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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
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The Norbury Capital Fund generated a net return of +1.8% in September 2026, outperforming its benchmark, the MSCI Europe Small-Cap index, which declined -2.6%. Year-to-date, the fund has advanced +12.7% net of fees compared to +8.2% for the index, and has delivered +54.2% net of fees since inception in August 2024. Monthly performance was driven by gains in top contributors Zegona, Everplay, and Technogym, the latter two of which were initiated during the month, offset by detractions from D'ieteren, Adyen, and Games Workshop. During September, the fund established a new position in Swedish distributor Beijer Ref, based on the structural transition of air conditioning from a luxury to an essential utility across Northern Europe following historic summer heatwaves. Portfolio positioning remains oriented toward asset-light, cash-generative compounders with pricing power and regulatory tailwinds, despite near-term macro noise and elevated short interest across European small-cap equities.
Invest in asset-light, cash-generative small-cap market leaders that deploy capital into high-return accretive bolt-ons supported by long-term structural demand drivers.
Norbury Capital maintains that long-term structural demand drivers—such as climate change and tighter environmental regulations—matter far more than quarterly earnings noise, positioning high-quality distribution businesses for sustained cash flow compounding over the next decade.
As of Oct 1, 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
50
Growth Outlook
50
Risk Appetite
50
Capital Deployment
50
Forward Guidance
50
Language Signal
50
Perceived Risk
50
Opportunity Density
50
Time Horizon
50
Top Conviction Themes
Key Catalysts
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