Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st March 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.1% | -13.97% | -13.97% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.1% | -13.97% | -13.97% |
Curreen Capital Partners declined 14% in Q1 2026 despite strong operating performance from portfolio companies. Manager Christian Ryther maintains conviction in the portfolio's attractiveness, noting that businesses are performing well and most trade at cheap valuations. The fund analyzed many opportunities during the quarter but found none superior to existing holdings, resulting in no portfolio changes. The strategy continues targeting spinoffs of good, understandable businesses at attractive upside-to-downside ratios, plus non-spinoff quality businesses selling below downside valuations. Current holdings include several spinoffs and turnaround situations: Advance Auto Parts (automotive aftermarket retailer attempting turnaround), Fortrea (clinical trials services spun from Labcorp), Frontdoor (home service plans spun from ServiceMaster), GetBusy (document exchange systems spun from Reckon), Siemens Energy (power generation/transmission spun from Siemens, benefiting from AI-driven electricity demand), and VF Corp (apparel brands rebuilding after management changes). The manager expects future opportunities as prices fluctuate and new spinoffs emerge.
Focused investment in spinoffs and turnaround situations trading at attractive upside-to-downside ratios with good underlying businesses
Manager expects prices to fluctuate and new spinoffs to appear over time, which will create opportunities superior to current holdings. Focus remains on spinoffs of good businesses at attractive prices and non-spinoff businesses selling below downside valuation.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 29 2026 | 2026 Q1 | AAP, ENR.DE, FTDR, FTRE, GETB.L, VFC | small cap, special situations, spinoffs, Turnarounds, value |
AAP FTRE FTDR GETB.L ENR.DE VFC |
Curreen Capital declined 14% in Q1 despite strong portfolio company fundamentals. Manager stood pat, finding no opportunities superior to current spinoff and turnaround holdings trading at attractive valuations. Portfolio includes Advance Auto Parts, Fortrea, Frontdoor, GetBusy, Siemens Energy, and VF Corp. Strategy remains focused on spinoffs and undervalued quality businesses. |
| Jan 29 2026 | 2025 Q4 | AAP, DND.TO, ENR.DE, FTDR, FTRE, GETB.L, TRUE-B.ST, VFC | energy, healthcare, small caps, spinoffs, Turnarounds, value |
VFC ENG GR GETB LN FTDR FTRE AAP |
Curreen Capital's ugly duckling strategy delivered 30.97% in 2025, led by three spinoff winners: Fortrea, Siemens Energy, and GetBusy. The fund targets quality businesses at Crazy Cheap valuations with 5:1 upside-to-downside ratios. Manager Ryther continues focusing on spinoffs and extremely undervalued companies in the $300M-$5B market cap range, capitalizing on increased availability of quality businesses at deep discounts. |
| Oct 24 2025 | 2025 Q3 | 4IMPRINT, AAP, CACC, ENR.DE, FTDR, FTRE, GETB.L, KTB, THNC.TO, VFC | Apparel, Buybacks, healthcare, small cap, spinoffs, technology, Turnarounds, value |
ENH KTB GETB GB THNC CN FTRE ENH KTB GETB GB THNC CN FTRE |
Curreen Capital's Q3 performance reflects disciplined capital allocation, selling Enhabit on Medicare headwinds while adding to turnaround stories like Kontoor and VF Corp. The portfolio emphasizes spinoffs and operational improvements with strong management teams executing clear value creation strategies. Active position sizing and insider alignment at GetBusy demonstrate conviction in selective small-cap opportunities. |
| Jul 22 2025 | 2025 Q2 | 3133.T, 3201.T, 6249.T, 7952.T, 8291.T, 9312.T, CPH.TO, FILA.MI, LNF.TO, NLOP | Japan, liquidation, real estate, small cap, Specialty Pharma, value |
AAP CACC FTRE FTDR GETB LN ENR GR VFC |
Halvio Capital focuses on deep value opportunities, particularly in Japan where corporate reforms are unlocking value in cash-rich companies trading below book value. The portfolio includes specialty situations like an Italian stationery company with valuable Indian subsidiary, a specialty pharma company post-acquisition, and an office REIT in liquidation, all offering substantial upside with downside protection. |
| Apr 24 2025 | 2025 Q1 | AAP, CACC, EHAB, ENR.DE, FTDR, GETB.L, HAVAS.PA, NILB.ST, VFC | Europe, small caps, spinoffs, Turnarounds, value | HAVAS.AS | Curreen Capital deployed capital into undervalued spinoffs and turnaround situations in Q1, adding Havas at 7x cash earnings and increasing positions in Advance Auto Parts and Enhabit. The fund remains fully invested in ugly duckling stocks with enormous potential, focusing on patient value realization despite near-term market volatility. |
| Jan 17 2025 | 2024 Q4 | AAP, CACC, EHAB, ENR.DE, FTDR, GETB.L, JXN, KAMBI.ST, NILB.ST, TNET, TRUE-B.ST, VFC | Automotive, healthcare, small caps, Turnarounds, undervalued, value |
CACC GETB.L AAP EHAB TNET VFC FTDR NILB.ST ENR.DE |
Curreen Capital deployed cash to become fully invested in undervalued small-cap companies trading below conservative estimates. Despite underperforming the S&P 500 as ugly duckling holdings remain out of favor, manager maintains conviction in portfolio of good businesses bought at attractive upside-to-downside ratios, expecting eventual market recognition to drive returns. |
| Oct 24 2024 | 2024 Q3 | AAP, CACC, EHAB, ENR.DE, FOUR.L, FTDR, GETB.L, NILB.ST, PLUX.PA, VFC | contrarian, Quality, small caps, spinoffs, Turnarounds, value |
CACC EHAB FTDR GETB.L NILB.ST ENR.DE VFC |
Curreen Capital returned 0.9% in Q3 while pursuing ugly duckling value opportunities. The fund sold Advantage Solutions, added to turnarounds Advance Auto Parts and Enhabit, and initiated positions in 4Imprint and Pluxee. Manager expects temporary underperformance to reverse as market recognizes value in quality businesses trading at attractive discounts. |
| Jul 23 2024 | 2024 Q2 | ADV, CACC, DND.TO, EHAB, FTDR, GETB.L, NILB.ST, SOLV, VFC | distressed, small caps, special situations, spinoffs, Turnarounds, value |
SOLV DND.TO EHAB VFC |
Curreen Capital deployed capital aggressively into spinoffs and turnarounds during Q2, adding Solventum, VF Corp, Enhabit, and Dye & Durham at distressed valuations. Manager targets high-quality businesses facing temporary, resolvable problems that create mispricing opportunities. Strategy focuses on patient capital deployment into ugly duckling situations with strong underlying economics. |
| May 3 2024 | 2024 Q1 | AAP, ADV, CACC, ENR.DE, FTDR, GETB.L, VFC | energy, global, retail, small caps, turnaround, value |
ENR.DE AAP ADV CACC FTDR GETB.L NILB.ST |
Curreen Capital's disciplined value approach delivered 2.2% in Q1, adding Siemens Energy on energy transition thesis while doubling down on VF Corp despite weak fundamentals due to extreme valuation discount. Manager demonstrates conviction in buying quality businesses at prices below downside estimates, maintaining concentrated portfolio of turnaround opportunities across multiple sectors. |
| Jan 26 2024 | 2023 Q4 | AAP, ADV, CACC, CCC.L, DND.TO, EHAB, FTDR, GETB.L, KAMBI.ST, LNK.AX, NILB.ST, VFC | Cash, contrarian, Opportunistic, Quality, small caps, value |
ADV CACC FTDR GETB.L LNK.AX NILB.ST |
Curreen Capital gained 15.38% in Q4 by buying quality small-cap businesses at steep discounts during market weakness. The fund follows a disciplined value approach, purchasing companies 33-65% below recent highs while maintaining 23% cash for future opportunities. Portfolio positioned for strong rebound when inverted yield curve period ends. |
| Oct 17 2023 | 2023 Q3 | AAP, ADV, CACC, FTDR, GETB.L, NILB.ST | Cash, contrarian, discount, Opportunistic, Quality, value |
AAP LNK.AX NILB.ST ADV CACC FTDR GETB.L |
Curreen Capital maintains 40% cash while selectively buying ugly ducklings - quality businesses temporarily out of favor. Manager Ryther requires five-to-one upside ratios and has raised investment standards due to inverted yield curve concerns. Added positions in Advance Auto Parts, Link Administration, and Nilorn during Q3, with plans to deploy cash methodically into excellent opportunities. |
| Jul 28 2023 | 2023 Q2 | ADV, CACC, FTDR, GETB.L, NILB.ST | Corporate Actions, small caps, SPACs, spinoffs, value | ADV | Curreen Capital deployed selectively in Q2, adding to its first SPAC investment (Advantage Solutions) at attractive valuations despite sector skepticism. The concentrated portfolio targets misunderstood businesses from corporate actions, maintaining 47% cash while hunting for compelling opportunities. Manager remains cautious but sees markets continuing to create new investment opportunities in unexpected places. |
| Jan 5 2023 | 2023 Q1 | ADV, CACC, FTDR, GETB.L, NILB.ST | rates, risk management, small caps, Treasuries, value, yield curve | GETB.L | Curreen Capital maintains defensive positioning with 50% in Treasuries due to inverted yield curve concerns, supported by historical analysis showing 75% of inversions lead to 20%+ declines. Despite caution, selectively adding small positions in undervalued businesses like Credit Acceptance and Advantage Solutions while avoiding market timing risks. |
| Jan 2 2023 | 2022 Q4 | ASAI SS, WIX LN | - | - | |
| Oct 10 2022 | 2022 Q3 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
SpinoffsManager continues to pursue spinoffs of good and understandable businesses at attractive upside-to-downside prices. Multiple portfolio holdings are spinoffs including Fortrea (spun from Labcorp), Frontdoor (spun from ServiceMaster), GetBusy (spun from Reckon), and Siemens Energy (spun from Siemens). |
Spinoffs Value Special Situations |
TurnaroundsSeveral portfolio companies are attempting turnarounds including Advance Auto Parts fixing its balance sheet and improving operations, Fortrea turning around the business after spinning from Labcorp, and VF Corp rebuilding management team and returning to growth. |
Turnarounds Restructuring Value | |
Energy TransitionSiemens Energy benefits from cyclical boom in electricity demand boosted by AI's demand for electricity, combining power generation, transmission, and wind turbine businesses with the wind business attempting a turnaround. |
Energy AI Electricity | |
| 2025 Q4 |
Healthcare ITCareCloud helps smaller U.S. health practices manage data and collect payments. High switching costs lock in practices but also lock out competitors. Most RCMs have high fixed costs and too few clients, creating consolidation opportunities for CareCloud to buy cheaply and cut costs. |
Healthcare IT RCM EHR Consolidation Switching Costs |
CementICG owns cement plants in Kazakhstan and Tajikistan with significant energy and transport cost advantages. Newest dry process plants with heat recovery versus competitors' older wet process plants. Geographic proximity to customers reduces transport costs substantially. |
Cement Energy Efficiency Transport Kazakhstan Cost Advantage | |
ConstructionCTR Holdings builds structural frames and handles finishing work in Singapore. Most projects are public with stable government payments guaranteeing cash flow. Company had significant net cash and signed project backlog. |
Construction Singapore Government Cash Flow Backlog | |
| 2025 Q3 |
TurnaroundsMultiple portfolio companies are executing turnaround strategies including Advance Auto Parts fixing its balance sheet and improving operations, Fortrea attempting to turn around after spinning out of Labcorp, and VF Corp rebuilding management and returning to growth after fixing its balance sheet. |
Restructuring Spinoffs Management Operations Balance Sheet |
SpinoffsThe portfolio includes several recent spinoffs that are executing independent strategies: Kontoor spun from VF Corp in 2019, Fortrea spun from Labcorp in 2023, Frontdoor spun from ServiceMaster in 2018, GetBusy spun from Reckon in 2017, and Siemens Energy spun from Siemens in 2020. |
Corporate Actions Independence Value Creation Divestitures | |
BuybacksShare repurchases are a key value creation mechanism across holdings, with Kontoor repurchasing stock since its spinoff, Credit Acceptance aggressively buying back shares, and Frontdoor using free cash flow for share repurchases alongside debt reduction and growth investments. |
Capital Allocation Share Repurchases Value Creation Cash Flow | |
| 2025 Q2 |
JapanJapan offers compelling value opportunities with companies trading at significant discounts to book value, often with substantial cash positions and real estate holdings. Corporate reforms over the past two years are helping unlock value, and many companies pay dividends while investors wait for market recognition. |
Value Corporate Reform Real Estate Cash Dividends |
ValueThe portfolio focuses on profitable companies trading significantly below intrinsic value with substantial downside protection through excess cash or undervalued assets. The strategy emphasizes buying at attractive prices with strong return hurdles rather than timing market bottoms. |
Intrinsic Value Downside Protection Cash Assets Hurdle Rate | |
Specialty PharmaCipher Pharmaceuticals represents a capital-light specialty pharma opportunity with high margins, strong cash generation, and growth potential through the ParaPRO acquisition. The company operates in niche dermatology markets with limited competition and has expansion opportunities globally. |
Dermatology Cash Generation Niche Markets Acquisition Global Expansion | |
| 2025 Q1 |
SpinoffsManager focuses heavily on recent spinoffs like Havas (spun from Vivendi in December 2024) and Enhabit (spun from Encompass Health in July 2022). Notes that in market downturns, recent spinoffs are often sold aggressively, creating attractive opportunities. |
Spinoffs Vivendi Encompass |
ValuePortfolio consists of undervalued businesses trading at attractive prices. Manager emphasizes buying good businesses at attractive prices and waiting for fair value realization over time. Describes holdings as ugly duckling stocks with enormous potential. |
Undervalued Fair Value Attractive Prices | |
| 2024 Q4 |
ValueManager focuses on buying good businesses at attractive prices below conservative valuation estimates. Portfolio consists of undervalued companies trading at significant discounts to intrinsic value. Strategy emphasizes attractive upside-to-downside ratios across holdings. |
Undervalued Discount Intrinsic Value Upside Downside Conservative Valuation |
Small CapsPortfolio concentrated in smaller companies including microcaps like GetBusy. Manager describes these as ugly ducklings that remain out of favor but continue growing their underlying businesses. Focus on companies that are barely profitable or struggling but have solid fundamentals. |
Microcap Ugly Ducklings Out of Favor Small Companies Underappreciated | |
| 2024 Q3 |
ValueThe fund focuses on buying quality businesses while they are temporarily out of favor in the stock market, describing their holdings as ugly ducklings that often languish for months before the market recognizes their value. The strategy involves starting small and buying more as stock prices drop to predetermined discounts. |
Turnarounds Contrarian Distressed Undervalued Quality |
Auto AftermarketThe fund added to Advance Auto Parts at $45.49 per share as a turnaround opportunity. Credit Acceptance operates as a subprime auto lender enabling subprime borrowers to buy vehicles from used car dealerships, having profitably gained share in this difficult market for over two decades. |
Auto Parts Subprime Used Autos Turnarounds | |
| 2024 Q2 |
SpinoffsManager focuses on spinoff opportunities, specifically Solventum (spun from 3M) and Enhabit (spun from Encompass Health). These spinoffs typically face temporary challenges while establishing independence, creating attractive entry points for patient capital. |
Spinoffs Divestitures Corporate Actions Temporary Issues Value |
TurnaroundsPortfolio emphasizes companies working through operational or financial difficulties, including VF Corp with new management and Dye and Durham addressing debt problems. Manager believes these temporary issues create mispricing opportunities. |
Turnarounds Management Changes Operational Issues Debt Restructuring Recovery | |
| 2024 Q1 |
Energy TransitionManager initiated position in Siemens Energy, viewing the electrical power industry as returning to growth after a decade of stagnation. Believes Siemens Energy will successfully turn around its wind business and offers attractive upside-to-downside valuation. |
Wind Power Generation Transmission Turnaround |
ValueManager employs disciplined value approach, buying solid businesses at prices well below downside valuation. Uses upside-to-downside framework and willing to buy weeds when they get crazy cheap, as demonstrated with VF Corp addition. |
Upside-to-downside Downside Valuation Turnaround Cheap | |
| 2023 Q4 |
ValueManager follows a disciplined value strategy, buying excellent businesses at meaningful discounts to downside valuation. The fund takes advantage of market weakness to purchase quality companies trading at ridiculously low prices, with positions bought 33-65% below recent highs. |
Discount Downside Cheap Valuation Quality |
Small CapsPortfolio consists primarily of smaller, overlooked businesses across various sectors including auto aftermarket, financial services, and technology. These companies often get cast aside as ugly ducklings during market weakness, creating opportunities for patient capital. |
Overlooked Ugly Ducklings Smaller Opportunities Patient | |
| 2023 Q3 |
ValueManager focuses on buying good businesses at meaningful discounts to downside valuation, requiring five-to-one upside to downside ratios. The strategy involves purchasing ugly ducklings - high quality businesses temporarily out of favor in the stock market. |
Discount Downside Quality Contrarian Opportunistic |
| 2023 Q2 |
SPACsManager invested in first SPAC (Advantage Solutions) despite viewing SPACs as generally unattractive. Notes that many SPACs overpaid for questionable assets and lost money for investors, but believes at least one baby was thrown out with the bathwater, creating opportunity. |
SPACs Blank Check SPAC Merger |
| 2023 Q1 |
RatesManager extensively analyzes inverted yield curve patterns from 1953-present, showing that inversions historically lead to 20%+ market declines within 3 years. Current inversion creates heightened risk environment requiring defensive positioning. |
Yield Curve Treasuries Interest Rates Inversion Fed |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 1, 1970 | Fund Letters | Curreen Capital | HAVAS.AS | Havas | Communication Services | Advertising | Bull | Euronext Amsterdam | advertising, Communications, Equity, france, Marketing Services, Media Buying, spinoff, Value | Login |
| Apr 29, 2026 | Fund Letters | Curreen Capital | FTDR | Frontdoor | Personal Services | Specialized Consumer Services | Bull | NASDAQ | capital allocation, Home Services, market penetration, recurring revenue, Service Plans, spinoff | Login |
| Apr 29, 2026 | Fund Letters | Curreen Capital | GETB.L | GetBusy | Software - Application | Application Software | Bull | London Stock Exchange | Accounting, Document Exchange, Growth Investment, professional services, SaaS, Software, spinoff, UK | Login |
| Apr 29, 2026 | Fund Letters | Curreen Capital | ENR.DE | Siemens Energy | Specialty Industrial Machinery | Electrical Equipment | Bull | - | AI demand, Cyclical, energy, Germany, Power generation, spinoff, Transmission, turnaround, Wind Turbines | Login |
| Apr 29, 2026 | Fund Letters | Curreen Capital | VFC | VF Corp | Apparel Manufacturing | Apparel, Accessories & Luxury Goods | Bull | New York Stock Exchange | Apparel, Balance sheet repair, brands, capital allocation, Consumer Discretionary, Management Change, turnaround | Login |
| Apr 29, 2026 | Fund Letters | Curreen Capital | AAP | Advance Auto Parts | Auto Parts | Automotive Retail | Bull | New York Stock Exchange | aftermarket, automotive, Balance sheet repair, retail, turnaround, Value | Login |
| Apr 29, 2026 | Fund Letters | Curreen Capital | FTRE | Fortrea | Biotechnology | Life Sciences Tools & Services | Bull | NASDAQ | Biotech, Clinical trials, Cro, healthcare, Pharmaceutical Services, spinoff, turnaround | Login |
| Jan 29, 2026 | Fund Letters | Christian Ryther | VFC | VF Corporation | Consumer Discretionary | Apparel | Bull | New York Stock Exchange | Apparel, brands, consumer, turnaround, valuation | Login |
| Jan 29, 2026 | Fund Letters | Christian Ryther | ENG GR | Siemens Energy AG | Industrials | Heavy Electrical Equipment | Bull | Xetra | Ai_Demand, Cyclicals, Electrification, Grids, Power Infrastructure | Login |
| Jan 29, 2026 | Fund Letters | Christian Ryther | GETB LN | GetBusy plc | Information Technology | Application Software | Bull | New York Stock Exchange | Competition, insider buying, SaaS, valuation, vertical software | Login |
| Jan 29, 2026 | Fund Letters | Christian Ryther | FTDR | Frontdoor, Inc. | Consumer Discretionary | Specialty Services | Bull | NASDAQ | Churn, Homewarranty, services, turnaround, valuation | Login |
| Jan 29, 2026 | Fund Letters | Christian Ryther | FTRE | Fortrea Holdings Inc. | Health Care | Life Sciences Services | Bull | NASDAQ | Clinicaltrials, Cro, healthcare, turnaround, valuation | Login |
| Jan 29, 2026 | Fund Letters | Christian Ryther | AAP | Advance Auto Parts, Inc. | Consumer Discretionary | Automotive Retail | Bull | New York Stock Exchange | Auto_Parts, Comps, supply chain, turnaround, valuation | Login |
| Oct 24, 2025 | Fund Letters | Christian Ryther | FTRE | Fortrea Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Cro, life sciences, Margin recovery, restructuring, spin-off, turnaround | Login |
| Oct 24, 2025 | Fund Letters | Christian Ryther | ENH | Enhabit Inc. | Financials | Home Health Care Services | Bear | NYSE | headwinds, Margins, Medicare, Policy risk, Regulation, Reimbursement, valuation | Login |
| Oct 24, 2025 | Fund Letters | Christian Ryther | KTB | Kontoor Brands Inc. | Consumer Discretionary | Apparel Manufacturing | Bull | NYSE | acquisition, Apparel, Brand management, capital allocation, cash flow, dividends, EPS growth | Login |
| Oct 24, 2025 | Fund Letters | Christian Ryther | GETB GB | GetBusy plc | Information Technology | Document Management Software | Bull | NYSE | Document management, growth, insider buying, recurring revenue, SaaS, small-cap | Login |
| Oct 24, 2025 | Fund Letters | Christian Ryther | THNC CN | Thinkific Labs Inc. | Information Technology | Educational Software | Bull | TSX | ARPU, cash flow, Customer focus, Edtech, growth, Pivot, SaaS | Login |
| Oct 24, 2025 | Fund Letters | Christian Ryther | FTRE | Fortrea Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Cro, life sciences, Margin recovery, restructuring, spin-off, turnaround | Login |
| Oct 24, 2025 | Fund Letters | Christian Ryther | ENH | Enhabit Inc. | Financials | Home Health Care Services | Bear | NYSE | headwinds, Margins, Medicare, Policy risk, Regulation, Reimbursement, valuation | Login |
| Oct 24, 2025 | Fund Letters | Christian Ryther | KTB | Kontoor Brands Inc. | Consumer Discretionary | Apparel Manufacturing | Bull | NYSE | acquisition, Apparel, Brand management, capital allocation, cash flow, dividends, EPS growth | Login |
| Oct 24, 2025 | Fund Letters | Christian Ryther | GETB GB | GetBusy plc | Information Technology | Document Management Software | Bull | NYSE | Document management, growth, insider buying, recurring revenue, SaaS, small-cap | Login |
| Oct 24, 2025 | Fund Letters | Christian Ryther | THNC CN | Thinkific Labs Inc. | Information Technology | Educational Software | Bull | NYSE | ARPU, cash flow, Customer focus, Edtech, growth, Pivot, SaaS | Login |
| Jul 22, 2025 | Fund Letters | Christian Ryther | AAP | Advance Auto Parts, Inc. | Consumer Discretionary | Specialty Stores | Bull | NYSE | automotive, Margins, ROIC, turnaround, valuation | Login |
| Jul 22, 2025 | Fund Letters | Christian Ryther | CACC | Credit Acceptance Corporation | Financials | Consumer Finance | Bull | NASDAQ | buybacks, cashflow, Credit, Lending, Subprime | Login |
| Jul 22, 2025 | Fund Letters | Christian Ryther | FTRE | Fortrea Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | backlog, Clinical, Cro, spinoff, turnaround, valuation | Login |
| Jul 22, 2025 | Fund Letters | Christian Ryther | FTDR | Frontdoor, Inc. | Consumer Discretionary | Environmental & Facilities Services | Bull | NASDAQ | Allocation, cashflow, Home, services, Subscription | Login |
| Jul 22, 2025 | Fund Letters | Christian Ryther | GETB LN | GetBusy plc | Information Technology | Application Software | Bull | NYSE | Accounting, growth, Reinvestment, Software, Workflows | Login |
| Jul 22, 2025 | Fund Letters | Christian Ryther | ENR GR | Siemens Energy AG | Industrials | Heavy Electrical Equipment | Bull | - | Demand, Electrification, energy, Grid, turnaround | Login |
| Jul 22, 2025 | Fund Letters | Christian Ryther | VFC | VF Corporation | Consumer Discretionary | Apparel, Accessories & Luxury Goods | Bull | NYSE | Apparel, balance sheet, brands, turnaround, valuation | Login |
| Jun 30, 2024 | Fund Letters | Curreen Capital | SOLV | Solventum Corporation | Health Care | Health Care Equipment | Bull | NYSE | Cash Cow, debt reduction, healthcare, high-ROIC, Medical devices, spinoff, Value | Login |
| Jun 30, 2024 | Fund Letters | Curreen Capital | EHAB | Enhabit Inc | Health Care | Health Care Services | Bull | NYSE | Healthcare services, Home Healthcare, Hospice, Medicare, Proxy Contest, spinoff, turnaround | Login |
| Jun 30, 2024 | Fund Letters | Curreen Capital | VFC | VF Corporation | Consumer Discretionary | Apparel, Accessories & Luxury Goods | Bull | NYSE | Apparel, brand portfolio, Consumer Discretionary, new management, turnaround, Value | Login |
| Jun 30, 2024 | Fund Letters | Curreen Capital | DND.TO | Dye & Durham Limited | Information Technology | Application Software | Bull | TSX | Canadian Real Estate, Cyclical Recovery, debt reduction, Legal Technology, SaaS, Software | Login |
| Sep 30, 2023 | Fund Letters | Curreen Capital | NILB.ST | Nilorn Group | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Stockholm Stock Exchange | Europe, fashion, High ROC, small-cap, Specialty Manufacturing, Textiles | Login |
| Sep 30, 2023 | Fund Letters | Curreen Capital | GETB.L | GetBusy | Information Technology | Software | Bull | London Stock Exchange | Accounting Software, Document management, international expansion, SaaS, spinoff, UK | Login |
| Sep 30, 2023 | Fund Letters | Curreen Capital | AAP | Advance Auto Parts | Consumer Discretionary | Automotive Retail | Bull | NYSE | Automotive Retail, contrarian, discount, Quality Business, Value | Login |
| Sep 30, 2023 | Fund Letters | Curreen Capital | ADV | Advantage Solutions | Consumer Staples | Food & Staples Retailing | Bull | NASDAQ | Capital-light, consumer staples, debt reduction, High ROC, In-store Marketing, SPAC | Login |
| Sep 30, 2023 | Fund Letters | Curreen Capital | LNK.AX | Link Administration | Financials | Financial Services | Bull | ASX | Administration Solutions, Australia, contrarian, financial services, Value | Login |
| Sep 30, 2023 | Fund Letters | Curreen Capital | CACC | Credit Acceptance | Financials | Consumer Finance | Bull | NASDAQ | Auto finance, consumer finance, market share gains, Share Buybacks, subprime lending | Login |
| Sep 30, 2023 | Fund Letters | Curreen Capital | FTDR | Frontdoor | Consumer Discretionary | Diversified Consumer Services | Bull | NASDAQ | Home Services, Low Penetration, recurring revenue, spinoff, subscription model, technology innovation | Login |
| Jun 30, 2023 | Fund Letters | Curreen Capital | ADV | Advantage Solutions | Consumer Discretionary | Specialized Consumer Services | Bull | NYSE | acquisition strategy, Covenant-light Debt, COVID Recovery, High Returns on Capital, In-store Marketing, Retail Merchandising, Sampling Programs, SPAC, turnaround, Value | Login |
| Mar 31, 2023 | Fund Letters | Curreen Capital | GETB.L | GetBusy | Information Technology | Application Software | Bull | London Stock Exchange | Accounting Software, Australia, B2B software, Document management, growth, SaaS, spin-off, UK | Login |
| Mar 31, 2023 | Fund Letters | Curreen Capital | - | Nilörn Group | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Stockholm Stock Exchange | cash flow, Design, dividend, Europe, fashion, High ROC, Just-in-Time, Labels, Textiles | Login |
| - | Fund Letters | Curreen Capital | EHAB | Enhabit | Health Care | Health Care Services | Bull | NYSE | Distressed, Healthcare services, Home Healthcare, Hospice, Medicare, spinoff, turnaround, Value | Login |
| - | Fund Letters | Curreen Capital | ENR.DE | Siemens Energy | Industrials | Electrical Equipment | Bull | XETRA | Cyclical Recovery, Electricity Transmission, energy infrastructure, German, Power generation, spinoff, Wind Turbines | Login |
| - | Fund Letters | Curreen Capital | LNK.AX | Link Administration | Financials | Capital Markets | Bull | ASX | acquisition target, Australia, Financial Administration, Geographic Diversification, market leadership, Mitsubishi UFJ, Shareholder Registry, Superannuation | Login |
| - | Fund Letters | Curreen Capital | ADV | Advantage Solutions | Consumer Staples | Food & Staples Retailing | Bull | NASDAQ | Acquisitions, Capital-light, debt reduction, In-Store Sampling, Retail Marketing, SPAC, Value | Login |
| - | Fund Letters | Curreen Capital | NILB.ST | Nilörn Group | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Nasdaq Stockholm | dividend, European brands, fashion accessories, High returns, Just-in-time delivery, Niche Business, Value | Login |
| - | Fund Letters | Curreen Capital | AAP | Advance Auto Parts | Consumer Discretionary | Automotive Retail | Bull | NYSE | Automotive Aftermarket, capital efficiency, Management Change, retailer, turnaround, Value | Login |
| - | Fund Letters | Curreen Capital | GETB.L | GetBusy | Information Technology | Application Software | Bull | LSE | Accounting Software, Document management, microcap, multiple expansion, Revenue Growth, SaaS, UK, Value | Login |
| - | Fund Letters | Curreen Capital | NILB.ST | Nilörn Group | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Stockholm Stock Exchange | Brand Enhancement, Clothing Brands, Design Services, dividend, European market, Fashion labels, High returns, Just-in-time delivery | Login |
| - | Fund Letters | Curreen Capital | TNET | TriNet | Industrials | Human Resource & Employment Services | Bull | NYSE | growth, Human Resources, Outsourcing, Peo, recurring revenue, SMB, Value | Login |
| - | Fund Letters | Curreen Capital | VFC | VF Corp | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | Apparel Brands, brand portfolio, capital allocation, dividend cut, new management, turnaround, Value | Login |
| - | Fund Letters | Curreen Capital | ENR.DE | Siemens Energy | Industrials | Electrical Equipment | Bull | XETRA | Cyclical Recovery, Electricity Transmission, energy infrastructure, Germany, Power generation, spinoff, turnaround, Wind Turbines | Login |
| - | Fund Letters | Curreen Capital | VFC | VF Corp | Consumer Discretionary | Apparel, Accessories & Luxury Goods | Bull | NYSE | Apparel Brands, Brand management, capital allocation, dividend cut, new management, turnaround, Value | Login |
| - | Fund Letters | Curreen Capital | AAP | Advance Auto Parts | Consumer Discretionary | Automotive Retail | Bull | NYSE | Automotive Aftermarket, Balance sheet repair, Operational Improvement, retail, turnaround, Value | Login |
| - | Fund Letters | Curreen Capital | FTDR | Frontdoor | Consumer Discretionary | Specialized Consumer Services | Bull | NASDAQ | capital allocation, Free Cash Flow, Home Services, market penetration, recurring revenue, Service Plans, spinoff | Login |
| - | Fund Letters | Curreen Capital | FTDR | Frontdoor | Consumer Discretionary | Diversified Consumer Services | Bull | NASDAQ | asset-light, Home Service Plans, Home Warranty, market penetration, spinoff, technology innovation, Value | Login |
| - | Fund Letters | Curreen Capital | NILB.ST | Nilörn Group | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Stockholm Stock Exchange | Design Services, dividend, European brands, Fashion labels, Just-in-time delivery, niche market, Returns on Capital, Value | Login |
| - | Fund Letters | Curreen Capital | ENR.DE | Siemens Energy | Industrials | Electrical Equipment | Bull | XETRA | energy technology, Germany, Power generation, spinoff, Transmission, turnaround, Value, Wind Turbines | Login |
| - | Fund Letters | Curreen Capital | FTDR | Frontdoor | Consumer Discretionary | Specialized Consumer Services | Bull | NASDAQ | Free Cash Flow, Home Services, HVAC, market penetration, recurring revenue, Service Plans, spinoff | Login |
| - | Fund Letters | Curreen Capital | GETB.L | GetBusy | Information Technology | Application Software | Bull | LSE | Accounting Software, Document management, Growth Investment, SaaS, spinoff, technology, UK | Login |
| - | Fund Letters | Curreen Capital | ADV | Advantage Solutions | Consumer Staples | Food & Staples Retailing | Bull | NYSE | Acquisitions, Capital-light, cash flow generation, consumer goods, debt reduction, High returns, Retail Services, Sampling Programs, SPAC | Login |
| - | Fund Letters | Curreen Capital | GETB.L | GetBusy | Information Technology | Application Software | Bull | LSE | Accounting Software, Document management, Growth Investment, SaaS, spinoff, UK, vertical software | Login |
| - | Fund Letters | Curreen Capital | CACC | Credit Acceptance | Financials | Consumer Finance | Bull | NASDAQ | Auto finance, cash flow, market share gains, share repurchases, Specialized Finance, subprime lending, underwriting, Used Car Dealers | Login |
| - | Fund Letters | Curreen Capital | CACC | Credit Acceptance | Financials | Consumer Finance | Bull | NASDAQ | Auto lending, consumer finance, Free Cash Flow, market share, share repurchases, Subprime, Value | Login |
| - | Fund Letters | Curreen Capital | NILB.ST | Nilörn Group | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Stockholm Stock Exchange | Apparel Accessories, Design Services, dividend, European, High ROC, Just-in-Time, Value | Login |
| - | Fund Letters | Curreen Capital | CACC | Credit Acceptance | Financials | Consumer Finance | Bull | NASDAQ | Auto finance, market share gains, share repurchases, subprime lending, Used Car Dealers, Value | Login |
| - | Fund Letters | Curreen Capital | FTDR | Frontdoor | Consumer Discretionary | Specialized Consumer Services | Bull | NASDAQ | asset-light, Contractor Network, Home Service Plans, market penetration, organic growth, Spinout, technology innovation, Video Chat App | Login |
| - | Fund Letters | Curreen Capital | CACC | Credit Acceptance | Financials | Consumer Finance | Bull | NASDAQ | Auto finance, capital allocation, consumer finance, market share gains, share repurchases, subprime lending, Value | Login |
| - | Fund Letters | Curreen Capital | GETB.L | GetBusy | Information Technology | Application Software | Neutral | LSE | Accounting Software, Document Exchange, Geographic Expansion, Growth Investment, professional services, SaaS, Spinout, UK market | Login |
| - | Fund Letters | Curreen Capital | EHAB | Enhabit | Health Care | Health Care Services | Bull | NYSE | Healthcare services, Home Healthcare, Hospice, Medicare, spinoff, turnaround, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| AAP | Advance Auto Parts is a store-based retailer of aftermarket automotive parts and supplies. This includes batteries, windshield wipers and fluid, air filters, motor oil, etc. The company has historically earned decent (approaching 20%) returns on tangible capital. The company is attempting a turnaround, and has fixed its balance sheet and is improving operations. Advance Auto currently trades at an attractive upside-to-downside ratio. |
| FTRE | Fortrea helps its biotech and pharmaceutical customers to run clinical trials with the goal of receiving marketing authorization in the U.S. and other countries. Fortrea helps design the trials, recruit investigators and participants, prepare data for regulatory review, and other tasks needed to win the authorization to market new treatments. The company spun out of Labcorp in June 2023, and is attempting to turn around the business. Fortrea currently trades at a very attractive upside-to-downside ratio. |
| FTDR | Frontdoor sells home service plans to homeowners. The company contracts with HVAC and other contractors and dispatches them when customers have problems with one of their major home appliances and systems (furnace, air conditioning, refrigerator, electrical system, etc). Frontdoor spun out of ServiceMaster in October 2018. Frontdoor serves about 2% of U.S. homes, and uses its free cash flow to grow organically, pay down debt, repurchase shares, and acquire complementary businesses. |
| GETB.L | GetBusy provides online document exchange systems—primarily for accountants. GetBusy spun out of Reckon in August 2017, and has continued to grow since then. GetBusy does not earn money, investing through higher expenses to grow its existing businesses and attempting to launch new products. The underlying businesses are profitable and sustainable in the U.K. and U.S. |
| ENR.DE | Siemens Energy combines a world-class electrical power generation business, a world-class electricity transmission business, and an onshore and offshore wind turbine business that is attempting a turnaround. The company spun out of Siemens in September 2020. After many years of weak electricity demand in OECD countries, Siemens Energy is benefiting from a cyclical boom that has been boosted by AI's demand for electricity. |
| VFC | VF Corp manages apparel brands, including The North Face, Timberland, and Vans. The company has fixed its balance sheet, improved capital allocation, and rebuilt its management team in an effort to return the business to growth. I believe that the company has good brands, the skills to manage them well, and a management team that can handle the challenges that the company faces. VF Corp currently trades at an attractive upside-to-downside ratio. |
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