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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 29, 2026
Dynasty Trust generated a net return of -2.66% after all management and performance fees in the third quarter of 2026, impacted by an approximate 0.85% drag from Australian Dollar strength, particularly against the Euro. Rolling 12-month net performance stood at -2.73%, while two-year and three-year annualized net returns reached 7.71% and 10.29%, respectively. The trust closed the quarter holding 18 exposures alongside a 15.2% net cash position after accruals, though capital was aggressively deployed post-quarter into de-rated opportunities across European equities outside the crowded artificial intelligence complex. Macroeconomic headwinds during the quarter were largely characterized by heightened Middle East geopolitical tensions, higher oil prices, wider aviation fuel spreads, and persistent interest rate friction dampening near-term airline passenger volumes and consumer retail sentiment. The manager identifies a bifurcated global investment landscape where extreme capital concentration in emergent artificial intelligence technology has caused non-AI family-controlled compounders, European holding company structures, and concession infrastructure to trade at historically steep sum-of-the-parts and cash flow discounts. Portfolio activity during and immediately post-quarter included the full divestment of MFF Capital Investments, Viel & Cie, and Frasers Group following strong runs or concerns regarding acquisition discipline. Dynasty Trust established fresh direct positions in liquids storage operator Vopak and re-entered Exor following unlisted asset sales and widened NAV discounts. The trust also initiated holdings in Carlsberg, Heineken, and Prada, replenished its stake in Compagnie de l'Odet, and maintained core high-conviction positions in Lagardère, Virtu Financial, HAL Trust, Aker BP, and Avolta.
Dynasty Trust invests in a concentrated portfolio of quality, cash-generative global businesses trading at substantial discounts to intrinsic value under the stewardship of aligned controlling shareholders.
Dynasty Trust expects compelling long-term returns from putting cash to work across de-rated non-AI European businesses and family-controlled operators trading at historically wide sum-of-the-parts discounts.
High Conviction Bullish
Market Conviction
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