| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 7.8% | -8.8% | -8.77% |
Mayar Capital's Q1 2026 letter addresses the challenging environment created by the Iran War and its impact on global supply chains and energy markets. The fund declined 8.8% versus the MSCI World's 3.6% decline, continuing a difficult period for quality-focused investing. Manager Abdulaziz Alnaim acknowledges this represents the worst drawdown for quality stocks since 1990 but views current conditions as creating exceptional buying opportunities. The fund executed its most active quarter in history, turning over 24% of the portfolio to capitalize on AI anxiety affecting software companies and broader market pessimism. New investments include Microsoft, SAP, Middleby, Xero, Toast, Dassault Systèmes, and Inter Cars, while exits included Samsung, Vistry, Vestas, and Somero Enterprises. The manager emphasizes that quality businesses with economic moats are now trading at their cheapest levels in at least a decade. Despite maintaining global diversification that has been a headwind due to US outperformance, the team expects mid-to-high teens annualized returns from current holdings and is averaging into positions gradually while markets remain volatile.
Mayar Capital focuses on owning high-quality businesses with deep economic moats, strong balance sheets, and superb management that can thrive during turmoil and capture market share from weaker competitors.
Manager expects forward-looking annualized returns in the mid to high teens based on internal calculations for current holdings. Views the recent drop as a tremendous buying opportunity for quality businesses. Plans to average into opportunities gradually and welcomes the chance to buy at even more attractive prices if markets continue to panic.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 4 2026 | 2026 Q1 | 005930 KS, 7974.T, BFAM, BLND.L, DASTY.PA, ICARF.WA, MITT, MSFT, PYPL, SAP, SOM.L, TOST, VTY.L, VWS.CO, XRO.AX | AI, Crisis, diversification, Geopolitical, global, Quality, software, value |
MSFT SAP MIDD XRO.AX TOST 7974.T |
Mayar Capital used Q1 2026's market turmoil to execute its most active quarter ever, turning over 24% of the portfolio. Despite quality stocks experiencing their worst drawdown since 1990, the manager sees exceptional buying opportunities with holdings now trading at decade-low valuations. New investments focus on enterprise software companies benefiting from AI anxiety creating temporary mispricings. |
| Jan 18 2026 | 2025 Q4 | 005930.KS, 7476.T, 7974.T, BFAM, BKNG, BNNTF, CAP.PA, CFR.SW, CRDA.L, GOOGL, JNJ, KVUE, NESN.SW, NKE, OR.PA, PYPL, SOLV, TW.L, UL, UPS, V, VWS.CO | defense, fundamentals, global, Quality, Speculation, value |
BKNG TW LN NKE |
Mayar underperformed in 2025 due to index concentration in US tech, but maintains disciplined value approach. Portfolio shows clear differentiation with European focus and defensive positioning. Manager identifies AI bubble risks similar to late 90s, expects inevitable correction to favor quality holdings. Defensive cash position and patient capital deployment strategy positions fund for eventual market normalization. |
| Oct 14 2025 | 2025 Q3 | 005930.KS, AHT.L, AOM.PA, BFAM, BNR.DE, CAP.PA, CRDA.L, GOOGL, JNJ, JSG.L, KER.PA, KVUE, NESN.SW, NVO, PYPL, SOLV, UL, UPS, VTY.L, VWS.CO | AI, contrarian, Discipline, global, Speculation, technology, value | SOLV US | Mayar Capital sees today's AI boom as a repeat of the TMT bubble, with $7 trillion in projected capex requiring unrealistic economic returns. The fund underperformed in Q3 due to avoiding expensive tech stocks but maintains disciplined value approach. Management expects continued volatility and potential final melt-up before reckoning, positioning defensively for when cycle turns. |
| Jul 15 2025 | 2025 Q2 | 005930.KS, 7974.T, AHT.L, BH, BNR.DE, CAP.PA, CRDA.L, HLCL.L, JNJ, JSG.L, KVUE, MA, NESN.SW, NKE, NVO, SOLV, UL, UPS, V, VTY.L | antifragility, global, long-term, Quality, Resilience, value | NESN SW | Mayar Capital maintains their antifragile investment philosophy, building portfolios of durable, high-quality businesses that can compound through uncertainty. Despite Q2 underperformance, their disciplined value approach with 96% active share and focus on companies averaging 86 years of proven resilience positions them well as market dynamics shift from technology momentum toward fundamental quality. |
| Mar 31 2025 | 2025 Q1 | 005930.KS, 7974.T, AHT.L, ALO.PA, BH, BLND.L, BNR.DE, CAP.PA, CFR.PA, EA, FOUR.L, GOOGL, HLCL.L, JNJ, JSG.L, KERY.PA, KVUE, LH, MA, NESN.SW, NKE, NVO, OR.PA, PYPL, SAP, SOLV, SOM.L, UL, UPS, V, VTY.L, VWS.CO | AI, Europe, global, Pharmaceuticals, Quality, risk management, technology, value |
CAP.PA NVO NKE |
Mayar Capital outperformed in Q1 2025 with disciplined value investing and strategic European rebalancing. Active portfolio management included exits from SAP and Electronic Arts, new positions in Somero, Novo Nordisk, and Nike, plus additions to quality European names. The fund's conservative risk-first approach and patient capital philosophy position it well for long-term value creation despite macro uncertainty. |
| Jan 18 2025 | 2024 Q4 | 005930.KS, AHT.L, BNR.DE, CAP.PA, CFR.SW, EA, FIMK.L, GOOGL, JNJ, JSG.L, LH, NESN.SW, OR.PA, PYPL, SAP, SOLV, UL, UPS, V, VRS.L | Concentration, global, Quality, technology, Valuations, value |
CSCO NVDA MSTR AHT.L |
Mayar Capital underperformed in 2024 due to avoiding overvalued technology stocks during extreme market concentration. Manager warns current tech valuations mirror historical bubble conditions and expects correction. Portfolio positioned in quality value stocks trading at significant discounts. Despite recent challenges, extremely confident next three years will reward disciplined value investing approach. |
| Oct 14 2024 | 2024 Q3 | 005930.KS, 7974.T, ALO.PA, BFAM, CFR.SW, EA, GOOGL, HLCL.L, HWDN.L, JNJ, KER.PA, KVUE, MMM, PYPL, SAP, SOLV, UL, UPS, V, VWS.CO | Esg, global, Manufacturing, Patience, Recovery, value | - | Mayar Capital outperformed in Q3 but trails year-to-date as markets favor technology concentration. The value-focused fund sees recovery emerging in manufacturing and real estate sectors, with several holdings positioned to benefit. Despite recent underperformance testing patience, the manager maintains conviction in the disciplined approach and expects strengthening fundamentals to drive returns over the next three to five years. |
| Jul 29 2024 | 2024 Q2 | 005930.KS, 7974.T, ALO.PA, BFAM, BLND.L, BNR.DE, CAP.PA, CFR.SW, EA, GOOGL, HLCL.L, JNJ, KER.PA, KVUE, MMM, NESN.SW, PYPL, UL, UPS, VTY.L, VWS.CO, WIX.L | Compounding, Defensive, global, long-term, Quality, value | VWS.CO | Mayar Capital maintains its disciplined value investing approach despite Q2 underperformance, declining 2.5% versus benchmark gains of 2.63%. The manager emphasizes patience and long-term compounding, actively rebalancing the portfolio during market volatility by adding quality names like Alstom, Nestle, and Kering while warning against technology bubble dynamics. |
| Apr 15 2024 | 2024 Q1 | 005930.KS, AHT.L, BFAM, BLND.L, BNR.DE, CAP.PA, CFR.SW, EA, GOOGL, JNJ, KVUE, LH, MMM, NTDOY, PYPL, SAP.DE, UL, UPS, VTY.L, VWS.CO | global, Quality, REITs, technology, value | BLND.L | Mayar Capital's value-focused global equity fund returned 4.31% in Q1 2024, underperforming the MSCI World's 8.88% gain. The manager emphasizes margin of safety over performance chasing, initiated a position in UK REIT British Land expecting interest rate normalization to drive revaluation, and added to quality holdings like Alphabet and Samsung Electronics. |
| Jan 16 2024 | 2023 Q4 | - | - | - | |
| Oct 13 2023 | 2023 Q3 | 005930.KS, BFAM, BN.PA, BNTG.DE, CAP.PA, DBX, EA, GOOGL, HLCL.L, KVUE, SAP.DE, UL, UPS, V | global, Quality, rates, risk management, technology, value |
CAP.PA KVUE |
Mayar Capital endured another challenging quarter but maintains conviction in value investing approach. Manager sees current tech bubble similar to late 1990s and believes higher rates will favor quality businesses over mediocre ones. Added Capgemini and Kenvue positions while viewing current portfolio as most attractive ever owned, expecting patience to be rewarded. |
| Jul 18 2023 | 2023 Q2 | AMZN, UPS | - | - | |
| Apr 22 2023 | 2023 Q1 | 005930.KS, 9627.T, AAPL, AMZN, BFAM, BNR.DE, CFR.PA, DBX, EA, GOOGL, HLCL.L, JNJ, LH, MA, PYPL, SAP.DE, UL, UPS, V, VWS.CO | consumer, global, long-term, Pharmaceuticals, Quality, technology, value | 9627.T | Mayar Capital's disciplined value approach delivered 6.79% in Q1 2023, maintaining long-term outperformance through focus on quality businesses with durable moats. New position in Japan's Ain Holdings capitalizes on pharmacy industry consolidation while increased Helical stake reflects opportunistic real estate investment. Manager emphasizes patience and business fundamentals over market fluctuations, allowing intrinsic value to compound over time. |
| Oct 13 2022 | 2022 Q3 | GOOG | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
QualityManager emphasizes owning high-quality businesses with deep economic moats and strong balance sheets that thrive during turmoil. Notes quality stocks are experiencing their worst drawdown since 1990 but are now the cheapest in at least a decade, creating buying opportunities. |
Quality Moats Resilience Value Drawdown |
AIManager sees current AI anxiety around software as misguided, believing the market is throwing the baby out with the bathwater. Views enterprise software companies as protected by service, trust, and integration rather than just being code that AI can replace. |
AI Software Enterprise Disruption Anxiety | |
SoftwareDespite AI concerns, manager is adding to enterprise software positions like Microsoft, SAP, Xero, and Toast. Believes mission-critical software is protected by service relationships and integration complexity, not just code that can be easily replaced. |
Software Enterprise SaaS Mission-critical Integration | |
GlobalFund maintains true global diversification with more non-US exposure than benchmark weights. This positioning has been a headwind due to US outperformance and dollar strength, but manager believes these trends will revert over time. |
Global Diversification Non-US Cycles Positioning | |
| 2025 Q4 |
ValueManager emphasizes disciplined value investing approach, focusing on great businesses with durable moats at reasonable prices. Describes current market as offering high risk and low prospective returns, with the fund positioned defensively while maintaining conviction in their value strategy despite recent underperformance. |
Value Investing Moats Undervalued Discipline Long-term |
AIManager expresses significant concern about AI valuations and circular financing dynamics. Warns of vendor financing arrangements between companies like Oracle, OpenAI, Nvidia and CoreWeave that create feedback loops masking true demand, comparing it to late 90s vendor financing boom. |
Artificial Intelligence Valuations Circular Financing Speculation | |
CryptoUses Strategy Inc. (formerly MicroStrategy) as cautionary example of speculative excess. Notes the stock fell 60% from previous year and 65% from peak, with the premium to Bitcoin holdings evaporating and the company now forced to sell Bitcoin to meet obligations. |
Bitcoin Speculation Premium Debt | |
QualityFund focuses on high-quality franchises with strong competitive advantages, consistent financial results, and strong cash flow generation. Manager emphasizes owning boring companies with durable competitive advantages that can sustain an edge over competition for long periods. |
Quality Franchises Cash Flow Competitive Advantage | |
| 2025 Q3 |
AIThe manager draws extensive parallels between the current AI boom and the TMT bubble, noting that technology companies will invest $7 trillion in AI capex over five years. He argues that AI companies trade at valuations assuming perpetual dominance, with minimal revenue and no clear path to profitability, creating a self-reinforcing cycle similar to the late-1990s telecom boom. |
Artificial Intelligence Capex Valuations Profitability Technology |
ValueThe fund maintains its disciplined value investing approach, refusing to overpay for companies despite short-term underperformance. The manager emphasizes staying rational when markets become irrational, preferring to be approximately right in the long run than precisely popular today. |
Discipline Valuation Long-term Contrarian Fundamentals | |
Risk AppetiteThe manager describes extreme market concentration and unusually narrow investor enthusiasm, comparing current conditions to speculative manias. He advocates for defensive positioning and capital preservation, choosing to stay seated while others dance to the market's music. |
Speculation Concentration Defensive Capital Preservation Discipline | |
| 2025 Q2 |
ResilienceThe manager emphasizes building antifragile portfolios that improve with stress rather than merely surviving it. The fund focuses on businesses with sound economics, conservative balance sheets, and reasonable valuations that can endure disorder and adapt to change. Portfolio companies average 86 years in age, demonstrating proven resilience through multiple wars, recessions, and crises. |
Antifragility Durability Conservative Longevity Stability |
ValueThe fund maintains a disciplined value investing approach, paying reasonable prices for securities to provide a margin of safety. During the quarter, they trimmed positions in companies where market prices approached or exceeded intrinsic value estimates, including Kenvue, Unilever, Bright Horizons, Mastercard, and Visa. Valuation discipline remains central to risk management and capital reallocation. |
Intrinsic Value Margin of Safety Valuation Discipline Price | |
QualityThe strategy focuses on great businesses with durable economic moats, favorable customer economics, consistent financial results, high returns on capital, and strong cash flow generation. The fund seeks companies with able and shareholder-oriented management, conservative capital structures, and strong track records of rational capital allocation. This quality focus is exemplified by their new position in Croda International, a 100-year-old specialty chemicals company. |
Moats Returns on Capital Cash Flow Management Capital Allocation | |
| 2025 Q1 |
AICapgemini reported 5% of Q4 bookings were generative AI-related, up from 2% earlier in the year. Management sees AI as transformative technology with potential to revolutionize every industry globally. The company is well-positioned to serve as industry's key technology partner in realizing AI benefits for businesses worldwide. |
Generative AI Technology Consulting Digital Transformation Enterprise |
ValueManager emphasizes disciplined value investing approach, focusing on avoiding bad investments rather than chasing wins. Philosophy prioritizes mitigation of Type I errors over maximizing gains. The fund seeks great businesses at reasonable prices with margin of safety. |
Value Investing Margin of Safety Risk Management Long-term Quality | |
EuropeEuropean equity exposure reached all-time high while US holdings declined to lowest levels in fund history. Geographic rebalancing contributed positively to performance. Manager sees strength of opportunities in European markets relative to US. |
Geographic Allocation European Markets Rebalancing Opportunities Relative Value | |
| 2024 Q4 |
ValueManager emphasizes investing in high-quality businesses trading at significant discounts to intrinsic value. The fund focuses on boring companies with strong fundamentals and attractive long-term growth prospects at reasonable valuations, contrasting with overvalued technology stocks. |
Value Intrinsic Value Discount Quality Fundamentals |
AIManager discusses AI hype cycle and warns about overvaluation in AI-related stocks like Nvidia. Notes that people tend to overestimate short-term impact of new technologies while underestimating long-term effects, preferring to invest after the trough of disillusionment. |
AI Hype Cycle Nvidia Technology Overvaluation | |
| 2024 Q3 |
PaymentsVisa's business model as a payment network intermediary creates powerful network effects and generates impressive shareholder returns. The ongoing shift towards cashless payments has driven payment volume growth from $4.4 trillion in 2008 to $15.4 trillion in 2023. The company maintains high returns on invested capital averaging 65% over two decades while reducing share count by a third since IPO. |
Digital Payments Network Effects Cashless Transaction Volume FinTech |
ValueThe fund follows a disciplined value investing strategy focused on buying great businesses at reasonable prices with a margin of safety. The manager emphasizes patience and acting against the crowd, noting that overpaying for even promising growth companies will ultimately lead to disappointing results. Business fundamentals are strengthening with reasonable valuations by historical standards. |
Value Investing Margin of Safety Contrarian Discipline Long-term | |
| 2024 Q2 |
ValueThe fund follows a disciplined value investing strategy, focusing on buying great businesses at reasonable prices with a margin of safety. The manager emphasizes patience and long-term compounding over quick gains, maintaining a tortoise-like approach to investing. |
Value investing Margin of safety Long-term Patience Compounding |
Energy TransitionVestas Wind Systems represents the fund's exposure to the energy transition theme. Wind capacity needs to grow significantly to reach Net Zero goals, with Vestas positioned as the largest western wind turbine producer with strong competitive advantages in the servicing business. |
Wind Renewable energy Decarbonization Net Zero Clean energy | |
| 2024 Q1 |
ValueThe fund emphasizes buying great businesses at reasonable prices with a margin of safety. The manager discusses how conventional wisdom about higher risk equaling higher returns is often wrong, and advocates for conservative approaches that prioritize steady growth with risk mitigation over chasing outrageous returns. |
Margin of Safety Conservative Risk-adjusted Undervalued Quality |
Commercial Real EstateThe fund initiated a position in British Land, a UK-based property REIT, believing the market underestimates long-term value of these REITs. Current focus on short-term challenges from higher interest rates obscures that replacement value of properties far exceeds current trading prices. |
REITs Property Interest Rates Replacement Value UK | |
| 2023 Q3 |
ValueManager emphasizes value investing approach, focusing on great businesses at reasonable prices with margin of safety. Discusses how value investing has been painful during recent tech bubble but believes patience will be rewarded as higher interest rates favor quality businesses over mediocre ones. |
Value investing Margin of safety Quality Reasonable prices Patience |
QualityFund targets businesses with durable economic moats, favorable customer economics, consistent financial results, high returns on capital, and strong cash flow generation. Manager believes higher interest rates will favor high-quality businesses over mediocre ones. |
Economic moats High ROIC Cash flow Durable Returns on capital | |
RatesManager discusses how higher interest rates will benefit quality businesses with high returns on capital while hurting mediocre businesses. Expects distress from companies that borrowed extensively when rates were near zero but cannot survive current higher rates. |
Interest rates Cost of capital Distress Financing costs Rate environment | |
| 2023 Q1 |
QualityManager emphasizes investing in great businesses with durable economic moats, favorable customer economics, consistent financial results, high returns on capital, and strong cash flow generation. Uses examples of Amazon, Google, and Apple to illustrate companies that have profoundly shaped our reality through superior customer service, information democratization, and product design excellence. |
Moats Returns Cash Flow Customer Excellence |
ValueFund follows disciplined value investing strategy, paying reasonable prices for securities to provide margin of safety. Manager views themselves as businesspeople rather than traders, focusing on intrinsic value rather than market fluctuations. Uses house analogy to explain approach to market volatility and pricing. |
Value Investing Margin of Safety Intrinsic Value Discipline Long-term | |
PharmaceuticalsPortfolio includes pharmaceutical holdings like Johnson & Johnson, which managed top-line growth despite strong dollar headwinds and declining COVID vaccine sales. Manager notes concern about STELARA coming off-patent in 2023-2024 and the planned spin-off of Consumer Health division. |
Drug Patents Healthcare Spin-offs Pipeline Growth |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 12, 2023 | Fund Letters | Mayar Capital | 9627.T | Ain Holdings | Health Care Equipment & Services | Health Care Distributors | Bull | Tokyo Stock Exchange | consolidation, Generic Drugs, healthcare, Japan, M&A, market share, Pharmacy, Retail Healthcare | Login |
| May 4, 2026 | Fund Letters | Mayar Capital | MSFT | Microsoft Corporation | Software - Infrastructure | Systems Software | Bull | NASDAQ | AI, cloud infrastructure, Enterprise software, SaaS, technology | Login |
| May 4, 2026 | Fund Letters | Mayar Capital | SAP | SAP SE | Software - Application | Application Software | Bull | New York Stock Exchange | Enterprise software, ERP, Germany, Mission-Critical, switching costs | Login |
| May 4, 2026 | Fund Letters | Mayar Capital | MIDD | The Middleby Corporation | Specialty Industrial Machinery | Industrial Machinery | Bull | NASDAQ | Commercial Kitchen Equipment, Foodservice, Industrial Equipment, Portfolio Restructuring, spin-off | Login |
| May 4, 2026 | Fund Letters | Mayar Capital | XRO.AX | Xero Limited | Software - Application | Application Software | Bull | Australian Securities Exchange | AI integration, Australia, Cloud Accounting, SaaS, Small Business Software | Login |
| May 4, 2026 | Fund Letters | Mayar Capital | TOST | Toast, Inc. | Software - Infrastructure | Application Software | Bull | New York Stock Exchange | All-in-one Platform, hospitality, POS Systems, Restaurant technology, vertical software | Login |
| May 4, 2026 | Fund Letters | Mayar Capital | - | Dassault Systèmes SE | Other | Application Software | Bull | - | 3D design software, automotive, Engineering Software, france, Simulation Tools | Login |
| May 4, 2026 | Fund Letters | Mayar Capital | - | Inter Cars S.A. | Other | Distributors | Bull | Warsaw Stock Exchange | aftermarket, Auto Parts Distribution, Central Europe, Logistics Network, Scale Advantages | Login |
| May 4, 2026 | Fund Letters | Mayar Capital | 7974.T | Nintendo Co., Ltd. | Electronic Gaming & Multimedia | Home Entertainment Software | Bull | Taiwan Stock Exchange | Console Hardware, Entertainment IP, Franchise Value, Gaming, Japan, recurring revenue | Login |
| Jan 18, 2026 | Fund Letters | Abdulaziz A.Alnaim | BKNG | Booking Holdings Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Capital-light, Free Cash Flow, marketplace, network effects, Online Travel | Login |
| Jan 18, 2026 | Fund Letters | Abdulaziz A.Alnaim | TW LN | Taylor Wimpey plc | Consumer Discretionary | Homebuilding | Bull | New York Stock Exchange | Cyclicality, dividends, homebuilding, land bank, UK housing | Login |
| Jan 18, 2026 | Fund Letters | Abdulaziz A.Alnaim | NKE | Nike, Inc. | Consumer Discretionary | Footwear & Apparel | Bull | New York Stock Exchange | Brand Power, Consumer Recovery, Inventory Reset, Pricing, turnaround | Login |
| Oct 14, 2025 | Fund Letters | Abdulaziz A.Alnaim | SOLV US | Solventum Corporation | Health Care | Medical Supplies | Bull | NYSE | Activism, cashflow, Cost efficiency, deleveraging, healthcare, innovation, M&A, restructuring, spin-off | Login |
| Jul 15, 2025 | Fund Letters | Abdulaziz A.Alnaim | NESN SW | Nestlé SA | Consumer Staples | Packaged Foods & Meats | Bull | Swiss Exchange | brands, Coffee, compounding, Petcare, Pricing | Login |
| Apr 3, 2025 | Fund Letters | Mayar Capital | CAP.PA | Capgemini | Software & Services | IT Consulting & Other Services | Bull | Euronext Paris | asset-light, cash generation, cloud infrastructure, Digital transformation, Europe, generative AI, It consulting, manufacturing, Software Engineering, Systems Integration, Technology Services | Login |
| Apr 3, 2025 | Fund Letters | Mayar Capital | NVO | Novo Nordisk | Pharmaceuticals, Biotechnology & Life Sciences | Pharmaceuticals | Bull | NASDAQ | biotechnology, Chronic Disease, Denmark, Diabetes, GLP-1, healthcare, Metabolic Health, Obesity, pharmaceuticals, pipeline | Login |
| Apr 3, 2025 | Fund Letters | Mayar Capital | NKE | Nike | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | Apparel, Athletic Footwear, Brand Equity, Consumer Discretionary, Digital platforms, direct-to-consumer, global markets, innovation, Sportswear, technology | Login |
| Jan 14, 2025 | Fund Letters | Mayar Capital | CSCO | Cisco Systems | Technology Hardware & Equipment | Communications Equipment | Bear | NASDAQ | dot-com bubble, Growth Trap, Historical Case Study, networking equipment, Overvaluation, technology, valuation | Login |
| Jan 14, 2025 | Fund Letters | Mayar Capital | NVDA | NVIDIA Corporation | Technology Hardware & Equipment | Semiconductors | Bear | NASDAQ | AI, Chips, Competition, Margins, Overvaluation, semiconductors, technology, valuation | Login |
| Jan 14, 2025 | Fund Letters | Mayar Capital | MSTR | MicroStrategy Incorporated | Software & Services | Application Software | Bear | NASDAQ | Bitcoin, cryptocurrency, Irrational Exuberance, leverage, Software, Speculation, treasury strategy | Login |
| Jan 14, 2025 | Fund Letters | Mayar Capital | AHT.L | Ashtead Group plc | Capital Goods | Trading Companies & Distributors | Bull | London Stock Exchange | Capital Goods, construction, Equipment Rental, infrastructure, scale, secular growth, Unit economics, US listing | Login |
| Jul 11, 2024 | Fund Letters | Mayar Capital | VWS.CO | Vestas Wind Systems | Capital Goods | Heavy Electrical Equipment | Bull | NASDAQ Copenhagen | Capital Goods, Denmark, energy transition, Green Technology, Industrial Equipment, infrastructure, recurring revenue, renewable energy, Service Contracts, Wind Energy | Login |
| Apr 18, 2024 | Fund Letters | Mayar Capital | BLND.L | British Land Company PLC | Real Estate | Retail REITs | Bull | London Stock Exchange | commercial real estate, Interest Rate Sensitive, Logistics, Office, Property, REIT, retail, UK, Value | Login |
| Oct 15, 2023 | Fund Letters | Mayar Capital | CAP.PA | Capgemini SE | Software & Services | IT Consulting & Other Services | Bull | Euronext Paris | Digital transformation, Enterprise software, Europe, It consulting, Offshore Outsourcing, professional services, Technology Enabler, Technology Services | Login |
| Oct 15, 2023 | Fund Letters | Mayar Capital | KVUE | Kenvue Inc | Household & Personal Products | Personal Products | Bull | NYSE | beauty products, brand portfolio, Consumer-health, Fmcg, OTC Medications, personal care, spin-off, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| MSFT | Microsoft: A leader we've owned previously and exited only when the price got ahead of the fundamentals. Beyond its software, it's a titan in cloud infrastructure, directly benefiting from the AI boom by providing the literal foundation for modern enterprise workloads. |
| SAP | SAP: Another returning name we've owned and admired for its deep integration into corporate workflows. As the world's leading ERP provider, its stickiness is immense; the idea that a company would risk its entire financial backbone on a home-grown AI alternative is, in our view, a fundamental misunderstanding of how big business operates. |
| MITT | Middleby: We have followed Middleby for years and are impressed by their current portfolio restructuring. They are refocusing on their core competencies by selling their residential kitchen business and spinning off food processing, allowing them to lean into their high-moat commercial segments. |
| XRO.AX | Xero: A business we've tracked for a long time that provides cloud accounting for small businesses. Far from being disrupted, Xero is incorporating AI tools from OpenAI and Anthropic to make their platform more valuable to accountants, likely turning a perceived threat into a tailwind. |
| TOST | Toast: A long-admired digital platform built specifically for the restaurant industry. By creating an all-in-one operating system—handling everything from POS to payroll—they've built a defensive moat that generalist software simply can't touch. |
| DASTY.PA | Dassault Systèmes: The French leader in 3D design software. While they are currently facing cyclical headwinds in the European auto industry, we view this as a temporary blip rather than a permanent impairment of their mission-critical simulation tools. |
| ICARF.WA | Inter Cars: A dominant auto-parts distributor in Central and Eastern Europe. Their competitive edge is their massive logistics network and reputation for reliability, a scale play that remains relevant as the global vehicle fleet ages. |
| 005930.KS | Samsung: We exited following a massive run-up driven by AI optimism. Unfortunately, we started trimming last year a bit too early and missed some of the recent extraordinary run-up. |
| BLND.L | British Land: We made a small 12% capital gain over our three years of ownership but collected a 6% annual dividend along the way. The result was an acceptable annualized total return of just under 10%. |
| VTY.L | Vistry: This goes firmly in the mistakes bucket. Management execution has been subpar and the business continued to disappoint. While they have recently changed the Chairman and CEO, I have frankly lost confidence in the company. |
| VWS.CO | Vestas: Unlike our successful ownership from 2018-2021, this second stint was disappointing. We are worried about mounting Chinese competition in emerging markets and a service business that hasn't performed as hoped. |
| SOM.L | Somero Enterprises: We realized the quality wasn't what we initially thought. With Chinese competition gaining ground and a lack of turnaround visibility, we moved our capital to better opportunities elsewhere. |
| BFAM | Bright Horizons, the childcare business, saw revenue growth of 9% in 2025 and earnings growth of 30%, continues to guide for growth in 2026, albeit at a slightly decelerating pace, coming from a mix of higher volumes (helped by a general return-to-work theme) as well as price increases. |
| PYPL | PayPal was hit in 2025 by the K-shaped nature of consumer spending in the United States, with its customer base skewing towards those under pressure from higher living costs. As a result of this, as well as the underwhelming uptake of the company's new products by its merchant base, earnings disappointed at the end of the year, with CEO Alex Chriss being replaced by Enrique Lores. |
| 7974.T | Nintendo, as discussed in this quarter's business summary, launched Switch 2 in June 2025. Demand has thus far been strong but we await the massive library of games which should come onto the platform through 2026 and into the future. |
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