| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 4.6% | -7.0% | -9.7% |
| 2025 |
|---|
| -9.7% |
Far View Partners generated a net return of +4.97% in H2 2025, driven primarily by Westwing AG, the European online home-goods retailer that rallied strongly after a large investor exit weighed on shares earlier. The fund also benefited from gains in private investment Ingenuity PLC, which saw meaningful EBITDA inflection and announced a strategic partnership with Google, and United Natural Foods, which recovered from cyber-attack concerns. Losses came from Cirata PLC due to weaker Q2-Q3 results, though Q4 showed strong recovery with 300% year-over-year bookings growth. Trustpilot declined after a short-seller report, though the manager retained the position believing the criticism misunderstood the business model. The fund exited Thryv Holdings after the SaaS thesis broke when revenue retention fell 900 basis points. Redemption notices forced capital raising, leading to exits of lower-conviction positions and portfolio trimming. The manager remains optimistic about 2026 prospects, with strong operational momentum across key holdings including recent guidance raises and improved results.
Far View focuses on identifying mispriced opportunities in off-the-run situations, particularly in European and US small-cap companies, with emphasis on e-commerce enablement, software, and specialty retail businesses that can generate strong differentiated long-term returns.
2026 has begun on a strong operational footing for multiple Far View investments including WEW, CRTA and TRST. While I can't predict future share price performance, I'm encouraged by the progress we've seen recently and remain optimistic about the outlook for our underlying businesses.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 16 2026 | 2025 Q4 | CRTA.L, THG.L, THRY, TRST.L, UNFI, WEW.DE | E-Commerce, Europe, SaaS, small caps, technology, value |
WEW GR CRTA LN TRST LN THRY |
Portfolio includes Westwing AG, a European online home-goods retailer that was the largest contributor in H2 2025. Also invested in Ingenuity PLC, an e-commerce enablement… |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
E-commerceAlibaba Group was the top detractor despite its core E-commerce business continuing to perform well and Cloud revenue growth accelerating. The company was negatively impacted by significant spending on subsidies to grow their Quick Commerce business, though losses are expected to be reduced over time. |
Quick Commerce Cloud China Technology AI |
SaaSInvested in Cirata PLC, a UK-listed data migration software specialist, and previously held Thryv Holdings which offered a SaaS business within a legacy Yellow Pages wrapper. The Thryv thesis broke when seasoned net revenue retention fell 900 bps to 94%, exposing higher churn and delayed product development. |
Software Data migration Recurring revenue Rule of 40 Churn |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 16, 2026 | Fund Letters | Brad Hathaway | CRTA LN | Cirata plc | Information Technology | Data Integration Software | Bull | New York Stock Exchange | Bookings, Data software, enterprise, Inflection, turnaround | Login |
| Jan 16, 2026 | Fund Letters | Brad Hathaway | TRST LN | Trustpilot Group plc | Communication Services | Online Reviews Platform | Bull | New York Stock Exchange | Insiders, network effects, Platforms, Reviews, short interest | Login |
| Jan 16, 2026 | Fund Letters | Brad Hathaway | THRY | Thryv Holdings, Inc. | Information Technology | SMB Software | Bear | NASDAQ | Churn, execution risk, exit, Retention, SaaS | Login |
| Jan 16, 2026 | Fund Letters | Brad Hathaway | WEW GR | Westwing Group SE | Consumer Discretionary | Internet Retail | Bull | Xetra | ecommerce, guidance, Margins, profitability, turnaround | Login |
| TICKER | COMMENTARY |
|---|---|
| CRTA.L | On the negative side, we had losses in Cirata PLC (CRTA), our UK-listed data migration software specialist. Weaker-than-expected Q2 and Q3 results disappointed investors, as the company didn't book as much business as expected. In January 2026, however, CRTA reported its best-ever quarter in Q4 2025 with Data Integration bookings growing more than 300% year over year. Given its tumultuous corporate history, CRTA will likely need continued strong results to rebuild investor trust, but the Q4 2025 results suggest that the company may have finally hit its long-awaited inflection point. |
| THG.L | During Q4, Far View invested in a highly compelling opportunity when UK health and beauty retailer THG PLC spun-off Ingenuity, its e-commerce enablement operation, as a private company. Given these findings, Far View purchased shares of THG PLC in Q4 and converted them, to the greatest extent possible, into shares of Ingenuity. |
| THRY | Finally, we realized a meaningful loss in Thryv Holdings Inc. (THRY). Despite my initial view that the company offered a 'hidden gem' SaaS business tucked within a legacy Yellow Pages wrapper, operating results did not develop as I expected. When we bought in Q1 2025, the SaaS segment had produced multiple quarters at or near Rule of 40 metrics and management laid out a credible cross-sell path to meaningfully grow mid-term recurring revenue. The thesis broke in Q3 2025 when seasoned net revenue retention fell 900 bps to 94%, exposing higher churn—especially among migrated Yellow Pages customers—while new product development was substantially delayed. With the growth plan reset and confidence in execution gone, we sold the position and will monitor from the sidelines. |
| TRST.L | Far View also suffered losses in H2 2025 in Trustpilot PLC (TRST). In December, an activist short-seller published a report that sharply criticized Trustpilot's value proposition. However, we retained the position because I found the report to have materially misunderstood Trustpilot's business model and to have cherry-picked examples that are inevitable on a platform with 350+ million reviews across 1.3 million businesses. It's also worth noting multiple insiders bought stock after the report, and the short seller covered their position the same day it was published. In January 2026, TRST reported better-than-expected results, and the stock's strong start to 2026 leaves it trading above where it was before the December short report. |
| UNFI | We also had gains in United Natural Foods Inc. (UNFI), as strong results allayed investor concerns about the impact of a summer cyber-attack and allowed the market to refocus on the company's turnaround. As I mentioned in the H1 2025 letter, we took advantage of UNFI's share price decline due to this cyber-attack to add back shares we had sold earlier in 2025 at higher prices. |
| WEW.DE | Our largest contributor in H2 2025 was Westwing AG (WEW), our European online home-goods retailer. This was a nice reversal after WEW was one of our largest losers in H1 2025, in part because a large venture-backed investor (who had owned the stock for over a decade) exited its remaining position and weighed on the shares at the end of the half. Since then, the business has continued to outperform and the share price rallied strongly in Q3 2025. Furthermore, in January 2026, the company raised its 2025 EBITDA guidance by more than 30%, from €30–35 million to €42–45 million, a very positive sign for the company's future. With profitability improving and revenue accelerating following the 2024/25 assortment-change headwind, I am excited for the results WEW will deliver in 2026. |
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