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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 26, 2026
EQUAM Global Value Fund delivered an 8.0% net return in the third quarter of 2026, bringing its year-to-date net performance to 10.7% and beating comparable European dividend-inclusive benchmarks (down slightly for the quarter and up 9.5% YTD). Since inception, the fund has generated an annualized net return of 7.4%. The portfolio closed the quarter holding 40 positions with equity exposure at 96.7% and liquidity standing at 3.3%. Management highlights that extreme valuation discrepancies remain historically elevated across European markets, supporting an estimated portfolio upside potential of 99% to target intrinsic value. The manager's macro framework centers on a structural regime of higher-for-longer interest rates and persistent inflation. Long-term sovereign yields surged during the quarter, with 30-year US Treasuries exceeding 5.6% and German 10-year Bunds surpassing 3.5%, propelled by rising energy prices from Middle East geopolitical tensions and structural debt issuance from deficit-running governments and mega-cap technology firms funding artificial intelligence infrastructure. Equam argues that elevated discount rates make high-multiple and debt-laden market darlings vulnerable, creating a superior risk-reward profile for low-debt, cash-generative small- and mid-cap companies. Portfolio activity was marked by a new position in Ferrari Group, an asset-light global leader in secure luxury logistics, alongside opportunistically increasing exposure to Verisure as technical lock-up expirations pressured the stock. Meanwhile, private equity take-private activity continued to crystallize value across holdings, including VINCI Energies' offer for All for One and KKR's acquisition of DCC plc, despite Equam voting against the DCC transaction on grounds that it significantly undervalued the company.
Compounding capital through disciplined long-term investment in high-quality, cash-generative European small- and mid-cap companies with low leverage and durable pricing power, acquired at significant discounts to intrinsic value.
Management believes their portfolio of low-debt, recurring cash flow companies trading at very low valuations can weather a higher interest rate environment with a substantial margin of safety while targeting an intrinsic portfolio upside of 99%.
Moderate Conviction Bullish
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