Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | 30.0% |
| 2025 |
|---|
| 30.0% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | 30.0% |
| 2025 |
|---|
| 30.0% |
Norbury Capital delivered exceptional performance in 2025 with a 30% net return, significantly outperforming the MSCI Europe Small-Cap index's 17.1% return. The fund's success was driven by multi-bagger winners including Medincell, Renk, and Zegona, though December saw a modest -0.2% decline due to weakness in less liquid holdings like Cerillion and Paradox Interactive. The manager emphasizes that such strong short-term results reflect both skill and luck, with luck being a material factor that can swing annual outcomes. The investment approach combines quality, value, and catalyst analysis within a disciplined process focused on European small-cap opportunities. Looking forward, the manager commits to continuous process improvement through external coaching to enhance self-awareness and decision-making discipline. While acknowledging that repeating this year's exceptional performance is unlikely, the focus remains on building a robust investment process that can deliver superior long-term returns over 3-5 year periods through systematic assessment of investment opportunities and rigorous risk management.
European small-cap investing through a disciplined process combining quality, value, and catalyst identification can generate superior long-term returns when executed with high self-awareness and continuous process improvement.
The manager emphasizes that short-term results like the current 30% annual return are not easily repeated and acknowledges the role of luck in outcomes. Focus will be on continuous process improvement, discipline, and self-awareness to achieve long-term success over 3-5 year periods.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Dec 31 2025 | 2025 Q4 | CER.L, MEDI.PA, PDX.ST, RNK.DE, ZEG.L | Europe, Outperformance, Process, Quality, small caps, value | - | Fund focuses on European small-cap investments with concentrated positions in companies like Cerillion, Paradox Interactive, and Springer Nature. The strategy targets multi-bagger opportunities through quality, value, and catalyst-driven investments in the small-cap space. |
| Sep 30 2025 | 2025 Q3 | AZRN NA, IMCD NA | assetlight, Chemicals, Consolidation, Distribution, Sentiment | - | Norbury remains constructive on specialty chemical distributors despite cyclical headwinds and destocking pressures. The sectors structural consolidation, asset-light economics, and long-term outsourcing trends support earnings durability. Depressed valuations reflect sentiment overshoots exacerbated by passive flows and pod-shop trading. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
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 Q3 |
Chemicals |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| CER.L | Cerillion was down double digits in December and was one of the lesser liquid names that dragged down performance. |
| MEDI.PA | Medincell was a full year standout winner where they locked in a multi-bagger for the fund. |
| PDX.ST | Paradox Interactive AB -11 |
| RNK.DE | Renk, the German provider of mission critical drive train components for combat vehicles and marine vessels, was another detractor; shares declined as the 2027–2028 targets fell short of market expectations. |
| ZEG.L | Zegona Communications was another significant contributor to performance over the past year. Over the past six months, Zegona completed two FibreCo transactions with Telefónica and MasOrange, generating €1.8 billion of upfront proceeds. With the share price up around 130% since first purchase, the preference structure dismantled, FibreCo optionality crystallised and the turnaround well recognised by the market, the asymmetry that defined the original investment has largely been realised. |
| 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 | |||