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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 17, 2026
Ennismore's Global Smaller Companies Fund returned 0.1% in Q2 2026, bringing year-to-date performance to -0.7% and extending a disappointing twelve-month stretch. The proximate cause is the fund's lack of participation in the AI boom, as the portfolio is skewed toward buyers rather than sellers of AI tokens. The manager acknowledges this has been costly but maintains that their stock selection within chosen exposures remains modestly positive, with the underperformance driven by factor exposures to quality, digital-skewed smaller companies currently out of favor. Market attention is as concentrated as the manager can remember, trained overwhelmingly on AI, causing price mechanisms to degrade elsewhere. The fund is positioned in cash-generative businesses arbitraging their own neglect through buybacks, including Wise, which has grown a third larger while its share price fell. The biggest new position is BBB Foods, a Mexican hard-discount grocer with superior unit economics attacking Walmex's 24% gross margins. The manager views current neglect as deferring value rather than destroying it, with operational progress building that will eventually be priced when attention returns.
The fund pursues a long/short strategy in global smaller companies, focusing on quality businesses at modest valuations that are currently neglected by a market fixated on AI infrastructure. The manager believes concentrated market attention has caused price mechanisms to degrade in overlooked areas, creating opportunities where operational progress is not being priced. They are positioned in businesses that generate cash and can arbitrage their own neglect through buybacks, while shorting companies facing AI disruption. A key new position is BBB Foods, a Mexican hard-discount grocer with decades of runway, attacking an incumbent with structurally higher costs.
The manager acknowledges a disappointing twelve-month stretch but maintains conviction in their process. They believe the work is still functioning but applied to parts of the market currently out of favor. While the concentration of market attention on AI has been painful, they view this as creating opportunities when attention eventually returns to neglected areas where operational progress has not been priced. They expect phases of AI investment beyond infrastructure to suit their process better and see their AI-disruption shorts continuing to generate profits. The tone is patient and analytical rather than defensive, with confidence that prices set by neglect will eventually reflect fundamentals.
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