| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 0% | 30% |
| 2025 |
|---|
| 30.0% |
Norbury Capital delivered exceptional performance in 2025 with a 30% net return, significantly outperforming the MSCI Europe Small-Cap index's 17.1% return. The fund's success was driven by multi-bagger winners including Medincell, Renk, and Zegona, though December saw a modest -0.2% decline due to weakness in less liquid holdings like Cerillion and Paradox Interactive. The manager emphasizes that such strong short-term results reflect both skill and luck, with luck being a material factor that can swing annual outcomes. The investment approach combines quality, value, and catalyst analysis within a disciplined process focused on European small-cap opportunities. Looking forward, the manager commits to continuous process improvement through external coaching to enhance self-awareness and decision-making discipline. While acknowledging that repeating this year's exceptional performance is unlikely, the focus remains on building a robust investment process that can deliver superior long-term returns over 3-5 year periods through systematic assessment of investment opportunities and rigorous risk management.
European small-cap investing through a disciplined process combining quality, value, and catalyst identification can generate superior long-term returns when executed with high self-awareness and continuous process improvement.
The manager emphasizes that short-term results like the current 30% annual return are not easily repeated and acknowledges the role of luck in outcomes. Focus will be on continuous process improvement, discipline, and self-awareness to achieve long-term success over 3-5 year periods.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Dec 31 2025 | 2025 Q4 | CER.L, MEDI.PA, PDX.ST, RNK.DE, ZEG.L | Europe, Outperformance, Process, Quality, small caps, value | - | Norbury Capital's 30% annual return significantly outperformed European small-caps through concentrated positions in quality companies like Medincell, Renk, and Zegona. The manager acknowledges luck played a role alongside skill and emphasizes continuous process improvement over chasing short-term results. Focus remains on disciplined European small-cap investing for long-term outperformance. |
| Sep 30 2025 | 2025 Q3 | AZE.BR, IMCD.AS, MEDCL.PA, PHLL.L | Consolidation, Distribution, Europe, SmallCap, Specialty Chemicals | - | Norbury Capital targets high-quality European small-caps, particularly specialty chemicals distributors benefiting from consolidation trends. Strong September performance (+3.5%) was driven by Medincell and Petershill Partners, bringing YTD returns to +24.4%. Despite recent weakness in Azelis holdings, the manager is adding to positions given attractive valuations and expects market recovery. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIManager sees AI as driving significant growth across multiple portfolio holdings. Alphabet's AI monetization through Google Cloud and Gemini platform enhancements exceeded expectations. Applied Materials benefits from AI-related capacity buildout in advanced logic and high-bandwidth memory. Microsoft's Azure growth and Copilot adoption reinforce AI leadership despite elevated capital investment. |
Cloud Infrastructure Monetization Training Inference |
CloudCloud infrastructure remains a key growth driver with Google Cloud growing over 30% year-over-year supported by rapid AI adoption. Microsoft Azure delivered 39% growth with strong remaining performance obligations providing multi-year revenue visibility. Manager views cloud as foundational to AI infrastructure buildout. |
Infrastructure Growth Enterprise Services | |
PharmaceuticalsEli Lilly was a top performer driven by its GLP-1 franchises Mounjaro and Zepbound, where sales more than doubled year-over-year. Manager believes Lilly remains one of the highest-quality growth franchises in global healthcare with leadership in diabetes, obesity, and neuroscience providing durable competitive advantages. |
GLP1 Diabetes Obesity Pipeline | |
SemiconductorsApplied Materials benefited from improving wafer-fab spending visibility with orders tied to AI-related capacity tracking ahead of plan. Manager believes AMAT is well positioned in the semiconductor capital equipment ecosystem, benefiting from structural increases in semiconductor intensity and AI infrastructure buildout. |
Equipment Foundries Memory Logic | |
StreamingNetflix was the portfolio's largest detractor following concerns around near-term subscriber growth and rising content spending. While revenue grew approximately 10% year-over-year, management guided to slower net subscriber additions after recent price increases. The proposed Warner Bros. Discovery acquisition introduces integration and regulatory concerns. |
Content Subscribers Competition Consolidation | |
| 2025 Q3 |
Specialty ChemicalsFocus on high-quality specialty chemicals distribution businesses like Azelis and IMCD that connect suppliers with smaller end-customers. These asset-light businesses benefit from industry consolidation and outsourcing trends, with operational profit closely aligning with free cash flow. However, the sector faces headwinds from prolonged destocking cycles and weak global trade conditions. |
Distribution Consolidation Outsourcing Asset-light Free cash flow |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| CER.L | December was a uneventful month where we were dragged down by some of the lesser liquid names such as Cerillion, Paradox Interactive and Springer Nature, which were all down double digits. |
| MEDI.PA | For the full year standouts were winners such as Medincell, Renk and Zegona where in all 3 instances we locked in a multi-bagger for our fund. |
| PDX.ST | December was a uneventful month where we were dragged down by some of the lesser liquid names such as Cerillion, Paradox Interactive and Springer Nature, which were all down double digits. |
| RNK.DE | For the full year standouts were winners such as Medincell, Renk and Zegona where in all 3 instances we locked in a multi-bagger for our fund. |
| ZEG.L | For the full year standouts were winners such as Medincell, Renk and Zegona where in all 3 instances we locked in a multi-bagger for our fund. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
