Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 30th September 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.7% | 5.1% | 8.3% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.7% | 5.1% | 8.3% |
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Sep 30 2025 | 2025 Q3 | AMRZ SW, HEI GR, RYA ID | cash flow, Discipline, Europe, valuation, value |
AMRZ HEI GR |
The letter reiterates a disciplined European value philosophy focused on buying high-quality businesses at discounts driven by cyclical pessimism rather than permanent impairment. Management stresses… |
| Jun 30 2025 | 2025 Q2 | - | Cyclical Recovery, European Industrials, fiscal stimulus, Intrinsic Value, margin expansion | - | The letter discusses a rebound in European equities supported by easing trade tensions, fiscal stimulus, and improving industrial activity. BESTINVER increased exposure to high-quality industrial… |
| Mar 31 2025 | 2025 Q1 | - | Capital Expenditure, Earnings Normalization, European Equities, valuation re-rating, Value Investing | - | The quarterly update highlights improving sentiment toward European equities as inflation moderates and monetary conditions stabilize, enabling valuation re-rating in select cyclicals and industrial franchises.… |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q3 |
ValueThe manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals. |
Undervalued Low Multiples Contrarian Opportunistic |
| 2025 Q2 |
EuropeThe firm is expanding European relationships and published research on European shareholder activism. They view Europe as an attractive alternative to expensive American markets and are building manager relationships in the region. |
Activism Shareholder Valuation Diversification Research |
IndustrialsThe fund increased exposure to high-quality industrial businesses with potential for cyclical upturn. Added Quanta Services for AI data center build-out, Hubbell for electrical grid upgrades, Old Dominion for freight cycle recovery, and Waste Connections for secondary market focus. |
Infrastructure Automation Transportation Electrical Equipment Waste Management | |
Recovery |
||
| 2025 Q1 |
EuropeThe firm is expanding European relationships and published research on European shareholder activism. They view Europe as an attractive alternative to expensive American markets and are building manager relationships in the region. |
Activism Shareholder Valuation Diversification Research |
Repricing |
||
ValueThe manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals. |
Undervalued Low Multiples Contrarian Opportunistic |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Sep 30, 2025 | Fund Letters | Tomás Pintó | AMRZ | Amrize, Inc. | Materials | Construction Materials | Bull | New York Stock Exchange | aggregates, Cement, consolidation, infrastructure, Pricing, spinoff | Login |
| Sep 30, 2025 | Fund Letters | Tomás Pintó | HEI GR | Heidelberg Materials AG | Materials | Construction Materials | Bull | Xetra | cashflow, Cement, consolidation, Decarbonisation, Emissions, Pricing | Login |
| TICKER | COMMENTARY |
|---|
| 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 | |||