The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Norbury Capital Fund returned +0.8% in June 2026, outperforming the MSCI Europe Small-Cap index by 380 basis points, bringing year-to-date performance to +8.2% versus +5.2% for the benchmark. Top contributors included Tonies following an impressive capital markets day, MTU Aero Engines, and Games Workshop, while Zegona and Cerillion detracted. The fund completed its first activist campaign with OCI Global, which began as a small opportunistic position and evolved into a larger holding requiring significant engagement. Working with the VEB and Marcel Smits, Norbury challenged the majority shareholder's treatment of minorities and brought the matter to the Enterprise Chamber, which appointed independent directors. Despite achieving a cash alternative offer of €4.10 per share, the manager viewed this as insufficient relative to underlying asset value. The fund ultimately exited the position with a decent return, though below what they believed to be fair value. Management emphasized their willingness to act when necessary to protect shareholder interests while maintaining focus on finding the best risk/reward opportunities. The proceeds from OCI are being redeployed into what the manager describes as plenty of attractive opportunities elsewhere in European small caps.
Norbury Capital focuses on European small-cap equities with an opportunistic approach, willing to engage in activism when necessary to protect minority shareholder interests and unlock value.
The manager sees plenty of opportunities to deploy capital elsewhere following the OCI exit, suggesting a constructive view on the broader opportunity set in European small caps.
As of Aug 26, 2026
Founded by Ernest van Tuyll and Thijs Buitenhuis, Norbury Capital launched in August 2024 specializing in European small and midcap entrepreneurial companies. Van Tuyll brings twelve years of experience managing the Juno Selection Fund with over 1,000 company interactions, while Buitenhuis previously led a public equities team managing over $150 million at Egeria and demonstrated early investment acumen by owning stocks at age 11. The fund has achieved exceptional performance since inception with +39.0% total returns versus +16.2% benchmark, including a remarkable 30.0% return in 2025. The partnership was recognized with a Hedgeweek European Awards shortlisting for 'Capital Raise of the Year' within seven months of launch.
Norbury Capital positions itself as stockpickers, continuously looking for companies with improving business fundamentals that are not yet fully recognized by the wider market. The firm employs a Long-only strategy with a Hedge Fund mindset, combining concentrated, long-term positioning with assertive focus on near-term stock dynamics. Their investment philosophy rests on six pillars: maintaining a steady flow of new investment ideas to challenge existing holdings, focusing on quality companies in an accelerating profit phase, seeking attractive valuations and true mispricing, employing disciplined risk management through algorithmic position sizing, considering portfolio implications, and maintaining a concentrated portfolio of 15-20 core stakes. They prefer quality companies that are in an accelerating phase of their profit cycle with typical investment horizons of 3-5 years.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The fund demonstrates high conviction through its willingness to engage in activism on OCI Global, escalating a small position into a larger holding and taking the matter to the Enterprise Chamber. The manager names six specific holdings with performance attribution and provides detailed multi-paragraph analysis of the OCI situation including specific price levels (€4.10 offer) and valuation concerns. However, the decision to exit OCI despite believing in higher underlying value, and the lack of detailed discussion on other portfolio holdings, prevents a score above 0.75. The fund appears to run a concentrated portfolio of European small caps with strong views on individual names, but the letter focuses primarily on one exited position rather than current high-conviction holdings.
Growth Outlook
Manager notes that global markets shrugged off Iran war worries and had a strong month, indicating a constructive but not overly bullish market view.
Risk Appetite
Fund is fully invested in European small-caps with concentrated positions in growth stories like Tonies, indicating a risk-on positioning with conviction in specific names.
Capital Deployment
The fund is rotating capital from OCI Global into other opportunities, representing active redeployment rather than net deployment or de-risking. The manager states they see 'plenty of opportunities' to deploy proceeds, indicating intent to put capital to work. However, this is a rotation (selling one position to fund others) rather than reducing cash or adding net exposure. No specific cash level changes are mentioned. This represents mild positive deployment activity through active rotation.
Forward Guidance
Manager explicitly states Tonies has strong potential to perform from here and provides detailed bullish thesis with specific growth targets and catalysts, indicating clear deployment bias.
Language Signal
The letter contains mixed directional language. Positive terms include 'impressive CMD,' 'plenty of opportunities,' 'decent return,' and 'best risk/reward.' However, the extensive discussion of the OCI situation includes cautious language around 'low-ball offer,' 'insufficient,' 'mixed outcome,' and 'should have been higher.' The net balance leans slightly positive given the constructive outlook on redeployment opportunities, but the OCI narrative tempers the overall tone.
Perceived Risk
Manager briefly mentions Iran war worries but immediately notes markets shrugged them off. No other risk discussion present, with the letter focused entirely on opportunities and positive company fundamentals.
Opportunity Density
The manager explicitly states they see 'plenty of opportunities to deploy the proceeds from OCI elsewhere,' indicating a rich opportunity set in European small caps. The decision to exit OCI despite believing in higher underlying value was driven by better opportunities available elsewhere, reinforcing the view of abundant alternatives. The fund's strong outperformance versus benchmark (+8.2% vs +5.2% YTD) and multiple named top performers suggest the manager is finding and capitalizing on attractive ideas across the portfolio.
Time Horizon
The letter suggests a medium-term investment horizon. The OCI activist campaign evolved over several months from late last year through June, indicating willingness to hold positions through multi-quarter developments. However, the decision to exit OCI when the probability of a higher bid became limited, rather than holding for longer-term value realization, suggests the fund is not purely long-term buy-and-hold. The focus on 'best risk/reward' and active capital rotation indicates a 1-3 year time horizon rather than permanent capital or decade-plus holding periods. No specific catalyst timelines or multi-year thesis discussions are provided for other holdings.
Top Conviction Themes
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Norbury Capital or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.