| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 4.49% | 5.13% | 0.91% |
Far View Partners generated a net return of +0.91% in H1 2026, comprised of -4.01% in Q1 and +5.13% in Q2, bringing since-inception returns to +93.27% with a 4.49% CAGR. Performance benefited from strong results at Westwing, continued recovery at United Natural Foods following a cyberattack, and a private investment in Ingenuity. These gains were offset by substantial losses in Sanuwave, where CMS audit-driven disruptions in the wound-care market led to a guidance cut coinciding with Russell 2000 removal, and setbacks at Lifecore Biomedical due to customer shifts and product delays. The manager established a new position in Upsales Technology AB, a Swedish CRM software provider, after identifying that a planned demerger of its AI subsidiary had obscured the core business's profitability inflection to 35%+ EBITDA margins. Acquired at a double-digit free cash flow yield, the position was built to mid-sized after extensive diligence confirmed durable competitive advantages. Despite momentum-driven markets favoring recent winners, the manager remains committed to finding overlooked companies through deep research and patient capital deployment, maintaining full investment with currency hedges at quarter-end.
Far View pursues a concentrated value strategy focused on overlooked small-cap companies across multiple geographies where unusual corporate structures, lack of research coverage, or temporary disruptions create significant mispricings that can be identified through deep fundamental research and patient capital deployment.
The manager remains committed to his value-oriented approach of finding overlooked companies, conducting deep research, and exercising patience, despite momentum-driven market conditions in H1 2026. He acknowledges that periods of momentum leadership eventually fade but makes no predictions about timing. The manager expects that if his investment theses are correct, positions like Upsales should deliver materially higher share prices over multi-year periods as hidden profitability and growth become apparent to the market.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 15 2026 | 2026 Q2 | LFCR, SNWV, UNFI, UPSALE.ST, WEW.DE | Corporate Structure, E-Commerce, Overlooked Companies, Patient Capital, SaaS, small caps, Sweden, value | UPSALE.ST | Far View returned +0.91% in H1 2026, benefiting from Westwing's turnaround and UNFI's cyberattack recovery, offset by Sanuwave's wound-care market disruption and Russell 2000 removal. The manager established a mid-sized position in Upsales Technology AB at a double-digit free cash flow yield after a demerger revealed hidden 35%+ EBITDA margin profitability. Despite momentum-driven markets, the fund remains fully invested, focused on overlooked small-cap value opportunities. |
| Mar 31 2026 | 2026 Q1 | - | concentrated, global, value | - | Far View Partners is a concentrated global value fund targeting special situations with 10-20 positions and multi-year holding periods. The fund declined 4.01% in Q1 2026 versus benchmark decline of 3.10%, with 83.85% cumulative returns since 2011 inception compared to 306.00% for MSCI ACWI. |
| 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 |
Far View delivered +4.97% in H2 2025 led by Westwing's recovery and Ingenuity's EBITDA inflection. Portfolio reshuffling due to redemptions forced exits of lower-conviction positions. Despite setbacks in Cirata and Trustpilot, recent operational improvements across holdings including guidance raises and strong Q4 results support optimistic 2026 outlook. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
Small CapsThe portfolio consists of small-cap investments across multiple geographies including the US, Germany, UK, Sweden, Canada, and Australia. The manager focuses on overlooked small companies where unusual corporate structures or lack of research coverage create mispricings. Examples include Upsales Technology AB, a small company on Nasdaq First North with no research coverage, and Sanuwave, which was removed from the Russell 2000. |
Russell 2000 Nasdaq First North Overlooked Small Companies |
ValueThe manager explicitly pursues a value-oriented approach, seeking overlooked companies trading at attractive valuations. Upsales was acquired at a double-digit pro-forma free cash flow yield after an unusual corporate structure obscured its profitability. The manager states he will not abandon his investment approach to chase momentum and will keep finding overlooked companies, doing the work, and being patient. |
Free Cash Flow Yield Overlooked Patient Mispricing | |
E-commerceThe portfolio includes exposure to e-commerce through Westwing, which delivered strong results and demonstrated continued turnaround progress. The portfolio also includes CDON AB, though this position suffered losses as the share price drifted on low trading volume. |
Westwing CDON Online Retail | |
SaaSThe manager established a new position in Upsales Technology AB, a Swedish CRM software provider for small and mid-sized B2B companies. The business has over 90% recurring subscription revenue, has grown organically and profitably for over twenty years, and the manager expects mid-double-digit revenue growth with 35%+ EBITDA margins going forward. The company's Data Hub provides a unique competitive advantage. |
CRM Subscription Revenue Recurring Revenue Software | |
AIThe manager uses an automated, AI-driven idea-generation filter that alerted him to the Upsales opportunity. Additionally, Upsales planned to demerge AIRA, its AI Revenue Assistant software, which had been incubated inside the parent company. The AI tool is used for research purposes rather than as an investment theme. |
AI-driven Automation AIRA | |
MomentumThe manager notes that H1 2026 was driven by momentum, with the iShares MSCI USA Momentum Index enjoying its best quarter ever in Q2 2026. While acknowledging momentum is real and can drive share prices for extended periods, the manager states he does not believe he has an edge in predicting when momentum outperformance will end and will not abandon his investment approach to chase what has worked recently. |
Momentum Index Outperformance Market Leadership | |
| 2025 Q4 |
AIManager draws parallels between today's AI-driven environment and the 2014-15 oil collapse, warning that AI has become a macroeconomic assumption embedded in capital expenditure plans and valuations. Physical constraints like energy intensity and grid limitations complicate AI scalability assumptions. |
Artificial Intelligence Data Centers Energy Infrastructure Valuations Technology |
EnergyAI infrastructure's profound energy intensity creates economic sensitivity to power pricing and grid reliability. Rising electricity prices in data-center regions and utility capacity constraints introduce uncertainty that complicates AI economics and deployment timelines. |
Electricity Data Centers Grid Infrastructure Power Pricing Utilities | |
Small CapsThe SMID Cap strategy underperformed benchmarks with -3.72% in Q4 versus Russell 2500's +2.22%. Manager likes current portfolio fundamentals but notes markets don't always reward fundamentals on linear schedule, requiring patience in late-cycle environments. |
SMID Cap Russell 2500 Fundamentals Patience Late Cycle |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 15, 2026 | Fund Letters | Far View Capital Management | UPSALE.ST | Upsales Technology AB | Software - Application | Application Software | Bull | - | B2b, CRM Software, demerger, mispricing, net cash, Nordics, organic growth, profitability inflection, recurring revenue, SaaS, small-cap, Special Situation, spin-off, Sweden | 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 |
| 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 |
| TICKER | COMMENTARY |
|---|---|
| WEW.DE | During H1 2026, the Fund generated a net gain of +0.91%, comprised of -4.01% in Q1 2026 and +5.13% in Q2 2026. Far View's H1 performance benefited from strong results at Westwing (WEW), where better-than-expected 2025 results demonstrated that the company's turnaround over the past couple of years continues to deliver. |
| UNFI | Returns were also helped by continued progress at United Natural Foods (UNFI) as the company recovers from last summer's cyberattack. |
| SNWV | Offsetting these solid results, Far View suffered substantial losses in Sanuwave (SNWV). Continued disruption in the wound-care market stemming from CMS audits contributed to practitioner bankruptcies and the emergence of an unauthorized gray market for used Ultramist devices. As a result, the company was forced to cut guidance in H1 2026. This guidance cut could not have come at a worse time because the company was also scheduled to be removed from the Russell 2000 at the end of June 2026, adding significant passive selling pressure to a stock undergoing a fundamental disruption. While these industry challenges had a larger impact on near-term results than I anticipated, I remain optimistic that Sanuwave's attractive, evidence-based Ultramist system is well positioned to substantially expand its footprint over the mid-term, which should produce highly attractive economics for its machine and consumables model. As a result, we added to our position in late June. |
| LFCR | Performance was also hurt by Lifecore Biomedical Inc. (LFCR), where shifts at its largest customer and delayed commercialization of a new product pushed the company's revenue inflection further out than previously expected. |
| UPSALE.ST | During Q2 2026, Far View established a new position in Upsales Technology AB (UPSALE), a Swedish provider of CRM software for small and mid-sized B2B companies, primarily in the Nordics. In early April, our automated, AI-driven idea-generation filter alerted me that UPSALE planned to demerge AIRA, its AI Revenue Assistant software. Unbeknownst to most investors, AIRA had been incubated inside UPSALE for the prior eighteen months, with its development costs running through the parent company's income statement throughout the period. The opportunity exists because those AIRA costs have obscured the profitability inflection of the core CRM business. With the costs removed, UPSALE has guided to an EBITDA margin above 35% on an annualized basis from Q2 2026, a substantial increase versus the blended figures investors had been looking at. While UPSALE did not screen as cheap on reported numbers, the company was clearly inexpensive on a pro-forma basis. Because UPSALE is a small company listed on Nasdaq First North, has no research coverage, and is off investors' radars after a couple years of profit declines, few investors were performing this pro-forma arithmetic. As with several prior investments, an unusual corporate structure created the potential for a significant mispricing. Importantly, the business behind these numbers is a high-quality one. UPSALE has grown organically and profitably for more than twenty years without ever raising external capital. Over 90% of revenue is recurring subscription revenue and the company's Data Hub provides a unique competitive advantage. The balance sheet holds net cash and the company has a history of returning excess cash to shareholders. The demerger announcement and the Q1 2026 results that followed suggested that the core business may have reached a revenue inflection. When the announcement was made, I dropped every other project, and Far View acquired an initial position within days at a double-digit pro-forma free cash flow yield. My subsequent diligence included conversations with current and former members of the C-suite, discussions with others in the ecosystem, and a visit to the company's Stockholm headquarters. After this research, I concluded that the core CRM business is durable with unique competitive advantages and that the pro-forma economics are real. Furthermore, this work confirmed that the recent reacceleration of revenue was the result of product improvements that had the potential to substantially increase both users and ARPU. As my confidence grew, Far View built UPSALE into a mid-sized position during the quarter. If the investment thesis is correct, a newly focused UPSALE should deliver the combination of mid-double-digit revenue growth and 35%+ EBITDA margins that the blended financials had concealed, potentially resulting in a materially higher share price than today's levels over a multi-year period. So far, the company's operating momentum has continued with UPSALE pre-announcing better-than-expected Q2 2026 numbers. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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