| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 30.42% | -4.62% | -4.62% |
Dynasty Trust returned -4.62% in Q1 2026 amid violent market activity beneath mainstream indices. The quarter saw software stocks collapse 14.6% in January, alternative asset managers fall 20.9% in February on private credit fears, and oil surge 73% on Iran military action. The fund reduced holdings to 22 positions, divesting Carlyle Group, Vivendi, and others while concentrating in favored names. Top contributors included AKER-BP (+41% on oil gains), Virtu Financial (+32% on strong results and market conditions), and HAL Trust (+23% on portfolio gains). Major detractors were Carlyle Group (-14% on private credit exposure) and Avation (-8% on stake sale indigestion). The portfolio maintains 3.5% cash and focuses on companies where controlling shareholders drive value creation. Manager sees structural opportunities in democratized markets and ETF growth, particularly benefiting liquidity providers like top holding Virtu Financial, despite acknowledging current elevated market conditions may moderate.
Dynasty Trust focuses on quality businesses under controlling shareholders' aegis, benefiting from structural changes in market dynamics while maintaining lower absolute volatility than global equity indices through careful security selection.
Manager expects continued structural benefits from democratized markets and increased retail participation, despite acknowledging current volumes may represent a cyclical peak. Believes Virtu's strategic pivot toward capital retention rather than buybacks positions it well for sustained higher profitability.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| 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. |
| 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. |
| 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 |
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 | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
Capital MarketsExtensive 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 |
ETFsDetailed 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 | |
OilCommentary 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 CreditDiscussion 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 CompaniesManager 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 |
ValueThe 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 LeasingThe 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 | |
BuybacksShare 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 EquityThe 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 |
ValueManager 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 |
LuxuryExtensive 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 | |
EuropeSignificant 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 |
ValueThe 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 |
PortsExtensive 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 | |
TelecommunicationsDeep 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 | |
BeautyAnalysis 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 LeasingThe 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 |
LuxuryThe 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 CompaniesThe 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 PolicyThe 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 | |
TravelThe 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 MarketsStrong 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 |
AlcoholDetailed 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 | |
ValueFocus 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 TransitionSignificant 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 |
DredgingBoskalis 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 HoldingsPortfolio 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 | |
ValueStrategy 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 CompaniesThe 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 AnalyticsMajor 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 RetailExposure 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 RightsInvestment 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 |
ConglomeratesFocus 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 |
HotelsDetailed 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 | |
AirportsExtensive 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 AftermarketDeep 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 BanksManager 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 ManagersExtensive 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 SportsManager 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 MarketsExtensive 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 |
AutosHoldings 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 | |
LuxuryRichemont 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 | |
MediaHoldings 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 |
MediaExtensive 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 |
ValuePortfolio 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 | |
LogisticsMajor 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 |
LuxuryThe 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 |
AutosExtensive 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 ChainVW'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 | |
GamingSBM 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 |
| 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 |
| 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 | 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 |
| 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 |
| 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 |
| 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 | 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 |
| 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 |
| TICKER | COMMENTARY |
|---|---|
| VIRT | Virtu Financial is one of a small number of US based technology-driven market makers with a significant execution services business. It is the only publicly listed pure liquidity provider domiciled in the US. The shares have advanced 155% to $43.98 and paid $2.40 in dividends for a total return of 169% in two and a half years. Virtu's publicly traded market capitalisation of $3.8 billion at end March, and fully diluted capitalisation of $6.8 billion, is well below other beneficiaries of the structural trends. Strong Q425 results plus market conditions contributed 106 basis points to portfolio performance with a 32% gain. |
| 0066.HK | At 31 December 2025, HAL's disclosed NAV per share at the market value of its listed holdings of €181.84 per share. Between calendar year end and 31 March 2026, the market price of these holdings rose by 21.4%. Applying both adjustments to a deconsolidated balance sheet of HAL Trust suggests a full value per share at 31 March 2026 to be close to €23 billion (€255/HAL share) – suggesting the end quarter price (€173.60) to still be trading at a 32% discount. Gain in investment portfolio/peer ratings contributed 61 basis points with a 23% gain. |
| AKRBP.OL | Norwegian based oil company. Oil price gains contributed 154 basis points to portfolio performance with a 41% gain over the quarter. |
| AVLT.SW | World's largest travel retail business. Listed as 6.11% of net asset value in top ten positions. |
| LAGA.PA | World's #3 in travel retail and book publishing. Perceived airline disruptions despite excellent results led to a -42 basis point contribution with a -5% decline. |
| FFH.TO | Canadian based reinsurer and investor. Profit taking after strong results led to a -48 basis point contribution with a -9% decline. |
| ELF.TO | Toronto based life holding company/investor. Listed as 4.53% of net asset value in top ten positions. |
| 0001.HK | Telecoms, retail, ports and infrastructure holdco. Listed as 4.49% of net asset value in top ten positions. |
| CG | Private credit/private equity exposure led to a -70 basis point contribution with a -14% decline. Divested in February due to concerns over medium-term business prospects and valuation in an increasingly difficult environment. |
| AVAP.L | Indigestion from sale of major stake led to a -54 basis point contribution with an -8% decline. |
| RBT.PA | No specific news – results strong, but contributed -48 basis points with an -8% decline. |
| SDB.PA | Strong results across hotels and property contributed 36 basis points with a 26% gain. |
| VIEL.PA | Holding company for Patrick Combes/CF Tradition. Listed as 5.12% of net asset value in top ten positions. |
| ODET.PA | Holding company for Bolloré group. Bolloré's two major assets are symmetrical: cash (€5.6 billion at 31 December 2025) and an 18% direct shareholding in Universal Music Group, also valued at market price at end March at €5.6 billion. Listed as 5.53% of net asset value in top ten positions. |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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