| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 2025 |
|---|
| 55.8% |
OAM European Value Fund delivered exceptional returns of 55.8% in 2025, significantly outperforming its benchmark. The fund's concentrated approach paid off with top 10 holdings generating 76% of total returns. Key contributors included Standard Chartered, which doubled in value, Vienna Insurance Group with 158% returns, and successful exits from car carrier investments that generated 110% IRR over five years. The manager believes European value stocks are emerging from their longest underperformance period ever, with 2025 marking the largest outperformance versus growth in 30 years. Portfolio trades at attractive valuations with market leaders at 10.7x earnings and deep value at 9.1x earnings. Investment trusts trade at 23% average discount to NAV. New investments include RTW Biotech, reflecting conviction in biotechnology's potential. The fund maintains exposure to quality businesses trading below intrinsic value, positioned for continued outperformance as value investing experiences a multi-year bull run supported by currency tailwinds and earnings growth.
European value stocks are significantly undervalued after a decade of underperformance, trading at attractive multiples with catalysts for re-rating including currency appreciation, earnings growth, and the return of value outperformance versus growth.
Manager expects strong returns over medium term based on attractive valuations, return to value outperformance, currency tailwinds, and increased appeal of global equity exposure. Believes European value investing is nearer the beginning than end of what is likely to be a fabulous bull run lasting years.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 20 2026 | 2025 Q4 | 096770.KS, BSRT.L, DAN.MI, HANA.L, HAUTO.OL, HVPE.L, NN.AS, NRO.PA, OCI.L, PIN.L, RCP.L, RTW.L, SBER.ME, SIBN.ME, STAN.L, VIG.VI, WALW.OL, WWI.OL, YAR.OL | Biotechnology, Discounts, Europe, insurance, NAV, private equity, shipping, value |
STAN LN VIG AV DAN IM RTW LN |
Fund focuses on buying shares in decent operating businesses at significant discounts to intrinsic value. European value stocks had their largest outperformance versus growth stocks in 30 years, beating them by 19 percentage points in 2025. Manager believes value will continue to outperform growth during remainder of this decade. Major holdings include NN Group (Dutch life and non-life insurance) and Vienna Insurance Group (leading in Central and Eastern Europe). VIG was best performing stock with 158% return, benefiting from acquisition of Nürnberger and expansion opportunities in Eastern European markets with low insurance penetration rates. Fund had exceptional exposure to car carrier industry through Wallenius Wilhelmsen, Höegh Autoliners, and Wilhelmsen family holding company. Generated 110% IRR over 5 years before exiting operating companies due to expected decline in freight rates as new supply enters market. New investment in RTW Biotech reflects belief that gene splicing and editing will be the next big thing over coming generation. Biotech emerging from bear market with increased M&A activity as Big Pharma faces patent cliff. RTW positioned globally including China's rapidly growing biotech sector. Fund invests in listed private equity funds trading at significant discounts to NAV. Holdings include Pantheon International and HarbourVest Global Private Equity at 26% discounts versus typical 10% discounts in secondaries market. M&A activity picking up, underscoring valuations. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
BiotechnologyHealthcare industry positioned for catch-up growth after several years of below-trend performance. Government spending expected to increase relative to feared cuts, with companies signaling improvement in revenue growth. Focus on 'picks & shovels' businesses serving the industry. |
Life Science Tools Pharmaceuticals CRO & CDMO Healthcare Research |
InsuranceBerkshire's insurance operations generated pre-tax underwriting gains and grew float to $176 billion. The combined ratio of 87.1% across property and casualty businesses was exceptional. However, increased competition and rising claim cost trends may pressure future earnings. |
P&C Insurance Reinsurance Float Underwriting GEICO | |
Private EquityDiscounts for funds of funds are still far too wide and persistently so. Stark arbitrage available from selling underlying third-party fund interests at tight discounts in secondary market to fund share buybacks at much wider discounts. HVPE announced $300m sale at 6% discount to fund debt repayment and buybacks. |
Private Equity Discount Arbitrage Secondary Market Share Buybacks Fund of Funds | |
ShippingFund had exceptional exposure to car carrier industry through Wallenius Wilhelmsen, Höegh Autoliners, and Wilhelmsen family holding company. Generated 110% IRR over 5 years before exiting operating companies due to expected decline in freight rates as new supply enters market. |
Shipping Car Carriers Freight Vessels Maritime | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 20, 2026 | Fund Letters | Camilla Anderson | RTW LN | RTW Biotech Opportunities Ltd | Financials | Closed-End Funds | Bull | New York Stock Exchange | Biotech, Closed-End Funds, innovation, Mna, NAV discount | Login |
| Jan 20, 2026 | Fund Letters | Camilla Anderson | STAN LN | Standard Chartered PLC | Financials | Diversified Banks | Bull | New York Stock Exchange | banking, Capital, Emerging markets, turnaround, valuation | Login |
| Jan 20, 2026 | Fund Letters | Camilla Anderson | VIG AV | Vienna Insurance Group AG | Financials | Insurance | Bull | New York Stock Exchange | Cee, growth, Insurance, underwriting, valuation | Login |
| Jan 20, 2026 | Fund Letters | Camilla Anderson | DAN IM | Danieli & C. Officine Meccaniche S.p.A. | Industrials | Industrial Machinery | Bull | Borsa Istanbul | Decarbonization, machinery, Orderbook, Steel, valuation | Login |
| TICKER | COMMENTARY |
|---|---|
| BSRT.L | Baker Steel Resources Trust (BSRT)'s NAV moved steadily higher over the quarter driven by strong performance from its listed holdings. The Trust's managers have noted the improved financing environment for junior mining companies, and the quarter ended with the very welcome news that Australian coal miner, Futura Resources (24% of BSRT's NAV), had secured a long-awaited refinancing sufficient to repay all current debt and bring both Futura's mines into full production. |
| DAN.MI | Danieli, a company based in Northern Italy that specializes in manufacturing steel plants, as well as producing specialist steels. The Fund owns the savings shares which trade at a 28% discount to the ordinary shares. The savings shares have generated a return of 119% for the Fund in 2025. Despite this strong performance, after stripping out the company's excess net cash position the shares trade at 7.5x 2026 estimated earnings. European Commission proposals to safeguard European steel production as well as carbon costs on imports to disadvantage steel produced from high-emission energy sources, has led to a surge in demand for Danieli's energy efficient and hydrogen-ready steel plants. This is demonstrated by Danieli's elevated order book and increasing profitability. |
| HANA.L | 70year merger end-game gives flexibility at 44% discount to NAV |
| HVPE.L | Harbourvest Global Private Equity (HVPE) and Pantheon International (PIN), our two private equity names, were solid contributors over the quarter on the back of discount tightening. Our thesis for this portfolio theme is that (i) notwithstanding recent narrowing, discounts for these two funds of funds are still far too wide and have been persistently so for too long, and (ii) a stark arbitrage is available from selling underlying third-party fund interests at tight discounts in the secondary market to fund share buybacks at much wider discounts. We were thus pleased to see HVPE announce in mid-December a $300m sale (7% of NAV) of five fund positions at a 6% discount to end-June NAV. The proceeds will be used to repay debt and buy back shares. |
| NN.AS | NN Group, a leading Dutch life and non-life insurance company and the Fund's third largest holding, generated a total return of 85% in USD terms last year. Despite this strong return, the shares continue to trade at a 10% discount to book value, and 8.5x 2026 estimated earnings. Management stands out as highly efficient capital allocators. |
| PIN.L | Harbourvest Global Private Equity (HVPE) and Pantheon International (PIN), our two private equity names, were solid contributors over the quarter on the back of discount tightening. Our thesis for this portfolio theme is that (i) notwithstanding recent narrowing, discounts for these two funds of funds are still far too wide and have been persistently so for too long, and (ii) a stark arbitrage is available from selling underlying third-party fund interests at tight discounts in the secondary market to fund share buybacks at much wider discounts. |
| RCP.L | Last year, Soda increased exposure to RIT Capital (RCP), which got a boost from its holding in SpaceX, which is expected to IPO this year with a trillion-dollar price tag. This is proof that balanced portfolios can still be interesting. |
| RTW.L | RTW Biotech, a relatively new investment for the Fund, makes up part of the Fund's recent exposure to selected investment trusts. Biotech is at the early stages of emerging from a bear market; M&A activity has picked up substantially. RTW Biotech's portfolio has been a significant beneficiary of M&A but there is a long runway as Big Pharma, awash with cash, faces a patent cliff. RTW's team has the deep scientific expertise to cherry pick promising therapies, as well as the necessary development experience to appropriately-size investments through early- to late-stage. Further, RTW is opportunely positioned to invest globally, including China which has rapidly risen as a biotech innovator. RTW Biotech's NAV increased over 40% in 2025, but the shares trade at a 16% discount to the last published NAV. |
| STAN.L | Standard Chartered was the largest contributor to the Fund's performance in 2025. It contributed 8.5% to NAV. Inclusive of dividends, the shares doubled in value. We took some gains towards the end of the year, selling $2mn worth of shares. We continue to trim the position as the shares rise. The success of Standard Chartered's turnaround became evident during the year. It is generating a decent return on equity. The bank is now well-placed to benefit from its strong position in high growth markets particularly leveraging its cross-border trade network in Corporate Banking as well as a compelling proposition in Wealth & Retail Banking. At the beginning of 2025, the shares traded at less than 0.7x book value. They now trade at 1.2x book value and 10.6x 2026 estimated earnings. The shares still trade below fair value and the company continues to buy back its own shares. |
| VIG.VI | Vienna Insurance Group (VIG) was the single best performing stock in the portfolio, generating a total return of 158% in USD. VIG is a leading insurance group in Central and Eastern Europe. The company announced the acquisition of Nürnberger, a German specialist insurance company. The combination of VIG's existing market leader position in Austria and Nürnberger's German business, gives VIG a stronger foundation on which to continue its expansion in Central and Eastern Europe, as well as expertise in a niche business line that can also be extended east. Adjusting for the acquisition of Nürnberger, VIG trades at 1.3x book value and 9.3x 2026 estimated earnings. Whilst we have taken some gains for the Fund in early 2026, VIG offers plenty of potential – insurance penetration rates remain low in VIG's Eastern European markets - at an undemanding valuation. |
| WWI.OL | The Fund's investment in Wilh. Wilhelmsen Holding (WWI) is split between the A and B shares. On average, the shares increased 67% in USD during 2025, whilst the discount to NAV narrowed marginally from 52% to 48%, the return was generated predominantly through growth in NAV. WWI is the holding company of the Wilhelmsen family. Its main investments are a 38% stake in Wallenius Wilhelmsen and an 11% holding in Hyundai Glovis which make up 36% and 23% of WWI's net asset value respectively. We believe that the wide discount to NAV at which WWI trades provides a margin of safety whilst maintaining exposure to a high-quality operator with long-term contracts that remains highly cash generative. The Wilhelmsen family have been involved in the car carrier industry for five generations and understand the highs and the lows of the industry. At a 48% discount to NAV, WWI remains a top holding for the Fund. |
| YAR.OL | Yara's shares performed well on the back of EPS revisions. Part of the surprisingly high EPS growth was due to Yara International increasing its EPS from $1.75 in 2024 to around $4.25 estimated for 2025 (vs $2.65 expected for 2025 at the start of the year). We expect Yara to again surpass analysts' earnings expectations over the next few years for various reasons related to tight new supply and the recently commenced Carbon Border Adjustment Mechanism (CBAM) in the EU. This is a very well managed business that we have owned for over 20 years that we think we understand well. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| 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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