Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.7% | 10.5% | 31.0% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 31.0% | 7.7% | 15.5% | -37.5% | 50.7% | 23.6% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.7% | 10.5% | 31.0% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 31.0% | 7.7% | 15.5% | -37.5% | 50.7% | 23.6% |
Curreen Capital delivered strong Q4 2025 performance of 10.5% and full-year returns of 30.97%, driven primarily by three spinoff positions: Fortrea, Siemens Energy, and GetBusy. The fund maintains its disciplined ugly duckling strategy, targeting good businesses run by capable managers at attractive prices with upside-to-downside ratios of at least 5:1. Manager Christian Ryther focuses on companies earning above 20% after-tax returns on capital, particularly in the $300M-$5B market cap range. The strategy emphasizes spinoffs, which have been especially successful since the fund's 2013 launch, and Crazy Cheap opportunities where quality businesses trade at 33% or more discounts to downside valuations. Key 2025 winners included Fortrea, benefiting from its extremely cheap valuation despite near-term headwinds, Siemens Energy, capitalizing on renewed electricity demand growth driven by electrification and AI, and GetBusy, which gained from a competitor's market exit. The manager expects continued focus on spinoffs and extremely undervalued quality companies going forward.
Curreen Capital invests in 'ugly ducklings' - good businesses run by capable managers bought at attractive prices with upside-to-downside ratios of at least 5:1, with particular focus on spinoffs and extremely undervalued quality companies.
The manager expects to continue targeting ugly duckling spinoffs and 'Crazy Cheap' non-spinoff companies, noting that extremely cheap valuations for quality businesses have become more frequent over the past three years.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 29 2026 | 2025 Q4 | AAP, DND.TO, ENR.DE, FTDR, FTRE, GETB.L, TRUE-B.ST, VFC | energy, healthcare, small caps, spinoffs, Turnarounds, value |
VFC ENG GR GETB LN FTDR FTRE AAP |
Curreen Capital has been particularly successful with spinoff investments since launch, with 2025's three biggest winners all being spinoffs. The manager views ugly duckling spinoffs… |
| Oct 24 2025 | 2025 Q3 | AAP, CACC, EHAB, ENR GR, FTDR, FTRE, GETB LN, KTB, PLX FP, THNC CN, VFC | cash flow, Health Care, small caps, turnaround, value |
ENH KTB GETB GB THNC CN FTRE ENH KTB GETB GB THNC CN FTRE |
The fund gained 9%, focusing on smaller turnaround and value situations like Kontoor Brands and Fortrea. Managers emphasize disciplined capital allocation, strong cash generation, and… |
| Jul 22 2025 | 2025 Q2 | AAP, CACC, ENR GR, FTDR, FTRE, GETB LN, HAVAS NA, TRUEB SS, VFC | contrarian, mispricing, Patience, Return on Capital, Turnarounds |
AAP CACC FTRE FTDR GETB LN ENR GR VFC |
The letter describes an ugly duckling strategy focused on temporarily impaired businesses with durable long-term economics. Management argues that operational setbacks and industry slowdowns create… |
| Apr 24 2025 | 2025 Q1 | AAP, CACC, EHAB, ENR GR, FTDR, GETB LN, HAVAS NA, NILB SS, VFC | - | - | - |
| Jan 17 2025 | 2024 Q4 | AAP, CACC, EHAB, ENR GR, GETB LN, JXN, KAMBI SS, NILB SS, VFC | - | - | - |
| Oct 24 2024 | 2024 Q3 | AAP, ADV, PLX FP | - | - | - |
| Jul 23 2024 | 2024 Q2 | ADV, CACC, DND CN, EHAB, FTDR, GETB LN, NILB SS, SOLV, VFC | - | - | - |
| May 3 2024 | 2024 Q1 | 0SEA LN, AAP, ADV, CACC, FTDR, GETB LN, LNK AU, NILB SS, VFC | - | - | - |
| Jan 26 2024 | 2023 Q4 | - | - | - | - |
| Oct 17 2023 | 2023 Q3 | 0GB5 LN, ADV, CACC, FTDR, GETB LN, NILB SS | - | - | - |
| Jul 28 2023 | 2023 Q2 | ADV, CACC, FTDR, GETB LN, NILB SS | - | - | - |
| Jan 5 2023 | 2023 Q1 | GETB LN, NILB SS | - | - | - |
| Jan 2 2023 | 2022 Q4 | ASAI SS, WIX LN | - | - | - |
| Oct 10 2022 | 2022 Q3 | - | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Energy TransitionThe portfolio maintains significant exposure to electrification themes through companies like Bloom Energy, which provides clean, reliable power solutions for AI data centers. The energy transition represents a structural opportunity as companies race to build power infrastructure to support growing electricity demands from AI workloads. |
Electrification Clean Energy Power Generation Fuel Cells Grid Infrastructure |
SpinoffsCurreen Capital has been particularly successful with spinoff investments since launch, with 2025's three biggest winners all being spinoffs. The manager views ugly duckling spinoffs as the best investment opportunities when they combine good businesses, capable management, and attractive pricing. |
Spinoffs Value Small Caps | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
| 2025 Q3 |
Health Care |
|
Small CapsSmall caps getting strong start in 2026 supported by easing monetary conditions and constructive fiscal backdrop. Small caps more sensitive to economic cyclicality which is overdue for expansion. Expected to grow at better pace than large caps in 2026 after long period of underperformance. |
Value Growth Cyclical Monetary Policy Fiscal Policy | |
| 2025 Q2 |
UglyDuckling |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 24, 2025 | Fund Letters | Christian Ryther | GETB GB | GetBusy plc | Information Technology | Document Management Software | Bull | NYSE | Document management, growth, insider buying, recurring revenue, SaaS, small-cap | Login |
| Oct 24, 2025 | Fund Letters | Christian Ryther | THNC CN | Thinkific Labs Inc. | Information Technology | Educational Software | Bull | NYSE | ARPU, cash flow, Customer focus, Edtech, growth, Pivot, SaaS | Login |
| Oct 24, 2025 | Fund Letters | Christian Ryther | FTRE | Fortrea Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Cro, life sciences, Margin recovery, restructuring, spin-off, turnaround | Login |
| Jul 22, 2025 | Fund Letters | Christian Ryther | AAP | Advance Auto Parts, Inc. | Consumer Discretionary | Specialty Stores | Bull | NYSE | automotive, Margins, ROIC, turnaround, valuation | Login |
| Jul 22, 2025 | Fund Letters | Christian Ryther | CACC | Credit Acceptance Corporation | Financials | Consumer Finance | Bull | NASDAQ | buybacks, cashflow, Credit, Lending, Subprime | Login |
| Jul 22, 2025 | Fund Letters | Christian Ryther | FTRE | Fortrea Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | backlog, Clinical, Cro, spinoff, turnaround, valuation | Login |
| Jul 22, 2025 | Fund Letters | Christian Ryther | FTDR | Frontdoor, Inc. | Consumer Discretionary | Environmental & Facilities Services | Bull | NASDAQ | Allocation, cashflow, Home, services, Subscription | Login |
| Jul 22, 2025 | Fund Letters | Christian Ryther | GETB LN | GetBusy plc | Information Technology | Application Software | Bull | NYSE | Accounting, growth, Reinvestment, Software, Workflows | Login |
| Jul 22, 2025 | Fund Letters | Christian Ryther | ENR GR | Siemens Energy AG | Industrials | Heavy Electrical Equipment | Bull | - | Demand, Electrification, energy, Grid, turnaround | Login |
| Oct 24, 2025 | Fund Letters | Christian Ryther | ENH | Enhabit Inc. | Financials | Home Health Care Services | Bear | NYSE | headwinds, Margins, Medicare, Policy risk, Regulation, Reimbursement, valuation | Login |
| Jul 22, 2025 | Fund Letters | Christian Ryther | VFC | VF Corporation | Consumer Discretionary | Apparel, Accessories & Luxury Goods | Bull | NYSE | Apparel, balance sheet, brands, turnaround, valuation | Login |
| Oct 24, 2025 | Fund Letters | Christian Ryther | KTB | Kontoor Brands Inc. | Consumer Discretionary | Apparel Manufacturing | Bull | NYSE | acquisition, Apparel, Brand management, capital allocation, cash flow, dividends, EPS growth | Login |
| Jan 29, 2026 | Fund Letters | Christian Ryther | VFC | VF Corporation | Consumer Discretionary | Apparel | Bull | New York Stock Exchange | Apparel, brands, consumer, turnaround, valuation | Login |
| Oct 24, 2025 | Fund Letters | Christian Ryther | GETB GB | GetBusy plc | Information Technology | Document Management Software | Bull | NYSE | Document management, growth, insider buying, recurring revenue, SaaS, small-cap | Login |
| Jan 29, 2026 | Fund Letters | Christian Ryther | ENG GR | Siemens Energy AG | Industrials | Heavy Electrical Equipment | Bull | Xetra | Ai_Demand, Cyclicals, Electrification, Grids, Power Infrastructure | Login |
| Oct 24, 2025 | Fund Letters | Christian Ryther | THNC CN | Thinkific Labs Inc. | Information Technology | Educational Software | Bull | TSX | ARPU, cash flow, Customer focus, Edtech, growth, Pivot, SaaS | Login |
| Jan 29, 2026 | Fund Letters | Christian Ryther | GETB LN | GetBusy plc | Information Technology | Application Software | Bull | New York Stock Exchange | Competition, insider buying, SaaS, valuation, vertical software | Login |
| Oct 24, 2025 | Fund Letters | Christian Ryther | FTRE | Fortrea Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Cro, life sciences, Margin recovery, restructuring, spin-off, turnaround | Login |
| Jan 29, 2026 | Fund Letters | Christian Ryther | FTDR | Frontdoor, Inc. | Consumer Discretionary | Specialty Services | Bull | NASDAQ | Churn, Homewarranty, services, turnaround, valuation | Login |
| Oct 24, 2025 | Fund Letters | Christian Ryther | ENH | Enhabit Inc. | Financials | Home Health Care Services | Bear | NYSE | headwinds, Margins, Medicare, Policy risk, Regulation, Reimbursement, valuation | Login |
| Jan 29, 2026 | Fund Letters | Christian Ryther | FTRE | Fortrea Holdings Inc. | Health Care | Life Sciences Services | Bull | NASDAQ | Clinicaltrials, Cro, healthcare, turnaround, valuation | Login |
| Oct 24, 2025 | Fund Letters | Christian Ryther | KTB | Kontoor Brands Inc. | Consumer Discretionary | Apparel Manufacturing | Bull | NYSE | acquisition, Apparel, Brand management, capital allocation, cash flow, dividends, EPS growth | Login |
| Jan 29, 2026 | Fund Letters | Christian Ryther | AAP | Advance Auto Parts, Inc. | Consumer Discretionary | Automotive Retail | Bull | New York Stock Exchange | Auto_Parts, Comps, supply chain, turnaround, valuation | Login |
| TICKER | COMMENTARY |
|---|---|
| AAP | At the individual name level, the largest detractor during the quarter was Consumer Discretionary holding Advance Auto Parts Inc. (AAP). AAP is undertaking a significant turnaround under new leadership. Although we are seeing ROIC enhancing decisions and actions, earnings have yet to inflect. As we have discussed in the past, the current market continues to view only real-time results as those that deserve credit. AAP remains one of our highest convictions long-term ROIC opportunity holdings, but the timing of a larger inflection has been slightly pushed out by inflation dynamics and consumer behavior. |
| DND.TO | We bought about 1% point of Dye & Durham at C$6.91/share. |
| ENR.DE | Siemens Energy AG was one of the top five winners for the quarter. |
| FTDR | Frontdoor sells home service plans to homeowners. Frontdoor spun out of ServiceMaster in October 2018. Frontdoor serves about 2% of U.S. homes, and uses its free cash flow to grow organically, pay down debt, repurchase shares, and acquire complementary businesses. |
| FTRE | The overweight position to healthcare stock Fortrea Holdings Inc. (FTRE) had a positive impact on performance. FTRE ranked in the top 50% of the universe and had attractive factors embedded in the stock, which led to the overweight holding. Fortrea is a research organization that provides operational services to biopharmaceutical companies. During the quarter, the stock rose boosted by strong net bookings. |
| GETB.L | We added to GetBusy in late 2024 at £0.56/share, a 'Crazy Cheap' valuation. GetBusy raised its outlook in September 2025 following the announcement that a large competitor was exiting the market (Thomson Reuters' FileCabinet CS). GetBusy's directors and executives repeatedly bought stock at rising prices after the September release. |
| TRUE-B.ST | We bought about 1% point of Truecaller at SEK 39.96/share. |
| VFC | Portfolio companies like VF Corporation (VFC) and Revolve Group (RVLV) which were two of our strongest stocks in 2024, erased all their gains. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||