| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| -1.27% | -21.75% | -21.75% |
Hertford Capital returned -21.75% in Q1 2026 versus -3.14% for the benchmark, driven by broad sector selling in software and online classifieds following AI concerns and geopolitical tensions. Despite significant valuation pressure, underlying business fundamentals remain intact across most holdings, with companies like Planisware and Sidetrade demonstrating strong AI integration and revenue growth. The manager initiated positions in Scout24 and Swiss Marketplace Group while exiting Rightmove and Grupa Pracuj, upgrading toward more defensible assets. Portfolio remains 99% invested in equities across Software (49%), Online Classifieds (36%), Real Estate Networks (8%), and Critical Infrastructure (6%). The manager views current conditions as creating attractive opportunities, with significant dispersion between fundamentals and pricing. Focus continues on capital preservation and long-term compounding through high-quality, cash-generative businesses with durable competitive positions. Recent drawdown reflects market fear rather than fundamental deterioration, positioning the fund for future value creation as conditions normalize.
Focus on high-quality European small-cap software and online classifieds companies with durable competitive positions, strong cash generation, and long runways for value creation, taking advantage of valuation dislocations caused by market fear rather than fundamental deterioration.
The opportunity set remains attractive, with significant dispersion between business fundamentals and market pricing. Manager continues to prioritize capital preservation, disciplined underwriting, and long-term compounding. The recent drawdown reflects fear rather than fundamentals, with focus remaining on high-quality, cash-generative businesses with durable competitive positions.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 20 2026 | 2026 Q1 | ATOSS.DE, BCG.L, HEMNET.ST, HTWS.L, RMV.L, SCOUT24.DE, SMCR.ST, VEND.OL | AI, Classifieds, Europe, SaaS, small cap, software, valuation | - | European small-cap software and classifieds fund down 21.75% in Q1 amid AI-driven sector selling despite strong underlying fundamentals. Manager upgraded portfolio quality, initiating Scout24 and Swiss Marketplace Group positions while maintaining conviction in SaaS businesses integrating AI successfully. Views current valuation dislocation as opportunity for patient capital focused on durable competitive advantages. |
| Jan 8 2026 | 2025 Q4 | ACM.DE, BAMI.MI, CRAYN.OL, MAB1.L, MOL.MI, MRL.L, NA9.DE, PHLL.L, QXO, TPFG.L, WOSG.L | Construction, Europe, Mortgage, small caps, software, special situations, value | - | Hertford Capital outperformed in Q4 2024 despite challenging European small cap conditions. The concentrated portfolio targets overlooked opportunities with 40% in housing/mortgage recovery, 20% in software/SaaS. Manager expects European small cap valuation gap to narrow in 2025 through M&A activity and renewed liquidity, forecasting potential 50%+ portfolio upside within eighteen months. |
| Oct 7 2025 | 2025 Q3 | AOF.DE, COM.MI, JST.DE, KSB3.DE, LSL.L, MAB1.L, MOL.MI, MONY.L, PFE, PLNW.PA, SFQ.DE, SINT.ST, WOSG.L | AI, Europe, small caps, software, tariffs, value |
MAB1 LN LSL LN AOF GR |
Hertford Capital's concentrated European small-cap portfolio underperformed in Q3 despite solid operational results from holdings. Manager maintains conviction in enterprise software companies' ability to harness AI opportunities and selectively added to positions during market volatility. Global tariff uncertainties weigh on business confidence, but portfolio companies demonstrate resilient business models with strong long-term compounding potential at attractive valuations. |
| Jul 10 2025 | 2025 Q2 | ALMA.HE, AOF.DE, BCG.L, DONE.ST, FORTNOX.ST, HEM.ST, PLNW.PA, PROF.PA, SIDE.PA, SMCRT.OL, VEND.OL | AI, Classifieds, Enterprise Software, Europe, growth, SaaS, SmallCap, technology |
FNOX.ST ALSDT.PA |
Hertford Capital returned +10.40% in Q2 2025, positioning for the agentic AI revolution in enterprise software. The manager believes AI will drive software companies from Rule of 40 to Rule of 70-80 performance through dramatic margin expansion and growth acceleration. Portfolio concentrated in European small-cap software and classifieds companies that control workflows and data. |
| Apr 2 2025 | 2025 Q1 | FNOX.ST | AI, Europe, growth, SaaS, small caps, software, value | FNOX.ST | Hertford Capital outperformed in Q1 2025 with a focused strategy on European software monopolies. The fund's investment in Fortnox, a Swedish accounting software leader with 70%+ margins, was validated by EQT's takeover bid at significant premium. The manager targets AI-enabled SaaS businesses with network effects and pricing power for long-term compounding. |
| Jan 8 2025 | 2024 Q4 | ACM.DE, BAMI.MI, CRAYN.OL, MAB1.L, MOL.MI, MRL.L, NA9.DE, PHLL.L, QXO, TPFG.L, WOSG.L | Construction, Europe, Mortgage, small caps, software, special situations, value |
NA01.DE CRAYN.OL ANIM.MI PHLL.L WOSG.L MPG.MI QXO |
Hertford Capital outperformed European small caps in 2024 through concentrated investments in overlooked quality businesses. The fund is positioned around housing/mortgage recovery, software digitization, and industrial recovery themes. With European small caps trading at discounted valuations and M&A activity rising, the manager sees over 50% upside potential within eighteen months. |
| Oct 13 2024 | 2024 Q3 | BIJ.DE, CRAYN.OL, GYM.L, JST.DE, MAB1.L, SIE.DE, STO.DE, TPFG.L | Europe, Patience, private equity, small caps, undervaluation, value |
CRN.OL JST.DE MAB.L TPFG.L GYM.L |
European small-cap value fund returned +1.29% in Q3, benefiting from Stemmer Imaging takeover and strong Gym Group performance. Managers actively rotated capital and added to positions during regulatory overreactions. Despite near-term headwinds from small-cap outflows, they maintain conviction in undervalued European companies as private equity validates their thesis through acquisitions. |
| Oct 7 2024 | 2024 Q2 | ANIM.MI, CRY.OL, MAB1.L, OIE.L, PHLL.L, SAF.DE, STO.DE, TPFG.L, WOSG.L | Buybacks, Europe, Luxury, real estate, small caps, value | WOSG.L | European small-cap value fund delivered strong Q2 performance of +6.20% versus +1.9% benchmark. Portfolio remains dramatically undervalued with significant earnings growth potential. New investment in Watches of Switzerland provides luxury retail exposure with US consolidation opportunity. Multiple holdings executing attractive capital allocation through buybacks and M&A. Substantial UK exposure positioned for housing policy tailwinds. |
| Jul 4 2024 | 2024 Q1 | AKW.PA, ANM.MI, BALCO.ST, BLV.L, GUI.PA, GYM.L, HFG.DE, IWB.MI, IWG.L, KAMUX.HE, KSB3.DE, MAB.L, NA9.DE, ORG.L, PHLL.L, SAFH.DE, SKB.DE, STO3.DE, TPFG.L | Europe, Franchising, Property, Recovery, small cap, Uk, value | TPFG.L | European small-cap value fund capitalizing on UK property market dislocations through franchising businesses like TPFG and MAB. Portfolio shows mixed earnings recovery with strategic position adjustments. Managers maintain conviction despite underperformance, expecting small-cap catch-up driven by higher growth potential and multiple expansion as market conditions normalize. |
| Jan 28 2024 | 2023 Q4 | ANIM.MI, BFIT.AS, BIJ.DE, GYM.L, KAMUX.HE, KSB.DE, MAB1.L, PHLL.L, SAF.DE, STO3.DE | consumer, dividends, Europe, industrials, small caps, value | BHARATBIJ.NS | European small cap value managers underperformed in 2023 but maintain conviction that their universe is historically cheap versus large caps. Portfolio positioned for cyclical recovery expected in H2 2024, with double-digit free cash flow yields and potential M&A catalysts. Recent interest rate environment beginning to benefit holdings, though performance has lagged larger peers. |
| Oct 15 2023 | 2023 Q3 | ANIM.MI, EN7.ST, MAB1.L, PHLL.L | Asset Managers, Europe, gaming, Mortgage, Quality, small caps, value | - | European small cap value fund added four high-quality businesses in Q3 at attractive valuations including Italian asset manager Anima, gaming company Enad Global 7, UK mortgage broker MAB, and alternative asset manager Petershill Partners. Portfolio trades at 8.7x normalized P/E versus 14.5x for the index while generating superior 24% median ROIC with strong cash positions and aligned management. |
| Jul 14 2023 | 2023 Q2 | - | Europe, small caps, value | - | Hertford Capital is a founder-led European small and micro cap specialist pursuing overlooked opportunities with private equity-like return profiles. The Stuttgart-based firm focuses on concentrated investments in advantaged, financially healthy businesses with proven capital allocation, aiming to compound co-investor wealth at high rates through proprietary research and long-term partnerships. |
| Dec 4 2023 | 2023 Q1 | - | Europe, small caps, value | - | Hertford Capital is a founder-led European small and micro cap specialist pursuing overlooked opportunities with private equity-like return profiles. The Stuttgart-based firm focuses on concentrated investments in advantaged, financially healthy businesses with proven capital allocation, aiming to compound co-investor wealth at high rates through proprietary research and strong alignment of interests. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AISoftware companies are actively integrating AI into their products and workflows. Anthropic's Claude Code release triggered sector selling despite strong operational performance. Planisware deployed agentic AI capabilities while Sidetrade targets EUR 18-23 million in AI-native software revenues by 2030. |
Artificial Intelligence Software Agentic AI Claude Code AI Integration |
SaaSSoftware-as-a-Service companies experienced valuation compression despite strong fundamentals. The manager sees historically attractive valuation levels and remains meaningfully allocated to the sector with compelling risk-reward profiles emerging. |
Software as a Service Valuation Cloud Software Subscription Enterprise Software | |
MarketplacesOnline classifieds sector faced broad selling pressure but manager upgraded portfolio toward more defensible assets like Scout24 and Swiss Marketplace Group. Real estate and automotive platforms benefit from stronger competitive defenses than job portals. |
Online Classifieds Real Estate Portals Automotive Platforms Digital Marketplaces Network Effects | |
| 2025 Q4 |
MortgageManager sees significant opportunity in European mortgage market recovery, with 40% of portfolio allocated to companies benefiting from ongoing recovery in European & UK housing, construction, and mortgage broking markets. Specifically invested in Italian mortgage market through Moltiply Group, expecting recovery as market data improves. |
Mortgage Housing Construction Recovery Italy |
SoftwarePortfolio has 20% allocation to software and SaaS driven by ongoing digitization needs. Manager initiated position in Nagarro SE following profit warning and potential private equity bid, creating compelling special situation with attractive risk-reward dynamics. |
Software SaaS Digitization Special Situation | |
Small CapsManager anticipates narrowing valuation gap for European small caps in 2025, driven by rising M&A activity as private equity and strategic buyers capitalize on discounted valuations. Sees potential upside of over 50% for portfolio within next 12-18 months based on latest estimates. |
Small Caps Valuation M&A Europe | |
| 2025 Q3 |
AIManager views enterprise software holdings as leading players in harnessing AI opportunity within their verticals, with ability to integrate AI into existing platforms positioning them favorably for sustained value creation. Companies like ATOSS and Planisware are already offering multiple AI-powered services and agentic AI applications to customers. |
Enterprise Software Agentic AI Workflow Integration Platform Enhancement Productivity |
Enterprise SoftwarePortfolio heavily weighted toward enterprise software companies with mission-critical services, strong network effects, pricing power, and high margins. Manager emphasizes scalable business models with recurring revenue streams and low churn rates as key investment criteria. |
SaaS Recurring Revenue Mission Critical Network Effects Scalability | |
Trade PolicyGlobal tariff situation continues to weigh on confidence and contribute to delays in CAPEX projects. C-level decision-makers adopting cautious stance, holding back on investments due to operational and financial uncertainties tariffs are placing on businesses. |
Tariffs CAPEX Delays Business Uncertainty Trade Friction Investment Hesitation | |
| 2025 Q2 |
AIThe manager discusses agentic AI as a transformative force for enterprise software, highlighting Sidetrade's autonomous AI Cash Collection Agent and the shift from Rule of 40 to Rule of 70-80 for software companies. AI is expected to drive both growth acceleration and margin expansion through automation of sales, marketing, and support functions. |
Agentic AI Enterprise Software Automation Margin Expansion Rule of 70 |
Enterprise SoftwareThe portfolio is concentrated in mission-critical enterprise software companies that control workflows and data. The manager believes these businesses will benefit from AI integration to achieve higher growth rates and operating margins, fundamentally rewriting software economics. |
SaaS ERP Mission Critical Workflows Data Control | |
ClassifiedsThe fund holds several classifieds platforms that are leveraging AI to improve operations, personalize listings, optimize ad yield, and improve user engagement. These are described as data-rich ecosystems with monopoly-like access to intent and monetizable data. |
Marketplaces Data Monetization Ad Optimization User Engagement Intent Data | |
| 2025 Q1 |
SoftwareManager developed a comprehensive framework for evaluating European software companies, focusing on mission-critical, high-retention SaaS businesses with strong recurring revenues. The approach emphasizes companies that can embed AI capabilities deeply within core products, own their cloud infrastructure, and possess proprietary datasets for competitive advantage. |
SaaS Cloud AI Enterprise Software Vertical Software |
AIArtificial intelligence is viewed as a fundamental shift in software monetization and scaling, with the most compelling opportunities in companies that don't just use AI but own their AI through proprietary datasets and infrastructure. The manager sees this as creating new competitive moats for software businesses. |
AI Data & Analytics Cloud Infrastructure Automation Machine Learning | |
MonopoliesFollowing Peter Thiel's Zero to One framework, the manager seeks businesses with monopoly-like characteristics that dominate small niches before expanding. These creative monopolies leverage pricing power to reinvest in innovation, creating sustainable competitive advantages through proprietary technology, network effects, economies of scale, and branding. |
Network Effects Pricing Power Innovation Market Dominance Competitive Moats | |
| 2024 Q4 |
MortgageThe fund is positioned around the European and UK housing, construction, and mortgage broking market recovery with approximately 40% allocation. Specific investments include Moltiply Group in Italy's mortgage market and UK positions in Mortgage Advice Bureau and The Property Franchise Group. |
Housing Construction Broking Recovery Italy |
SaaSAround 20% is allocated to software and SaaS companies driven by ongoing digitization needs. Key positions include Nagarro SE following a profit warning and potential private equity interest, and Crayon Group which announced a potential merger with SoftwareOne. |
Software Digitization Private Equity Merger | |
ConstructionThe portfolio benefits from recovery in European construction markets through building materials exposure. QXO Inc represents a significant opportunity in the US building and construction materials sector with potential for consolidation and tech-driven operational improvements. |
Building Materials Consolidation Technology Recovery | |
| 2024 Q3 |
ValueThe fund focuses on undervalued smaller European companies that private equity firms are recognizing and acquiring at premiums. The managers emphasize patient value investing, waiting for intrinsic value to be recognized by the market over time. |
Undervaluation Intrinsic Patient Recognition Premium |
Small CapsThe portfolio consists entirely of smaller European companies, with the fund specifically targeting the MSCI Europe Small & Micro Cap universe. The managers note that small-cap fund managers are experiencing outflows as investors reduce exposure after S&P 500 gains. |
European Micro Outflows Exposure Universe | |
| 2024 Q2 |
LuxuryThe fund made a new investment in Watches of Switzerland Group, the largest global Rolex dealer with 40% UK market share and 11-12% US market share. The company benefits from strong relationships with luxury watch brands like Rolex, Patek Philippe, and Audemars Piguet, and is positioned to consolidate the fragmented US luxury watch retail market. |
Luxury Retail Consolidation Brand Relationships Market Share |
BuybacksMultiple portfolio companies are actively repurchasing shares including Petershill Partners which bought back 38 million shares for $100 million, Origin Enterprises taking advantage of low valuations, and Anima buying back shares while paying dividends. These buybacks are viewed as positive capital allocation given attractive valuations. |
Share Repurchases Capital Allocation Valuation Cash Return | |
United KingdomThe fund has substantial exposure to UK-listed stocks at approximately 30% of the portfolio. The incoming Labour government's goal to build 1.5 million new homes and ease planning restrictions is viewed as potentially beneficial for UK residential real estate holdings like TPFG and Mortgage Advice Bureau. |
UK Exposure Real Estate Government Policy Housing | |
| 2024 Q1 |
Commercial Real EstateThe UK housing market is facing substantial disruptions since 2022 with significant turmoil in 2023. The property sales market has been in decline over the past two years with only signs of recovery in early 2024. The lack of housing supply continues with landlords facing ongoing legislative and financing challenges. |
Property Housing Lettings Estate Agency Franchising |
MortgageMortgage Advice Bureau offers a royalty on UK mortgages and has delivered results in-line with expectations for 2023. January and February 2024 trading was significantly above previous year levels, building foundation for return to double digit growth rates in coming years. |
Mortgage Advisory Broking UK Housing Financial Services | |
ValueThe fund focuses on identifying high-quality companies facing short-term headwinds and trading at temporarily depressed valuations. Multiple holdings are described as trading at significant discounts to fair value with strong upside potential. |
Undervaluation Discount Quality Margin of Safety Deep Value | |
Small CapsThe fund operates in the small and micro cap universe, believing this segment has opportunity for strong catch-up in the current market environment due to higher growth potential, stronger margin recovery opportunity, and significant multiple expansion potential. |
Small Cap Micro Cap Recovery Multiple Expansion Growth Potential | |
| 2023 Q4 |
Small CapsThe fund is invested in around 20 selected European and UK small and micro caps. The managers believe many European and UK small and micro caps are priced below intrinsic value and historically inexpensive compared to large and mid caps, which could lead to above average returns over the medium to longer term. |
European Micro Cap Valuation Undervalued Returns |
ValueThe fund's philosophy is buying cash-flow yielding businesses where management allocates capital reasonably well. They believe they own many companies at double-digit normalized free cash flow yields while expecting those cash flows to grow at attractive rates in the mid-term. |
Cash Flow Free Cash Flow Yields Capital Allocation Intrinsic Value | |
DividendsThe managers highlight companies with strong dividend policies and cash distribution capabilities. They specifically discuss Bijou Brigitte's impressive track record of distributing cash to shareholders via dividends and buybacks, with a pay-out ratio averaging 92% since 2007. |
Cash Distribution Payout Ratio Shareholder Returns Buybacks Yield | |
| 2023 Q3 |
Asset ManagersPetershill Partners operates as a General Partner solutions investment firm, acquiring minority stakes in leading mid-market private equity and alternative asset managers. The company benefits from stable management fees and growing high-margin revenue streams from its 25 partner firms. |
Private Equity Management Fees Alternative Assets Fee Income Recurring Revenue |
GamingEnad Global 7 is a group of gaming companies focused on live service games with highly predictable and recurring cash flows. The company has stabilized after management changes and is conservatively returning to profitable growth with strong cash generation. |
Live Service Recurring Revenue Cash Generation Mobile Games Gaming Studios | |
MortgageMortgage Advice Bureau is a UK financial services firm providing mortgage advice and insurance products. The company has grown market share from 4.1% to 8.1% through regulatory changes and maintains a capital-light, high-ROIC business model with recurring revenue streams. |
Mortgage Broking Financial Services Recurring Revenue Market Share Regulatory Changes |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 7, 2025 | Fund Letters | Marc-Lennart Bräutigam | MAB1 LN | Mortgage Advice Bureau (Holdings) plc | Financials | Diversified Financial Services | Bull | NYSE | AI, growth, Insurance, leadership, Mortgages, recurring revenue, UK, valuation | Login |
| Oct 7, 2025 | Fund Letters | Marc-Lennart Bräutigam | LSL LN | LSL Property Services plc | Real Estate | Real Estate Services | Bull | NYSE | cash flow, franchise, growth, Mortgages, Real Estate, transformation, UK, valuation | Login |
| Oct 7, 2025 | Fund Letters | Marc-Lennart Bräutigam | AOF GR | ATOSS Software SE | Other | Application Software | Bull | Bolsas y Mercados Españoles (Madrid) | AI, cloud, Europe, founder-led, growth, Margins, recurring revenue, Software | Login |
| Jul 10, 2025 | Fund Letters | Hertford Capital | ALSDT.PA | Sidetrade SA | Information Technology | Application Software | Bull | Euronext Paris | Agentic AI, Automation, Bull, Cash Collection, Data Lake, DSO Reduction, Enterprise Finance, Fintech, French, Order-to-Cash, working capital | Login |
| Jul 10, 2025 | Fund Letters | Hertford Capital | FNOX.ST | Fortnox AB | Information Technology | Application Software | Bull | Nasdaq Stockholm | Bull, Enterprise software, ERP software, financial services, Mission-Critical, private equity, SaaS, Swedish, take-private, workflow automation | Login |
| Apr 2, 2025 | Fund Letters | Hertford Capital | FNOX.ST | Fortnox AB | Software & Services | Application Software | Bull | Nasdaq Stockholm | Accounting Software, Cloud software, financial management, high margins, M&A Target, Monopoly, network effects, Pricing power, recurring revenue, SaaS, SME, Sweden | Login |
| Jan 8, 2025 | Fund Letters | Hertford Capital | CRAYN.OL | Crayon Group Holding ASA | Information Technology | Systems Software | Neutral | Oslo Stock Exchange | Cloud Economics, Management Meeting, Merger Arbitrage, Microsoft Partner, SaaS, Software Asset Management, Tech Conference | Login |
| Jan 8, 2025 | Fund Letters | Hertford Capital | ANIM.MI | Anima Holding SpA | Financials | Asset Management & Custody Banks | Bull | Borsa Italiana | asset management, Banking Synergies, Distribution Channels, Italian Financials, strategic acquisition, Value Realization | Login |
| Jan 8, 2025 | Fund Letters | Hertford Capital | PHLL.L | Petershill Partners Plc | Financials | Asset Management & Custody Banks | Bull | London Stock Exchange | alternative assets, capital allocation, Fund Manager Stakes, Goldman Sachs, Growth Capital, Private markets, Special dividend | Login |
| Jan 8, 2025 | Fund Letters | Hertford Capital | WOSG.L | Watches of Switzerland Group Plc | Consumer Discretionary | Specialty Retail | Bull | London Stock Exchange | Brand Relationships, cash generation, Hodinkee Acquisition, Luxury Retail, Rolex Retailer, Specialty retail, store expansion | Login |
| Jan 8, 2025 | Fund Letters | Hertford Capital | MPG.MI | Moltiply Group SpA | Financials | Consumer Finance | Bull | Borsa Italiana | core holding, financial services, founder-led, Free Cash Flow, Italian Financials, M&A Integration, Mortgage Market Recovery, Online Mortgages | Login |
| Jan 8, 2025 | Fund Letters | Hertford Capital | QXO | QXO Inc. | Industrials | Trading Companies & Distributors | Bull | NASDAQ | acquisition strategy, Brad Jacobs, Building materials, Distribution, industry consolidation, private placement, technology integration, value creation | Login |
| Jan 8, 2025 | Fund Letters | Hertford Capital | NA01.DE | Nagarro SE | Information Technology | IT Consulting & Other Services | Bull | XETRA | contrarian, European Small Cap, private equity, Software Development, Special Situation, takeover target, Value | Login |
| Oct 13, 2024 | Fund Letters | Gehlen Brautigam | JST.DE | JOST Werke SE | Industrials | Auto Components | Bull | XETRA | Automotive Components, commercial vehicles, Cyclical, Germany, Industrial, Resilient, Value | Login |
| Oct 13, 2024 | Fund Letters | Gehlen Brautigam | CRN.OL | Crayon Group Holding ASA | Information Technology | IT Services | Bull | Oslo Stock Exchange | AI, Cloud computing, contrarian, IT services, Microsoft, Norway, Reseller, Software, takeover target, Value | Login |
| Oct 13, 2024 | Fund Letters | Gehlen Brautigam | GYM.L | The Gym Group plc | Consumer Discretionary | Leisure Facilities | Bull | London Stock Exchange | Consumer Discretionary, Fitness Centers, Low cost, membership growth, operating leverage, post-COVID recovery, UK | Login |
| Oct 13, 2024 | Fund Letters | Gehlen Brautigam | TPFG.L | The Property Franchise Group plc | Real Estate | Real Estate Services | Bull | London Stock Exchange | acquisition integration, Franchising, Property Franchise, Real Estate Services, UK, Value | Login |
| Oct 13, 2024 | Fund Letters | Gehlen Brautigam | MAB.L | Mortgage Advice Bureau (Holdings) plc | Financials | Consumer Finance | Bull | London Stock Exchange | contrarian, financial services, Insurance, Mortgage Broker, Regulatory, UK, Value | Login |
| Jul 10, 2024 | Fund Letters | Gehlen Brautigam | WOSG.L | Watches of Switzerland Group plc | Consumer Discretionary | Specialty Retail | Bull | London Stock Exchange | Brand Partnership, cash generation, expansion, high-margin, Luxury Retail, market consolidation, Rolex Proxy, Specialty retail, UK, US | Login |
| Apr 7, 2024 | Fund Letters | Gehlen Brautigam | TPFG.L | The Property Franchise Group plc | Real Estate | Real Estate Services | Bull | London Stock Exchange | asset-light, Estate Agency, Franchising, high-ROIC, merger, property management, Real Estate Services, recurring revenue, UK, Value | Login |
| Jan 28, 2024 | Fund Letters | Gehlen Brautigam | BHARATBIJ.NS | Bijou Brigitte modische Accessoires AG | Consumer Discretionary | Specialty Retail | Bull | Frankfurt Stock Exchange | Affordable Luxury, Defensive Consumer, European Small Cap, Family-owned Business, Fashion Jewelry, high dividend yield, net cash position, Omni Channel, Specialty retail, Value Investment | Login |
| TICKER | COMMENTARY |
|---|---|
| ATOSS.DE | ATOSS Software SE was one of the largest detractors with -228 bps, experiencing share-price weakness driven primarily by valuation compression rather than any deterioration in business quality or earnings outlook. |
| HEMNET.ST | Hemnet AB was a detractor with -193 bps. Performance reflects company-specific factors as the manager underestimated the persistence of weakness in the Swedish housing market and initiated the position too early. Transaction volumes have remained below expectations, and negative sentiment towards the stock has amplified share-price pressure. |
| SMCR.ST | SmartCraft Group AB was a detractor with -135 bps. Construction activity across the Nordic region – particularly in Norway – has remained weaker for longer than anticipated. This has led to temporarily elevated customer churn and lower organic revenue growth relative to historical averages, primarily driven by bankruptcies among parts its broadly diversified customer base, comprising craftsmen and installers. |
| SCOUT24.DE | Scout24 SE position was initiated during the quarter. Scout24, the leading real-estate portal in Germany, was sold down in line with the broader sector despite resilient fundamentals. At current levels, the manager views the business as offering a compelling risk-reward profile. |
| VEND.OL | Vend Marketplaces ASA exposure was increased during the quarter, with the manager more than doubling the position, reflecting its strong competitive positioning, ongoing organic growth, portfolio clean-up, and the potential value contribution from its stake in Adevinta. |
| BCG.L | Baltic Classifieds Group plc exposure was reduced during the quarter as the manager took a more cautious stance due to potential near-term margin pressure related to increased AI investment requirements. |
| RMV.L | Rightmove plc position was exited during the quarter. The manager reassessed the medium-term upside to pricing power and concluded that incremental monetisation opportunities are more limited than previously assumed. At the same time, the company is now required to step up investment spending – particularly in product and technology – to defend its market position, which is likely to exert pressure on margins. |
| HTWS.L | Helios Towers plc was one of the largest contributors to fund performance during the quarter with +14 bps. |
| 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 | |||
