East72 Dynasty Trust

Investor Summary

Andrew J Brown serves as Executive Chairman of East 72 Holdings Limited and key portfolio manager for East 72 Dynasty Trust, bringing over 40 years of experience in equity markets as an analyst and institutional fund manager. His background includes prestigious roles at Baring Securities, AMP, and Rothschild, spanning both private and institutional fund management. Brown is the central figure responsible for the fund's investment operations and the company's success depends heavily upon his expertise. East 72 Holdings was formed in May 2016 through recapitalisation and was previously NSX-listed before becoming an unlisted public company in 2023. The management team includes directors Timothy Brown and Peter Johns, with operations based in Sydney at Martin Place.

Fund Strategy

East72 Dynasty Trust employs a long-term, global value investment philosophy focusing on quality businesses controlled by single shareholders. The fund operates as a long-only, absolute return strategy with no leverage, hedging, or external benchmarking, typically maintaining 20-40 positions with cash exposure up to 20%. The investment approach follows an 'artisanal,' benchmark-unaware strategy emphasizing long-term compounding through controlled companies known for brand consciousness, resilience, conservative financial management, and low volatility. The portfolio spans diverse industries including luxury goods, alternative asset management, sports data, and airport growth sectors, often focusing on businesses with small public floats or limited analyst coverage. The strategy acknowledges it may lag rapidly rising markets but has scope for outperformance in other environments, prioritizing absolute returns and capital preservation over relative performance.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
44.01%	7.22%	-

Executive Summary

Dynasty Trust returned 7.2% net in Q2 2026, bringing rolling twelve-month returns to 1.59% after 6.5% currency headwind from Australian dollar strength. Manager expresses mild disappointment with FY2026 performance stemming from omission rather than error, missing opportunities in familiar controlled companies including Samsung Electronics (+387%), Alphabet (+100%), and Frontline (+112%). However, valuation discipline was vindicated as AI wave caused precipitous de-rating across software and platforms where managers accepted unsustainable 2% free cash flow yields. Virtu Financial led contributions at 219bp quarterly (+35.4%) and 206bp annually (+33.0%), benefiting from higher volatility. Manager opportunistically acquired Wise Group after 32% post-listing decline despite strong fundamentals showing 31.5% volume growth and 27% ROE. Portfolio maintains patient positioning in travel-related holdings including detailed analysis of EVT Limited, trading at 34% discount to $19.42 NAV with hotel business evolution viewed as key value driver. Travel thematic remains attractive despite geopolitical headwinds given 5.3% historical passenger growth and ~10% of global GDP representation. Portfolio holds 22 positions with 3.4% cash, top ten representing 55% of NAV.

Core Thesis

Dynasty Trust invests in quality businesses under controlling shareholders trading at significant discounts to intrinsic value, maintaining patient capital approach with valuation discipline that avoided AI-related excesses while capturing opportunities in travel, hotels, and market-making businesses benefiting from volatility.

Forward Outlook

Manager expresses mild disappointment with FY2026 performance not from major business or valuation errors but from omission of opportunities in familiar companies within their controlled-company universe. However, two and three year returns are deemed acceptable given deliberate restrictions and discipline, created with fraction of volatility of other funds. Manager remains patient with holdings at major discounts to intrinsic value where management executes well. The evolution of EVT's hotel business is viewed as key to adding further growth and value. Manager maintains conviction in travel thematic despite near-term headwinds, emphasizing long-term structural growth drivers.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 16 2026	2026 Q2	005930 KS, 0823.HK, EVT.AX, GOOGL, WISE.L	Australia, Cinema, Controlling Shareholders, Hotels, Patient Capital, real estate, Travel, value	EVT.AX WISE.L	Dynasty Trust returned 7.2% quarterly despite 6.5% currency drag, led by Virtu Financial's volatility-driven gains. Manager's valuation discipline avoided AI-related software collapse while missing opportunities in Samsung and Alphabet. Opportunistically added Wise Group post-listing decline. Portfolio maintains patient positioning in travel holdings including EVT Limited at 34% discount to NAV, with hotel business evolution as key catalyst. Travel thematic supported by structural 5.3% passenger growth representing 10% global GDP.
Apr 10 2026	2026 Q1	0001.HK, 0066.HK, AKRBP.OL, AVAP.L, AVLT.SW, CG, ELF.TO, FFH.TO, LAGA.PA, ODET.PA, RBT.PA, SDB.PA, VIEL.PA, VIRT	Alternative Assets, Capital markets, ETFs, liquidity, Market Making, oil, private credit, volatility	VIRT	Dynasty Trust fell 4.62% in Q1 2026's volatile markets, with oil gains offsetting software and private credit weakness. The fund concentrated into 22 positions, divesting weaker prospects while stretching weightings in favored names like Virtu Financial and HAL Trust. Manager sees structural tailwinds from market democratization and ETF growth supporting liquidity providers despite cyclical peak concerns.
Jan 5 2026	2025 Q4	1928.HK, AVAP.L, AVOL.SW, CG, DGL.AX, DIE.BR, ELF.TO, EXO.MI, FFH.TO, FIH.TO, GOOGL, META, MFF.AX, NNI, RBT.PA, TSLA, UHR.SW, VIRT, VIV.PA	Aircraft, Controlled, Discounts, Europe, Holdings, Travel, value	HANA LN DIE BB AVAP LN	Dynasty Trust sees exceptional opportunity in controlled companies despite Q4's -2.29% return. European holding companies trade at extreme 30-68% discounts to NAV while travel recovery drives aircraft leasing and retail growth. Manager maintains disciplined value approach with 8.3% cash, targeting quality businesses with strong capital management trading at substantial discounts to intrinsic value.
Oct 1 2025	2025 Q3	1928.HK, AKER.OL, AVOL.SW, BIM.PA, BORR, CG, CNHI, CVNA, EXOR.MI, MANU, NNI, NVO, PARA, PHG, RACE, STLA, UHR.SW, UMG.AS, VIRT, VIVHY	Europe, Family, Holdings, Luxury, value	UHR SW	Dynasty Trust's value-focused approach underperformed in Q3 as liquidity chased momentum. Key holdings Bolloré, Exor, and Swatch Group face temporary headwinds but trade at significant discounts to intrinsic value. Manager views current positions as 'loss reserving' for future outperformance when market conditions tighten. Maintains disciplined approach with 6% cash for opportunities.
Jun 30 2025	2025 Q2	0001.HK, 0002.HK, 0006.HK, 0013.HK, 0038.HK, 0045.HK, 0215.HK, 2638.HK, 3088.T, 3141.T, 3349.T, 3391.T, CVU.TO, DOU.DE, GALE.SW, ISAT.JK, TPG.AX, WBA, WPRTS.KL	Asia, Beauty, Conglomerates, Europe, Hong Kong, Ports, Telecommunications, value	-	Dynasty Trust returned 8.4% quarterly and 24.7% annually, driven by strong stock selection. The fund's largest focus is CK Hutchison, trading at 65% discount to fair value with multiple catalysts including a $23 billion ports sale and UK telecom synergies. Value traps remain the key risk where management fails to unlock inherent value for shareholders.
Apr 16 2025	2025 Q1	0165.HK, 2588.HK, AVLT.SW, BOL.PA, BORR, CFR.SW, CG, FFH.TO, FLOW.AS, HAL.AS, LPE.PA, MFG.AX, MMB.PA, NVO, ODET.PA, PAH3.DE, SRAD, VIE.PA, VIRT, VIV.PA	Aircraft Leasing, Controlled Companies, European Holdings, Luxury, Regional Aviation, Trade Policy, Value Investing	VIV.PA AVAP.L	Dynasty Trust posted 0.54% returns amid market volatility, actively repositioning with strong performance from Flow Traders and Sportradar. The fund specializes in controlled companies and aircraft leasing opportunities while managing trade policy risks through luxury and Asian holdings. Portfolio remains nearly fully invested with close monitoring of travel exposures and trade tensions.
Dec 31 2024	2024 Q4	0012.HK, AVES.SW, BOL.PA, BSD.PA, CAT.AX, CFT.SW, CGI.TO, ELF.TO, FFH.TO, FLOW.AS, HAL.AS, LPE.PA, MFF.AX, MFG.AX, MMB.PA, ODET.PA, SRAD, SVC.TO, VIL.PA, VIRT	Discounts, Europe, Family Control, financials, global, liquidity, small caps, value	LPE.PA VIL.PA	Dynasty Trust returned 7.73% in Q4 and 17.89% for 2024, driven by sports data and liquidity provider holdings. The fund focuses on family-controlled entities at NAV discounts, with significant financial services exposure. Manager expects 2025 market volatility to benefit liquidity providers while remaining cautious on overvalued US technology stocks.
Oct 16 2024	2024 Q3	0012.HK, BOL.PA, CATG.AX, CGI.TO, DIE.BR, ELF.TO, EXO.AS, FLOW.AS, HAL.AS, HWG.L, MFF.AX, MFG.AX, MME.PA, OXY, RBT.PA, SBMO.AS, SFL.MI, TE.PA, VIRTU, VIV.PA, VPK.AS, WAF.DE	Dredging, Energy Transition, European Holdings, Family Control, Maritime, value	HAL.AS	Strong 6.25% quarterly return driven by energy transition and European holding company exposures. Portfolio concentrated in undervalued complex structures like HAL Trust trading at significant NAV discounts. Manager increasingly cautious on broader markets after substantial re-rating without earnings growth, maintaining 4.5% cash while focusing on mispriced securities in familiar sectors.
Jul 25 2024	2024 Q2	AAPL, AVOL.SW, BVB.DE, CCP.L, CZR, DKNG, ENT.L, FLTR.L, FWONK, GENI, JUVE, MANU, MGM, MSFT, PENN, SCHL, SRAD, TKO, TSLA, WLY	discount, Europe, Holding Companies, Media Rights, Sports Analytics, technology, Travel Retail, value	CDI.PA BOL.PA VIV.PA MMB.PA CAT.AX	Dynasty Trust fell 3.52% in Q2, partly due to currency headwinds. The fund maintains concentrated exposure to undervalued European holding companies in the Bolloré galaxy and sports analytics leader Catapult International. French political volatility created opportunities while sports media rights growth provides structural tailwinds. Portfolio positioned for value unlock through corporate actions and industry momentum.
Apr 24 2024	2024 Q1	0045.HK, 0142.HK, 0700.HK, 9984.T, CAT.AX, CGI.TO, DIE.BR, ELF.TO, FFH.TO, FIH-U.TO, HWG.L, MANU, MFF.AX, OCDO.L, OXY, RBT.PA, SPHR, UHR.SW, VIRT	Airports, Asia, Conglomerates, Europe, Hotels, infrastructure, value	DIE.BR FIH-U.TO 0045.HK	Dynasty Trust gained 6.76% focusing on controlled companies at deep NAV discounts. Despite market euphoria concerns, the fund finds value in hidden gems like Belron (vehicle glass monopoly through D'Ieteren) and Peninsula Hotels (76% discount to assets). Hong Kong listings offer global asset exposure at China-discounted prices. Multiple IPO catalysts ahead for key holdings.
Dec 31 2022	2023 Q4	0001.HK, BC, C, DRR.AX, DXS.AX, EXOR, GOOGL, GS, ICE, IWG.L, JPM, MANU, MFG.AX, PAH3.DE, UBS, UHAL, VIRT, VOW3.DE, YBR.AX	Asset Management, Australia, Concentration, Hedging, Investment Banking, Sports Teams, value	-	East 72 posted 13.3% gross returns in Q4 2022 through selective stock picking while hedging market exposure. Strong performance from Manchester United and US investment banks offset weakness in automotive holdings. Added significant position in undervalued Magellan Financial Group. Strategy focuses on individual securities over macro positioning, expecting continued market volatility but seeing opportunities in selective value plays.
Jun 1 2024	2023 Q4	0001.HK, BC, C, DRR.AX, DXS.AX, EXOR, GOOGL, GS, ICE, IWG.L, JPM, MANU, MFG.AX, PAH3.DE, UBS, UHAL, VIRT, VOW3.DE, YBR.AX	Asset Management, Australia, Concentration, Hedging, Investment Banking, Sports Teams, value	MANU MFG.AX	East 72 posted 13.3% gross returns in Q4 2022 through selective stock picking while hedging market exposure. Strong performance from Manchester United and US investment banks offset weakness in automotive holdings. Added significant position in undervalued Magellan Financial Group. Strategy focuses on individual securities over macro positioning, expecting continued market volatility but seeing opportunities in selective value plays.
Nov 10 2023	2023 Q3	CFR.SW, CHTR, LBRDK, MANU, PAH3.DE, SPHR, VIRT, VOW3.DE	Complexity, Conglomerates, Discounts, Europe, value	DIEPA.BR VIRT	Dynasty Trust targets complex European family businesses at deep discounts. Q3 saw mixed performance with auto holdings declining on sector pessimism while Sphere Entertainment surged on venue success. Manager added positions in cash-rich businesses trading at multi-year lows. Portfolio maintains patient capital approach with 10% cash for opportunistic deployment in quality franchises with structural competitive advantages.
Jun 30 2023	2023 Q2	BOL.PA, GOOGL, MANU, MMB.PA, NWSA, UHR SW, UMG.AS, VIV.PA	Complex Structures, Europe, Family Companies, Logistics, Media, value	-	Dynasty Trust targets complex European family companies trading at deep discounts to intrinsic value. The Bolloré Galaxy represents the ultimate opportunity with multiple discount layers across media, logistics, and holding company structures. Major logistics divestments will provide €10+ billion for value-accretive redeployment while structural discounts compress through corporate simplification initiatives.
Jul 7 2023	2023 Q2	BOL.PA, GOOGL, MANU, MMB.PA, NWSA, UHR.SW, UMG.AS, VIV.PA	Complex Structures, Europe, Family Companies, Logistics, Media, value	BOL.PA ODET.PA	Dynasty Trust targets complex European family companies trading at deep discounts to intrinsic value. The Bolloré Galaxy represents the ultimate opportunity with multiple discount layers across media, logistics, and holding company structures. Major logistics divestments will provide €10+ billion for value-accretive redeployment while structural discounts compress through corporate simplification initiatives.
Mar 31 2023	2023 Q1	0001.HK, 2074.SZ, 8TRA.DE, AML.L, BAIN.PA, BOL.PA, CFR SW, EXO.MI, GOOGL, IVG.MI, IWG.L, LBRDK, LIF.TO, MC.PA, MFG.AX, MSGS, NWSA, P911.DE, PAH3.DE, PSHZF, QS, RACE, UHR SW, VIV.PA, VOW3.DE	Autos, Battery, Dynasties, Europe, gaming, IPO, Luxury, value	-	Dynasty Trust targets family-controlled companies trading at deep discounts. Core holdings SBM and Volkswagen offer compelling value at 6x and 2.5x fair value respectively. Catalysts include potential battery and luxury auto IPOs. Q1 return of +1.52% driven by Madison Square Garden and Alphabet gains, while European luxury holdings recovered from Credit Suisse volatility.
Mar 31 2023	2023 Q1	0001.HK, 2074.SZ, 8TRA.DE, AML.L, BAIN.PA, BOL.PA, CFR.SW, EXO.MI, GOOGL, IVG.MI, IWG.L, LBRDK, LIF.TO, MC.PA, MFG.AX, MSGS, NWSA, P911.DE, PAH3.DE, PSHZF, QS, RACE, UHR.SW, VIV.PA, VOW3.DE	Autos, Battery, Dynasties, Europe, gaming, IPO, Luxury, value	BAIN.PA VOW3.DE	Dynasty Trust targets family-controlled companies trading at deep discounts. Core holdings SBM and Volkswagen offer compelling value at 6x and 2.5x fair value respectively. Catalysts include potential battery and luxury auto IPOs. Q1 return of +1.52% driven by Madison Square Garden and Alphabet gains, while European luxury holdings recovered from Credit Suisse volatility.
Jul 1 2023	2022 Q4	MFG AU	-	-
Oct 10 2022	2022 Q3	DXS AU, MANU, MSGS	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 16 2026

2026 Q2

005930 KS, 0823.HK, EVT.AX, GOOGL, WISE.L

Australia, Cinema, Controlling Shareholders, Hotels, Patient Capital, real estate, Travel, value

EVT.AX
WISE.L

Dynasty Trust returned 7.2% quarterly despite 6.5% currency drag, led by Virtu Financial's volatility-driven gains. Manager's valuation discipline avoided AI-related software collapse while missing opportunities in Samsung and Alphabet. Opportunistically added Wise Group post-listing decline. Portfolio maintains patient positioning in travel holdings including EVT Limited at 34% discount to NAV, with hotel business evolution as key catalyst. Travel thematic supported by structural 5.3% passenger growth representing 10% global GDP.

Apr 10 2026

2026 Q1

0001.HK, 0066.HK, AKRBP.OL, AVAP.L, AVLT.SW, CG, ELF.TO, FFH.TO, LAGA.PA, ODET.PA, RBT.PA, SDB.PA, VIEL.PA, VIRT

Alternative Assets, Capital markets, ETFs, liquidity, Market Making, oil, private credit, volatility

VIRT

Dynasty Trust fell 4.62% in Q1 2026's volatile markets, with oil gains offsetting software and private credit weakness. The fund concentrated into 22 positions, divesting weaker prospects while stretching weightings in favored names like Virtu Financial and HAL Trust. Manager sees structural tailwinds from market democratization and ETF growth supporting liquidity providers despite cyclical peak concerns.

Jan 5 2026

2025 Q4

1928.HK, AVAP.L, AVOL.SW, CG, DGL.AX, DIE.BR, ELF.TO, EXO.MI, FFH.TO, FIH.TO, GOOGL, META, MFF.AX, NNI, RBT.PA, TSLA, UHR.SW, VIRT, VIV.PA

Aircraft, Controlled, Discounts, Europe, Holdings, Travel, value

HANA LN
DIE BB
AVAP LN

Dynasty Trust sees exceptional opportunity in controlled companies despite Q4's -2.29% return. European holding companies trade at extreme 30-68% discounts to NAV while travel recovery drives aircraft leasing and retail growth. Manager maintains disciplined value approach with 8.3% cash, targeting quality businesses with strong capital management trading at substantial discounts to intrinsic value.

Oct 1 2025

2025 Q3

1928.HK, AKER.OL, AVOL.SW, BIM.PA, BORR, CG, CNHI, CVNA, EXOR.MI, MANU, NNI, NVO, PARA, PHG, RACE, STLA, UHR.SW, UMG.AS, VIRT, VIVHY

Europe, Family, Holdings, Luxury, value

UHR SW

Dynasty Trust's value-focused approach underperformed in Q3 as liquidity chased momentum. Key holdings Bolloré, Exor, and Swatch Group face temporary headwinds but trade at significant discounts to intrinsic value. Manager views current positions as 'loss reserving' for future outperformance when market conditions tighten. Maintains disciplined approach with 6% cash for opportunities.

Jun 30 2025

2025 Q2

0001.HK, 0002.HK, 0006.HK, 0013.HK, 0038.HK, 0045.HK, 0215.HK, 2638.HK, 3088.T, 3141.T, 3349.T, 3391.T, CVU.TO, DOU.DE, GALE.SW, ISAT.JK, TPG.AX, WBA, WPRTS.KL

Asia, Beauty, Conglomerates, Europe, Hong Kong, Ports, Telecommunications, value

Dynasty Trust returned 8.4% quarterly and 24.7% annually, driven by strong stock selection. The fund's largest focus is CK Hutchison, trading at 65% discount to fair value with multiple catalysts including a $23 billion ports sale and UK telecom synergies. Value traps remain the key risk where management fails to unlock inherent value for shareholders.

Apr 16 2025

2025 Q1

0165.HK, 2588.HK, AVLT.SW, BOL.PA, BORR, CFR.SW, CG, FFH.TO, FLOW.AS, HAL.AS, LPE.PA, MFG.AX, MMB.PA, NVO, ODET.PA, PAH3.DE, SRAD, VIE.PA, VIRT, VIV.PA

Aircraft Leasing, Controlled Companies, European Holdings, Luxury, Regional Aviation, Trade Policy, Value Investing

VIV.PA
AVAP.L

Dynasty Trust posted 0.54% returns amid market volatility, actively repositioning with strong performance from Flow Traders and Sportradar. The fund specializes in controlled companies and aircraft leasing opportunities while managing trade policy risks through luxury and Asian holdings. Portfolio remains nearly fully invested with close monitoring of travel exposures and trade tensions.

Dec 31 2024

2024 Q4

0012.HK, AVES.SW, BOL.PA, BSD.PA, CAT.AX, CFT.SW, CGI.TO, ELF.TO, FFH.TO, FLOW.AS, HAL.AS, LPE.PA, MFF.AX, MFG.AX, MMB.PA, ODET.PA, SRAD, SVC.TO, VIL.PA, VIRT

Discounts, Europe, Family Control, financials, global, liquidity, small caps, value

LPE.PA
VIL.PA

Dynasty Trust returned 7.73% in Q4 and 17.89% for 2024, driven by sports data and liquidity provider holdings. The fund focuses on family-controlled entities at NAV discounts, with significant financial services exposure. Manager expects 2025 market volatility to benefit liquidity providers while remaining cautious on overvalued US technology stocks.

Oct 16 2024

2024 Q3

0012.HK, BOL.PA, CATG.AX, CGI.TO, DIE.BR, ELF.TO, EXO.AS, FLOW.AS, HAL.AS, HWG.L, MFF.AX, MFG.AX, MME.PA, OXY, RBT.PA, SBMO.AS, SFL.MI, TE.PA, VIRTU, VIV.PA, VPK.AS, WAF.DE

Dredging, Energy Transition, European Holdings, Family Control, Maritime, value

HAL.AS

Strong 6.25% quarterly return driven by energy transition and European holding company exposures. Portfolio concentrated in undervalued complex structures like HAL Trust trading at significant NAV discounts. Manager increasingly cautious on broader markets after substantial re-rating without earnings growth, maintaining 4.5% cash while focusing on mispriced securities in familiar sectors.

Jul 25 2024

2024 Q2

AAPL, AVOL.SW, BVB.DE, CCP.L, CZR, DKNG, ENT.L, FLTR.L, FWONK, GENI, JUVE, MANU, MGM, MSFT, PENN, SCHL, SRAD, TKO, TSLA, WLY

discount, Europe, Holding Companies, Media Rights, Sports Analytics, technology, Travel Retail, value

CDI.PA
BOL.PA
VIV.PA
MMB.PA
CAT.AX

Dynasty Trust fell 3.52% in Q2, partly due to currency headwinds. The fund maintains concentrated exposure to undervalued European holding companies in the Bolloré galaxy and sports analytics leader Catapult International. French political volatility created opportunities while sports media rights growth provides structural tailwinds. Portfolio positioned for value unlock through corporate actions and industry momentum.

Apr 24 2024

2024 Q1

0045.HK, 0142.HK, 0700.HK, 9984.T, CAT.AX, CGI.TO, DIE.BR, ELF.TO, FFH.TO, FIH-U.TO, HWG.L, MANU, MFF.AX, OCDO.L, OXY, RBT.PA, SPHR, UHR.SW, VIRT

Airports, Asia, Conglomerates, Europe, Hotels, infrastructure, value

DIE.BR
FIH-U.TO
0045.HK

Dynasty Trust gained 6.76% focusing on controlled companies at deep NAV discounts. Despite market euphoria concerns, the fund finds value in hidden gems like Belron (vehicle glass monopoly through D'Ieteren) and Peninsula Hotels (76% discount to assets). Hong Kong listings offer global asset exposure at China-discounted prices. Multiple IPO catalysts ahead for key holdings.

Dec 31 2022

2023 Q4

0001.HK, BC, C, DRR.AX, DXS.AX, EXOR, GOOGL, GS, ICE, IWG.L, JPM, MANU, MFG.AX, PAH3.DE, UBS, UHAL, VIRT, VOW3.DE, YBR.AX

Asset Management, Australia, Concentration, Hedging, Investment Banking, Sports Teams, value

East 72 posted 13.3% gross returns in Q4 2022 through selective stock picking while hedging market exposure. Strong performance from Manchester United and US investment banks offset weakness in automotive holdings. Added significant position in undervalued Magellan Financial Group. Strategy focuses on individual securities over macro positioning, expecting continued market volatility but seeing opportunities in selective value plays.

Jun 1 2024

2023 Q4

0001.HK, BC, C, DRR.AX, DXS.AX, EXOR, GOOGL, GS, ICE, IWG.L, JPM, MANU, MFG.AX, PAH3.DE, UBS, UHAL, VIRT, VOW3.DE, YBR.AX

Asset Management, Australia, Concentration, Hedging, Investment Banking, Sports Teams, value

MANU
MFG.AX

Nov 10 2023

2023 Q3

CFR.SW, CHTR, LBRDK, MANU, PAH3.DE, SPHR, VIRT, VOW3.DE

Complexity, Conglomerates, Discounts, Europe, value

DIEPA.BR
VIRT

Dynasty Trust targets complex European family businesses at deep discounts. Q3 saw mixed performance with auto holdings declining on sector pessimism while Sphere Entertainment surged on venue success. Manager added positions in cash-rich businesses trading at multi-year lows. Portfolio maintains patient capital approach with 10% cash for opportunistic deployment in quality franchises with structural competitive advantages.

Jun 30 2023

2023 Q2

BOL.PA, GOOGL, MANU, MMB.PA, NWSA, UHR SW, UMG.AS, VIV.PA

Complex Structures, Europe, Family Companies, Logistics, Media, value

Dynasty Trust targets complex European family companies trading at deep discounts to intrinsic value. The Bolloré Galaxy represents the ultimate opportunity with multiple discount layers across media, logistics, and holding company structures. Major logistics divestments will provide €10+ billion for value-accretive redeployment while structural discounts compress through corporate simplification initiatives.

Jul 7 2023

2023 Q2

BOL.PA, GOOGL, MANU, MMB.PA, NWSA, UHR.SW, UMG.AS, VIV.PA

Complex Structures, Europe, Family Companies, Logistics, Media, value

BOL.PA
ODET.PA

Mar 31 2023

2023 Q1

0001.HK, 2074.SZ, 8TRA.DE, AML.L, BAIN.PA, BOL.PA, CFR SW, EXO.MI, GOOGL, IVG.MI, IWG.L, LBRDK, LIF.TO, MC.PA, MFG.AX, MSGS, NWSA, P911.DE, PAH3.DE, PSHZF, QS, RACE, UHR SW, VIV.PA, VOW3.DE

Autos, Battery, Dynasties, Europe, gaming, IPO, Luxury, value

Dynasty Trust targets family-controlled companies trading at deep discounts. Core holdings SBM and Volkswagen offer compelling value at 6x and 2.5x fair value respectively. Catalysts include potential battery and luxury auto IPOs. Q1 return of +1.52% driven by Madison Square Garden and Alphabet gains, while European luxury holdings recovered from Credit Suisse volatility.

Mar 31 2023

2023 Q1

0001.HK, 2074.SZ, 8TRA.DE, AML.L, BAIN.PA, BOL.PA, CFR.SW, EXO.MI, GOOGL, IVG.MI, IWG.L, LBRDK, LIF.TO, MC.PA, MFG.AX, MSGS, NWSA, P911.DE, PAH3.DE, PSHZF, QS, RACE, UHR.SW, VIV.PA, VOW3.DE

Autos, Battery, Dynasties, Europe, gaming, IPO, Luxury, value

Jul 1 2023

Oct 10 2022

DXS AU, MANU, MSGS

QUARTER	THEMES	TAGS
2026 Q2	Travel Manager views travel as a highly attractive long-term thematic driven by 5.3% annual growth in global air passengers pre-COVID and strong post-pandemic recovery demonstrating human desire to discover other cultures. The sector represents ~10% of global GDP with steep S-curve spending growth as GDP per capita exceeds $10,000. Manager emphasizes global businesses to mitigate regional risks and fixed-cost operating leverage challenges.	Hotels Travel Retail Air Travel Tourism
	Hotels Manager is highly positive on EVT's hotel business evolution as the key value driver, highlighting the strategic shift to mixed ownership/asset-lite model capitalizing on hospitality expertise across multiple price points (QT, Rydges, Atura brands). Growth supported by foreign tourism recovery to Australia with rolling twelve-month visitors at 9.16 million showing 9.6% annual growth approaching pre-COVID levels.	Asset-lite Brand Franchise Tourism Australia
	Value Manager demonstrates deep value orientation through patient capital approach on EVT Limited trading at same price as eleven years ago despite underlying asset appreciation. Portfolio focused on quality businesses under controlling shareholders trading at significant discounts to intrinsic value, with EVT assessed at 34% discount to pre-tax NAV of $19.42 per share.	Discount to NAV Controlling Shareholders Patient Capital
	AI Manager explicitly avoided AI-related investments despite awareness of sector dynamics, citing valuation discipline. Notes that many managers with outstanding analytical capabilities lost discipline in Q4 2025 and Q1 2026 when AI wave caused precipitous de-rating across service sectors, particularly software. Manager's avoidance of 2% or below free cash flow yields (50-year payback) for mature compounders was vindicated.	Valuation Discipline Software Free Cash Flow
	Capital Markets Virtu Financial was the largest contributor to returns in both the quarter (+219bp, +35.4%) and twelve months (+206bp, +33.0%). Manager notes higher levels of individual security volatility benefited Virtu's market-making business model. Position represents 8.17% of NAV at quarter end, the portfolio's largest holding.	Market Making Volatility Trading
	Semiconductors Manager acknowledges missing significant opportunity in memory chip cycle, specifically Samsung Electronics which rose 387% in US dollar terms over FY2026. Attended industry presentations on Micron, TSMC, and ASML demonstrating awareness of dynamics but failed to capitalize despite Samsung being within their universe of controlled companies.	Memory Samsung Missed Opportunity
2026 Q1	Capital Markets Extensive analysis of US equity market structure evolution, including the growth of off-exchange trading venues, dark pools, and alternative trading systems. Discussion of how democratized access and increased retail participation have fundamentally changed market dynamics and created opportunities for liquidity providers.	Market Making Liquidity Trading Venues Market Structure Volatility
	ETFs Detailed examination of explosive ETF growth with nearly 1,000 new ETFs launched annually in US markets. Analysis of how ETF market making has become a critical business for liquidity providers, with the Big 3 holding over 50% market share in ETF creation and arbitrage services.	ETF Creation Market Making Arbitrage Passive Investing Liquidity Provision
	Oil Commentary on oil price gains during the quarter, with Brent crude rising 44% in March and 73% for the quarter due to military action against Iran. AKER-BP was a major positive contributor to portfolio performance, gaining 41% on oil price strength.	Energy Geopolitics Commodity Prices Norwegian Oil Price Volatility
	Private Credit Discussion of fears over private equity and private credit exposure to software stocks, leading to significant declines in alternative asset management firms. KKR down 46% from January 2025 peak and Blue Owl down 67%, with concerns about 2008-style comparisons emerging.	Alternative Assets Credit Risk Software Exposure Asset Management Leverage
2025 Q4	Controlled Companies Manager views controlled public companies as significantly mispriced, trading at excessive discounts to NAV despite strong fundamentals. The bifurcated market since June 2025 has created opportunities in European holding companies where control is seen as negative by investors, contrary to the manager's empirical research showing long-term benefits.	Holding Companies Discount NAV Control Premium
	Value The manager sees significant value opportunities in controlled entities trading at large discounts to intrinsic value, particularly European holding companies. These discounts are described as not just hefty but more prevalent than expected, with investors ignoring them based on misconceptions about historical performance.	Discount Intrinsic Value Mispricing European Holdings
	Aircraft Leasing The underlying environment for aircraft lessors is described as exceptional, with strong international passenger growth, improved lease rates, near 100% capacity utilization, and aircraft selling at premiums to book value. Avation specifically trades at an 18% discount to NAV despite reduced financial risks.	Aviation Leasing Passenger Growth Capacity
	Buybacks Share buybacks are highlighted as a key value creation mechanism for controlled companies trading at significant discounts. The manager notes that better performing companies with ongoing buybacks are effectively buying euros or pounds for fifty cents, creating substantial NAV accretion opportunities.	Share Repurchase NAV Accretion Capital Management
	Private Equity The manager expresses skepticism about private equity valuations and marks, particularly noting opacity and moderate disclosure of funds. High pricing of privately held technology companies is seen as a discount widener for European companies that provide access to private equity funds.	Valuation Marks Opacity Technology
2025 Q3	Value Manager focuses on quality businesses trading at significant discounts to intrinsic value under controlling shareholders. Emphasizes conservative valuation methods with margin of safety. Distinguishes between traditional value traps and companies with temporary pricing dislocations.	Discount Intrinsic Margin Quality Controllers
	Luxury Extensive analysis of luxury goods sector including watches and fashion. Discusses structural challenges from Chinese consumer weakness and currency headwinds. Notes concentration in ultra-luxury segments with disciplined brand management as key differentiator.	Watches Fashion China Ultra-luxury Brands
	Europe Significant exposure to European holding companies and family-controlled businesses. Discusses regulatory challenges in France affecting Bolloré group and structural discounts in European investment companies. Notes currency headwinds from CHF strength.	Holdings Family Discounts Regulation Currency
2025 Q2	Value The fund focuses on companies trading at significant discounts to assessed value, particularly CK Hutchison at 65% discount to NAV. The manager emphasizes value traps as the biggest risk where management doesn't allow real value to emerge.	Discount NAV Undervalued Sum-of-parts Asset backing
	Ports Extensive analysis of CK Hutchison's port assets, particularly the proposed $23 billion sale of Hutchison Port Holdings to a consortium including MSC and Blackstone. The transaction would unlock enormous value if completed.	HPH Terminals Maritime Infrastructure Logistics
	Telecommunications Deep dive into CK Hutchison's European telecom operations, particularly the UK merger with Vodafone creating VodafoneThree. The manager sees potential for significant value creation through synergies and market consolidation.	5G Spectrum Consolidation Mobile Networks
	Beauty Analysis of A.S. Watson as the world's largest health and beauty retailer with 17,000 stores globally. European operations are strong while Chinese operations have deteriorated significantly since COVID.	Retail Health Consumer Loyalty Europe
2025 Q1	Aircraft Leasing The fund features extensive analysis of the aircraft leasing industry, particularly focusing on regional aircraft and ATR turboprops. The manager discusses the trillion-dollar industry with limited public market exposure and highlights Avation PLC as a unique specialist lessor with significant optionality through ATR purchase rights.	Aircraft Leasing Regional Aviation ATR Turboprop Aviation
	Luxury The portfolio includes several luxury holdings including Richemont, Christian Dior, Swatch Group, and Robertet. The manager notes that not all luxury is equal, highlighting Richemont's exceptional Cartier results while acknowledging tariff exposure risks for luxury counters caught in US-China trade tensions.	Luxury Richemont LVMH Cartier Premium
	Controlled Companies The fund specializes in controlled company investments, with the manager presenting at Santangel's Roundtable to discuss their approach. The strategy focuses on accessing large businesses through controlled structures that have limited public company exposures.	Controlled Companies Corporate Structure Holding Companies Investment Vehicles
	Trade Policy The manager discusses exposure to volatile US tariff processes, noting modest but not nil direct exposure. Asian stocks are generally service sector focused, while luxury counters face crossfire from US-China trade tensions with varying revenue exposures to affected markets.	Tariffs Trade War US-China Policy Risk Geopolitical
	Travel The fund has global travel exposures that are being closely monitored amid potential consumer caution from trade volatility. The manager notes destination substitution trends but believes consumers still have money and appetite for travel, particularly in the aircraft leasing context.	Travel Tourism Aviation Consumer Spending Hospitality
2024 Q4	Capital Markets Strong performance from liquidity providers Virtu Financial and Flow Traders benefiting from increased volumes and volatility. Manager expects continued volatility in 2025 due to new US administration and high equity valuations, creating promising outlook for liquidity providers across all asset classes.	Liquidity Volatility Trading Market Making Spreads
	Alcohol Detailed analysis of champagne industry as preferred alcohol exposure through Laurent Perrier. Manager views champagne as different from broader beverage sector due to regulated supply and yield control, with publicly listed champagne houses trading at attractive valuations despite industry headwinds.	Champagne Beverages Luxury France Regulation
	Value Focus on family-controlled entities trading at significant discounts to NAV, particularly Viel et Cie at 54% discount. Manager seeks companies where underlying value is well ahead of market price but acknowledges trade-off with patient capital requirements.	Discount NAV Family Control Patient Capital Undervalued
2024 Q3	Energy Transition Significant exposure to alternative energy through Vopak, parts of Boskalis, SBMO plus Anthony Veder Group totaling about €4billion worth of exposure. HAL Trust has strong emphasis on offshore wind and LNG across multiple holdings. The energy transition is driving structural demand for dredging services, offshore wind farms, and LNG infrastructure.	Offshore Wind LNG Alternative Energy Infrastructure Maritime
	Dredging Boskalis is the world's largest non-Chinese dredging company making up 47% of HAL's asset value. The dredging industry is experiencing strong growth driven by global trade requiring deeper ports, offshore energy development, land reclamation, and coastal protection needs. Annual market size estimated at €6.1bn in open markets.	Maritime Infrastructure Ports Coastal Protection Global Trade
	European Holdings Portfolio concentrated in European family-controlled holding companies including Bolloré galaxy, D'Ieteren Group, and HAL Trust. These complex structures often trade at significant discounts to NAV but offer potential value creation through corporate actions, roll-ups, and strategic restructuring initiatives.	Family Control Holding Companies NAV Discount Corporate Actions Europe
	Value Strategy focuses on undervalued securities trading at discounts to intrinsic value. HAL Trust trades at 26% discount to stated NAV which substantially understates real value. Manager sees significant value in complex European holding company structures that are misunderstood by markets.	Discount Intrinsic Value Undervalued Complex Structures Mispricing
2024 Q2	Holding Companies The fund maintains significant exposure to European holding companies, particularly the Bolloré galaxy of companies including Compagnie de L'Odet, Bolloré, Vivendi, and Lagardère. These companies trade at substantial discounts to NAV despite strong underlying assets like Universal Music Group and cash holdings.	Discount NAV Conglomerate Value Europe
	Sports Analytics Major position in Catapult International, a sports data analytics company benefiting from the massive growth in sports media rights and the need for performance data. The company has transitioned to a SaaS model and is positioned to benefit from the ongoing monetization of elite sports.	SaaS Data Technology Sports Analytics
	Travel Retail Exposure through Lagardère's travel retail business, which operates duty-free and convenience retail in airports globally. The business is recovering strongly post-COVID with passenger numbers rebounding and represents an attractive monopolistic retail opportunity.	Recovery Airports Retail Monopoly Travel
	Media Rights Investment thesis centered on the explosive growth in sports media rights globally, driven by streaming fragmentation and international expansion. This creates massive tailwinds for sports-related investments and data providers.	Streaming Rights Growth Global Content
2024 Q1	Conglomerates Focus on controlled companies trading at significant discounts to NAV, particularly family-controlled entities with hidden gems. The manager emphasizes that strong NAV/NAV growth is more prevalent than discount closure, citing examples like Exor trading at 40% discount despite Ferrari and Bolloré galaxy at 50%+ discounts despite Universal Music Group growth.	Discount to NAV Controlled companies Family control Hidden assets
	Hotels Detailed analysis of Peninsula Hotels through Hong Kong and Shanghai Hotels, emphasizing trophy assets trading at massive discounts. The manager notes luxury hotels are having a glorious moment with rich travelers meaning rich returns, but HKSH shares trade at 76% discount to fair value despite owning premier global properties.	Luxury hotels Trophy assets Hong Kong Tourism recovery
	Airports Extensive coverage of BIAL (Bangalore International Airport) as a monopolistic regulated asset with high margin volume growth. The manager describes it as the perfect investment with monopolistic attributes in a rapidly growing tech hub, comparing it to an unregulated toll bridge with expanding capacity to 90 million passengers by 2037.	Airport monopoly India infrastructure Regulated returns Passenger growth
	Auto Aftermarket Deep dive into Belron through D'Ieteren Group, describing it as a staggering compounder in vehicle glass repair and replacement. The manager highlights Belron's market leadership, pricing power, and technology advantage in ADAS systems, with operating margins expanding from 6% to over 20% since 2019.	Vehicle glass ADAS technology Market leadership Pricing power
2023 Q4	Investment Banks Manager discusses significant investments in Goldman Sachs and JP Morgan which contributed positively to quarterly returns. Also analyzes Barrenjoey Capital Partners as a strategic investment representing exposure to Australian investment banking with potential for significant value creation.	Investment Banking Capital Markets Financial Services Barrenjoey UBS
	Asset Managers Extensive analysis of Magellan Financial Group as a new position, viewing it as undervalued despite recent challenges. Manager sees opportunity in the funds management business trading at attractive valuations relative to assets under management.	Funds Management Asset Management Performance Fees Institutional Retail
	Live Sports Manager holds Manchester United and Madison Square Garden Sports, benefiting from rising sports team valuations. Discusses recent transactions showing sports teams trading at significant premiums to Forbes valuations, with Manchester United up 76% in the quarter.	Sports Teams Valuations Entertainment Media Rights EPL
2023 Q4	Investment Banks Manager discusses significant investments in Goldman Sachs and JP Morgan which contributed positively to quarterly returns. Also analyzes Barrenjoey Capital Partners as a strategic investment representing exposure to Australian investment banking with potential for significant value creation.	Investment Banking Capital Markets Financial Services Barrenjoey UBS
	Asset Managers Extensive analysis of Magellan Financial Group as a new position, viewing it as undervalued despite recent challenges. Manager sees opportunity in the funds management business trading at attractive valuations relative to assets under management.	Funds Management Asset Management Performance Fees Institutional Retail
	Live Sports Manager holds Manchester United and Madison Square Garden Sports, benefiting from rising sports team valuations. Discusses recent transactions showing sports teams trading at significant premiums to Forbes valuations, with Manchester United up 76% in the quarter.	Sports Teams Valuations Entertainment Media Rights EPL
2023 Q3	Capital Markets Extensive analysis of Virtu Financial as a liquidity provider in financial markets, discussing market making business model, regulatory challenges from SEC proposals, and competitive dynamics in off-exchange trading. Manager views current regulatory uncertainty as creating opportunity despite near-term headwinds.	Market Making Liquidity Trading Regulation Spreads
	Autos Holdings in Volkswagen complex (VOW3 and PAH3) declined over 10% amid investor pessimism regarding autos. New position in D'Ieteren, a Belgian auto-based private equity style conglomerate with significant exposure to Belron auto-glass business.	Automotive European Autos Auto Glass Conglomerates
	Luxury Richemont declined 26% influenced by minor downward earnings revisions. Position represents exposure to luxury goods sector through one of the world's leading luxury conglomerates.	Luxury Goods Swiss Luxury Watches Jewelry
	Media Holdings in Sphere Entertainment rose 46% following successful opening of Las Vegas Sphere venue. Manchester United declined 19% amid protracted sale process and team performance issues. Positions in Vivendi and other media-related assets.	Entertainment Sports Venues Content
2023 Q2	Media Extensive analysis of Universal Music Group as an exceptional business with strong economics, dominant market position, and high-quality annuity characteristics. Discussion of Vivendi's media assets including Canal+ and Havas, with focus on international expansion particularly in Africa and Asia.	Music Streaming Publishing Broadcasting
	Value Portfolio positioned in situations trading at considerable discounts to estimated value. Emphasis on complex corporate structures creating valuation arbitrage opportunities, particularly in the Bolloré Galaxy companies where multiple layers of discounts exist.	Discount NAV Arbitrage Undervaluation
	Logistics Major focus on Bolloré's logistics business divestments - Africa Logistics sold for €5.1bn and European logistics being sold for €5bn to CMA CGM. These sales represent significant value realization and will provide substantial cash for redeployment.	Ports Shipping Transportation Divestment
2023 Q2	Media Extensive analysis of Universal Music Group as an exceptional business with strong economics, dominant market position, and high-quality annuity characteristics. Discussion of Vivendi's media assets including Canal+ and Havas, with focus on international expansion particularly in Africa and Asia.	Music Streaming Publishing Broadcasting
	Value Portfolio positioned in situations trading at considerable discounts to estimated value. Emphasis on complex corporate structures creating valuation arbitrage opportunities, particularly in the Bolloré Galaxy companies where multiple layers of discounts exist.	Discount NAV Arbitrage Undervaluation
	Logistics Major focus on Bolloré's logistics business divestments - Africa Logistics sold for €5.1bn and European logistics being sold for €5bn to CMA CGM. These sales represent significant value realization and will provide substantial cash for redeployment.	Ports Shipping Transportation Divestment
2023 Q1	Luxury The fund invests in luxury companies with dynastic control, including SBM (Monaco's luxury gaming and hospitality), Richemont, and Swatch Group. These companies benefit from the ultra-rich demographic and have pricing power. The manager views luxury as a defensive growth sector with strong moats.	Luxury Gaming Hospitality Ultra-rich Pricing Power
	Autos Extensive analysis of Volkswagen complex showing significant undervaluation at 60% discount to sum-of-parts. The manager sees VW as a treasure trove of assets including Porsche AG, Lamborghini, and battery technology investments. Catalysts include potential IPOs of valuable subsidiaries.	Volkswagen Porsche Lamborghini IPO Undervaluation
	Battery Supply Chain VW's PowerCo initiative to build six battery factories in Europe, plus investments in QuantumScape, Gotion High-Tech, and Northvolt. The manager notes extremely high interest in PowerCo IPO potential, which could be significantly positive for VW valuation.	Battery PowerCo QuantumScape Gotion Northvolt
	Gaming SBM operates Casino de Monte-Carlo and Café de Paris with exclusive gaming rights in Monaco. While glamorous, gaming is not the main profit driver due to volatility in table games. The business has seasonal patterns and suffered during COVID with closure provisions.	Casino Monaco Gaming Seasonality Volatility
2023 Q1	Luxury The fund invests in luxury companies with dynastic control, including SBM (Monaco's luxury gaming and hospitality), Richemont, and Swatch Group. These companies benefit from the ultra-rich demographic and have pricing power. The manager views luxury as a defensive growth sector with strong moats.	Luxury Gaming Hospitality Ultra-rich Pricing Power
	Autos Extensive analysis of Volkswagen complex showing significant undervaluation at 60% discount to sum-of-parts. The manager sees VW as a treasure trove of assets including Porsche AG, Lamborghini, and battery technology investments. Catalysts include potential IPOs of valuable subsidiaries.	Volkswagen Porsche Lamborghini IPO Undervaluation
	Battery Supply Chain VW's PowerCo initiative to build six battery factories in Europe, plus investments in QuantumScape, Gotion High-Tech, and Northvolt. The manager notes extremely high interest in PowerCo IPO potential, which could be significantly positive for VW valuation.	Battery PowerCo QuantumScape Gotion Northvolt
	Gaming SBM operates Casino de Monte-Carlo and Café de Paris with exclusive gaming rights in Monaco. While glamorous, gaming is not the main profit driver due to volatility in table games. The business has seasonal patterns and suffered during COVID with closure provisions.	Casino Monaco Gaming Seasonality Volatility

QUARTER

THEMES

Travel

Manager views travel as a highly attractive long-term thematic driven by 5.3% annual growth in global air passengers pre-COVID and strong post-pandemic recovery demonstrating human desire to discover other cultures. The sector represents ~10% of global GDP with steep S-curve spending growth as GDP per capita exceeds $10,000. Manager emphasizes global businesses to mitigate regional risks and fixed-cost operating leverage challenges.

Hotels Travel Retail Air Travel Tourism

Hotels

Manager is highly positive on EVT's hotel business evolution as the key value driver, highlighting the strategic shift to mixed ownership/asset-lite model capitalizing on hospitality expertise across multiple price points (QT, Rydges, Atura brands). Growth supported by foreign tourism recovery to Australia with rolling twelve-month visitors at 9.16 million showing 9.6% annual growth approaching pre-COVID levels.

Asset-lite Brand Franchise Tourism Australia

Value

Manager demonstrates deep value orientation through patient capital approach on EVT Limited trading at same price as eleven years ago despite underlying asset appreciation. Portfolio focused on quality businesses under controlling shareholders trading at significant discounts to intrinsic value, with EVT assessed at 34% discount to pre-tax NAV of $19.42 per share.

Discount to NAV Controlling Shareholders Patient Capital

AI

Manager explicitly avoided AI-related investments despite awareness of sector dynamics, citing valuation discipline. Notes that many managers with outstanding analytical capabilities lost discipline in Q4 2025 and Q1 2026 when AI wave caused precipitous de-rating across service sectors, particularly software. Manager's avoidance of 2% or below free cash flow yields (50-year payback) for mature compounders was vindicated.

Valuation Discipline Software Free Cash Flow

Capital Markets

Virtu Financial was the largest contributor to returns in both the quarter (+219bp, +35.4%) and twelve months (+206bp, +33.0%). Manager notes higher levels of individual security volatility benefited Virtu's market-making business model. Position represents 8.17% of NAV at quarter end, the portfolio's largest holding.

Market Making Volatility Trading

Semiconductors

Manager acknowledges missing significant opportunity in memory chip cycle, specifically Samsung Electronics which rose 387% in US dollar terms over FY2026. Attended industry presentations on Micron, TSMC, and ASML demonstrating awareness of dynamics but failed to capitalize despite Samsung being within their universe of controlled companies.

Memory Samsung Missed Opportunity

2026 Q1

Capital Markets

Extensive analysis of US equity market structure evolution, including the growth of off-exchange trading venues, dark pools, and alternative trading systems. Discussion of how democratized access and increased retail participation have fundamentally changed market dynamics and created opportunities for liquidity providers.

Market Making Liquidity Trading Venues Market Structure Volatility

ETFs

Detailed examination of explosive ETF growth with nearly 1,000 new ETFs launched annually in US markets. Analysis of how ETF market making has become a critical business for liquidity providers, with the Big 3 holding over 50% market share in ETF creation and arbitrage services.

ETF Creation Market Making Arbitrage Passive Investing Liquidity Provision

Oil

Commentary on oil price gains during the quarter, with Brent crude rising 44% in March and 73% for the quarter due to military action against Iran. AKER-BP was a major positive contributor to portfolio performance, gaining 41% on oil price strength.

Energy Geopolitics Commodity Prices Norwegian Oil Price Volatility

Private Credit

Discussion of fears over private equity and private credit exposure to software stocks, leading to significant declines in alternative asset management firms. KKR down 46% from January 2025 peak and Blue Owl down 67%, with concerns about 2008-style comparisons emerging.

Alternative Assets Credit Risk Software Exposure Asset Management Leverage

2025 Q4

Controlled Companies

Manager views controlled public companies as significantly mispriced, trading at excessive discounts to NAV despite strong fundamentals. The bifurcated market since June 2025 has created opportunities in European holding companies where control is seen as negative by investors, contrary to the manager's empirical research showing long-term benefits.

Holding Companies Discount NAV Control Premium

Value

The manager sees significant value opportunities in controlled entities trading at large discounts to intrinsic value, particularly European holding companies. These discounts are described as not just hefty but more prevalent than expected, with investors ignoring them based on misconceptions about historical performance.

Discount Intrinsic Value Mispricing European Holdings

Aircraft Leasing

The underlying environment for aircraft lessors is described as exceptional, with strong international passenger growth, improved lease rates, near 100% capacity utilization, and aircraft selling at premiums to book value. Avation specifically trades at an 18% discount to NAV despite reduced financial risks.

Aviation Leasing Passenger Growth Capacity

Buybacks

Share buybacks are highlighted as a key value creation mechanism for controlled companies trading at significant discounts. The manager notes that better performing companies with ongoing buybacks are effectively buying euros or pounds for fifty cents, creating substantial NAV accretion opportunities.

Share Repurchase NAV Accretion Capital Management

Private Equity

The manager expresses skepticism about private equity valuations and marks, particularly noting opacity and moderate disclosure of funds. High pricing of privately held technology companies is seen as a discount widener for European companies that provide access to private equity funds.

Valuation Marks Opacity Technology

2025 Q3

Value

Manager focuses on quality businesses trading at significant discounts to intrinsic value under controlling shareholders. Emphasizes conservative valuation methods with margin of safety. Distinguishes between traditional value traps and companies with temporary pricing dislocations.

Discount Intrinsic Margin Quality Controllers

Luxury

Extensive analysis of luxury goods sector including watches and fashion. Discusses structural challenges from Chinese consumer weakness and currency headwinds. Notes concentration in ultra-luxury segments with disciplined brand management as key differentiator.

Watches Fashion China Ultra-luxury Brands

Europe

Significant exposure to European holding companies and family-controlled businesses. Discusses regulatory challenges in France affecting Bolloré group and structural discounts in European investment companies. Notes currency headwinds from CHF strength.

Holdings Family Discounts Regulation Currency

2025 Q2

Value

The fund focuses on companies trading at significant discounts to assessed value, particularly CK Hutchison at 65% discount to NAV. The manager emphasizes value traps as the biggest risk where management doesn't allow real value to emerge.

Discount NAV Undervalued Sum-of-parts Asset backing

Ports

Extensive analysis of CK Hutchison's port assets, particularly the proposed $23 billion sale of Hutchison Port Holdings to a consortium including MSC and Blackstone. The transaction would unlock enormous value if completed.

HPH Terminals Maritime Infrastructure Logistics

Telecommunications

Deep dive into CK Hutchison's European telecom operations, particularly the UK merger with Vodafone creating VodafoneThree. The manager sees potential for significant value creation through synergies and market consolidation.

5G Spectrum Consolidation Mobile Networks

Beauty

Analysis of A.S. Watson as the world's largest health and beauty retailer with 17,000 stores globally. European operations are strong while Chinese operations have deteriorated significantly since COVID.

Retail Health Consumer Loyalty Europe

2025 Q1

Aircraft Leasing

The fund features extensive analysis of the aircraft leasing industry, particularly focusing on regional aircraft and ATR turboprops. The manager discusses the trillion-dollar industry with limited public market exposure and highlights Avation PLC as a unique specialist lessor with significant optionality through ATR purchase rights.

Aircraft Leasing Regional Aviation ATR Turboprop Aviation

Luxury

The portfolio includes several luxury holdings including Richemont, Christian Dior, Swatch Group, and Robertet. The manager notes that not all luxury is equal, highlighting Richemont's exceptional Cartier results while acknowledging tariff exposure risks for luxury counters caught in US-China trade tensions.

Luxury Richemont LVMH Cartier Premium

Controlled Companies

The fund specializes in controlled company investments, with the manager presenting at Santangel's Roundtable to discuss their approach. The strategy focuses on accessing large businesses through controlled structures that have limited public company exposures.

Controlled Companies Corporate Structure Holding Companies Investment Vehicles

Trade Policy

The manager discusses exposure to volatile US tariff processes, noting modest but not nil direct exposure. Asian stocks are generally service sector focused, while luxury counters face crossfire from US-China trade tensions with varying revenue exposures to affected markets.

Tariffs Trade War US-China Policy Risk Geopolitical

Travel

The fund has global travel exposures that are being closely monitored amid potential consumer caution from trade volatility. The manager notes destination substitution trends but believes consumers still have money and appetite for travel, particularly in the aircraft leasing context.

Travel Tourism Aviation Consumer Spending Hospitality

2024 Q4

Capital Markets

Strong performance from liquidity providers Virtu Financial and Flow Traders benefiting from increased volumes and volatility. Manager expects continued volatility in 2025 due to new US administration and high equity valuations, creating promising outlook for liquidity providers across all asset classes.

Liquidity Volatility Trading Market Making Spreads

Alcohol

Detailed analysis of champagne industry as preferred alcohol exposure through Laurent Perrier. Manager views champagne as different from broader beverage sector due to regulated supply and yield control, with publicly listed champagne houses trading at attractive valuations despite industry headwinds.

Champagne Beverages Luxury France Regulation

Value

Focus on family-controlled entities trading at significant discounts to NAV, particularly Viel et Cie at 54% discount. Manager seeks companies where underlying value is well ahead of market price but acknowledges trade-off with patient capital requirements.

Discount NAV Family Control Patient Capital Undervalued

2024 Q3

Energy Transition

Significant exposure to alternative energy through Vopak, parts of Boskalis, SBMO plus Anthony Veder Group totaling about €4billion worth of exposure. HAL Trust has strong emphasis on offshore wind and LNG across multiple holdings. The energy transition is driving structural demand for dredging services, offshore wind farms, and LNG infrastructure.

Offshore Wind LNG Alternative Energy Infrastructure Maritime

Dredging

Boskalis is the world's largest non-Chinese dredging company making up 47% of HAL's asset value. The dredging industry is experiencing strong growth driven by global trade requiring deeper ports, offshore energy development, land reclamation, and coastal protection needs. Annual market size estimated at €6.1bn in open markets.

Maritime Infrastructure Ports Coastal Protection Global Trade

European Holdings

Portfolio concentrated in European family-controlled holding companies including Bolloré galaxy, D'Ieteren Group, and HAL Trust. These complex structures often trade at significant discounts to NAV but offer potential value creation through corporate actions, roll-ups, and strategic restructuring initiatives.

Family Control Holding Companies NAV Discount Corporate Actions Europe

Value

Strategy focuses on undervalued securities trading at discounts to intrinsic value. HAL Trust trades at 26% discount to stated NAV which substantially understates real value. Manager sees significant value in complex European holding company structures that are misunderstood by markets.

Discount Intrinsic Value Undervalued Complex Structures Mispricing

2024 Q2

Holding Companies

The fund maintains significant exposure to European holding companies, particularly the Bolloré galaxy of companies including Compagnie de L'Odet, Bolloré, Vivendi, and Lagardère. These companies trade at substantial discounts to NAV despite strong underlying assets like Universal Music Group and cash holdings.

Discount NAV Conglomerate Value Europe

Sports Analytics

Major position in Catapult International, a sports data analytics company benefiting from the massive growth in sports media rights and the need for performance data. The company has transitioned to a SaaS model and is positioned to benefit from the ongoing monetization of elite sports.

SaaS Data Technology Sports Analytics

Travel Retail

Exposure through Lagardère's travel retail business, which operates duty-free and convenience retail in airports globally. The business is recovering strongly post-COVID with passenger numbers rebounding and represents an attractive monopolistic retail opportunity.

Recovery Airports Retail Monopoly Travel

Media Rights

Investment thesis centered on the explosive growth in sports media rights globally, driven by streaming fragmentation and international expansion. This creates massive tailwinds for sports-related investments and data providers.

Streaming Rights Growth Global Content

2024 Q1

Conglomerates

Focus on controlled companies trading at significant discounts to NAV, particularly family-controlled entities with hidden gems. The manager emphasizes that strong NAV/NAV growth is more prevalent than discount closure, citing examples like Exor trading at 40% discount despite Ferrari and Bolloré galaxy at 50%+ discounts despite Universal Music Group growth.

Discount to NAV Controlled companies Family control Hidden assets

Hotels

Detailed analysis of Peninsula Hotels through Hong Kong and Shanghai Hotels, emphasizing trophy assets trading at massive discounts. The manager notes luxury hotels are having a glorious moment with rich travelers meaning rich returns, but HKSH shares trade at 76% discount to fair value despite owning premier global properties.

Luxury hotels Trophy assets Hong Kong Tourism recovery

Airports

Extensive coverage of BIAL (Bangalore International Airport) as a monopolistic regulated asset with high margin volume growth. The manager describes it as the perfect investment with monopolistic attributes in a rapidly growing tech hub, comparing it to an unregulated toll bridge with expanding capacity to 90 million passengers by 2037.

Airport monopoly India infrastructure Regulated returns Passenger growth

Auto Aftermarket

Deep dive into Belron through D'Ieteren Group, describing it as a staggering compounder in vehicle glass repair and replacement. The manager highlights Belron's market leadership, pricing power, and technology advantage in ADAS systems, with operating margins expanding from 6% to over 20% since 2019.

Vehicle glass ADAS technology Market leadership Pricing power

2023 Q4

Investment Banks

Manager discusses significant investments in Goldman Sachs and JP Morgan which contributed positively to quarterly returns. Also analyzes Barrenjoey Capital Partners as a strategic investment representing exposure to Australian investment banking with potential for significant value creation.

Investment Banking Capital Markets Financial Services Barrenjoey UBS

Asset Managers

Extensive analysis of Magellan Financial Group as a new position, viewing it as undervalued despite recent challenges. Manager sees opportunity in the funds management business trading at attractive valuations relative to assets under management.

Funds Management Asset Management Performance Fees Institutional Retail

Live Sports

Manager holds Manchester United and Madison Square Garden Sports, benefiting from rising sports team valuations. Discusses recent transactions showing sports teams trading at significant premiums to Forbes valuations, with Manchester United up 76% in the quarter.

Sports Teams Valuations Entertainment Media Rights EPL

2023 Q4

Investment Banks

Investment Banking Capital Markets Financial Services Barrenjoey UBS

Asset Managers

Funds Management Asset Management Performance Fees Institutional Retail

Live Sports

Sports Teams Valuations Entertainment Media Rights EPL

2023 Q3

Capital Markets

Extensive analysis of Virtu Financial as a liquidity provider in financial markets, discussing market making business model, regulatory challenges from SEC proposals, and competitive dynamics in off-exchange trading. Manager views current regulatory uncertainty as creating opportunity despite near-term headwinds.

Market Making Liquidity Trading Regulation Spreads

Autos

Holdings in Volkswagen complex (VOW3 and PAH3) declined over 10% amid investor pessimism regarding autos. New position in D'Ieteren, a Belgian auto-based private equity style conglomerate with significant exposure to Belron auto-glass business.

Automotive European Autos Auto Glass Conglomerates

Luxury

Richemont declined 26% influenced by minor downward earnings revisions. Position represents exposure to luxury goods sector through one of the world's leading luxury conglomerates.

Luxury Goods Swiss Luxury Watches Jewelry

Media

Holdings in Sphere Entertainment rose 46% following successful opening of Las Vegas Sphere venue. Manchester United declined 19% amid protracted sale process and team performance issues. Positions in Vivendi and other media-related assets.

Entertainment Sports Venues Content

2023 Q2

Media

Extensive analysis of Universal Music Group as an exceptional business with strong economics, dominant market position, and high-quality annuity characteristics. Discussion of Vivendi's media assets including Canal+ and Havas, with focus on international expansion particularly in Africa and Asia.

Music Streaming Publishing Broadcasting

Value

Portfolio positioned in situations trading at considerable discounts to estimated value. Emphasis on complex corporate structures creating valuation arbitrage opportunities, particularly in the Bolloré Galaxy companies where multiple layers of discounts exist.

Discount NAV Arbitrage Undervaluation

Logistics

Major focus on Bolloré's logistics business divestments - Africa Logistics sold for €5.1bn and European logistics being sold for €5bn to CMA CGM. These sales represent significant value realization and will provide substantial cash for redeployment.

Ports Shipping Transportation Divestment

2023 Q2

Media

Music Streaming Publishing Broadcasting

Value

Discount NAV Arbitrage Undervaluation

Logistics

Ports Shipping Transportation Divestment

2023 Q1

Luxury

The fund invests in luxury companies with dynastic control, including SBM (Monaco's luxury gaming and hospitality), Richemont, and Swatch Group. These companies benefit from the ultra-rich demographic and have pricing power. The manager views luxury as a defensive growth sector with strong moats.

Luxury Gaming Hospitality Ultra-rich Pricing Power

Autos

Extensive analysis of Volkswagen complex showing significant undervaluation at 60% discount to sum-of-parts. The manager sees VW as a treasure trove of assets including Porsche AG, Lamborghini, and battery technology investments. Catalysts include potential IPOs of valuable subsidiaries.

Volkswagen Porsche Lamborghini IPO Undervaluation

Battery Supply Chain

VW's PowerCo initiative to build six battery factories in Europe, plus investments in QuantumScape, Gotion High-Tech, and Northvolt. The manager notes extremely high interest in PowerCo IPO potential, which could be significantly positive for VW valuation.

Battery PowerCo QuantumScape Gotion Northvolt

Gaming

SBM operates Casino de Monte-Carlo and Café de Paris with exclusive gaming rights in Monaco. While glamorous, gaming is not the main profit driver due to volatility in table games. The business has seasonal patterns and suffered during COVID with closure provisions.

Casino Monaco Gaming Seasonality Volatility

2023 Q1

Luxury

Luxury Gaming Hospitality Ultra-rich Pricing Power

Autos

Volkswagen Porsche Lamborghini IPO Undervaluation

Battery Supply Chain

Battery PowerCo QuantumScape Gotion Northvolt

Gaming

Casino Monaco Gaming Seasonality Volatility

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Sep 30, 2023	Fund Letters	East72 Holdings	DIEPA.BR	D'Ieteren Group	Consumer Discretionary	Automotive Retail	Bull	Euronext Brussels	Auto Glass, Automotive Services, Belgian, Belron, conglomerate, family-controlled, Moat, Private Equity Style, Value	Login
Sep 30, 2023	Fund Letters	East72 Holdings	VIRT	Virtu Financial	Financials	Capital Markets	Bull	NASDAQ	Capital markets, Cyclical, financial technology, high-frequency trading, liquidity provider, market making, Regulatory risk, US equities, Value	Login
Jul 16, 2026	Fund Letters	East72 Dynasty Trust	EVT.AX	EVT Limited	Entertainment	Hotels, Resorts & Cruise Lines	Bull	Australian Securities Exchange	asset-light, Australia, Cinema exhibition, entertainment, family-controlled, Hotel Management, Hotels, Leisure, NAV discount, Real Estate, Ski resort, Sum-of-parts, Sydney CBD, Tourism, Value	Login
Jul 16, 2026	Fund Letters	East72 Dynasty Trust	WISE.L	Wise Group PLC	Information Technology Services	Transaction & Payment Processing Services	Bull	London Stock Exchange	Banking disintermediation, Cross Border Payments, Fintech, Gen Z, growth, Millennial, money transfer, Multi-currency, Regulatory Overhang, ROE, technology platform, Transaction Processing, UK	Login
Apr 10, 2026	Fund Letters	East72 Dynasty Trust	VIRT	Virtu Financial	Capital Markets	Capital Markets	Bull	NASDAQ	Capital markets, Equity, ETF, financial technology, growth, high-frequency trading, liquidity provider, market maker, Off-Exchange Trading, turnaround	Login
Jan 5, 2026	Fund Letters	Andrew Brown	HANA LN	Hansa Investment Company	Financials	Asset Management	Bull	New York Stock Exchange	buybacks, Control, discounts, Governance, Holdingcompanies	Login
Jan 5, 2026	Fund Letters	Andrew Brown	DIE BB	D’Ieteren Group	Consumer Discretionary	Automotive Retail	Bull	Shanghai Stock Exchange	automotive, buybacks, discounts, Holdings, Sumofparts	Login
Jan 5, 2026	Fund Letters	Andrew Brown	AVAP LN	Avation PLC	Industrials	Aircraft Leasing	Bull	New York Stock Exchange	Aircraftleasing, Aviation, buybacks, cashflow, Navdiscount	Login
Oct 1, 2025	Fund Letters	Andrew Brown	UHR SW	Swatch Group AG	Consumer Discretionary	Apparel, Accessories & Luxury Goods	Bull	Swiss Exchange	buybacks, China recovery, Gross margin, Luxury, operating leverage, Real Estate, valuation	Login
Mar 31, 2025	Fund Letters	East72 Dynasty Trust	VIV.PA	Vivendi	Communication Services	Media	Bull	Euronext Paris	Asset Redeployment, Bolloré, Corporate Raider, discount to NAV, European Media, holding company, Sum-of-the-Parts, Telecom Italia Divestment, Value	Login
Mar 31, 2025	Fund Letters	East72 Dynasty Trust	AVAP.L	Avation PLC	Industrials	Trading Companies & Distributors	Bull	London Stock Exchange	Aircraft Leasing, Asia-Pacific, ATR Turboprop, debt refinancing, discount to NAV, niche market, Purchase Rights, Regional Aviation, strategic sale, Value Realization	Login
Dec 31, 2024	Fund Letters	East72 Dynasty Trust	LPE.PA	Laurent Perrier	Consumer Staples	Distillers & Vintners	Bull	Euronext Paris	Champagne, consumer staples, Europe, Export-Focused, family-controlled, French, Luxury goods, Premium Beverages, premiumization, Regulated Industry	Login
Dec 31, 2024	Fund Letters	East72 Dynasty Trust	VIL.PA	Viel et Cie	Financials	Investment Banking & Brokerage	Bull	Euronext Paris	discount to NAV, family-controlled, financial services, French, holding company, Inter-Dealer Broker, liquidity provider, private banking, Sum-of-parts, Value	Login
Sep 30, 2024	Fund Letters	East72 Dynasty Trust	HAL.AS	HAL Trust	Capital Markets	Investment Banking & Brokerage	Bull	Euronext Amsterdam	alternative energy, conglomerate, discount to NAV, Dredging, family-controlled, Maritime, Netherlands, Offshore Wind, Tank Storage, Value	Login
Jun 30, 2024	Fund Letters	East72 Dynasty Trust	CDI.PA	Compagnie de L'Odet	Financials	Diversified Financial Services	Bull	Euronext Paris	Cash Optionality, Corporate Restructuring, Cross-shareholding, discount to NAV, Equity, france, holding company, Value	Login
Jun 30, 2024	Fund Letters	East72 Dynasty Trust	BOL.PA	Bolloré SE	Financials	Diversified Financial Services	Bull	Euronext Paris	cash position, discount to NAV, Equity, france, holding company, media, Universal Music Group, Value, Vivendi	Login
Jun 30, 2024	Fund Letters	East72 Dynasty Trust	VIV.PA	Vivendi SE	Communication Services	Media	Bull	Euronext Paris	conglomerate discount, Corporate Restructuring, Equity, france, media, Publishing, spin-off, Value	Login
Jun 30, 2024	Fund Letters	East72 Dynasty Trust	MMB.PA	Lagardère SA	Consumer Discretionary	Specialty Retail	Bull	Euronext Paris	Airports, Corporate Restructuring, Equity, france, Private Equity Target, Publishing, Sum-of-parts, Travel Retail, Value	Login
Jun 30, 2024	Fund Letters	East72 Dynasty Trust	CAT.AX	Catapult International Limited	Information Technology	Application Software	Bull	Australian Securities Exchange	Australia, Data Analytics, Elite Sports, Equity, growth, recurring revenue, SaaS, Sports Technology, Wearables	Login
Mar 31, 2024	Fund Letters	East72 Dynasty Trust	DIE.BR	D'Ieteren Group	Consumer Discretionary	Specialty Retail	Bull	Euronext Brussels	ADAS Technology, Automotive Services, Belgium, cash flow generation, market leadership, Pricing power, private equity, Technology moat, Vehicle glass repair	Login
Mar 31, 2024	Fund Letters	East72 Dynasty Trust	FIH-U.TO	Fairfax India Holdings	Financials	Asset Management & Custody Banks	Bull	Toronto Stock Exchange	Airport Infrastructure, Bangalore, Emerging markets, India, infrastructure, Monopoly, NAV discount, Passenger Growth, regulated utility	Login
Mar 31, 2024	Fund Letters	East72 Dynasty Trust	0045.HK	Hong Kong and Shanghai Hotels	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	Hong Kong Stock Exchange	family-controlled, Hong Kong, Luxury hotels, NAV discount, Peninsula Hotels, Real Estate, Tourism Recovery, Trophy Assets, Ultra-Luxury	Login
Jun 30, 2023	Fund Letters	East72 Holdings	BOL.PA	Bolloré	Industrials	Industrial Conglomerates	Bull	Euronext Paris	Asset Sale, complex structure, conglomerate, Corporate Restructuring, discount to NAV, family-controlled, france, Logistics, media, Value	Login
Jun 30, 2023	Fund Letters	East72 Holdings	ODET.PA	Compagnie de L'Odet	Financials	Diversified Financial Services	Bull	Euronext Paris	100-bagger, Bolloré, Control premium, Corporate action, discount to NAV, family-controlled, france, holding company, Squeeze-Out, Value	Login
Mar 31, 2023	Fund Letters	East72 Holdings	BAIN.PA	Societe des Bains de Mer et du Cercle des Etrangers a Monaco SA	Consumer Discretionary	Casinos & Gaming	Bull	Euronext Paris	Casinos, European Equity, Gaming, hospitality, Hotels, Luxury Real Estate, Monaco, Monopoly, Tourism, Ultra High Net Worth	Login
Mar 31, 2023	Fund Letters	East72 Holdings	VOW3.DE	Volkswagen AG	Consumer Discretionary	Automobile Manufacturers	Bull	XETRA	battery technology, China JV, EV Technology, German Automotive, Lamborghini, Luxury Brands, Porsche, Spinoff Catalyst, Sum-of-parts, undervaluation	Login
Dec 31, 2022	Fund Letters	East72 Holdings	MANU	Manchester United PLC	Communication Services	Entertainment	Bull	NYSE	entertainment, EPL, Football Club, Media rights, private equity, Sale Catalyst, Sports Team, takeover target, UK	Login
Dec 31, 2022	Fund Letters	East72 Holdings	MFG.AX	Magellan Financial Group	Financials	Asset Management & Custody Banks	Bull	ASX	asset management, Australia, financial services, Fund Outflows, investment banking, Retail Funds, strategic investments, turnaround, Value	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Sep 30, 2023

Fund Letters

East72 Holdings

DIEPA.BR

D'Ieteren Group

Consumer Discretionary

Automotive Retail

Bull

Euronext Brussels

Auto Glass, Automotive Services, Belgian, Belron, conglomerate, family-controlled, Moat, Private Equity Style, Value

Sep 30, 2023

Fund Letters

East72 Holdings

VIRT

Virtu Financial

Financials

Capital Markets

Bull

NASDAQ

Capital markets, Cyclical, financial technology, high-frequency trading, liquidity provider, market making, Regulatory risk, US equities, Value

Jul 16, 2026

Fund Letters

East72 Dynasty Trust

EVT.AX

EVT Limited

Entertainment

Hotels, Resorts & Cruise Lines

Bull

Australian Securities Exchange

asset-light, Australia, Cinema exhibition, entertainment, family-controlled, Hotel Management, Hotels, Leisure, NAV discount, Real Estate, Ski resort, Sum-of-parts, Sydney CBD, Tourism, Value

Jul 16, 2026

Fund Letters

East72 Dynasty Trust

WISE.L

Wise Group PLC

Information Technology Services

Transaction & Payment Processing Services

Bull

London Stock Exchange

Banking disintermediation, Cross Border Payments, Fintech, Gen Z, growth, Millennial, money transfer, Multi-currency, Regulatory Overhang, ROE, technology platform, Transaction Processing, UK

Apr 10, 2026

Fund Letters

East72 Dynasty Trust

VIRT

Virtu Financial

Capital Markets

Bull

NASDAQ

Capital markets, Equity, ETF, financial technology, growth, high-frequency trading, liquidity provider, market maker, Off-Exchange Trading, turnaround

Jan 5, 2026

Fund Letters

Andrew Brown

HANA LN

Hansa Investment Company

Financials

Asset Management

Bull

New York Stock Exchange

buybacks, Control, discounts, Governance, Holdingcompanies

Jan 5, 2026

Fund Letters

Andrew Brown

DIE BB

D’Ieteren Group

Consumer Discretionary

Automotive Retail

Bull

Shanghai Stock Exchange

automotive, buybacks, discounts, Holdings, Sumofparts

Jan 5, 2026

Fund Letters

Andrew Brown

AVAP LN

Avation PLC

Industrials

Aircraft Leasing

Bull

New York Stock Exchange

Aircraftleasing, Aviation, buybacks, cashflow, Navdiscount

Oct 1, 2025

Fund Letters

Andrew Brown

UHR SW

Swatch Group AG

Consumer Discretionary

Apparel, Accessories & Luxury Goods

Bull

Swiss Exchange

buybacks, China recovery, Gross margin, Luxury, operating leverage, Real Estate, valuation

Mar 31, 2025

Fund Letters

East72 Dynasty Trust

VIV.PA

Vivendi

Communication Services

Media

Bull

Euronext Paris

Asset Redeployment, Bolloré, Corporate Raider, discount to NAV, European Media, holding company, Sum-of-the-Parts, Telecom Italia Divestment, Value

Mar 31, 2025

Fund Letters

East72 Dynasty Trust

AVAP.L

Avation PLC

Industrials

Trading Companies & Distributors

Bull

London Stock Exchange

Aircraft Leasing, Asia-Pacific, ATR Turboprop, debt refinancing, discount to NAV, niche market, Purchase Rights, Regional Aviation, strategic sale, Value Realization

Dec 31, 2024

Fund Letters

East72 Dynasty Trust

LPE.PA

Laurent Perrier

Consumer Staples

Distillers & Vintners

Bull

Euronext Paris

Champagne, consumer staples, Europe, Export-Focused, family-controlled, French, Luxury goods, Premium Beverages, premiumization, Regulated Industry

Dec 31, 2024

Fund Letters

East72 Dynasty Trust

VIL.PA

Viel et Cie

Financials

Investment Banking & Brokerage

Bull

Euronext Paris

discount to NAV, family-controlled, financial services, French, holding company, Inter-Dealer Broker, liquidity provider, private banking, Sum-of-parts, Value

Sep 30, 2024

Fund Letters

East72 Dynasty Trust

HAL.AS

HAL Trust

Capital Markets

Investment Banking & Brokerage

Bull

Euronext Amsterdam

alternative energy, conglomerate, discount to NAV, Dredging, family-controlled, Maritime, Netherlands, Offshore Wind, Tank Storage, Value

Jun 30, 2024

Fund Letters

East72 Dynasty Trust

CDI.PA

Compagnie de L'Odet

Financials

Diversified Financial Services

Bull

Euronext Paris

Cash Optionality, Corporate Restructuring, Cross-shareholding, discount to NAV, Equity, france, holding company, Value

Jun 30, 2024

Fund Letters

East72 Dynasty Trust

BOL.PA

Bolloré SE

Financials

Diversified Financial Services

Bull

Euronext Paris

cash position, discount to NAV, Equity, france, holding company, media, Universal Music Group, Value, Vivendi

Jun 30, 2024

Fund Letters

East72 Dynasty Trust

VIV.PA

Vivendi SE

Communication Services

Media

Bull

Euronext Paris

conglomerate discount, Corporate Restructuring, Equity, france, media, Publishing, spin-off, Value

Jun 30, 2024

Fund Letters

East72 Dynasty Trust

MMB.PA

Lagardère SA

Consumer Discretionary

Specialty Retail

Bull

Euronext Paris

Airports, Corporate Restructuring, Equity, france, Private Equity Target, Publishing, Sum-of-parts, Travel Retail, Value

Jun 30, 2024

Fund Letters

East72 Dynasty Trust

CAT.AX

Catapult International Limited

Information Technology

Application Software

Bull

Australian Securities Exchange

Australia, Data Analytics, Elite Sports, Equity, growth, recurring revenue, SaaS, Sports Technology, Wearables

Mar 31, 2024

Fund Letters

East72 Dynasty Trust

DIE.BR

D'Ieteren Group

Consumer Discretionary

Specialty Retail

Bull

Euronext Brussels

ADAS Technology, Automotive Services, Belgium, cash flow generation, market leadership, Pricing power, private equity, Technology moat, Vehicle glass repair

Mar 31, 2024

Fund Letters

East72 Dynasty Trust

FIH-U.TO

Fairfax India Holdings

Financials

Asset Management & Custody Banks

Bull

Toronto Stock Exchange

Airport Infrastructure, Bangalore, Emerging markets, India, infrastructure, Monopoly, NAV discount, Passenger Growth, regulated utility

Mar 31, 2024

Fund Letters

East72 Dynasty Trust

0045.HK

Hong Kong and Shanghai Hotels

Consumer Discretionary

Hotels, Restaurants & Leisure

Bull

Hong Kong Stock Exchange

family-controlled, Hong Kong, Luxury hotels, NAV discount, Peninsula Hotels, Real Estate, Tourism Recovery, Trophy Assets, Ultra-Luxury

Jun 30, 2023

Fund Letters

East72 Holdings

BOL.PA

Bolloré

Industrials

Industrial Conglomerates

Bull

Euronext Paris

Asset Sale, complex structure, conglomerate, Corporate Restructuring, discount to NAV, family-controlled, france, Logistics, media, Value

Jun 30, 2023

Fund Letters

East72 Holdings

ODET.PA

Compagnie de L'Odet

Financials

Diversified Financial Services

Bull

Euronext Paris

100-bagger, Bolloré, Control premium, Corporate action, discount to NAV, family-controlled, france, holding company, Squeeze-Out, Value

Mar 31, 2023

Fund Letters

East72 Holdings

BAIN.PA

Societe des Bains de Mer et du Cercle des Etrangers a Monaco SA

Consumer Discretionary

Casinos & Gaming

Bull

Euronext Paris

Casinos, European Equity, Gaming, hospitality, Hotels, Luxury Real Estate, Monaco, Monopoly, Tourism, Ultra High Net Worth

Mar 31, 2023

Fund Letters

East72 Holdings

VOW3.DE

Volkswagen AG

Consumer Discretionary

Automobile Manufacturers

Bull

XETRA

battery technology, China JV, EV Technology, German Automotive, Lamborghini, Luxury Brands, Porsche, Spinoff Catalyst, Sum-of-parts, undervaluation

Dec 31, 2022

Fund Letters

East72 Holdings

MANU

Manchester United PLC

Communication Services

Entertainment

Bull

NYSE

entertainment, EPL, Football Club, Media rights, private equity, Sale Catalyst, Sports Team, takeover target, UK

Dec 31, 2022

Fund Letters

East72 Holdings

MFG.AX

Magellan Financial Group

Financials

Asset Management & Custody Banks

Bull

ASX

asset management, Australia, financial services, Fund Outflows, investment banking, Retail Funds, strategic investments, turnaround, Value

TICKER	COMMENTARY
VIRT	Virtu Financial was the major contribution to return in the latest quarter at 219bp with a +35.4% return and twelve months at 206bp (215bp local currency) with +33.0% return. Higher levels of individual security volatility served up an opportunity benefitting our largest holding Virtu Financial. At quarter end, Virtu Financial represented 8.17% of net asset value as the portfolio's largest position.
WISE.L	The consensus expectation of May's NASDAQ listing for Wise Group PLC facilitating a re-rating of the shares proved fallacious – the shares reached an eight-month high on the appointed day and promptly fell 32% in a month, to our benefit. This was partly propagated by a Belgian enquiry into the company's systems and compliance with AML protocols. The financial analysis is very straightforward given Wise's disclosures. With rolling twelve months to March 2026 cross-border volumes up 31.5% feeding 17.3% revenue growth and customer balances up over 36%, the company is at an advantageous point of the growth curve. The shares are currently priced at a forward P/E of 22x with 27% ROE and a competitive advantage which doesn't appear to reflect this.
EVT.AX	EVT Limited shares are trading at the same price as they were eleven years ago. At $12.88 (30 June pricing), EVT trades at a rough 34% discount to ascribed PRE TAX value per share of $19.42. The evolution of EVT's hotel business is the key to adding further growth and value into the whole company. Our valuation assessment suggests the business is far and away the most valuable component of EVT. We value the combined hotel business at between $2,315million and $2,808million based on a per room managed value of $23,175-$25,000 and per key owned room of $540,000-$667,000, implying an EV/EBITDA multiple of around 21x FY2027 earnings.
005930.KS	Not just in memory chips where Samsung Electronics is within our universe of controlled companies. We attended a fabulous morning debate on the industry with back-to-back presentations on Micron Technologies, TSMC and ASML so we were aware of the dynamics – and the shares have risen 75% since then (late March) and 387% in US$ terms over FY2026.
GOOGL	Of other companies in our universe where we have real familiarity, we failed to take advantage of opportunities in businesses as diverse as Alphabet +100% in FY2026.

TICKER

COMMENTARY

VIRT

Virtu Financial was the major contribution to return in the latest quarter at 219bp with a +35.4% return and twelve months at 206bp (215bp local currency) with +33.0% return. Higher levels of individual security volatility served up an opportunity benefitting our largest holding Virtu Financial. At quarter end, Virtu Financial represented 8.17% of net asset value as the portfolio's largest position.

WISE.L

The consensus expectation of May's NASDAQ listing for Wise Group PLC facilitating a re-rating of the shares proved fallacious – the shares reached an eight-month high on the appointed day and promptly fell 32% in a month, to our benefit. This was partly propagated by a Belgian enquiry into the company's systems and compliance with AML protocols. The financial analysis is very straightforward given Wise's disclosures. With rolling twelve months to March 2026 cross-border volumes up 31.5% feeding 17.3% revenue growth and customer balances up over 36%, the company is at an advantageous point of the growth curve. The shares are currently priced at a forward P/E of 22x with 27% ROE and a competitive advantage which doesn't appear to reflect this.

EVT.AX

EVT Limited shares are trading at the same price as they were eleven years ago. At $12.88 (30 June pricing), EVT trades at a rough 34% discount to ascribed PRE TAX value per share of $19.42. The evolution of EVT's hotel business is the key to adding further growth and value into the whole company. Our valuation assessment suggests the business is far and away the most valuable component of EVT. We value the combined hotel business at between $2,315million and $2,808million based on a per room managed value of $23,175-$25,000 and per key owned room of $540,000-$667,000, implying an EV/EBITDA multiple of around 21x FY2027 earnings.

005930.KS

Not just in memory chips where Samsung Electronics is within our universe of controlled companies. We attended a fabulous morning debate on the industry with back-to-back presentations on Micron Technologies, TSMC and ASML so we were aware of the dynamics – and the shares have risen 75% since then (late March) and 387% in US$ terms over FY2026.

GOOGL

Of other companies in our universe where we have real familiarity, we failed to take advantage of opportunities in businesses as diverse as Alphabet +100% in FY2026.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

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

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Travel

Hotels

Value

AI

Capital Markets

Semiconductors

Capital Markets

ETFs

Oil

Private Credit

Controlled Companies

Value

Aircraft Leasing

Buybacks

Private Equity

Value

Luxury

Europe

Value

Ports

Telecommunications

Beauty

Aircraft Leasing

Luxury

Controlled Companies

Trade Policy

Travel

Capital Markets

Alcohol

Value

Energy Transition

Dredging

European Holdings

Value

Holding Companies

Sports Analytics

Travel Retail

Media Rights

Conglomerates

Hotels

Airports

Auto Aftermarket

Investment Banks

Asset Managers

Live Sports

Investment Banks

Asset Managers

Live Sports

Capital Markets

Autos

Luxury

Media

Media

Value

Logistics

Media

Value

Logistics

Luxury

Autos

Battery Supply Chain

Gaming

Luxury

Autos

Battery Supply Chain

Gaming

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include: