| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 7.86% | 2.66% | -6.34% |
Mayar Capital's Q2 2026 letter marks the fund's 15-year anniversary amid its most challenging period, with the fund up 2.66% in Q2 but down 6.34% year-to-date, significantly trailing the MSCI World's 15.4% quarterly gain. The manager candidly addresses five years of underperformance, attributing roughly two-thirds of the shortfall to minimal exposure to expensive US technology stocks that dominate indices. He draws extensive parallels to the late 1990s technology bubble, identifying similar warning signs including extreme valuations, passive flow distortions, speculative IPOs like SpaceX, and companies desperately pivoting to AI. Despite being early in calling the bubble, the manager maintains conviction in the fund's disciplined value approach, noting the portfolio holds the highest-quality businesses at the most attractive valuations in the fund's history. Internal research confirms the investment process remains sound, with high-quality holdings historically outperforming. The manager expects mean reversion between technology and other sectors, and between US and international markets, to drive strong returns over the next five years, similar to the 2000-2007 period when value strategies dramatically outperformed after years of pain.
Mayar Capital follows a disciplined value investing strategy focused on buying great businesses at reasonable prices with a margin of safety. Despite the worst five-year stretch in the fund's history, the manager maintains conviction that the strategy remains sound and that recent underperformance stems from an extreme market environment favoring expensive US technology stocks over quality businesses. Drawing parallels to the late 1990s, when similar conditions preceded a dramatic reversal, the manager believes the current portfolio represents the highest-quality, highest-upside opportunity set in the fund's 15-year history, positioned to deliver strong returns when the market broadens and mean reversion occurs.
The manager expects the next five years (2026-2031) to be a period of vindication and recovery. He anticipates the AI bubble will eventually pop, triggering mean reversion between technology and other sectors, and between US and international markets. When this occurs, the fund's portfolio of high-quality, reasonably priced businesses should significantly outperform. The manager projects the fund could compound at approximately 16.8% gross annually over the next five years if historical patterns of reversion assert themselves, while the broader index delivers low single-digit returns from current elevated valuations. He acknowledges the initial stages of a correction may see everything sell off together, but expects the fund to recover quickly as capital seeks neglected, well-priced businesses. The tone is cautiously optimistic, grounded in historical precedent rather than market timing.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 22 2026 | 2026 Q2 | BKNG, BUNZF, CRDA.L, GOOGL, LZAGY, MA, NKE, NTDOY, SAP, TOST, UL, V | AI Bubble, Discipline, global, long-term, Quality, underperformance, value |
GOOG CRDA.L BNZL.L LONN.SW |
Mayar Capital endures its worst five-year stretch, underperforming due to avoiding the AI bubble that dominates markets. The manager draws parallels to the late 1990s, identifying extreme valuations, passive flow distortions, and speculative excess. Despite the pain, he maintains conviction that the disciplined value strategy will be vindicated, with the current portfolio representing the highest-quality, most attractively valued opportunity set in the fund's 15-year history. |
| May 4 2026 | 2026 Q1 | 005930 KS, 7974.T, BFAM, BLND.L, DASTY.PA, ICARF.WA, MITT, MSFT, PYPL, SAP, SOM.L, TOST, VTY.L, VWS.CO, XRO.AX | AI, Crisis, diversification, Geopolitical, global, Quality, software, value |
MSFT SAP MIDD XRO.AX TOST 7974.T |
Mayar Capital used Q1 2026's market turmoil to execute its most active quarter ever, turning over 24% of the portfolio. Despite quality stocks experiencing their worst drawdown since 1990, the manager sees exceptional buying opportunities with holdings now trading at decade-low valuations. New investments focus on enterprise software companies benefiting from AI anxiety creating temporary mispricings. |
| Jan 18 2026 | 2025 Q4 | 005930.KS, 7476.T, 7974.T, BFAM, BKNG, BNNTF, CAP.PA, CFR.SW, CRDA.L, GOOGL, JNJ, KVUE, NESN.SW, NKE, OR.PA, PYPL, SOLV, TW.L, UL, UPS, V, VWS.CO | defense, fundamentals, global, Quality, Speculation, value |
BKNG TW LN NKE |
Mayar underperformed in 2025 due to index concentration in US tech, but maintains disciplined value approach. Portfolio shows clear differentiation with European focus and defensive positioning. Manager identifies AI bubble risks similar to late 90s, expects inevitable correction to favor quality holdings. Defensive cash position and patient capital deployment strategy positions fund for eventual market normalization. |
| Oct 14 2025 | 2025 Q3 | 005930.KS, AHT.L, AOM.PA, BFAM, BNR.DE, CAP.PA, CRDA.L, GOOGL, JNJ, JSG.L, KER.PA, KVUE, NESN.SW, NVO, PYPL, SOLV, UL, UPS, VTY.L, VWS.CO | AI, contrarian, Discipline, global, Speculation, technology, value | SOLV US | Mayar Capital sees today's AI boom as a repeat of the TMT bubble, with $7 trillion in projected capex requiring unrealistic economic returns. The fund underperformed in Q3 due to avoiding expensive tech stocks but maintains disciplined value approach. Management expects continued volatility and potential final melt-up before reckoning, positioning defensively for when cycle turns. |
| Jul 15 2025 | 2025 Q2 | 005930.KS, 7974.T, AHT.L, BH, BNR.DE, CAP.PA, CRDA.L, HLCL.L, JNJ, JSG.L, KVUE, MA, NESN.SW, NKE, NVO, SOLV, UL, UPS, V, VTY.L | antifragility, global, long-term, Quality, Resilience, value | NESN SW | Mayar Capital maintains their antifragile investment philosophy, building portfolios of durable, high-quality businesses that can compound through uncertainty. Despite Q2 underperformance, their disciplined value approach with 96% active share and focus on companies averaging 86 years of proven resilience positions them well as market dynamics shift from technology momentum toward fundamental quality. |
| Mar 31 2025 | 2025 Q1 | 005930.KS, 7974.T, AHT.L, ALO.PA, BH, BLND.L, BNR.DE, CAP.PA, CFR.PA, EA, FOUR.L, GOOGL, HLCL.L, JNJ, JSG.L, KERY.PA, KVUE, LH, MA, NESN.SW, NKE, NVO, OR.PA, PYPL, SAP, SOLV, SOM.L, UL, UPS, V, VTY.L, VWS.CO | AI, Europe, global, Pharmaceuticals, Quality, risk management, technology, value |
CAP.PA NVO NKE |
Mayar Capital outperformed in Q1 2025 with disciplined value investing and strategic European rebalancing. Active portfolio management included exits from SAP and Electronic Arts, new positions in Somero, Novo Nordisk, and Nike, plus additions to quality European names. The fund's conservative risk-first approach and patient capital philosophy position it well for long-term value creation despite macro uncertainty. |
| Jan 18 2025 | 2024 Q4 | 005930.KS, AHT.L, BNR.DE, CAP.PA, CFR.SW, EA, FIMK.L, GOOGL, JNJ, JSG.L, LH, NESN.SW, OR.PA, PYPL, SAP, SOLV, UL, UPS, V, VRS.L | Concentration, global, Quality, technology, Valuations, value |
CSCO NVDA MSTR AHT.L |
Mayar Capital underperformed in 2024 due to avoiding overvalued technology stocks during extreme market concentration. Manager warns current tech valuations mirror historical bubble conditions and expects correction. Portfolio positioned in quality value stocks trading at significant discounts. Despite recent challenges, extremely confident next three years will reward disciplined value investing approach. |
| Oct 14 2024 | 2024 Q3 | 005930.KS, 7974.T, ALO.PA, BFAM, CFR.SW, EA, GOOGL, HLCL.L, HWDN.L, JNJ, KER.PA, KVUE, MMM, PYPL, SAP, SOLV, UL, UPS, V, VWS.CO | Esg, global, Manufacturing, Patience, Recovery, value | - | Mayar Capital outperformed in Q3 but trails year-to-date as markets favor technology concentration. The value-focused fund sees recovery emerging in manufacturing and real estate sectors, with several holdings positioned to benefit. Despite recent underperformance testing patience, the manager maintains conviction in the disciplined approach and expects strengthening fundamentals to drive returns over the next three to five years. |
| Jul 29 2024 | 2024 Q2 | 005930.KS, 7974.T, ALO.PA, BFAM, BLND.L, BNR.DE, CAP.PA, CFR.SW, EA, GOOGL, HLCL.L, JNJ, KER.PA, KVUE, MMM, NESN.SW, PYPL, UL, UPS, VTY.L, VWS.CO, WIX.L | Compounding, Defensive, global, long-term, Quality, value | VWS.CO | Mayar Capital maintains its disciplined value investing approach despite Q2 underperformance, declining 2.5% versus benchmark gains of 2.63%. The manager emphasizes patience and long-term compounding, actively rebalancing the portfolio during market volatility by adding quality names like Alstom, Nestle, and Kering while warning against technology bubble dynamics. |
| Apr 15 2024 | 2024 Q1 | 005930.KS, AHT.L, BFAM, BLND.L, BNR.DE, CAP.PA, CFR.SW, EA, GOOGL, JNJ, KVUE, LH, MMM, NTDOY, PYPL, SAP.DE, UL, UPS, VTY.L, VWS.CO | global, Quality, REITs, technology, value | BLND.L | Mayar Capital's value-focused global equity fund returned 4.31% in Q1 2024, underperforming the MSCI World's 8.88% gain. The manager emphasizes margin of safety over performance chasing, initiated a position in UK REIT British Land expecting interest rate normalization to drive revaluation, and added to quality holdings like Alphabet and Samsung Electronics. |
| Jan 16 2024 | 2023 Q4 | - | - | - | |
| Oct 13 2023 | 2023 Q3 | 005930.KS, BFAM, BN.PA, BNTG.DE, CAP.PA, DBX, EA, GOOGL, HLCL.L, KVUE, SAP.DE, UL, UPS, V | global, Quality, rates, risk management, technology, value |
CAP.PA KVUE |
Mayar Capital endured another challenging quarter but maintains conviction in value investing approach. Manager sees current tech bubble similar to late 1990s and believes higher rates will favor quality businesses over mediocre ones. Added Capgemini and Kenvue positions while viewing current portfolio as most attractive ever owned, expecting patience to be rewarded. |
| Jul 18 2023 | 2023 Q2 | AMZN, UPS | - | - | |
| Apr 22 2023 | 2023 Q1 | 005930.KS, 9627.T, AAPL, AMZN, BFAM, BNR.DE, CFR.PA, DBX, EA, GOOGL, HLCL.L, JNJ, LH, MA, PYPL, SAP.DE, UL, UPS, V, VWS.CO | consumer, global, long-term, Pharmaceuticals, Quality, technology, value | 9627.T | Mayar Capital's disciplined value approach delivered 6.79% in Q1 2023, maintaining long-term outperformance through focus on quality businesses with durable moats. New position in Japan's Ain Holdings capitalizes on pharmacy industry consolidation while increased Helical stake reflects opportunistic real estate investment. Manager emphasizes patience and business fundamentals over market fluctuations, allowing intrinsic value to compound over time. |
| Oct 13 2022 | 2022 Q3 | GOOG | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIThe manager views the AI boom as a bubble comparable to the late 1990s technology mania. He notes extreme valuations in AI-related stocks, particularly memory and chip companies, and warns of circular dynamics in data center buildout. The manager actively avoids AI infrastructure investments and expects the bubble to eventually pop, creating opportunities in neglected quality businesses. |
Bubble Valuations Data Centers Memory Semiconductors |
Passive FlowsThe manager identifies passive index fund flows as a major market distortion, mechanically pushing capital into the largest index constituents regardless of price. He cites Samsung Electronics as evidence, where ordinary shares included in indices have dramatically outperformed economically identical preference shares that are not in indices. This force has extended the bubble beyond what fundamentals would support. |
Index Funds Market Structure Distortions Flows | |
ValueThe manager maintains strong conviction in value investing despite five years of underperformance. He draws parallels to the late 1990s when value strategies suffered before outperforming dramatically in the 2000s. The current portfolio is positioned in quality businesses at reasonable prices that have been abandoned by capital chasing AI, creating what he believes is the highest-quality, highest-upside portfolio in the fund's history. |
Quality Discipline Mean Reversion Opportunity | |
USThe manager notes extreme concentration of US stocks in global indices, now higher than in 2000, and expects mean reversion between US and international markets. He references the 2000-2007 period when international markets significantly outperformed the S&P 500 after years of underperformance. Current relative valuations support a similar reversion. |
Concentration Valuation Mean Reversion International | |
QualityThe fund's research shows that high-quality businesses scored on their proprietary checklists have consistently outperformed, and the current portfolio holds the highest-quality book in the fund's history. The manager emphasizes durable economic moats, high returns on capital, strong cash generation, and rational capital allocation as key quality metrics that will drive long-term returns. |
Moats Returns on Capital Cash Generation Durability | |
| 2026 Q1 |
QualityManager emphasizes owning high-quality businesses with deep economic moats and strong balance sheets that thrive during turmoil. Notes quality stocks are experiencing their worst drawdown since 1990 but are now the cheapest in at least a decade, creating buying opportunities. |
Quality Moats Resilience Value Drawdown |
AIManager sees current AI anxiety around software as misguided, believing the market is throwing the baby out with the bathwater. Views enterprise software companies as protected by service, trust, and integration rather than just being code that AI can replace. |
AI Software Enterprise Disruption Anxiety | |
SoftwareDespite AI concerns, manager is adding to enterprise software positions like Microsoft, SAP, Xero, and Toast. Believes mission-critical software is protected by service relationships and integration complexity, not just code that can be easily replaced. |
Software Enterprise SaaS Mission-critical Integration | |
GlobalFund maintains true global diversification with more non-US exposure than benchmark weights. This positioning has been a headwind due to US outperformance and dollar strength, but manager believes these trends will revert over time. |
Global Diversification Non-US Cycles Positioning | |
| 2025 Q4 |
ValueManager emphasizes disciplined value investing approach, focusing on great businesses with durable moats at reasonable prices. Describes current market as offering high risk and low prospective returns, with the fund positioned defensively while maintaining conviction in their value strategy despite recent underperformance. |
Value Investing Moats Undervalued Discipline Long-term |
AIManager expresses significant concern about AI valuations and circular financing dynamics. Warns of vendor financing arrangements between companies like Oracle, OpenAI, Nvidia and CoreWeave that create feedback loops masking true demand, comparing it to late 90s vendor financing boom. |
Artificial Intelligence Valuations Circular Financing Speculation | |
CryptoUses Strategy Inc. (formerly MicroStrategy) as cautionary example of speculative excess. Notes the stock fell 60% from previous year and 65% from peak, with the premium to Bitcoin holdings evaporating and the company now forced to sell Bitcoin to meet obligations. |
Bitcoin Speculation Premium Debt | |
QualityFund focuses on high-quality franchises with strong competitive advantages, consistent financial results, and strong cash flow generation. Manager emphasizes owning boring companies with durable competitive advantages that can sustain an edge over competition for long periods. |
Quality Franchises Cash Flow Competitive Advantage | |
| 2025 Q3 |
AIThe manager draws extensive parallels between the current AI boom and the TMT bubble, noting that technology companies will invest $7 trillion in AI capex over five years. He argues that AI companies trade at valuations assuming perpetual dominance, with minimal revenue and no clear path to profitability, creating a self-reinforcing cycle similar to the late-1990s telecom boom. |
Artificial Intelligence Capex Valuations Profitability Technology |
ValueThe fund maintains its disciplined value investing approach, refusing to overpay for companies despite short-term underperformance. The manager emphasizes staying rational when markets become irrational, preferring to be approximately right in the long run than precisely popular today. |
Discipline Valuation Long-term Contrarian Fundamentals | |
Risk AppetiteThe manager describes extreme market concentration and unusually narrow investor enthusiasm, comparing current conditions to speculative manias. He advocates for defensive positioning and capital preservation, choosing to stay seated while others dance to the market's music. |
Speculation Concentration Defensive Capital Preservation Discipline | |
| 2025 Q2 |
ResilienceThe manager emphasizes building antifragile portfolios that improve with stress rather than merely surviving it. The fund focuses on businesses with sound economics, conservative balance sheets, and reasonable valuations that can endure disorder and adapt to change. Portfolio companies average 86 years in age, demonstrating proven resilience through multiple wars, recessions, and crises. |
Antifragility Durability Conservative Longevity Stability |
ValueThe fund maintains a disciplined value investing approach, paying reasonable prices for securities to provide a margin of safety. During the quarter, they trimmed positions in companies where market prices approached or exceeded intrinsic value estimates, including Kenvue, Unilever, Bright Horizons, Mastercard, and Visa. Valuation discipline remains central to risk management and capital reallocation. |
Intrinsic Value Margin of Safety Valuation Discipline Price | |
QualityThe strategy focuses on great businesses with durable economic moats, favorable customer economics, consistent financial results, high returns on capital, and strong cash flow generation. The fund seeks companies with able and shareholder-oriented management, conservative capital structures, and strong track records of rational capital allocation. This quality focus is exemplified by their new position in Croda International, a 100-year-old specialty chemicals company. |
Moats Returns on Capital Cash Flow Management Capital Allocation | |
| 2025 Q1 |
AICapgemini reported 5% of Q4 bookings were generative AI-related, up from 2% earlier in the year. Management sees AI as transformative technology with potential to revolutionize every industry globally. The company is well-positioned to serve as industry's key technology partner in realizing AI benefits for businesses worldwide. |
Generative AI Technology Consulting Digital Transformation Enterprise |
ValueManager emphasizes disciplined value investing approach, focusing on avoiding bad investments rather than chasing wins. Philosophy prioritizes mitigation of Type I errors over maximizing gains. The fund seeks great businesses at reasonable prices with margin of safety. |
Value Investing Margin of Safety Risk Management Long-term Quality | |
EuropeEuropean equity exposure reached all-time high while US holdings declined to lowest levels in fund history. Geographic rebalancing contributed positively to performance. Manager sees strength of opportunities in European markets relative to US. |
Geographic Allocation European Markets Rebalancing Opportunities Relative Value | |
| 2024 Q4 |
ValueManager emphasizes investing in high-quality businesses trading at significant discounts to intrinsic value. The fund focuses on boring companies with strong fundamentals and attractive long-term growth prospects at reasonable valuations, contrasting with overvalued technology stocks. |
Value Intrinsic Value Discount Quality Fundamentals |
AIManager discusses AI hype cycle and warns about overvaluation in AI-related stocks like Nvidia. Notes that people tend to overestimate short-term impact of new technologies while underestimating long-term effects, preferring to invest after the trough of disillusionment. |
AI Hype Cycle Nvidia Technology Overvaluation | |
| 2024 Q3 |
PaymentsVisa's business model as a payment network intermediary creates powerful network effects and generates impressive shareholder returns. The ongoing shift towards cashless payments has driven payment volume growth from $4.4 trillion in 2008 to $15.4 trillion in 2023. The company maintains high returns on invested capital averaging 65% over two decades while reducing share count by a third since IPO. |
Digital Payments Network Effects Cashless Transaction Volume FinTech |
ValueThe fund follows a disciplined value investing strategy focused on buying great businesses at reasonable prices with a margin of safety. The manager emphasizes patience and acting against the crowd, noting that overpaying for even promising growth companies will ultimately lead to disappointing results. Business fundamentals are strengthening with reasonable valuations by historical standards. |
Value Investing Margin of Safety Contrarian Discipline Long-term | |
| 2024 Q2 |
ValueThe fund follows a disciplined value investing strategy, focusing on buying great businesses at reasonable prices with a margin of safety. The manager emphasizes patience and long-term compounding over quick gains, maintaining a tortoise-like approach to investing. |
Value investing Margin of safety Long-term Patience Compounding |
Energy TransitionVestas Wind Systems represents the fund's exposure to the energy transition theme. Wind capacity needs to grow significantly to reach Net Zero goals, with Vestas positioned as the largest western wind turbine producer with strong competitive advantages in the servicing business. |
Wind Renewable energy Decarbonization Net Zero Clean energy | |
| 2024 Q1 |
ValueThe fund emphasizes buying great businesses at reasonable prices with a margin of safety. The manager discusses how conventional wisdom about higher risk equaling higher returns is often wrong, and advocates for conservative approaches that prioritize steady growth with risk mitigation over chasing outrageous returns. |
Margin of Safety Conservative Risk-adjusted Undervalued Quality |
Commercial Real EstateThe fund initiated a position in British Land, a UK-based property REIT, believing the market underestimates long-term value of these REITs. Current focus on short-term challenges from higher interest rates obscures that replacement value of properties far exceeds current trading prices. |
REITs Property Interest Rates Replacement Value UK | |
| 2023 Q3 |
ValueManager emphasizes value investing approach, focusing on great businesses at reasonable prices with margin of safety. Discusses how value investing has been painful during recent tech bubble but believes patience will be rewarded as higher interest rates favor quality businesses over mediocre ones. |
Value investing Margin of safety Quality Reasonable prices Patience |
QualityFund targets businesses with durable economic moats, favorable customer economics, consistent financial results, high returns on capital, and strong cash flow generation. Manager believes higher interest rates will favor high-quality businesses over mediocre ones. |
Economic moats High ROIC Cash flow Durable Returns on capital | |
RatesManager discusses how higher interest rates will benefit quality businesses with high returns on capital while hurting mediocre businesses. Expects distress from companies that borrowed extensively when rates were near zero but cannot survive current higher rates. |
Interest rates Cost of capital Distress Financing costs Rate environment | |
| 2023 Q1 |
QualityManager emphasizes investing in great businesses with durable economic moats, favorable customer economics, consistent financial results, high returns on capital, and strong cash flow generation. Uses examples of Amazon, Google, and Apple to illustrate companies that have profoundly shaped our reality through superior customer service, information democratization, and product design excellence. |
Moats Returns Cash Flow Customer Excellence |
ValueFund follows disciplined value investing strategy, paying reasonable prices for securities to provide margin of safety. Manager views themselves as businesspeople rather than traders, focusing on intrinsic value rather than market fluctuations. Uses house analogy to explain approach to market volatility and pricing. |
Value Investing Margin of Safety Intrinsic Value Discipline Long-term | |
PharmaceuticalsPortfolio includes pharmaceutical holdings like Johnson & Johnson, which managed top-line growth despite strong dollar headwinds and declining COVID vaccine sales. Manager notes concern about STELARA coming off-patent in 2023-2024 and the planned spin-off of Consumer Health division. |
Drug Patents Healthcare Spin-offs Pipeline Growth |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 12, 2023 | Fund Letters | Mayar Capital | 9627.T | Ain Holdings | Health Care Equipment & Services | Health Care Distributors | Bull | Tokyo Stock Exchange | consolidation, Generic Drugs, healthcare, Japan, M&A, market share, Pharmacy, Retail Healthcare | Login |
| Jul 22, 2026 | Fund Letters | Mayar Capital | GOOG | Alphabet Inc. | Internet Content & Information | Interactive Media & Services | Bear | NASDAQ | advertising, Bear, capital structure, equity issuance, insider activity, Internet, Management Signal, Overvaluation, technology | Login |
| Jul 22, 2026 | Fund Letters | Mayar Capital | CRDA.L | Croda International | Specialty Chemicals | Specialty Chemicals | Bull | London Stock Exchange | agriculture, B2b, Consumer Care, Cyclical Recovery, life sciences, margin expansion, pharmaceuticals, Pricing power, specialty chemicals, UK, Value | Login |
| Jul 22, 2026 | Fund Letters | Mayar Capital | BNZL.L | Bunzl PLC | Food Distribution | Trading Companies & Distributors | Bull | London Stock Exchange | B2b, cash generation, Distribution, dividend aristocrat, recurring revenue, Roll-up Strategy, switching costs, Temporary Issues, turnaround, UK, Value | Login |
| Jul 22, 2026 | Fund Letters | Mayar Capital | LONN.SW | Lonza Group AG | Diagnostics & Research | Life Sciences Tools & Services | Bull | - | biologics, contract manufacturing, growth, life sciences, pharmaceuticals, Pricing power, Pure-Play, Quality, secular growth, switching costs, Switzerland | Login |
| May 4, 2026 | Fund Letters | Mayar Capital | MSFT | Microsoft Corporation | Software - Infrastructure | Systems Software | Bull | NASDAQ | AI, cloud infrastructure, Enterprise software, SaaS, technology | Login |
| May 4, 2026 | Fund Letters | Mayar Capital | SAP | SAP SE | Software - Application | Application Software | Bull | New York Stock Exchange | Enterprise software, ERP, Germany, Mission-Critical, switching costs | Login |
| May 4, 2026 | Fund Letters | Mayar Capital | MIDD | The Middleby Corporation | Specialty Industrial Machinery | Industrial Machinery | Bull | NASDAQ | Commercial Kitchen Equipment, Foodservice, Industrial Equipment, Portfolio Restructuring, spin-off | Login |
| May 4, 2026 | Fund Letters | Mayar Capital | XRO.AX | Xero Limited | Software - Application | Application Software | Bull | Australian Securities Exchange | AI integration, Australia, Cloud Accounting, SaaS, Small Business Software | Login |
| May 4, 2026 | Fund Letters | Mayar Capital | TOST | Toast, Inc. | Software - Infrastructure | Application Software | Bull | New York Stock Exchange | All-in-one Platform, hospitality, POS Systems, Restaurant technology, vertical software | Login |
| May 4, 2026 | Fund Letters | Mayar Capital | - | Dassault Systèmes SE | Other | Application Software | Bull | - | 3D design software, automotive, Engineering Software, france, Simulation Tools | Login |
| May 4, 2026 | Fund Letters | Mayar Capital | - | Inter Cars S.A. | Other | Distributors | Bull | Warsaw Stock Exchange | aftermarket, Auto Parts Distribution, Central Europe, Logistics Network, Scale Advantages | Login |
| May 4, 2026 | Fund Letters | Mayar Capital | 7974.T | Nintendo Co., Ltd. | Electronic Gaming & Multimedia | Home Entertainment Software | Bull | Taiwan Stock Exchange | Console Hardware, Entertainment IP, Franchise Value, Gaming, Japan, recurring revenue | Login |
| Jan 18, 2026 | Fund Letters | Abdulaziz A.Alnaim | BKNG | Booking Holdings Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Capital-light, Free Cash Flow, marketplace, network effects, Online Travel | Login |
| Jan 18, 2026 | Fund Letters | Abdulaziz A.Alnaim | TW LN | Taylor Wimpey plc | Consumer Discretionary | Homebuilding | Bull | New York Stock Exchange | Cyclicality, dividends, homebuilding, land bank, UK housing | Login |
| Jan 18, 2026 | Fund Letters | Abdulaziz A.Alnaim | NKE | Nike, Inc. | Consumer Discretionary | Footwear & Apparel | Bull | New York Stock Exchange | Brand Power, Consumer Recovery, Inventory Reset, Pricing, turnaround | Login |
| Oct 14, 2025 | Fund Letters | Abdulaziz A.Alnaim | SOLV US | Solventum Corporation | Health Care | Medical Supplies | Bull | NYSE | Activism, cashflow, Cost efficiency, deleveraging, healthcare, innovation, M&A, restructuring, spin-off | Login |
| Jul 15, 2025 | Fund Letters | Abdulaziz A.Alnaim | NESN SW | Nestlé SA | Consumer Staples | Packaged Foods & Meats | Bull | Swiss Exchange | brands, Coffee, compounding, Petcare, Pricing | Login |
| Apr 3, 2025 | Fund Letters | Mayar Capital | CAP.PA | Capgemini | Software & Services | IT Consulting & Other Services | Bull | Euronext Paris | asset-light, cash generation, cloud infrastructure, Digital transformation, Europe, generative AI, It consulting, manufacturing, Software Engineering, Systems Integration, Technology Services | Login |
| Apr 3, 2025 | Fund Letters | Mayar Capital | NVO | Novo Nordisk | Pharmaceuticals, Biotechnology & Life Sciences | Pharmaceuticals | Bull | NASDAQ | biotechnology, Chronic Disease, Denmark, Diabetes, GLP-1, healthcare, Metabolic Health, Obesity, pharmaceuticals, pipeline | Login |
| Apr 3, 2025 | Fund Letters | Mayar Capital | NKE | Nike | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | Apparel, Athletic Footwear, Brand Equity, Consumer Discretionary, Digital platforms, direct-to-consumer, global markets, innovation, Sportswear, technology | Login |
| Jan 14, 2025 | Fund Letters | Mayar Capital | CSCO | Cisco Systems | Technology Hardware & Equipment | Communications Equipment | Bear | NASDAQ | dot-com bubble, Growth Trap, Historical Case Study, networking equipment, Overvaluation, technology, valuation | Login |
| Jan 14, 2025 | Fund Letters | Mayar Capital | NVDA | NVIDIA Corporation | Technology Hardware & Equipment | Semiconductors | Bear | NASDAQ | AI, Chips, Competition, Margins, Overvaluation, semiconductors, technology, valuation | Login |
| Jan 14, 2025 | Fund Letters | Mayar Capital | MSTR | MicroStrategy Incorporated | Software & Services | Application Software | Bear | NASDAQ | Bitcoin, cryptocurrency, Irrational Exuberance, leverage, Software, Speculation, treasury strategy | Login |
| Jan 14, 2025 | Fund Letters | Mayar Capital | AHT.L | Ashtead Group plc | Capital Goods | Trading Companies & Distributors | Bull | London Stock Exchange | Capital Goods, construction, Equipment Rental, infrastructure, scale, secular growth, Unit economics, US listing | Login |
| Jul 11, 2024 | Fund Letters | Mayar Capital | VWS.CO | Vestas Wind Systems | Capital Goods | Heavy Electrical Equipment | Bull | NASDAQ Copenhagen | Capital Goods, Denmark, energy transition, Green Technology, Industrial Equipment, infrastructure, recurring revenue, renewable energy, Service Contracts, Wind Energy | Login |
| Apr 18, 2024 | Fund Letters | Mayar Capital | BLND.L | British Land Company PLC | Real Estate | Retail REITs | Bull | London Stock Exchange | commercial real estate, Interest Rate Sensitive, Logistics, Office, Property, REIT, retail, UK, Value | Login |
| Oct 15, 2023 | Fund Letters | Mayar Capital | CAP.PA | Capgemini SE | Software & Services | IT Consulting & Other Services | Bull | Euronext Paris | Digital transformation, Enterprise software, Europe, It consulting, Offshore Outsourcing, professional services, Technology Enabler, Technology Services | Login |
| Oct 15, 2023 | Fund Letters | Mayar Capital | KVUE | Kenvue Inc | Household & Personal Products | Personal Products | Bull | NYSE | beauty products, brand portfolio, Consumer-health, Fmcg, OTC Medications, personal care, spin-off, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| NKE | We took advantage of the volatility during the quarter to rebalance some of our holdings. We added to a number of existing holdings: Nike |
| TOST | We took advantage of the volatility during the quarter to rebalance some of our holdings. We added to a number of existing holdings: Toast |
| SAP | We took advantage of the volatility during the quarter to rebalance some of our holdings. We added to a number of existing holdings: SAP |
| UL | We took advantage of the volatility during the quarter to rebalance some of our holdings. We added to a number of existing holdings: Unilever |
| MA | We took advantage of the volatility during the quarter to rebalance some of our holdings. We added to a number of existing holdings: Mastercard. In that 2016 letter I modelled the growth of Visa and Mastercard, layer by layer, and arrived at roughly 11% a year. What did they then do? Visa compounded revenue at 12% a year over the ten years to 2026; Mastercard at 13%; in our valuations, however, we used 7%. |
| NTDOY | We took advantage of the volatility during the quarter to rebalance some of our holdings. We added to a number of existing holdings: Nintendo |
| BKNG | We took advantage of the volatility during the quarter to rebalance some of our holdings. We added to a number of existing holdings: Booking |
| BUNZF | We also initiated two new positions, in Bunzl PLC. Bunzl is the kind of business we love to own, and the kind the market rarely offers at a fair price. It distributes the unglamorous but essential goods that other businesses need to operate: food packaging, disposable tableware, cleaning and hygiene supplies, safety equipment. Its customers, who range from Walmart to the NHS, never think about Bunzl, which is exactly the point. The products are low-cost, recurring, and rarely worth a customer's time to re-source, and Bunzl has spent decades quietly rolling up thousands of small regional distributors into a global network with a scale no rival can match. It is highly cash-generative, earns strong returns on capital, and has raised its dividend for more than thirty consecutive years. Our opportunity came because Bunzl stumbled: a self-inflicted execution problem in its North American business, against a backdrop of price deflation, led to a rare profit warning and a sharp fall in the shares, and the stock has stayed out of favor since. The market treated a fixable operational misstep as a permanent impairment. We did not. |
| LZAGY | We also initiated two new positions in Lonza Group AG. Lonza is one of the highest-quality businesses we have studied in years, and we studied it hard before buying. It is the world's leading contract manufacturer of biologic medicines, the company big pharmaceutical firms hire to make their most complex drugs at scale. Once Lonza is making a medicine, it is written into the customer's regulatory filings and supply chain so deeply that switching becomes slow, costly and risky, which gives it the durable pricing power and customer retention we prize. It sits on a long tailwind too, as more of the drug pipeline shifts to biologics and as pharma increasingly chooses to outsource manufacturing rather than build it. Lonza has just completed its transformation into a focused, pure-play manufacturer, shedding its lower-quality ingredients division, and it guides to low-teens growth with expanding margins. It is not cheap on a simple multiple, and I won't pretend otherwise, but quality like this rarely is. Our own probabilistic work gave us the conviction that the price still leaves a margin of safety against the value we expect it to compound over the years ahead. |
| V | In that 2016 letter I modelled the growth of Visa and Mastercard, layer by layer, and arrived at roughly 11% a year. What did they then do? Visa compounded revenue at 12% a year over the ten years to 2026; Mastercard at 13%; in our valuations, however, we used 7%. |
| CRDA.L | Croda International. Founded: 1925. In 1925, two men named Crowe and Dawe set up business in a disused waterworks at Rawcliffe Bridge, a hamlet in the flat farmland of East Yorkshire, with the aim of extracting lanolin — a waxy grease — from raw sheep's wool. Croda is not a household name, and deliberately so. It sells not to consumers but to the companies that serve them, and its ingredients form a small but vital part of other people's products. Croda's ingredients might be found in a vaccine injection that must keep the active molecules intact, a beauty brand's anti-ageing moisturiser, or in a crop spray that clings to leaves instead of washing away in the rain. The economics are attractive: the ingredient is typically a tiny fraction of the customer's cost base, yet central to the performance and marketing claims of the finished product. That combination — low cost to the buyer, high value to the brand — is the source of Croda's pricing power, and has historically delivered gross margins above 40% and returns on capital well into the teens. Having ridden a surge of pandemic-era demand, Croda suffered a sharp reversal as customers ran down inventories, the agricultural cycle turned, and a build-up of cost met falling volumes. Utilisation fell well below historic levels and the operating margin, once flirting with the mid-twenties, compressed towards the mid-teens. 2025 saw sales begin to recover, but margins are still well below historic levels. We think that gap looks more cyclical than structural. A new framework targets 3–6% annual growth to 2028, a margin above 20% and a return on capital of at least 10%, with some £100m of cost savings; with the heavy investment phase complete and the share of sales from new and protected products — Croda's measure of genuine innovation and most important driver of gross margins — still climbing, we believe margins can recover towards, and perhaps beyond, 20%. Croda's recovery will not be linear, and patience will be required. But we are buying a century-old company, with deep customer relationships and genuine innovation, at a depressed point in its cycle and a modest multiple of earnings. |
| GOOGL | Alphabet recently chose to raise money by issuing equity rather than debt. First, it is remarkable that Alphabet, one of the most profitable and most cash generative businesses in history suddenly needs to raise capital from outside investors. After years of buying back stock they're now issuing it. What makes it especially interesting is the company's choice. The sum raised is only modestly more than its existing debt load. Had Alphabet borrowed the same amount instead, it would have taken its net debt from under half its EBITDA to under one times EBITDA. This is a business with an enormous capacity to borrow, and it could borrow very cheaply, at rates around five percent. A management team will only choose to issue equity in place of the debt it could raise that easily if it believes the equity is the cheaper currency, which is to say if it believes the shares are overvalued. By my math, Alphabet's own management is implicitly telling you they think their equity is worth somewhere between a third and forty-four percent below where it trades. When the people who know a business best would rather print shares than borrow, it is worth paying attention. |
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