Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
MPD Partners manages MPD SME Capital One, a private equity vehicle targeting European small and medium enterprises. The fund's primary holding, La Centrale de Prévoyance (LCP), is a Swiss insurance broker that achieved positive net income of CHF 18,000-22,000 in 2025 with operational cash flow of CHF 15,000-17,000, marking three consecutive years of growth. LCP operates in social security and healthcare insurance with partnerships across major insurers including Generali, Allianz, and Axa. The company is rebuilding its commercial structure through broker recruitment following the resignation of its main broker. MPD Partners is developing proprietary lead generation software using machine learning algorithms to enhance portfolio company sales outcomes, currently being tested with LCP. The firm's second investment, Sell-Plast, has been written off and is in liquidation. MPD Partners aims to establish a dedicated SME-focused PE fund medium-term, leveraging its track record with innovative governance involving shareholders, advisory board, and investment committee structures.
MPD Partners operates a small-cap private equity strategy focused on European SMEs, leveraging innovative governance structures and technology development to create value in underserved market segments that larger PE funds cannot efficiently target due to their cost structures.
LCP would be positively impacted by its role as insurance, accounting and investment advisor of MSCS's portfolio companies and their sellers if MPD SME Capital Swiss fund launches successfully by Q2 2025.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 1 2026 | 2025 Q4 | ALV.DE, CS.PA, GENERALI.MI, MC.PA, ZAL.DE | insurance, portfolio, private equity, SME, software, Switzerland | - | LCP operates as a Swiss regulated insurance broker in social security and healthcare insurance, maintaining partnerships with major insurers including Groupe Mutuel, Generali, Allianz, and… |
| Oct 1 2025 | 2025 Q3 | - | - | - | - |
| Jul 1 2025 | 2025 Q2 | - | - | - | - |
| Apr 1 2025 | 2025 Q1 | - | - | - | - |
| Jan 5 2025 | 2024 Q4 | - | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
InsuranceThe insurance operations produced $7.2 million in underwriting profits in 2025 with a combined ratio of 89.7%. First Guard maintained its exceptional record with 114 consecutive quarters of underwriting profit, while Southern Pioneer achieved a 96.4% combined ratio. The creation of Biglari Reinsurance enhanced the group's A rating from AM Best and provides a foundation for acquiring additional insurance companies. |
Underwriting Reinsurance Commercial Profitability Acquisition |
Software |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| MC.PA | The holdings in Applied Materials, Elevance Health, LVMH and Anheuser-Busch InBev were exited |
| ZAL.DE | Currently he is Principal Program Manager at Zalando |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||