Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 0% | 0% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 0% | 0% |
MPD Partners manages MPD SME Capital One, a private equity vehicle targeting European small and medium enterprises. The fund's primary holding, La Centrale de Prévoyance (LCP), is a Swiss insurance broker that achieved positive net income of CHF 18,000-22,000 in 2025 with operational cash flow of CHF 15,000-17,000, marking three consecutive years of growth. LCP operates in social security and healthcare insurance with partnerships across major insurers including Generali, Allianz, and Axa. The company is rebuilding its commercial structure through broker recruitment following the resignation of its main broker. MPD Partners is developing proprietary lead generation software using machine learning algorithms to enhance portfolio company sales outcomes, currently being tested with LCP. The firm's second investment, Sell-Plast, has been written off and is in liquidation. MPD Partners aims to establish a dedicated SME-focused PE fund medium-term, leveraging its track record with innovative governance involving shareholders, advisory board, and investment committee structures.
MPD Partners operates a small-cap private equity strategy focused on European SMEs, leveraging innovative governance structures and technology development to create value in underserved market segments that larger PE funds cannot efficiently target due to their cost structures.
LCP would be positively impacted by its role as insurance, accounting and investment advisor of MSCS's portfolio companies and their sellers if MPD SME Capital Swiss fund launches successfully by Q2 2025.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 1 2026 | 2025 Q4 | ALV.DE, CS.PA, GENERALI.MI, MC.PA, ZAL.DE | insurance, portfolio, private equity, SME, software, Switzerland | - | MPD Partners operates a European SME private equity strategy with LCP, a Swiss insurance broker, generating positive cash flows and rebuilding operations. The firm is developing proprietary lead generation software and targeting underserved SME segments that larger PE funds cannot efficiently address due to cost structure constraints. |
| Oct 1 2025 | 2025 Q3 | ALV.DE, CS.PA, GEN.MI, KER.PA, SAP, ZAL.DE | insurance, portfolio, private equity, SME, Switzerland | - | MPD Partners operates a Swiss SME-focused private equity fund with its main holding being LCP, an insurance broker facing regulatory challenges after losing its primary broker. The fund maintains positive cash flow while developing proprietary lead generation software and seeking replacement brokers to preserve FINMA authorization and ensure operational continuity. |
| Jul 1 2025 | 2025 Q2 | BRK-B | AI, Caribbean, diversification, emerging markets, global, rates, technology, value | - | Fortress delivered strong Q3 returns through global diversification, benefiting from emerging markets outperformance while avoiding expensive U.S. technology. The manager maintains conviction in their value approach, finding opportunities in undervalued Caribbean companies and non-U.S. markets. Despite elevated tech valuations posing risks, they see excellent prospects from their quality-focused, globally diversified portfolio. |
| Apr 1 2025 | 2025 Q1 | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, infrastructure, semiconductors, technology |
AMD SNOW BABA BIDU |
WestEnd Capital maintains concentrated technology exposure while adding AI catch-up trades in AMD, Alibaba, and Baidu. The firm positions for continued AI infrastructure growth and global capital investment, diversifying beyond narrow market leadership into international opportunities and industrial themes. Despite Q3 underperformance, the strategy remains aligned with durable growth drivers and long-term structural trends. |
| Jan 5 2025 | 2024 Q4 | ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L | aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy |
BA HWM ROK GE |
WestEnd outperformed the S&P 500 by 2x in Q2 through concentrated bets on onshoring and defense spending themes. The fund owns Boeing as a turnaround story plus picks-and-shovels plays Howmet, Rockwell, and GE Aerospace. With defense spending hitting $2.7 trillion and air travel rebounding strongly, the portfolio is positioned for continued aerospace and industrial growth. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Live SportsManager sees live entertainment and sports as major investment opportunity, citing 55+ million viewers for Chiefs-Cowboys game and upcoming World Cup. Recommends Atlanta Braves, Madison Square Garden Sports, Manchester United, and Rogers Communications as ways to invest in sports teams and related assets. |
Sports Entertainment Media Teams Broadcasting |
MediaFox and Versant Media Group highlighted as media investments. Fox benefits from live sports rights and World Cup broadcasting, while Versant was recently spun off from Comcast and trades at attractive valuations with strong EBITDA generation potential. |
Broadcasting Content Television Streaming Networks | |
Natural GasNational Fuel Gas recommended based on substantial mineral ownership in Appalachian Basin overlying Marcellus and Utica shales. Natural gas provides 40% of US electric power, and company's reserves near population centers are underappreciated by market. |
Utilities Energy Infrastructure Pipelines Distribution | |
AerospaceAlbany International highlighted for its engineered composites business supplying lightweight parts for LEAP engine family. Company exploring strategic alternatives and potential spin-off to unlock value in high-growth aerospace segment versus mature paper business. |
Defense Components Manufacturing Composites Aviation | |
AIManager acknowledges AI's transformative impact but warns of potential disappointment for investors. Compares current AI boom to late 1990s tech revolution with multiple speculative solutions likely to unfold unexpectedly, creating opportunities to both make and lose money. |
Technology Innovation Disruption Speculation Productivity | |
GoldGold expert Caesar Bryan's fund returned 167% last year. Manager explains gold demand from Chinese government and Dubai investors seeking store of value alternative to hackable crypto. Gold has been store of value for millennia with government and individual investor trust. |
Commodities Store of Value Inflation Currency Safe Haven | |
| 2025 Q3 |
InsuranceThe fund's main portfolio company LCP is a Swiss insurance broker operating in social security and healthcare insurance. The company maintained revenue growth and positive cash flow despite losing its main broker during the quarter, requiring recruitment of replacement brokers to maintain FINMA authorization. |
Insurance Brokers Healthcare Switzerland Regulation FINMA |
| 2025 Q2 |
AIArtificial intelligence remained the dominant theme supporting global stocks this quarter. AI buildout brought excitement and higher valuations in an already expensive part of the equity market. Technology developments have played an enormous role in markets, fuelling momentum in shares of companies linked to AI. |
Technology Semiconductors Growth Momentum Valuations |
Emerging marketsEmerging markets stocks posted the strongest returns this quarter. Constructive trade talks, good valuations and the government's shift to supporting private enterprise lifted Chinese stocks. The Fund's core allocation to emerging equities via the Fortress Emerging Markets Fund returned 15%. |
China Trade Policy Valuations Government Policy | |
ValueThe manager favors investing in shares of high-quality, profitable companies at reasonable valuations. Years of weakness in some parts of the Caribbean have potentially set the stage for good long-term returns among profitable companies that now trade at very attractive valuations. |
Quality Valuations Long-term Fundamentals | |
| 2025 Q1 |
AIWestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. These investments span hardware, software, and enterprise AI adoption. |
Infrastructure Hardware Software Enterprise Adoption |
SemiconductorsThe portfolio includes exposure to the semiconductor value chain through AMD's data center processors and partnerships with major cloud providers. AMD is positioned as a strategic competitor to NVIDIA with cost-competitive products and increasing technological credibility for major infrastructure contracts. |
Data Centers Processors Competition Infrastructure | |
CloudCloud infrastructure remains a key theme through Snowflake's enterprise data solutions and Alibaba's growing cloud division. Snowflake is converting AI technology into revenue-generating tools for enterprises, while Alibaba's cloud business reported 26% year-over-year growth driven by AI-related services. |
Enterprise Data Growth Infrastructure | |
ChinaWestEnd has opened positions in Chinese technology leaders Alibaba and Baidu as strategic infrastructure providers for Asia's digital transformation. These companies are investing heavily in AI development and autonomous mobility while benefiting from China's goal of integrating AI into the majority of its economy by 2030. |
Technology Infrastructure Digital Transformation Autonomous | |
| 2024 Q4 |
OnshoringThe US government's increasing focus on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. Major capital investment is flowing into aerospace and defense industries as companies prioritize supply chain visibility and resilience. |
Reshoring Manufacturing Supply Chain Domestic Production |
Defense SpendingSignificant increase in global defense spending rose to $2.7 trillion in 2024 (+9.4%) with the US Department of Defense's 2025 budget request totaling nearly $850 billion. Investment is flowing toward unmanned systems, hypersonics, and solid rocket motors. |
Military Budget Aerospace Defense Contractors | |
AerospaceGlobal air travel rebounded nearly 10.6% in 2024 with structural supply shortages fueling commercial aerospace activity. Aircraft manufacturers are racing to meet backlogs while investing heavily in domestic production capacity and advanced materials. |
Aviation Commercial Aircraft Air Travel Manufacturing | |
Trade PolicyChina and the US agreed to de-escalate tariffs back to more sensible levels (30% on Chinese exports and 10% on US exports) after weekend negotiations in Geneva. Markets moved past worst-case tariff scenarios, accepting higher but manageable effective tariff rates. |
Tariffs China Negotiations Trade Relations | |
AutomationGrowing adoption of automation and AI in manufacturing as companies invest in faster, smarter, and more reliable production systems. Technologies include sensors, software, control systems, predictive maintenance, and digital twins that optimize factory operations. |
AI Manufacturing Industrial IoT Predictive Maintenance |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 22, 2025 | Fund Letters | MPD Partners | BABA | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI infrastructure, Asia, China, Cloud computing, custom semiconductors, Digital transformation, e-commerce, high-performance computing, regional expansion | Login |
| Oct 22, 2025 | Fund Letters | MPD Partners | SNOW | Snowflake Inc. | Information Technology | Software | Bull | NYSE | Cloud Data Platform, customer experience, Data Analytics, Demand Forecasting, Enterprise AI, machine learning, Multi Cloud, SaaS, unstructured data | Login |
| Oct 22, 2025 | Fund Letters | MPD Partners | AMD | Advanced Micro Devices | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Cloud computing, Cyclical Transformation, data centers, GPUs, market share gains, semiconductors, Server CPUs, Strategic Partnerships | Login |
| Oct 22, 2025 | Fund Letters | MPD Partners | BIDU | Baidu, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI innovation, autonomous vehicles, China, cloud services, Commercial Autonomy, Enterprise software, Language Models, robotaxis, Southeast Asia Expansion | Login |
| Jul 24, 2024 | Fund Letters | MPD Partners | BA | Boeing Company | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, China, Commercial Aviation, Defense, manufacturing, Quality Improvement, Reshoring, turnaround | Login |
| Jul 24, 2024 | Fund Letters | MPD Partners | HWM | Howmet Aerospace Inc | Industrials | Aerospace & Defense | Bull | NYSE | advanced materials, Aerospace, Commercial Aviation, Defense, manufacturing, Military Aircraft, Precision Engineering, supply chain | Login |
| Jul 24, 2024 | Fund Letters | MPD Partners | ROK | Rockwell Automation Inc | Industrials | Industrial Machinery | Bull | NYSE | Artificial Intelligence, Control Systems, Defense, Digital Twins, Industrial automation, manufacturing, Predictive Maintenance, Reshoring | Login |
| Jul 24, 2024 | Fund Letters | MPD Partners | GE | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Artificial Intelligence, Commercial Aviation, Defense, Engine Manufacturing, Joint venture, MRO services, Reshoring | Login |
| TICKER | COMMENTARY |
|---|---|
| MC.PA | Top gainers among the Fund's holdings included LVMH (+24%) |
| ZAL.DE | Currently he is Principal Program Manager at Zalando |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
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| 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 | |||