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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
For the full year 2025, the Partners Fund returned +11.90% after costs, underperforming the DAX's return of +23.01%. Lead Portfolio Manager Dr. Mathias Saggau acknowledges the patience required during a four-year period of relative underperformance, but expresses strong optimism based on underlying corporate developments. Key contributors included United Internet (+77%), CHAPTERS Group (+63%), and Naked Wines (+54%). Significant operational milestones occurred across major holdings, including deep-value 'net-net' investment plays in Virgin Wines and Naked Wines, which both initiated significant buybacks. Conglomerates DCC and Associated British Foods announced strategic split plans to unlock hidden value, while Tucows underwent major board and executive transitions. Conversely, Moltiply Group experienced sharp declines (-30% since November) due to broad market panic surrounding AI's impact on comparison models, which Saggau characterizes as a clear overreaction.
Investing in companies where the economic substance and operational power are disconnected from depressed stock prices, using periods of extreme valuation discounts to accumulate shares and encouraging managements to execute aggressive share buybacks or corporate break-ups.
The manager views the current low valuations across the portfolio as a coiled mechanical spring that will deliver strong performance once market conditions normalize. Despite recent relative underperformance, the economic substance of the underlying holdings continues to develop favorably, supported by active capital allocation and management changes.
As of Dec 31, 2025
Dr. Mathias Saggau is the founder and Managing Director of MSA Capital GmbH with extensive experience in asset management. He holds a degree in business administration and a doctorate from the Technical University of Chemnitz. His professional background includes roles at National-Bank Essen and Investmentaktiengesellschaft für langfristige Investoren in Bonn. He maintains significant corporate governance involvement as Chairman of the Supervisory Board at CHAPTERS Group AG since 2018 and Member of the Supervisory Board at GESCO SE since 2025, while also being founder of JMX Capital GmbH.
Lead Portfolio Manager
High Conviction Bullish
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