| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 5.7% | 10.2% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 10.2% | 4.6% | 28.9% | -14.1% | 7.4% | 25.9% |
Highwood Value Partners delivered 5.7% in H2 2025, bringing full-year returns to 10.2% and total returns since inception to 76% net of fees. The manager maintains a concentrated approach with 83% invested across 11 companies trading at 48 cents on the dollar of estimated fair value. Recent portfolio changes included exiting all original positions from inception (Protector, Ryanair, Alimak) at attractive valuations, realizing 2.0x money and 16% IRR on average across the initial cohort. The portfolio is now more concentrated than ever, with top 5 positions representing 57% of capital. Key holdings include Burford Capital (litigation finance), Borr Drilling (offshore drilling capital cycle play), GetBusy (UK software with US asset monetization catalyst), Fever-Tree (premium mixers with Molson Coors partnership), and Bolloré (French holding company simplification story). The manager sees geopolitical shifts creating new opportunities rather than diminishing the investable universe, emphasizing the importance of flexibility and patient capital deployment in a changing landscape.
Concentrated value investing in European SMID cap companies trading at significant discounts to intrinsic value, with focus on special situations and capital cycle opportunities where catalysts can drive value realization over 2-5 year periods.
The substantial developments in geopolitics and macro environment change the opportunity set but do not necessarily diminish it. The right response is ensuring investment flexibility to capitalize on new opportunities emerging from change, not market timing or running to cash.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 20 2026 | 2025 Q4 | 2333.HK, ALIM-B.ST, BOL.PA, BORR, BUR.L, FEVR.L, GETB.L, JZC.L, MOT.L, ODET.PA, PROT.OL, RYA.L, STDRL.OL, SYY, TAP, TGO.PA, UMG.AS, VIV.PA, VWS.CO | Capital Cycle, Concentration, energy, Europe, Litigation Finance, special situations, value |
BUR LN BORR NO GETB LN FEVR LN RYAAY |
European value manager delivered 10.2% in 2025 through concentrated portfolio of special situations trading at deep discounts. Successfully exited all inception positions at attractive returns while building concentrated exposure to litigation finance, energy services capital cycle, and corporate simplification stories. Geopolitical shifts creating fragmented markets viewed as opportunity rather than headwind for flexible value approach. |
| Jul 15 2025 | 2025 Q2 | ALIM.ST, BOL.PA, BORR.OL, BUR.L, FEVR.L, GETB.L, HFG.DE, JZCP.L, MOTR.L, PROT.OL, RYA.L, TRI.PA | Beverages, Europe, insurance, small caps, SMID Cap, Travel, value |
TRI FP PROT NO FEVR LN MOTR LN JZCP LN BUR LN BOL HFG BORR TRI.PA |
Highwood delivered 4.2% in H1 2025 while strengthening the team and adding Trigano, a European RV leader at 6x earnings. Research confirms European small-caps offer superior return potential. Portfolio trades at 48 cents on intrinsic value with strong defensive characteristics. Protector delivered 8.3x returns while Fever-Tree benefits from Molson Coors partnership. Well-positioned for continued value creation. |
| Jan 15 2025 | 2024 Q4 | ALIM.ST, BOL.PA, BORR, BUR.L, FEVR.L, GETB.L, HFG.DE, JZCP.L, MOTR.L, PROT.OL, RYA.L | Europe, Long Term, Quality, SMID Cap, valuation, value |
FEVR.L HFG.DE |
European value manager argues US markets at unsustainable valuations while European small-caps offer compelling opportunities. Portfolio trades at 0.47x intrinsic value with 8.1x median P/E versus S&P 500 at 29x. Added quality names Fever-Tree and HelloFresh at significant discounts. Strong conviction in value approach with 97% invested across 12 concentrated positions. |
| Jul 11 2024 | 2024 Q2 | ALD.AX, ALL.AX, APZ.AX, BHP.AX, BSL.AX, CBA.AX, CHC.AX, CSL.AX, EBO.AX, GMG.AX, MQG.AX, NCK.AX, NWSA, RMD, SOL.AX | Australia, banks, gold, value, volatility | SOL.AX | Airlie's Australian equity fund underperformed in Q3 due to CSL and EBOS weakness, offset by strong performance from Nick Scali and Charter Hall. Extraordinary market volatility creates opportunities for active managers despite elevated ASX valuations driven by Big Four banks. Gold's strong performance reflects central bank USD diversification trends. |
| Jan 28 2024 | 2023 Q4 | 300750.SZ, 6920.T, 9988.HK, CLS, CRM, HAL, HIMS, ICE, ISRG, KGHM.WA, KRN.DE, KVUE, LRCX, PEP, TSM, UMI.BR, UNH, UPWK, VNA.DE, ZAL.DE | AI, energy, global, healthcare, semiconductors, technology, value | - | ACATIS capitalizes on AI infrastructure boom through semiconductor equipment leaders while selectively adding undervalued positions. Strong September performance driven by Lam Research, TSMC, and Lasertec reflects sustained AI demand. Portfolio balances structural growth themes with value opportunities, maintaining exposure to energy transition and telemedicine trends while navigating tariff risks and positioning for potential Fed rate cuts. |
| Oct 15 2023 | 2023 Q3 | 1211.HK, 6857.T, 8035.T, AMAT, AMZN, ASML, AVGO, CRM, FTNT, GOOGL, INTU, LSEG.L, MC.PA, MDT, META, MSFT, NOW, ORCL, TMO, ZS | AI, Bubble, Cloud, growth, infrastructure, semiconductors, technology |
AVGO ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO ASML ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO 1211.HK AAPL|MSFT|NFLX|NVDA|UNH |
Growth Equity Strategy gained 4.3% in Q3 driven by AI infrastructure leaders Oracle, ASML, and Broadcom. Oracle's cloud business could rival Google Cloud by 2030 while ASML's semiconductor technology maintains unassailable competitive position. Added EV leader BYD and medical device company Medtronic. Managing rising AI bubble risks through selective trimming while maintaining focus on quality innovators with defendable moats. |
| Jul 5 2023 | 2023 Q2 | - | AI, earnings, Economic Growth, Federal Reserve, Rate Cuts, small caps, technology | - | Markets hit new highs in Q3 as the Fed cut rates amid softening labor data, with the S&P 500 gaining 8% and small caps surging 12%. AI investment continues driving technology leadership with 14% growth in tech spending. The market expects a soft landing scenario with two more Fed cuts by year-end, though Q4 remains data-dependent with risks around labor weakness and AI valuations. |
| Apr 15 2023 | 2023 Q1 | - | Fed policy, inflation, Market Commentary, tariffs, Trade Policy, volatility | - | Trade policy volatility defined the first half of 2025, with Q1 tariff escalation causing a 15% market decline before Q2 de-escalation drove full recovery. The Fed paused rate cuts due to uncertainty while inflation expectations diverged from actual data. Markets appear resilient, pricing modest tariff impacts, though policy uncertainty remains fluid with upcoming deadlines. |
| Jan 16 2023 | 2022 Q4 | - | - | - | |
| Oct 20 2022 | 2022 Q3 | - | - | - | |
| Jul 14 2022 | 2022 Q2 | - | - | - | |
| Apr 15 2022 | 2022 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AfricaFund delivered exceptional performance with 67.21% returns in 2025, significantly outperforming the 44.7% benchmark. Portfolio companies show strong fundamentals with forward PE of 6.1x, dividend yield of 8.0%, and expected EPS growth of 19.2%. Manager emphasizes this represents genuine earnings growth rather than multiple expansion. |
Frontier Markets Emerging Markets Equities Value Growth |
LiquidityManager addresses investor concerns about African frontier market liquidity, explaining structural factors affecting trading volumes. Notes that foreign investor participation, local retail involvement, and institutional demand all impact liquidity. Observes improving trading volumes in Nigeria and Kenya from recent lows. |
Market Structure Trading Institutional Foreign Investment | |
Capital MarketsDiscussion of African capital market development including recent IPO activity in Nigeria and privatization efforts in Kenya. Manager notes proliferation of new investment fund products in Tanzania creating equity demand. Highlights structural tailwinds from growing pension savings pools given Africa's young demographics. |
IPOs Privatization Pension Funds Demographics | |
| 2025 Q2 |
ValueHighwood focuses on finding great businesses at attractive prices trading at significant discounts to intrinsic value. The portfolio trades at 48 cents on the dollar of estimated intrinsic value with a median P/E of 7.6x. The firm's research identified that international small and mid-cap companies have been the happy hunting ground for value investors, with European companies showing the highest base rates for delivering 4x returns. |
Intrinsic Value Discount Mispricing Undervalued P/E Ratio |
Small CapsResearch shows that 87% of true alpha opportunities had starting market caps between $100mn and $1bn. Small cap companies meeting basic criteria had a 7% base rate of delivering 4x money over five years, compared to just 0.4% for large cap companies. The portfolio median market cap is $2.4bn, focused on this opportunity-rich segment. |
Market Cap Alpha Opportunities Base Rates Outperformance | |
EuropeEuropean companies showed the second-highest base rate for delivering exceptional returns, with one in fourteen European companies achieving 4x returns versus one in twenty North American companies. The firm's European focus includes positions in Trigano, Protector Forsikring, Fever-Tree, Ryanair, and Bolloré, representing significant portfolio exposure to European markets. |
European Markets Geographic Focus Base Rates International | |
TravelThe portfolio includes significant exposure to travel-related businesses including Ryanair, the discount airline with a 30% cost advantage, and Trigano, the European RV market leader. Both companies benefit from demographic tailwinds and have strong competitive positions in cyclical industries with defensive balance sheets. |
Airlines RV Demographics Cyclical Cost Advantage | |
BuybacksSeveral portfolio companies are returning capital to shareholders through dividends and share repurchases. Protector has paid out 90% of the original investment cost through dividends over the 5-year holding period, while maintaining strong excess capital for growth and shareholder returns. |
Capital Return Dividends Shareholder Returns Excess Capital | |
| 2024 Q4 |
ValueManager emphasizes buying great businesses at attractive valuations as the core investment approach. Portfolio trades at 0.47x intrinsic value with median P/E of 8.1x versus US markets at historically high valuations. European markets offer compelling value opportunities with select markets at all-time low valuations. |
Valuation Discount Intrinsic Value P/E Ratios Margin of Safety |
EuropeEuropean small and mid-cap markets are at historically attractive valuations compared to US markets. Portfolio companies generate 44% of revenue from US/USD but are priced on European exchanges, providing exposure to US growth without paying premium valuations. Europe represents a happy hunting ground for mispriced quality businesses. |
European Equities SMID Cap Valuation Discount Geographic Arbitrage Market Dislocation | |
QualityFocus on high-quality businesses with strong competitive advantages, consistent market share gains, and founder-led management teams. Portfolio companies have grown revenue at 12% annually over past 5 years at 21% returns on capital despite challenging macro environment. Emphasis on businesses with pricing power and economic moats. |
Business Quality Competitive Advantage Founder Led Returns on Capital Market Share | |
| 2024 Q2 |
GoldGold outperformed the S&P 500 by 30% year-to-date, with the price rising 16% in the quarter. The historical correlation between gold and US real yields has broken down, coinciding with the Russia-Ukraine war and Western nations freezing Russian central bank funds. Central banks are accelerating reserve diversification away from the US dollar. |
Gold Reserve Diversification Central Banks USD Monetary Policy |
AustraliaThe S&P/ASX 200 continues to look expensive relative to history, finishing the quarter on a forward P/E of 20.7x. Much of the elevated valuation is attributed to the Big Four banks. Despite index-level valuations being elevated, the managers continue to find attractive pockets of risk-reward. |
Australia ASX 200 Valuations Banks Market Multiples | |
VolatilityThe overall level of volatility across the S&P/ASX 200 remains extraordinarily high, particularly evident during reporting season with almost 20% of ASX companies seeing share prices move up or down 10% on earnings announcement days. This volatility should provide opportunities for high conviction active managers. |
Volatility Reporting Season Active Management Earnings Price Movement | |
| 2023 Q4 |
AIAI infrastructure continues driving strong performance across semiconductor equipment manufacturers like Lam Research, Lasertec, and TSMC. Companies are benefiting from sustained AI demand with TSMC maintaining technological leadership and pricing power in the AI supply chain, while data center infrastructure providers like Celestica are gaining from cloud and AI infrastructure growth. |
Semiconductors Data Centers Cloud Infrastructure Equipment |
SemiconductorsSemiconductor equipment manufacturers posted exceptional September performance with Lam Research up 33.5%, Lasertec up 28.5%, and TSMC up 20.5%. The wafer equipment manufacturing market remains very positive, with TSMC's 3nm/5nm chip capacities nearly exhausted, justifying 10-20% price increases for 2nm processes. |
Equipment Manufacturing Chips Foundries Technology | |
Energy TransitionThe fund is positioned for energy transition themes through investments in companies like KGHM Polska Miedz for copper and silver production critical to digital infrastructure development, and Umicore for metals recycling. These materials are essential for the ongoing energy transformation in a deglobalizing world. |
Copper Silver Critical Minerals Recycling Infrastructure | |
TelemedicineInvestment in Hims & Hers Health represents exposure to the growing telemedicine sector. The American telemedicine startup facilitates discreet online access to prescription medication for sensitive health problems, benefiting from recurring sales and plans for international expansion. |
Healthcare Digital Health Subscription Growth Expansion | |
| 2023 Q3 |
AIThe AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using AI for automation patterns. However, risks are rising with signs of an AI bubble forming as valuations reach breathtaking levels. |
Artificial Intelligence Infrastructure Automation Bubble Valuations |
CloudCloud infrastructure growth is accelerating with Oracle's unprecedented upgrade showing explosive growth potential. Microsoft Azure grew 39% with strong momentum building on the commercial side as businesses rush to digitalize and adopt AI-powered services. Oracle Cloud could equal or exceed Google Cloud Platform by FY29-30. |
Infrastructure Growth Digitalization Services Hyperscaler | |
SemiconductorsASML maintains an almost unassailable competitive position for the next 10-15 years with High NA EUV technology being key for future growth. The company has a clear roadmap supporting chip shrink until at least 2040. Broadcom is gaining share with XPU customers and is positioned as a prime beneficiary of AI infrastructure rollout. |
EUV Lithography Competitive Position Technology Infrastructure | |
Electric VehiclesBYD stands out as the most complete and defensible EV platform globally with deep vertical integration providing 15-25% cost advantage over legacy OEMs. The company's foundation in electronics and batteries gives it a unique edge in both performance and cost structure while maintaining gross margins comparable to best-in-class manufacturers. |
Vertical Integration Cost Advantage Batteries Platform Manufacturing | |
| 2023 Q2 |
AITechnology-related investment grew 14% year-over-year in Q2, the fastest pace since the late 1990s, driven by AI industry buildout including high-performance computer chips, cloud architecture, and data center construction. Management teams across the AI supply chain report strong demand with spending plans in the hundreds of billions and order backlogs spanning years. AI enthusiasm has fueled outsized gains in technology and semiconductor stocks, though some question whether spending is outpacing potential revenue growth. |
Data Centers Cloud Semiconductors Technology Investment |
RatesThe Federal Reserve cut interest rates by 0.25% in September after a 9-month pause, framing it as a risk management cut to keep economic expansion on track. The central bank updated its policy forecast to include two more rate cuts before year-end with potential for more in 2026. The rate cut marked a shift toward policy support and fueled optimism for a soft landing scenario. |
Federal Reserve Monetary Policy Economic Policy Interest Rates Inflation | |
| 2023 Q1 |
Trade PolicyTrade policy uncertainty dominated the first half of 2025, with escalating tariffs in Q1 followed by de-escalation in Q2. The administration implemented targeted tariffs on China, Canada, and Mexico, plus broader duties on steel, aluminum, and auto imports, before pausing reciprocal tariffs and announcing a trade agreement with China. Policy uncertainty remains fluid with upcoming July and August deadlines on tariff exemptions. |
Tariffs China Trade Policy Uncertainty |
InflationTariff uncertainty caused inflation expectations to rise sharply despite actual inflation remaining subdued. Consumer expectations diverged significantly from trailing inflation data, with the University of Michigan survey showing rising expectations while the Consumer Price Index continued drifting lower. Economists debate whether companies will pass through tariff costs or absorb them to remain competitive. |
Expectations CPI Tariffs Consumer Prices | |
RatesThe Federal Reserve held interest rates steady due to trade policy uncertainty, facing a difficult tradeoff between potential tariff-driven inflation and economic growth slowdown. Markets expect gradual rate cuts starting in September, with approximately 1.25% of cuts anticipated over the next 18 months through December 2026. |
Fed Cuts Policy Uncertainty Futures | |
VolatilityMarkets experienced dramatic sentiment shifts between Q1 and Q2, with the S&P 500 falling over 15% before recovering to post a 6.1% first-half return. The volatility was primarily driven by P/E multiple compression and expansion rather than earnings changes, with valuations swinging from 22x to 18x and back to 22x forward earnings. |
Sentiment Multiples Swings Recovery Uncertainty |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 20, 2026 | Fund Letters | Desmond Kingsford | BUR LN | Burford Capital Ltd | Financials | Asset Management & Custody | Bull | New York Stock Exchange | Book Value, Catalysts, Litigation Finance, mispricing, Special situations | Login |
| Jan 20, 2026 | Fund Letters | Desmond Kingsford | BORR NO | Borr Drilling Ltd | Energy | Oil & Gas Drilling | Bull | New York Stock Exchange | Capital Cycle, offshore drilling, Rig Rates, Supply Constraint, turnaround | Login |
| Jan 20, 2026 | Fund Letters | Desmond Kingsford | GETB LN | GetBusy plc | Information Technology | Application Software | Bull | New York Stock Exchange | monetization, operating leverage, productivity software, small-cap, Special Situation | Login |
| Jan 20, 2026 | Fund Letters | Desmond Kingsford | FEVR LN | Fever-Tree Drinks plc | Consumer Staples | Beverages | Bull | New York Stock Exchange | Brand Power, Joint venture, Margin recovery, Premium Beverages, rerating | Login |
| Jan 20, 2026 | Fund Letters | Desmond Kingsford | RYAAY | Ryanair Holdings plc | Industrials | Airlines | Bull | NASDAQ | Airlines, cashflow, Cyclicality, Low cost, market share | Login |
| Sep 30, 2025 | Fund Letters | Highwood Value Partners | SOL.AX | Washington H. Soul Pattinson | Financials | Asset Management & Custody Banks | Bull | ASX | asset management, Australia, cash generation, Defensive portfolio, diversified holdings, investment company, long-term returns, permanent capital | Login |
| Jul 15, 2025 | Fund Letters | Desmond Kingsford | BOL | Bolloré and Compagnie de l’Odet | Communication Services | Entertainment | Bull | New York Stock Exchange | conglomerate, entertainment, Europe, restructuring, Special situations, Streaming | Login |
| Jul 15, 2025 | Fund Letters | Highwood Value Partners | TRI.PA | Trigano SA | Consumer Discretionary | Recreational Vehicles | Bull | Euronext Paris | Acquisitions, Capital-light, Caravans, Cyclical, Demographics, European Market Leader, Low-cost producer, market share gains, Motorhomes, net cash, Owner operator, Recreational Vehicles, RVs | Login |
| Jul 15, 2025 | Fund Letters | Desmond Kingsford | HFG | Hello Fresh | Consumer Discretionary | Food Retail & Distribution | Neutral | New York Stock Exchange | consumer staples, e-commerce, Germany, Meal kits, Ready-to-Eat | Login |
| Jul 15, 2025 | Fund Letters | Desmond Kingsford | BORR | Borr Drilling | Energy | Oil & Gas Drilling & Exploration | Bull | New York Stock Exchange | Drilling, energy, Jackup, Offshore, Shallow-Water | Login |
| Jul 15, 2025 | Fund Letters | Desmond Kingsford | TRI FP | Trigano SA | Consumer Discretionary | Automobile Manufacturers | Bull | Euronext Stock Exchange | Acquisitions, Demographics, RVs, scale, Succession | Login |
| Jul 15, 2025 | Fund Letters | Desmond Kingsford | PROT NO | Protector Forsikring ASA | Financials | Property & Casualty Insurance | Bull | New York Stock Exchange | combined ratio, compounding, Cost advantage, Float, Insurance | Login |
| Jul 15, 2025 | Fund Letters | Desmond Kingsford | FEVR LN | Fever-Tree Drinks PLC | Consumer Staples | Soft Drinks | Bull | New York Stock Exchange | Brand, Distribution, M&A, Margins, Partnerships | Login |
| Jul 15, 2025 | Fund Letters | Desmond Kingsford | MOTR LN | Motorpoint Group PLC | Consumer Discretionary | Automotive Retail | Bull | New York Stock Exchange | Autos, Costs, Freecashflow, marketshare, Normalization | Login |
| Jul 15, 2025 | Fund Letters | Desmond Kingsford | JZCP LN | JZ Capital Partners Limited | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | discount, Distributions, Liquidation, NAV, Privateequity | Login |
| Jul 15, 2025 | Fund Letters | Desmond Kingsford | BUR LN | Burford Capital Limited | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | Deployments, litigation, Option, Realizations | Login |
| Jan 15, 2025 | Fund Letters | Highwood Value Partners | HFG.DE | HelloFresh SE | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | XETRA | e-commerce, founder-led, Germany, Logistics Platform, margin expansion, market leader, Meal kits, net cash, Ready-to-Eat, Scale Advantages, Share Buybacks, US | Login |
| Jan 15, 2025 | Fund Letters | Highwood Value Partners | FEVR.L | Fever-Tree Drinks PLC | Consumer Staples | Soft Drinks | Bull | London Stock Exchange | Branded Consumer, debt-free, Europe, founder-led, Ginger Beer, M&A Target, Margin recovery, Mixers, Premium Beverages, Tonic Water, turnaround, UK, US | Login |
| Sep 30, 2025 | Fund Letters | Highwood Value Partners | AVGO | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, data centers, Enterprise software, Networking, semiconductors, technology, XPU Chips | Login |
| Sep 30, 2025 | Fund Letters | Highwood Value Partners | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI algorithms, digital advertising, Facebook, Instagram, social media, user engagement, Video Content | Login |
| Sep 30, 2025 | Fund Letters | Highwood Value Partners | AAPL|MSFT|NFLX|NVDA|UNH | Microsoft Corporation | Information Technology | Software | Bull | NASDAQ | AI services, Azure, Cloud computing, data centers, Digital transformation, Enterprise software, Office 365 | Login |
| Sep 30, 2025 | Fund Letters | Highwood Value Partners | ASML | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | 2nm Chips, competitive moat, EUV technology, High-NA EUV, Lithography, Netherlands, semiconductor equipment | Login |
| Sep 30, 2025 | Fund Letters | Highwood Value Partners | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO | Oracle Corporation | Information Technology | Software | Bull | NYSE | AI training, cloud infrastructure, Database, Enterprise software, hyperscaler, Magnificent 7, OpenAI | Login |
| Sep 30, 2025 | Fund Letters | Highwood Value Partners | 1211.HK | BYD Company Limited | Consumer Discretionary | Automobiles | Bull | HKEX | automotive, battery technology, China, Cost advantage, Electric Vehicles, EV Platform, vertical integration | Login |
| TICKER | COMMENTARY |
|---|---|
| BOL.PA | On my math, the discount to the market value of the holdings, primarily UMG, is little changed over our holding period but the market price of UMG shares has declined 25% to €22 each. There has been solid progress toward simplification of the holding structure with multiple mergers of subsidiaries of Bollore SE which hold treasury shares and the various holdcos above Bollore buying back shares in Odet and Bollore to monetize the discount on offer. |
| BORR | When we bought the shares, the business was doing run-rate EBITDA of c.$100mn. It is now doing run-rate EBITDA of $500mn. Borr also successfully re-financed its debt, which was another key plank of the thesis. The share price is up a bit but has lagged these developments in my view. |
| BUR.L | Burford has compounded book value per share and realized cash proceeds from litigation matters settled and adjudicated ahead of my original underwriting assumptions. The best measure of fundamental progress of the core business ex YPF is the cash 'run-off' value of the existing book of claims, which incorporates both realizations (cash in) and deployments (cash out) as well as a rate of return assumption on those deployments. My estimate of that value has increased from c. $9 to c.$12.50 per share. Meanwhile the share price is essentially unchanged from our original purchase price of $9.50. |
| FEVR.L | We acquired our Fever-Tree shares in late 2024, in part on the basis that current management would resolve recent margin pressure or find itself in the hands of a larger acquiror. The JV agreement with Molson Coors and their acquisition of a 9% stake in the company in January 2025 was, I believe, a strong endorsement of this aspect of the thesis. |
| 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. |
| ODET.PA | Odet (ODET FP) Value Turnaround -30% Lack of buyback in 2H widened discount |
| RYA.L | After posting an in-line September quarter and providing a better-than-expected outlook for the holiday travel season based on forward bookings, Ryanair outlined a bullish long-term outlook. Based on continued industry capacity constraints and the company's widening unit cost advantage, Ryanair believes it can raise fares while maintaining its significant value gap to competitors and increase net profit per passenger from €10 today to €12 to €14 over the next decade. |
| SYY | Sysco shares dropped after management's conservative outlook for fiscal year 2026 due to continued macro uncertainties and uneven demand in the 'food-away-from-home' sector. |
| TAP | layoff announcements from major companies including Meta, Target, Amazon, Molson Coors |
| UMG.AS | UMG is a high-quality, capital-light, rapidly growing royalty on greater music consumption. 'Streaming 2.0' deals, which incorporate wholesale price increases, should lead to higher subscription revenue growth. New partners and product tiers should allow for better customer segmentation. AI can be a further tailwind to growth. |
| VIV.PA | Concerns over regulatory difficulties across group companies |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
