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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 21, 2026
Colebrooke Partners spent the first half of 2026 upgrading portfolio quality and defensibility through deliberate position changes. The manager sold Eurocell after its CEO departed abruptly, as the thesis was explicitly tied to that leader's execution plan. Macfarlane Group was sold to fund the purchase of Howden Joinery, upgrading from a good business to an exceptional one. Howdens was acquired at approximately £7.30 per share during spring volatility driven by delayed UK rate cut expectations. The manager views Howdens as one of the UK's best businesses, with an uncopiable moat built on local depot density, national manufacturing infrastructure, and a trade-focused model that monetizes builders' careers rather than homeowners' transactions. The business earns 23% returns on capital, trades at less than 15x earnings, and has consistently gained share through every downturn. The portfolio now consists of eight concentrated positions, each a market leader with understood competitive advantages and trusted management. Midwich was added to opportunistically during forced selling. The manager expects to own these businesses for many years, allowing depot expansion, margin recovery, and compounding to drive returns from current valuations that assume very little about the future.
Build a concentrated portfolio of eight high-quality UK businesses with defensible competitive moats, strong management teams that allocate capital like owners, and valuations that offer attractive long-term returns without requiring heroic assumptions about the future.
Manager expects the portfolio to compound over the coming years as the gaps between price and value that caused pain in 2025 close. The portfolio trades at valuations that assume very little about the future, with Howdens offering both cyclical recovery potential and structural growth from depot expansion. Manager intends to own these businesses for many years and let compounding, margin recovery, and depot roll-out do the work. Tone is patient and confident, with no urgency to trade or chase performance.
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