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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 7, 2025
Hertford Capital delivered -7.30% in Q3 2025, underperforming its benchmark due to macro headwinds, cautious investor sentiment, and sharp market reactions to earnings releases. The concentrated portfolio of around 20 European small-cap holdings spans software (45.92%), classifieds (26.56%), real estate financial platforms (21.06%), and critical infrastructure (4.63%). Key detractors included Mortgage Advice Bureau, LSL Property Services, ATOSS Software, Planisware, and Moltiply Group, which collectively contributed -5.65% to performance despite solid operational results. The manager views enterprise software holdings as well-positioned to harness AI opportunities within their verticals, contrary to market fears of disruption. Portfolio exits included KSB SE, several European industrials, and Watches of Switzerland due to capital allocation concerns, opportunity costs, and tariff impacts respectively. Global tariff uncertainties continue weighing on business confidence and delaying CAPEX projects. The manager maintains high conviction in the portfolio's long-term compounding potential, selectively adding to positions during volatility and expecting lower turnover ahead as holdings demonstrate resilient business models and attractive risk-reward profiles.
Concentrated portfolio of exceptional European small-cap businesses led by highly aligned management teams, focusing on enterprise software companies with AI integration capabilities, scalable business models, and strong compounding potential at attractive valuations.
Manager remains encouraged by pace of innovation, breadth of opportunity, and resilience of holdings' business models. Expects portfolio turnover to be lower going forward with holdings largely remaining in place as each company possesses traits of potential long-term compounder. Primary objectives for Q4 are to selectively capitalise on pricing dislocations and ensure portfolio weightings remain consistent with investment framework.
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