Cap Growth Russell 2000 Style Rotation | |
| 2025 Q3 |
ValueThe fund focuses on businesses trading at substantial discounts to intrinsic value, with portfolio companies estimated to trade at just 43% of their intrinsic value in three years. The manager emphasizes buying businesses worth substantially more than their trading price and welcomes volatility as opportunities to invest at better prices. |
Discount Intrinsic Undervalued Mispriced Bargain |
TravelJet2 represents a significant position despite declining 14% year-to-date while performing above expectations. The company trades at 6.5x P/E with net cash, double-digit growth prospects, and the best competitive position in the industry. Management has been buying back around 20% of shares, creating per-share value despite UK macro concerns. |
Airlines Tourism Leisure Recovery Cyclical | |
Real EstateSeaport Entertainment owns properties in New York's Seaport district with a market cap of $300mm despite holding $160mm net cash and properties worth $850mm. The company was spun off from Howard Hughes and new management has made progress turning around loss-making properties, including selling a property for $150mm. |
REIT Development Turnaround Asset Spinoff | |
BuybacksJet2 management surpassed expectations by buying back around 20% of the diluted share count over the last 12 months. The manager expects continued significant buybacks which will quickly increase intrinsic value per share unless the stock rises substantially. |
Repurchase Capital Allocation Shareholder Return | |
| 2025 Q2 |
ValueThe fund focuses on businesses trading at substantial discounts to conservatively calculated intrinsic value. Portfolio trades at 9.0x FCF in three years with businesses earning 23% post-tax return on capital. Manager emphasizes only investing in businesses worth substantially more than their trading price. |
Intrinsic Value Discount FCF ROIC |
Small CapsFund deliberately focuses on small businesses that are hidden gems due to size, limited coverage, or listing on under-researched exchanges. Develops research edge by competing mostly against individual investors or small positions of larger institutions. |
Hidden Gems Under-researched Coverage Niche | |
LuxuryWatches of Switzerland represents significant exposure to luxury watch retail, particularly Rolex and Patek Philippe. Despite tariff concerns, the manager believes in the resilience and pricing power of luxury brands with substantial waiting lists. |
Rolex Pricing Power Waiting Lists Resilience | |
| 2025 Q1 |
ValueFund focuses on businesses trading at substantial discounts to intrinsic value, with portfolio companies estimated to trade at 6.4x FCF in three years while still growing at low double-digit rates. Manager emphasizes investing only in businesses worth substantially more than current trading prices. |
Intrinsic Value Discount FCF Undervalued Conservative |
Trade PolicyUS tariffs significantly impacted portfolio stocks in Q1, with macro uncertainty around tariffs creating exceptional risk/reward opportunities. Manager believes vast majority of businesses will see little tariff impact, with one actually benefiting from lower acquisition prices. |
Tariffs Trade Policy Impact Uncertainty | |
LuxuryWatches of Switzerland represents exposure to luxury watch retail, particularly Rolex partnership. Company faces headwinds from declining luxury demand and 31% Swiss import tariffs, but manager believes impact is overdone given supply-driven nature of Rolex sales. |
Watches Rolex Retail Premium Partnership | |
Real EstateSeaport Entertainment owns prime Manhattan real estate that suffered from misplaced strategy by former owner. New management making major changes to turn key buildings into consumer concepts with mass market appeal, including Meow Wolf lease at Pier 17. |
Manhattan Properties Turnaround Consumer Entertainment | |
TravelJet2 represents UK travel exposure trading at 6.5x P/E despite net cash and double-digit growth prospects. Company has best competitive position and management team in industry with track record of gaining share during downturns. |
Airlines UK Growth Competitive Downturn | |
| 2024 Q4 |
TravelJet2 is a UK package holiday business with the strongest competitive position in the industry, best management team, and long runway for double-digit growth. The company has grown market share from 2% to 22% over the last decade through excellent customer service and retention, with 60% of customers booking another holiday within two years versus 40% at competitor TUI. |
Package holidays Customer retention Market share Airlines Tourism |
LuxuryWatches of Switzerland is a retailer and partner to Rolex and other luxury watch brands, with most value lying in its relationship with Rolex. The company benefits from lengthy customer waiting lists, no online competition, and no inventory risk. Despite concerns about luxury goods demand, waitlist brands make up 60% of sales and cushion cyclical declines. |
Luxury watches Rolex Authorized retailers Waitlists Premium brands | |
Real EstateSeaport Entertainment was spun out of Howard Hughes in July 2024, consisting of loss-making properties primarily in Lower Manhattan that Howard Hughes invested $1.5bn into. The new management team is making significant improvements to key assets including Pier 17's rooftop concert venue and office space repositioning. |
Manhattan Entertainment venues Property development Spin-offs Asset repositioning | |
| 2024 Q3 |
SpinoffsSeaport Entertainment represents a spinoff opportunity with rights offering where key insider Pershing Square is oversubscribing, creating potential value as indiscriminate selling meets informed buying. The spinoff transforms Howard Hughes into a pure master planned community owner while creating opportunity in the BadCo assets. |
Rights Offerings Spinoffs Insider Buying Value Creation Corporate Actions |
ValuePortfolio trades at 7.0x FCF in three years with businesses still growing at double digit rates, featuring strong balance sheets, 18% post-tax return on tangible capital, and well-aligned management with 13% average insider ownership. Focus on businesses trading at substantial discounts to conservatively calculated intrinsic value. |
Intrinsic Value FCF Multiple Discount Valuation Conservative Estimates Value Investing | |
Small CapsFinding increasing number of hidden gems given relative underperformance of small cap markets. Strategy deliberately focuses on competing against retail investors and small positions of larger institutions by fishing in those waters where research edge can be significant. |
Hidden Gems Small Cap Underperformance Research Edge Retail Competition Institutional Neglect | |
| 2024 Q2 |
ValueThe fund focuses on businesses trading at substantial discounts to intrinsic value. Portfolio trades at 7.7x FCF in three years with double-digit growth expected. Manager emphasizes buying quality businesses at single digit or low double digit FCF multiples. |
Value FCF Intrinsic Value Discount Multiple |
LuxuryWatches of Switzerland represents a luxury watch retailer with exclusive Rolex relationship. The company benefits from no price competition, no inventory risk, and acts as gatekeeper to Rolex universe with superior economics to typical retailers. |
Luxury Rolex Premium Retail Brand | |
Small CapsFund deliberately focuses on small cap opportunities where they compete against retail investors and small positions of larger institutions. Small cap markets continue to underperform but manager sees increasing opportunities at attractive valuations. |
Small Caps Underperformance Opportunity Retail Valuation | |
| 2024 Q1 |
ValueFund focuses on businesses trading at substantial discounts to intrinsic value. Portfolio trades at 7.2x FCF in three years with double-digit growth prospects. Manager finds ignored businesses at single-digit FCF multiples. |
Value Intrinsic Value FCF Discount Undervalued |
Small CapsFund deliberately targets small companies that receive little coverage and are listed on under-researched exchanges. Strategy involves competing against retail investors and small institutional positions. |
Small Cap Under-researched Coverage Institutional Retail | |
| 2023 Q4 |
ValueThe fund focuses on businesses trading at substantial discounts to conservatively calculated intrinsic value. Portfolio trades at 6.1x estimated net profits in three years with businesses still growing at double-digit rates. Manager emphasizes buying businesses they would be happy to own if the market shut for five years. |
Intrinsic Value Discount Conservative Five Year Undervalued |
Small CapsThe fund deliberately focuses on small cap value stocks and acknowledges the last couple years have been difficult for this segment. However, this difficulty has created an increasing number of opportunities for the fund to invest in. |
Small Cap Value Stocks Opportunities Underresearched Hidden Gems | |
| 2023 Q3 |
TravelThe fund holds two major travel-related investments: Currency Exchange International (foreign banknotes for travel) and Jet2 (UK package holiday business). Both companies serve the travel market and have been impacted by post-Covid recovery dynamics, with CXI benefiting from competitor Travelex's exit and Jet2 achieving record profits despite macro headwinds. |
Banknotes Package Holidays Airlines Tourism Post-Covid Recovery |
ValueThe manager explicitly identifies as a value investor, seeking businesses trading at substantial discounts to intrinsic value. The portfolio trades at 5.9x estimated net profits in three years with strong balance sheets and high returns on capital. Current holdings are viewed as significantly undervalued despite recent drawdowns. |
Intrinsic Value Discount Undervalued Conservative Valuation Price-to-Earnings | |
Small CapsThe fund focuses on small cap value stocks, deliberately fishing in waters with less institutional competition. The manager notes this has been a difficult year for small cap value but sees increasing opportunities as a result. The strategy targets businesses that are small, receive little coverage, or are listed on under-researched exchanges. |
Small Cap Under-researched Retail Investors Limited Coverage Niche Markets | |
| 2023 Q2 |
GamingEndor AG dominates the premium sim racing market with 60% market share, making racing wheels and pedals for motorsport games. The industry has grown 25% annually for a decade, driven by gaming growth, Formula 1 popularity, and increasingly realistic equipment used by professional F1 drivers for training. |
Gaming Sim Racing Hardware Formula 1 |
TravelCurrency Exchange International benefits from travel recovery as one of only three major foreign currency banknote suppliers in the US. Travel outlook remains positive for summer 2023, with the company reporting 30% revenue growth as the sector recovers from Covid impacts. |
Travel Currency Exchange Recovery | |
Small CapsThis year has been difficult for global small cap value investing, with the MSCI World Small Cap Index returning only 4% while large cap tech indices like NASDAQ returned around 35%. The manager deliberately focuses on small, under-researched companies where they can develop research advantages. |
Small Caps Value Investing Underperformance | |
| 2023 Q1 |
TravelTravel recovery continues to drive earnings growth for portfolio companies. CXI benefits from travel recovery as banknotes are typically used for travel, with the Covid downturn masking major market share gains. Jet2 reached a milestone becoming the UK's largest package holiday operator with 20% market share, up from 14% pre-Covid. |
Travel Recovery Tourism Airlines Holidays |
PaymentsCXI operates as one of only three major suppliers of foreign currency banknotes in the US and internationally. The company gained significant competitive advantages after Travelex exited and Bank of America retrenched from smaller geographies. CXI's international business expansion represents a major growth opportunity. |
Payments Currency Banknotes International | |
| 2022 Q3 |
ValueManager emphasizes investing in businesses trading at substantial discounts to conservatively calculated intrinsic value. Portfolio companies trade at just 5x estimated net profits in three years with strong fundamentals including 30%+ returns on tangible capital and minimal debt. |
Intrinsic Value Discount Undervalued Conservative Fundamentals |
Small CapsFund deliberately focuses on small companies that receive little coverage and are listed on under-researched exchanges. Manager believes this creates opportunities to compete against retail investors and small institutional positions where research edge can be significant. |
Small Cap Under-researched Coverage Research Edge Institutional | |
TravelJet2 represents 9% of portfolio allocation. Manager sees long-term value creation despite short-term macro headwinds affecting UK consumer spending. Believes pent-up travel demand continues to outweigh economic concerns with record bookings and pricing. |
Jet2 Package Holidays Pent-up Demand UK Travel Market Share | |
| 2022 Q2 |
ValueManager emphasizes investing in businesses trading at substantial discounts to intrinsic value, with portfolio companies trading at just 5x estimated net profits in three years. The fund focuses on businesses with strong economics, minimal debt, and high returns on capital that would be comfortable to own if markets shut for five years. |
Intrinsic Value Discount Returns Capital Economics |
Used AutosMotorpoint represents the largest position discussion, with the manager viewing the UK used car retailer as significantly undervalued at current prices. The competitive landscape has improved with online competitors like Cazoo struggling, while Motorpoint accelerates its expansion strategy and market share gains. |
Motorpoint Retail Market Share Competition Expansion | |
TravelJet2 is positioned as a leading UK package holiday business with record profits expected this summer despite airport disruptions. The manager sees strong demand continuing with customers buying more expensive packages, though acknowledges inflation concerns may impact future pricing. |
Jet2 Holidays Demand Pricing Recovery | |
| 2022 Q1 |
TravelJet2 is positioned for record earnings as the first post-Covid summer approaches. The company has 14% more seat capacity than 2019, with bookings well above 2019 levels. Customers are booking longer, more luxurious holidays at prices 22% above 2019 levels, and shifting toward higher-margin package holidays rather than flight-only bookings. |
Airlines Package Holidays Post-Covid Recovery Leisure Travel UK |
ChinaRussia's invasion of Ukraine led investors to re-evaluate China investment risks. Texhong is addressing this through a corporate separation into a Vietnam-based GoodCo with no China ties serving US brands, and a BadCo containing China operations serving only domestic customers. This separation aims to highlight intrinsic value and mitigate China risk concerns. |
Geopolitical Risk Corporate Restructuring Vietnam Textiles Risk Mitigation | |
ValueThe fund invests in businesses trading at substantial discounts to conservatively calculated intrinsic value. Market volatility has created opportunities in previously admired businesses that have seen stock prices more than halve, presenting several potential investment opportunities under due diligence. |
Intrinsic Value Discount Valuation Market Volatility Opportunity Set | |
| 2021 Q4 |
TravelJet2 is positioned to benefit from the recovery in UK package holidays as COVID restrictions ease. The company has strengthened its market position during the pandemic through superior customer service and financial stability, and is expected to take more customers on holiday in summer 2022 than in 2019. |
Airlines Tourism Recovery Market Share UK |
CottonTexhong benefits from lower cotton costs in Vietnam due to Chinese tariffs on cotton imports, providing a 15-20% cost advantage. This structural advantage enables higher margins compared to Chinese competitors who face domestic cotton pricing. |
Textiles Vietnam Cost Advantage Tariffs China | |
ChinaThe manager acknowledges China risk but views it as manageable for Texhong given most production is outside China, operations serve Chinese clients, and the company is building a global network. The stock is listed in Hong Kong rather than Shanghai, reducing some regulatory risk. |
Geopolitical Risk Management Hong Kong Production Global | |
| 2021 Q3 |
TravelUK travel restrictions easing with significant demand pickup after each relaxation. Jet2 approaching break-even profitability despite flying half the pre-Covid customers. Competitors struggling with equity raises at steep discounts while Jet2 gains market share through strong balance sheet and customer treatment. |
Airlines Package Holidays Market Share Recovery UK |
| 2021 Q2 |
TravelJet2 is positioned to emerge from Covid as the UK's leading package holiday company despite government policy inconsistency damaging the travel industry. The company has a strong balance sheet and will likely gain market share as competitors are forced to close or reduce operations. |
Airlines Package Holidays UK Travel Covid Recovery Market Share |
ValueThe fund invests in businesses trading at substantial discounts to conservatively calculated intrinsic value. They focus on hidden gems that are small, receive little coverage, or operate in unpopular industries, providing opportunities to invest at attractive prices. |
Intrinsic Value Hidden Gems Discount Small Cap Undervalued | |
| 2021 Q1 |
TravelJet2 is positioned to emerge as the leading UK travel company post-COVID with strengthened competitive position. Studies show vaccines substantially reduce transmission and efficacy against variants. Travel demand is recovering with American Airlines reporting bookings at 80% of 2019 levels and TUI seeing 22% higher prices for summer holidays. |
Airlines Tourism Recovery Vaccines Demand |
CottonCotton prices were a headwind for Texhong Textiles as they were falling during the investment period. Vietnam's access to international cotton prices provides a 20% cost advantage over Chinese domestic cotton prices, which is important since cotton represents the majority of yarn production costs. |
Commodity Textiles Vietnam China Costs | |
ValueThe fund follows a value investing approach, investing in businesses trading at substantial discounts to conservatively calculated intrinsic value. Portfolio is fully invested due to finding significant investment opportunities, with the pleasant position of having to find room for new investments. |
Discount Intrinsic Opportunities Undervalued Margin | |
| 2020 Q4 |
ValueManager describes themselves as value investors seeking businesses trading at substantial discounts to intrinsic value. Portfolio focuses on businesses estimated to have intrinsic values at least double their trading prices with minimal permanent loss risk. |
Value Intrinsic Value Discount NAV Undervalued |
TravelSignificant position in Jet2, a UK package holiday business that fell 90% due to Covid-19 but is expected to emerge with stronger competitive position. Manager believes the company will earn £1.5-£2.5 per share in three years as competitors exit airports and the company expands. |
Travel Airlines Tourism Covid Recovery | |
Commercial Real EstateInvestment in Asian real estate business trading at 40% of NAV with upcoming spin-off catalyst. Management announced spinning off half the properties into private fund with 75% stake sold at fair market value, providing clear path to value realization. |
Real Estate NAV Spin-off Asia |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Plural Investing | PLOW | Douglas Dynamics | Auto Parts | Industrial Machinery | Bull | NASDAQ | Cyclical Recovery, De-icing Equipment, Dealer Network, Industrial Equipment, market leader, North America, Pent-up Demand, Snowplow, Value, Weather Dependent | Login |
| Apr 28, 2026 | Fund Letters | Plural Investing | JDG.L | Judges Scientific | Scientific & Technical Instruments | Life Sciences Tools & Services | Bull | New York Stock Exchange | capital allocation, Cooling Systems, Funding Recovery, Niche markets, Research Equipment, scientific instruments, serial acquirer, UK, Vacuum Chambers, Value | Login |
| Jan 20, 2026 | Fund Letters | Chris Waller | WOSG LN | Watches of Switzerland Group plc | Consumer Discretionary | Specialty Retail | Bull | New York Stock Exchange | Luxury, Pricingpower, retail, Scarcity, Usexpansion | Login |
| Jan 20, 2026 | Fund Letters | Chris Waller | LOGC | ContextLogic Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bear | NASDAQ | Cashburn, Competition, ecommerce, Optionality, turnaround | Login |
| Oct 21, 2025 | Fund Letters | Chris Waller | SEG | Seaport Entertainment Corp. | Real Estate | Real Estate Development | Bull | NASDAQ | asset value, cash flow, Catalyst, Real Estate, turnaround, undervalued | Login |
| Oct 21, 2025 | Fund Letters | Chris Waller | GLIBA | GCI Liberty Inc. | Communication Services | Telecommunications | Bull | NASDAQ | Acquisitions, compounding, FCF, Liberty, tax shield, Telecom | Login |
| Oct 21, 2025 | Fund Letters | Chris Waller | JDG | Judges Scientific plc | Information Technology | Scientific Instruments | Bull | NYSE | Funding, M&A, recovery, research, ROIC, scientific instruments | Login |
| Oct 21, 2025 | Fund Letters | Chris Waller | WOSG | Watches of Switzerland Group plc | Consumer Discretionary | Luxury Retail | Bull | NYSE | Consumer luxury, FCF, retail, Rolex, tariffs, valuation | Login |
| Oct 21, 2025 | Fund Letters | Chris Waller | GLIBA | GCI Liberty Inc. | Communication Services | Telecommunications | Bull | NASDAQ | Acquisitions, compounding, FCF, Liberty, tax shield, Telecom | Login |
| Oct 21, 2025 | Fund Letters | Chris Waller | JET2 | London Stock Exchange Group plc | Consumer Discretionary | Airlines & Travel | Bull | NYSE | Airlines, buybacks, Free Cash Flow, growth, Travel, valuation | Login |
| Oct 21, 2025 | Fund Letters | Chris Waller | JET2 | London Stock Exchange Group plc | Consumer Discretionary | Airlines & Travel | Bull | NYSE | Airlines, buybacks, Free Cash Flow, growth, Travel, valuation | Login |
| Oct 21, 2025 | Fund Letters | Chris Waller | SEG | Seaport Entertainment Corp. | Real Estate | Real Estate Development | Bull | NASDAQ | asset value, cash flow, Catalyst, Real Estate, turnaround, undervalued | Login |
| Jul 22, 2025 | Fund Letters | Plural Investing | WOSG.L | Watches of Switzerland | Consumer Discretionary | Specialty Retail | Bull | London Stock Exchange | Acquisitions, Authorized Retailer, Luxury Retail, market consolidation, Pricing power, Rolex, Swiss Watches, tariffs, US Expansion, Waiting Lists | Login |
| Jul 22, 2025 | Fund Letters | Plural Investing | JDG.L | Judges Scientific | Health Care Equipment & Services | Life Sciences Tools & Services | Bull | London Stock Exchange | capital allocation, decentralized structure, Management Succession, Niche markets, Private Equity Alternative, Research Institutions, scientific instruments, serial acquirer, UK, Universities | Login |
| Jul 22, 2025 | Fund Letters | Chris Waller | JET2 LN | Jet2 plc | Industrials | Airlines | Bull | New York Stock Exchange | Airlines, buybacks, growth, Travel, Value | Login |
| Jul 22, 2025 | Fund Letters | Chris Waller | WOSG LN | Watches of Switzerland Group plc | Consumer Discretionary | Specialty Stores | Bull | New York Stock Exchange | Capitalallocation, Luxury, Pricingpower, retail, tariffs | Login |
| Jul 22, 2025 | Fund Letters | Chris Waller | JDG LN | Judges Scientific plc | Industrials | Scientific & Technical Instruments | Bull | New York Stock Exchange | acquisition, Capitalallocation, compounder, Scientificinstruments, UK | Login |
| Apr 23, 2025 | Fund Letters | Plural Investing | SEG | Seaport Entertainment | Real Estate | Diversified REITs | Bull | NYSE | Consumer Destination, entertainment, hospitality, Immersive Art, Management Change, Manhattan, net cash, Real Estate, retail, Tourism, turnaround | Login |
| Apr 23, 2025 | Fund Letters | Plural Investing | WOSG.L | Watches of Switzerland | Consumer Discretionary | Specialty Retail | Bull | London Stock Exchange | Authorized Dealer, Luxury Retail, market share gains, Patek Philippe, Pricing power, Rolex, Supply Constrained, tariff impact, UK, US, Waiting Lists | Login |
| Jan 16, 2025 | Fund Letters | Plural Investing | JET2.L | Jet2 | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | London Stock Exchange | Customer service, Europe, growth, Leisure, market share gains, package holidays, Tourism, Travel, UK, Value | Login |
| Jan 16, 2025 | Fund Letters | Plural Investing | WOSG.LN | Watches of Switzerland | Consumer Discretionary | Specialty Retail | Bull | London Stock Exchange | Affluent Customers, Authorized Dealer, Luxury Retail, Luxury Watches, premium brands, Rolex, UK, US, Value, Waitlists | Login |
| Jan 16, 2025 | Fund Letters | Plural Investing | SEG | Seaport Entertainment | Real Estate | Real Estate Management & Development | Bull | NASDAQ | asset management, Concert Venue, Entertainment Venues, Food Hall, Manhattan, Office Space, Real Estate, spinoff, turnaround, Value | Login |
| Oct 7, 2024 | Fund Letters | Plural Investing | SEG | Seaport Entertainment | Real Estate | Real Estate Development | Bull | NYSE | Asset-Based, entertainment, insider buying, Manhattan, Real Estate, Rights Offering, spinoff, turnaround, Value | Login |
| Oct 7, 2024 | Fund Letters | Plural Investing | WOSG.L | Watches of Switzerland | Consumer Discretionary | Specialty Retail | Bull | London Stock Exchange | Authorized Dealer, Defensive Economics, Luxury Retail, Management alignment, Rolex, UK, US, Waiting Lists | Login |
| Oct 7, 2024 | Fund Letters | Plural Investing | TVK.TO | TerraVest | Industrials | Industrial Machinery | Bull | Toronto Stock Exchange | Acquisitions, Canada, Capital Compounder, High returns, Industrial, management ownership, Position Reduction, Steel Tanks | Login |
| Jul 29, 2024 | Fund Letters | Plural Investing | E2N.DE | Endor AG | Information Technology | Technology Hardware, Storage & Peripherals | Bear | Munich Stock Exchange | Cash Flow Problems, execution risk, exit, Gaming Hardware, Germany, inventory management, Management Risk, technology hardware | Login |
| Jul 29, 2024 | Fund Letters | Plural Investing | WOSG.L | Watches of Switzerland | Consumer Discretionary | Specialty Retail | Bull | London Stock Exchange | Authorized Dealer, FCF multiple, Luxury Retail, market share gains, Rolex, Specialty retail, turnaround, US Expansion, Value | Login |
| Apr 23, 2024 | Fund Letters | Plural Investing | CXI.TO | Currency Exchange International | Financials | Specialized Finance | Bull | Toronto Stock Exchange | Banknotes, capital allocation, cash-rich, Federal Reserve Licensed, financials, foreign exchange, founder-led, international expansion, oligopoly, Share Buybacks, Specialized Finance, Travel | Login |
| Apr 23, 2024 | Fund Letters | Plural Investing | TVK.TO | TerraVest | Industrials | Industrial Machinery | Bull | Toronto Stock Exchange | acquisition, Canada, consolidation, FCF multiple, Industrials, Management alignment, Oil & Gas Equipment, Pressure Vessels, Roll-up, Steel, Storage Tanks, value creation | Login |
| Jan 16, 2024 | Fund Letters | Plural Investing | BKD | Kyndryl Holdings Inc | Information Technology | IT Services | Bull | NYSE | cloud migration, data centers, IT services, margin expansion, spin-off, turnaround, Value | Login |
| Jan 16, 2024 | Fund Letters | Plural Investing | XPEL | XPEL Inc | Consumer Discretionary | Automobile Components | Bull | NASDAQ | automotive, franchise model, growth, market leader, Owner operator, Protection Films, Short squeeze | Login |
| Oct 11, 2023 | Fund Letters | Plural Investing | CXI.TO | Currency Exchange International | Financials | Diversified Financial Services | Bull | Toronto Stock Exchange | Acquisitions, Banknotes, Cash Deployment, financial services, foreign exchange, founder-led, international expansion, oligopoly, Value | Login |
| Oct 11, 2023 | Fund Letters | Plural Investing | JET2.L | Jet2 plc | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | London Stock Exchange | Airlines, Customer service, Founder Transition, market share growth, package holidays, Share Buybacks, Travel, UK, Value | Login |
| Jul 18, 2023 | Fund Letters | Plural Investing | E2N | Endor AG | Consumer Discretionary | Leisure Products | Bull | Frankfurt Stock Exchange | Automotive Partnerships, consumer electronics, Gaming, Gaming Hardware, insider ownership, market leader, premium products, Sim Racing, supply chain, turnaround | Login |
| Jul 18, 2023 | Fund Letters | Plural Investing | CXI.TO | Currency Exchange International | Financials | Diversified Financial Services | Bull | Toronto Stock Exchange | Banknotes, Cash Deployment, currency exchange, Federal Reserve License, financial services, founder-led, international expansion, market share gains, oligopoly, Travel Recovery | Login |
| Apr 20, 2023 | Fund Letters | Plural Investing | CXI.TO | Currency Exchange International | Financials | Diversified Financial Services | Bull | Toronto Stock Exchange | Banknotes, Federal Reserve License, foreign exchange, founder-led, international expansion, oligopoly, post-COVID recovery, Travel Services, Value | Login |
| Apr 20, 2023 | Fund Letters | Plural Investing | JET2.L | Jet2 plc | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | London Stock Exchange | Airlines, Customer service, founder-led, market share gains, package holidays, post-COVID recovery, Tourism, UK Travel, Value | Login |
| Oct 12, 2022 | Fund Letters | Plural Investing | RBL.AX | Redbubble | Other | Internet & Direct Marketing Retail | Bear | Australian Securities Exchange | Australia, Customer loyalty, digital advertising, e-commerce, marketplace, Personalization, Print-on-demand, turnaround | Login |
| Oct 12, 2022 | Fund Letters | Plural Investing | JET2.L | Jet2 | Travel Services | Airlines | Bull | London Stock Exchange | Airlines, customer satisfaction, Leisure Travel, market share, package holidays, Travel, UK, Value | Login |
| Jul 13, 2022 | Fund Letters | Plural Investing | MOTR.L | Motorpoint | Auto & Truck Dealerships | Specialty Retail | Bull | New York Stock Exchange | Branch Expansion, market share, net cash, Online Sales, ROE, Specialty retail, turnaround, UK, Used Car Retailer, Value | Login |
| Jul 13, 2022 | Fund Letters | Plural Investing | JET2.L | Jet2 | Travel Services | Hotels, Restaurants & Leisure | Bull | New York Stock Exchange | Airline, ATOL License, insider buying, Leisure, market share, package holidays, Pent-up Demand, recovery, Travel, UK | Login |
| Apr 19, 2022 | Fund Letters | Plural Investing | 2678.HK | Texhong Textiles | Textile Manufacturing | Textiles, Apparel & Luxury Goods | Bull | New York Stock Exchange | China, Garments, geopolitical risk, manufacturing, restructuring, Textiles, Value, vertical integration, Vietnam, Yarn | Login |
| Apr 19, 2022 | Fund Letters | Plural Investing | JET2.L | Jet2 | Travel Services | Hotels, Restaurants & Leisure | Bull | New York Stock Exchange | Airlines, Customer service, Fuel hedging, Leisure, market share, package holidays, post-COVID recovery, Tourism, Travel, UK | Login |
| Jan 19, 2022 | Fund Letters | Plural Investing | 2678.HK | Texhong Textiles | Textile Manufacturing | Textiles, Apparel & Luxury Goods | Bull | New York Stock Exchange | China, Cotton, Fabrics, Geographic Diversification, manufacturing, Textiles, Value, vertical integration, Vietnam, Yarn | Login |
| Jan 19, 2022 | Fund Letters | Plural Investing | JET2.L | Jet2 | Travel Services | Hotels, Restaurants & Leisure | Bull | New York Stock Exchange | Airlines, COVID Recovery, Customer service, market share, package holidays, Tourism, Travel, UK, Value-for-Money | Login |
| Oct 19, 2021 | Fund Letters | Plural Investing | JET2.L | Jet2 plc | Travel Services | Airlines | Bull | New York Stock Exchange | Airlines, COVID Recovery, founder-led, market share gains, package holidays, Travel, turnaround, UK, Value | Login |
| Jul 12, 2021 | Fund Letters | Plural Investing | JET2.L | Jet2 plc | Travel Services | Airlines | Bull | New York Stock Exchange | Airlines, COVID Recovery, market share gains, package holidays, strong balance sheet, Travel, UK, Value | Login |
| Apr 14, 2021 | Fund Letters | Plural Investing | 2678.HK | Texhong Textiles | Textile Manufacturing | Textiles, Apparel & Luxury Goods | Bull | New York Stock Exchange | China, Cotton, Fast-fashion, manufacturing, Roce, Spandex, Textiles, Value, vertical integration, Vietnam | Login |
| Apr 14, 2021 | Fund Letters | Plural Investing | JET2.L | Jet2 | Travel Services | Hotels, Restaurants & Leisure | Bull | New York Stock Exchange | Airlines, COVID Recovery, Europe, Leisure, market share, package holidays, Tourism, Travel, UK, Value | Login |
| Jan 18, 2021 | Fund Letters | Plural Investing | JET2.L | Jet2 plc | Travel Services | Hotels, Restaurants & Leisure | Bull | New York Stock Exchange | COVID Recovery, Customer service, Equity, market share gains, package holidays, Travel, turnaround, UK, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| PLOW | Douglas Dynamics is a good business that has suffered from a cyclical downturn which is now reversing. The company is the dominant manufacturer of professional snowplows and de-icing equipment in the U.S. and Canada, with over 50% market share. The stock trades on 18x EV/FCF on a trailing basis, but the company has been significantly under earning because of well below average snowfall until recently. We estimate the stock trades on 12x mid-cycle FCF, and that the strong recent winter season is acting as a catalyst to bring earnings back to normal. We first bought shares earlier this year around $37, it now trades for $46, and we think intrinsic value in three years is almost double today's price. |
| JDG.L | Judges Scientific is another great business that is recovering from a temporary slowdown. The company is a serial acquirer of niche scientific instrument businesses in the UK and has delivered 20% returns on incremental capital and similar shareholder returns for two decades. Despite this, earnings have declined heavily over the last 12 months because of uncertainty over scientific funding for US colleges. The stock trades at an optically high 25x EV/FCF as a result, but we believe that translates to just 13x underlying earnings power. We think Judges will continue making acquisitions at 20% returns, which when combined with an earnings rebound leads to an IRR well above 20%. Our cost basis is around £60/shr and the stock trades for £47/shr today. |
| JET2.L | The one business in our portfolio that is directly impacted by higher oil prices is Jet2, the UK's leading package holiday travel business. We expect profitability this summer to be substantially reduced, but as we've written before, Jet2's intrinsic value is not determined by any one summer. However, our experience having been shareholders for over a decade is that investors tend to greatly overreact to one summer's prospects, and we believe this is one of those occasions. We continue to believe that Jet2 trades on 5x mid-cycle P/E for a business with a huge net cash balance sheet, high-single-digit to low-double-digit growth prospects, the best competitive position and management in the industry, and a large buyback. |
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