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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Mar 31, 2026
The core thesis of the TM Oberon UK Core Fund is that UK equities are trading at multi-decade valuation discounts relative to global peers, presenting highly attractive deep-value opportunities that can be realized through long-term capital appreciation and corporate M&A. In April 2026, the fund achieved a strong return of approximately 6.9%, outperforming its benchmark sector. This outperformance was driven by positive corporate activity, notably a rejected private equity bid for DCC and a recommended cash acquisition of Animalcare Group, which validated the fund's deep-value philosophy. Although short-term detractors like Imperial Brands and Taylor Wimpey weighed on performance, the manager utilized price weakness to add to positions, emphasizing strong underlying cash flows and recovery prospects. Structurally, the portfolio is heavily weighted toward Financials and Consumer Discretionary sectors with negligible cash reserves. The manager remains highly constructive on the forward outlook, viewing current market dislocations as prime catalysts for future takeover activity and market re-rating.
UK equities trade at historically depressed levels relative to global peers, offering significant deep-value opportunities and compounding returns through capital appreciation and income, validated by corporate M&A activity.
The manager expects UK equities to continue presenting compelling opportunities due to their multi-decade valuation discount compared to international peers. Despite ongoing geopolitical uncertainty, increased domestic and foreign investor recognition, alongside persistent M&A activity, is anticipated to drive a recovery and re-rating across the UK market spectrum.
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