Olesen Value Fund

Investor Summary

Christian Olesen, CFA, founded and manages the Olesen Value Fund with extensive hedge fund and financial research experience spanning over 15 years. His background includes roles as Analyst/Trader at Xaraf Management (Paloma Partners), Senior Associate at DebtTraders Inc., and Senior Analyst at Stern Stewart & Co. Olesen studied business at The Wharton School of Business at the University of Pennsylvania. He demonstrates complete alignment with investors by investing all of his investable assets in the fund, ensuring shared interests in long-term performance and risk management.

Fund Strategy

The Olesen Value Fund implements a purely bottom-up, fundamental value investing approach inspired by Warren Buffett, focusing on three key areas of market inefficiency: underfollowed small and micro-cap companies, companies and industries that are out of favor due to irrational factors, and special, complex or unusual situations and arbitrages. The fund employs a concentrated portfolio typically holding 10-20 investments to enable rigorous fundamental research and focus on significant outperformance potential. The strategy targets long-term wealth compounding while minimizing risk from large losses.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
12.1%	-10.9%	-10.9%

Executive Summary

Olesen Value Fund declined 10.9% in Q1 2026, primarily due to substantial UK homebuilder positions that fell dramatically following the Iran war outbreak. Despite this decline, manager Christian Olesen believes the portfolio is now the most undervalued since the 2009 financial crisis, estimating intrinsic values at more than double current market prices. The three UK homebuilder holdings trade at attractive multiples with strong balance sheets, zero net debt, and exposure to constrained land supply. Solitron Devices, a defense component manufacturer, provided a bright spot with 32% gains following earnings increases and acquisition interest. Multi-year U.S. government defense contracts signal significant future growth potential. Olesen maintains 100% of his personal assets in the fund and expects extraordinarily good future returns, projecting the portfolio could double over the next few years. The fund's long-term value approach targets businesses with strong fundamentals trading below intrinsic value, particularly outside expensive U.S. markets.

Core Thesis

The fund focuses on undervalued global opportunities, particularly UK homebuilders trading at significant discounts to intrinsic value and defense companies benefiting from increased military spending, with a long-term value investing approach targeting businesses with strong fundamentals and attractive risk-adjusted returns.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 13 2026	2026 Q1	SODI	defense, Homebuilders, long-term, undervalued, United Kingdom, value	-	Olesen Value Fund fell 10.9% in Q1 as UK homebuilder positions declined sharply due to Iran war concerns. Manager believes portfolio is most undervalued since 2009 crisis, trading at half intrinsic value. Defense holding Solitron surged 32% on earnings growth and acquisition interest. Fund positioned for potential doubling over next few years through concentrated value investing approach.
Jan 23 2026	2025 Q4	JPM, MN, VTU.L	contrarian, global, Long-only, Micro Cap, small caps, value	MN JPM VTU LN	Olesen Value Fund targets neglected micro and small cap securities trading below intrinsic value through bottom-up fundamental analysis. The concentrated portfolio of 10-20 positions has delivered 13.1% annualized returns since 2008 inception versus 11.8% for global markets, capitalizing on systematic mispricings where institutional competition is limited.
Oct 29 2025	2025 Q3	CAMB.L, JPM, MN, VTU.L	concentrated, contrarian, global, Long-only, small caps, value	VTU LN	Concentrated value fund targeting neglected micro/small caps and contrarian opportunities trading below intrinsic value. Bottom-up approach with 10-20 positions across global markets. Since inception: 697% cumulative returns (13.2% annualized) vs 526% for MSCI ACWI. Manager has 100% skin in the game. High volatility but strong long-term wealth compounding for patient investors.
Aug 20 2025	2025 Q2	CAMB.L, JPM, MN, VTU.L	contrarian, Fundamental, Long-only, small caps, value	MN JPM VTU LN	Olesen Value Fund targets neglected micro and small cap securities trading below intrinsic value, capitalizing on systematic market inefficiencies where institutional competition is minimal. The concentrated 10-20 position portfolio has delivered 13.2% annualized returns since inception versus 11.6% for global markets, focusing on fundamental value opportunities across developed markets with flexible, unconstrained mandate.
Apr 15 2025	2025 Q1	C	banks, Europe, Homebuilders, Micro Cap, Quality, Recession, undervalued, value	-	Olesen Value Fund's portfolio trades at 15-year valuation lows despite strong fundamentals across European homebuilders and regional banks. Manager pivoted from complex institutions like Citigroup toward proven, simple businesses with exceptional track records. Portfolio offers significant upside through multiple expansion while maintaining downside protection through strong balance sheets and cash-generative business models.
Jan 20 2025	2024 Q4	AVHAF	banks, European, Homebuilders, Quality, small caps, value	-	Value-focused fund targeting proven businesses with strong balance sheets at significant discounts, particularly European micro/small caps. Portfolio of 12 investments shows estimated 20-150% upside potential across banks, homebuilders, and industrial companies. Recent underperformance reflects market preference for U.S. tech/growth over value approach, but manager confident fundamentals will eventually drive strong returns.
Oct 18 2024	2024 Q3	BWY.L, CRST.L, HIFS	Banking, Europe, Homebuilders, Recovery, small cap, undervaluation, value	HIFS BWY.L	Fund gained 9.8% in Q3 as small cap value stocks rebounded. Core holdings include Hingham Savings, a hidden gem bank beginning earnings recovery, and Bellway, an undervalued UK homebuilder with zero net debt. Manager sees significant upside in current positions trading at low multiples of normalized earnings.
Dec 10 2023	2023 Q3	GS	banks, Cyclical, Europe, risk management, small cap, value	-	Value-focused manager reduced bank exposure after selling Goldman Sachs, while adding European small cap at deep discount during cyclical downturn. Portfolio includes exceptional banks trading at 9x earnings despite strong fundamentals. Manager maintains concentrated approach with significant personal investment, focusing on permanent capital preservation while seeking best risk-adjusted opportunities.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 13 2026

2026 Q1

SODI

defense, Homebuilders, long-term, undervalued, United Kingdom, value

Olesen Value Fund fell 10.9% in Q1 as UK homebuilder positions declined sharply due to Iran war concerns. Manager believes portfolio is most undervalued since 2009 crisis, trading at half intrinsic value. Defense holding Solitron surged 32% on earnings growth and acquisition interest. Fund positioned for potential doubling over next few years through concentrated value investing approach.

Jan 23 2026

2025 Q4

JPM, MN, VTU.L

contrarian, global, Long-only, Micro Cap, small caps, value

MN
JPM
VTU LN

Olesen Value Fund targets neglected micro and small cap securities trading below intrinsic value through bottom-up fundamental analysis. The concentrated portfolio of 10-20 positions has delivered 13.1% annualized returns since 2008 inception versus 11.8% for global markets, capitalizing on systematic mispricings where institutional competition is limited.

Oct 29 2025

2025 Q3

CAMB.L, JPM, MN, VTU.L

concentrated, contrarian, global, Long-only, small caps, value

VTU LN

Concentrated value fund targeting neglected micro/small caps and contrarian opportunities trading below intrinsic value. Bottom-up approach with 10-20 positions across global markets. Since inception: 697% cumulative returns (13.2% annualized) vs 526% for MSCI ACWI. Manager has 100% skin in the game. High volatility but strong long-term wealth compounding for patient investors.

Aug 20 2025

2025 Q2

CAMB.L, JPM, MN, VTU.L

contrarian, Fundamental, Long-only, small caps, value

MN
JPM
VTU LN

Olesen Value Fund targets neglected micro and small cap securities trading below intrinsic value, capitalizing on systematic market inefficiencies where institutional competition is minimal. The concentrated 10-20 position portfolio has delivered 13.2% annualized returns since inception versus 11.6% for global markets, focusing on fundamental value opportunities across developed markets with flexible, unconstrained mandate.

Apr 15 2025

2025 Q1

banks, Europe, Homebuilders, Micro Cap, Quality, Recession, undervalued, value

Olesen Value Fund's portfolio trades at 15-year valuation lows despite strong fundamentals across European homebuilders and regional banks. Manager pivoted from complex institutions like Citigroup toward proven, simple businesses with exceptional track records. Portfolio offers significant upside through multiple expansion while maintaining downside protection through strong balance sheets and cash-generative business models.

Jan 20 2025

2024 Q4

AVHAF

banks, European, Homebuilders, Quality, small caps, value

Value-focused fund targeting proven businesses with strong balance sheets at significant discounts, particularly European micro/small caps. Portfolio of 12 investments shows estimated 20-150% upside potential across banks, homebuilders, and industrial companies. Recent underperformance reflects market preference for U.S. tech/growth over value approach, but manager confident fundamentals will eventually drive strong returns.

Oct 18 2024

2024 Q3

BWY.L, CRST.L, HIFS

Banking, Europe, Homebuilders, Recovery, small cap, undervaluation, value

HIFS
BWY.L

Fund gained 9.8% in Q3 as small cap value stocks rebounded. Core holdings include Hingham Savings, a hidden gem bank beginning earnings recovery, and Bellway, an undervalued UK homebuilder with zero net debt. Manager sees significant upside in current positions trading at low multiples of normalized earnings.

Dec 10 2023

2023 Q3

banks, Cyclical, Europe, risk management, small cap, value

Value-focused manager reduced bank exposure after selling Goldman Sachs, while adding European small cap at deep discount during cyclical downturn. Portfolio includes exceptional banks trading at 9x earnings despite strong fundamentals. Manager maintains concentrated approach with significant personal investment, focusing on permanent capital preservation while seeking best risk-adjusted opportunities.

QUARTER	THEMES	TAGS
2026 Q1	Homebuilders UK homebuilders represent the fund's largest positions but declined drastically due to the Iran war. Manager believes these companies are extremely undervalued at less than half their intrinsic value, with strong balance sheets, zero net debt, and exposure to constrained UK land supply. The fundamental case remains intact despite short-term macro headwinds.	Housing Construction Land Mortgages Interest Rates
	Defense Solitron Devices, a small defense component manufacturer, reported significant earnings increases and potential acquisition interest. Multi-year U.S. government supply agreements with defense contractors indicate substantial future profit growth due to high operating leverage and increased missile production capacity following the Ukraine conflict.	Military Components Missiles Contracts Acquisition
	Value The portfolio is positioned as the most undervalued since the 2009 financial crisis, with opportunities in certain value stocks especially outside the U.S. Manager estimates the portfolio could double in value over the next few years based on intrinsic value assessments of individual holdings.	Undervalued Intrinsic Value Multiples Opportunities Long-term
2025 Q4	AI AI was a dominant market driver of U.S. stocks and continues to influence market leadership. The AI-driven rally led to historic levels of market concentration with just five stocks accounting for nearly 45% of the S&P 500's total return in 2025. Strong AI-related investment was the backbone of U.S. growth in 2025.	Artificial Intelligence Technology Market Concentration Growth Innovation
	Rates The Federal Reserve has cut interest rates 1.75% since 2024, easing financial conditions and supporting markets. The Fed resumed rate cuts in September and markets expect further easing into 2026, albeit at a slower pace. Historically, equities have responded favorably following the restart of easing cycles.	Federal Reserve Interest Rates Monetary Policy Easing Financial Conditions
	Inflation The inflation storm that dominated recent years appeared to be easing, at least in the short term. November and December inflation surprised to the downside, easing investor concerns about persistent inflation pressures. However, inflation is likely to remain above target near term.	Inflation Federal Reserve Economic Data Price Pressures
	Dollar The U.S. dollar fell more than 9% during 2025, pressured by a high starting valuation and mounting concerns about global investor concentration in U.S. assets. With the Federal Reserve still focused on easing policy, narrowing interest rate differentials may drive a further decline in the dollar.	US Dollar Currency Exchange Rates International
2025 Q3	Value Bottom-up fundamental value investing philosophy inspired by Warren Buffett, focusing on good businesses with strong balance sheets trading below intrinsic value. Seeks to profit from market overreactions and non-rational factors that create temporary mispricings.	Contrarian Undervalued Intrinsic Value Margin of Safety Fundamental Analysis
	Small Caps Primary focus on neglected micro and small cap securities with low liquidity that are ignored by most professional investors. Large systemic opportunity exists due to few qualified competitors and temporary imbalances between supply and demand.	Micro Cap Neglected Liquidity Institutional Undervalued
2025 Q2	Value Fund focuses on bottom-up fundamental value investing inspired by Warren Buffett, seeking good businesses with strong balance sheets trading below intrinsic value. Emphasizes buying securities that are out of favor for non-rational reasons or neglected by Wall Street due to size constraints.	Undervalued Intrinsic Value Contrarian Fundamental Analysis Balance Sheet
	Small Caps Primary focus on neglected micro and small cap securities with low liquidity that are ignored by most professional investors. This creates systemic opportunities due to few competitors and potential for large over- or undervaluation relative to intrinsic business value.	Micro Cap Liquidity Neglected Professional Investors Undervaluation
2025 Q1	Value Portfolio trades at most undervalued levels in 15 years with significant upside potential across holdings. Manager emphasizes buying good companies at good prices with strong downside protection and multiple expansion opportunities.	Undervalued Multiple Upside Downside Protection
	Homebuilders Multiple investments in European homebuilders trading at substantial discounts to book value despite strong business models and cash generation capabilities. Manager sees 60-150% upside as housing demand normalizes from interest rate impacts.	Housing Book Value Cash Flow Cyclical Recovery
	Regional Banks Three bank investments focused on smaller institutions with exceptional track records, conservative lending, and significant management ownership. These banks offer superior risk-adjusted returns compared to large complex institutions.	Credit Lending Management Ownership Conservative
	Quality Portfolio emphasizes proven business models with long consistent track records, strong balance sheets, and resilience to economic downturns. Manager learned from Citigroup disappointment to focus on higher quality companies.	Track Record Balance Sheet Resilience Consistency Proven
2024 Q4	Value Fund focuses on attractively priced shares in good, proven businesses trading at low multiples of relevant valuation metrics. Portfolio companies trade at significant discounts with estimated 50-150% upside potential when fundamentals are better reflected in market prices.	Value Undervalued Multiples Fundamentals Discount
	Small Caps Manager finding best investment opportunities among European micro/small caps which have been out of favor. Portfolio heavily weighted toward micro and small cap companies across multiple geographies with little institutional following.	Small Caps MicroCap Illiquid Institutional European
	Quality Investments target companies with proven business models, very long consistent track records of good profitability, very strong balance sheets, and businesses not at risk of significant technological disruption.	Quality Balance Sheet Profitability Track Record Proven
2024 Q3	Value Small cap value stocks regained favor after underperforming large tech/growth stocks in 2023 and first half of 2024. The divergence partially reversed in July as investors questioned whether it had gone too far, positively impacting portfolio companies.	Small Cap Value Investing Market Rotation Undervaluation Recovery
	Community Banks Hingham Savings represents a hidden gem micro-cap bank with exceptional lending practices resulting in almost no loan losses over 31 years. After earnings declined due to rapid rate hikes, the recovery process has begun as loan portfolio yields increase faster than liability costs.	Regional Banking Interest Rates Credit Quality Earnings Recovery Hidden Gem
	Homebuilders Bellway plc is a financially resilient UK homebuilder trading below book value despite strong historical performance and zero net debt. The company is well-positioned for recovery when UK housing demand improves from the current slump.	UK Housing Construction Balance Sheet Recovery Play Cyclical
2023 Q3	Value Manager focuses on opportunistic value investing, purchasing stocks at significant discounts to intrinsic value. New European small cap investment purchased at 0.81x tangible book value and 6-7x mid-cycle earnings. Bank investments trading at average 9.0x P/E despite good growth prospects.	Value Cyclical Book Value Earnings Multiple Discount
	Small Caps New investment made in European small cap company with strong fundamentals but facing cyclical headwinds. Manager notes that small, illiquid investments are not followed by institutional investors, creating valuation opportunities.	Small Cap Europe Illiquid Institutional

QUARTER

THEMES

Homebuilders

UK homebuilders represent the fund's largest positions but declined drastically due to the Iran war. Manager believes these companies are extremely undervalued at less than half their intrinsic value, with strong balance sheets, zero net debt, and exposure to constrained UK land supply. The fundamental case remains intact despite short-term macro headwinds.

Housing Construction Land Mortgages Interest Rates

Defense

Solitron Devices, a small defense component manufacturer, reported significant earnings increases and potential acquisition interest. Multi-year U.S. government supply agreements with defense contractors indicate substantial future profit growth due to high operating leverage and increased missile production capacity following the Ukraine conflict.

Military Components Missiles Contracts Acquisition

Value

The portfolio is positioned as the most undervalued since the 2009 financial crisis, with opportunities in certain value stocks especially outside the U.S. Manager estimates the portfolio could double in value over the next few years based on intrinsic value assessments of individual holdings.

Undervalued Intrinsic Value Multiples Opportunities Long-term

2025 Q4

AI

AI was a dominant market driver of U.S. stocks and continues to influence market leadership. The AI-driven rally led to historic levels of market concentration with just five stocks accounting for nearly 45% of the S&P 500's total return in 2025. Strong AI-related investment was the backbone of U.S. growth in 2025.

Artificial Intelligence Technology Market Concentration Growth Innovation

Rates

The Federal Reserve has cut interest rates 1.75% since 2024, easing financial conditions and supporting markets. The Fed resumed rate cuts in September and markets expect further easing into 2026, albeit at a slower pace. Historically, equities have responded favorably following the restart of easing cycles.

Federal Reserve Interest Rates Monetary Policy Easing Financial Conditions

Inflation

The inflation storm that dominated recent years appeared to be easing, at least in the short term. November and December inflation surprised to the downside, easing investor concerns about persistent inflation pressures. However, inflation is likely to remain above target near term.

Inflation Federal Reserve Economic Data Price Pressures

Dollar

The U.S. dollar fell more than 9% during 2025, pressured by a high starting valuation and mounting concerns about global investor concentration in U.S. assets. With the Federal Reserve still focused on easing policy, narrowing interest rate differentials may drive a further decline in the dollar.

US Dollar Currency Exchange Rates International

2025 Q3

Value

Bottom-up fundamental value investing philosophy inspired by Warren Buffett, focusing on good businesses with strong balance sheets trading below intrinsic value. Seeks to profit from market overreactions and non-rational factors that create temporary mispricings.

Contrarian Undervalued Intrinsic Value Margin of Safety Fundamental Analysis

Small Caps

Primary focus on neglected micro and small cap securities with low liquidity that are ignored by most professional investors. Large systemic opportunity exists due to few qualified competitors and temporary imbalances between supply and demand.

Micro Cap Neglected Liquidity Institutional Undervalued

2025 Q2

Value

Fund focuses on bottom-up fundamental value investing inspired by Warren Buffett, seeking good businesses with strong balance sheets trading below intrinsic value. Emphasizes buying securities that are out of favor for non-rational reasons or neglected by Wall Street due to size constraints.

Undervalued Intrinsic Value Contrarian Fundamental Analysis Balance Sheet

Small Caps

Primary focus on neglected micro and small cap securities with low liquidity that are ignored by most professional investors. This creates systemic opportunities due to few competitors and potential for large over- or undervaluation relative to intrinsic business value.

Micro Cap Liquidity Neglected Professional Investors Undervaluation

2025 Q1

Value

Portfolio trades at most undervalued levels in 15 years with significant upside potential across holdings. Manager emphasizes buying good companies at good prices with strong downside protection and multiple expansion opportunities.

Undervalued Multiple Upside Downside Protection

Homebuilders

Multiple investments in European homebuilders trading at substantial discounts to book value despite strong business models and cash generation capabilities. Manager sees 60-150% upside as housing demand normalizes from interest rate impacts.

Housing Book Value Cash Flow Cyclical Recovery

Regional Banks

Three bank investments focused on smaller institutions with exceptional track records, conservative lending, and significant management ownership. These banks offer superior risk-adjusted returns compared to large complex institutions.

Credit Lending Management Ownership Conservative

Quality

Portfolio emphasizes proven business models with long consistent track records, strong balance sheets, and resilience to economic downturns. Manager learned from Citigroup disappointment to focus on higher quality companies.

Track Record Balance Sheet Resilience Consistency Proven

2024 Q4

Value

Fund focuses on attractively priced shares in good, proven businesses trading at low multiples of relevant valuation metrics. Portfolio companies trade at significant discounts with estimated 50-150% upside potential when fundamentals are better reflected in market prices.

Value Undervalued Multiples Fundamentals Discount

Small Caps

Manager finding best investment opportunities among European micro/small caps which have been out of favor. Portfolio heavily weighted toward micro and small cap companies across multiple geographies with little institutional following.

Small Caps MicroCap Illiquid Institutional European

Quality

Investments target companies with proven business models, very long consistent track records of good profitability, very strong balance sheets, and businesses not at risk of significant technological disruption.

Quality Balance Sheet Profitability Track Record Proven

2024 Q3

Value

Small cap value stocks regained favor after underperforming large tech/growth stocks in 2023 and first half of 2024. The divergence partially reversed in July as investors questioned whether it had gone too far, positively impacting portfolio companies.

Small Cap Value Investing Market Rotation Undervaluation Recovery

Community Banks

Hingham Savings represents a hidden gem micro-cap bank with exceptional lending practices resulting in almost no loan losses over 31 years. After earnings declined due to rapid rate hikes, the recovery process has begun as loan portfolio yields increase faster than liability costs.

Regional Banking Interest Rates Credit Quality Earnings Recovery Hidden Gem

Homebuilders

Bellway plc is a financially resilient UK homebuilder trading below book value despite strong historical performance and zero net debt. The company is well-positioned for recovery when UK housing demand improves from the current slump.

UK Housing Construction Balance Sheet Recovery Play Cyclical

2023 Q3

Value

Manager focuses on opportunistic value investing, purchasing stocks at significant discounts to intrinsic value. New European small cap investment purchased at 0.81x tangible book value and 6-7x mid-cycle earnings. Bank investments trading at average 9.0x P/E despite good growth prospects.

Value Cyclical Book Value Earnings Multiple Discount

Small Caps

New investment made in European small cap company with strong fundamentals but facing cyclical headwinds. Manager notes that small, illiquid investments are not followed by institutional investors, creating valuation opportunities.

Small Cap Europe Illiquid Institutional

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jan 23, 2026	Fund Letters	Christian Olesen	JPM	JPMorgan Chase & Co.	Financials	Diversified Banks	Bull	New York Stock Exchange	Banks, contrarian, intrinsic value, Sentiment, Volatility	Login
Jan 23, 2026	Fund Letters	Christian Olesen	VTU LN	Vertu Motors plc	Consumer Discretionary	Automobile Retailers	Bear	New York Stock Exchange	Auto retail, capital allocation, Cyclicality, execution risk, Margins	Login
Jan 23, 2026	Fund Letters	Christian Olesen	MN	Manning & Napier Inc.	Financials	Asset Management & Custody Banks	Bull	New York Stock Exchange	buybacks, cash, Liquidation, mispricing, turnaround	Login
Oct 29, 2025	Fund Letters	Christian Olesen	VTU LN	Vertu Motors plc	Consumer Discretionary	Automotive Retail	Bear	NYSE	Auto retail, Brexit, capital recycling, execution risk, Margins, turnaround	Login
Aug 20, 2025	Fund Letters	Christian Olesen	MN	Manning & Napier, Inc.	Financials	Asset Management & Custody Banks	Bull	New York Stock Exchange	Assetmanagement, buybacks, financials, Microcaps, turnaround, Value	Login
Aug 20, 2025	Fund Letters	Christian Olesen	JPM	JPMorgan Chase & Co.	Financials	Diversified Banks	Bull	New York Stock Exchange	Banks, financials, Largecap, Quality, Value, warrants	Login
Aug 20, 2025	Fund Letters	Christian Olesen	VTU LN	Vertu Motors plc	Consumer Discretionary	Specialty Stores	Bear	New York Stock Exchange	Autos, Margins, retail, Rollups, turnaround, UK	Login
Oct 18, 2024	Fund Letters	Olesen Value Fund	HIFS	Hingham Institution for Savings	Financials	Thrifts & Mortgage Finance	Bull	NASDAQ	asset-liability mismatch, Bank, conservative lending, Interest Rate Normalization, Management Succession, Micro-cap, ROE recovery, Value	Login
Oct 18, 2024	Fund Letters	Olesen Value Fund	BWY.L	Bellway plc	Consumer Discretionary	Homebuilding	Bull	London Stock Exchange	cash generation, Cyclical Recovery, homebuilder, Land Position, Planning Permission, strong balance sheet, UK housing, Value	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jan 23, 2026

Fund Letters

Christian Olesen

JPM

JPMorgan Chase & Co.

Financials

Diversified Banks

Bull

New York Stock Exchange

Banks, contrarian, intrinsic value, Sentiment, Volatility

Jan 23, 2026

Fund Letters

Christian Olesen

VTU LN

Vertu Motors plc

Consumer Discretionary

Automobile Retailers

Bear

New York Stock Exchange

Auto retail, capital allocation, Cyclicality, execution risk, Margins

Jan 23, 2026

Fund Letters

Christian Olesen

Manning & Napier Inc.

Financials

Asset Management & Custody Banks

Bull

New York Stock Exchange

buybacks, cash, Liquidation, mispricing, turnaround

Oct 29, 2025

Fund Letters

Christian Olesen

VTU LN

Vertu Motors plc

Consumer Discretionary

Automotive Retail

Bear

NYSE

Auto retail, Brexit, capital recycling, execution risk, Margins, turnaround

Aug 20, 2025

Fund Letters

Christian Olesen

Manning & Napier, Inc.

Financials

Asset Management & Custody Banks

Bull

New York Stock Exchange

Assetmanagement, buybacks, financials, Microcaps, turnaround, Value

Aug 20, 2025

Fund Letters

Christian Olesen

JPM

JPMorgan Chase & Co.

Financials

Diversified Banks

Bull

New York Stock Exchange

Banks, financials, Largecap, Quality, Value, warrants

Aug 20, 2025

Fund Letters

Christian Olesen

VTU LN

Vertu Motors plc

Consumer Discretionary

Specialty Stores

Bear

New York Stock Exchange

Autos, Margins, retail, Rollups, turnaround, UK

Oct 18, 2024

Fund Letters

Olesen Value Fund

HIFS

Hingham Institution for Savings

Financials

Thrifts & Mortgage Finance

Bull

NASDAQ

asset-liability mismatch, Bank, conservative lending, Interest Rate Normalization, Management Succession, Micro-cap, ROE recovery, Value

Oct 18, 2024

Fund Letters

Olesen Value Fund

BWY.L

Bellway plc

Consumer Discretionary

Homebuilding

Bull

London Stock Exchange

cash generation, Cyclical Recovery, homebuilder, Land Position, Planning Permission, strong balance sheet, UK housing, Value

TICKER	COMMENTARY
SODI	This small manufacturer of electronic components for missiles, military aircraft, surgical instruments and other applications reported a big increase in earnings during Q1. In my view, the company's earnings will probably increase even further in the coming quarters (finally!). The company also reported it has been approached by a potential acquirer and is exploring how best to maximize shareholder value. These developments led to a 32% increase in the stock price during the quarter. I think the market failed to realize the implications for Solitron of yet another very important development during the quarter: The U.S. government entered into multi-year supply agreements with the large U.S. defense contractors (to which Solitron supplies components). This indicates strongly to me that Solitron's sales will now increase even more over the coming quarters and years, and I think its profits will surge even faster due to its very high operating leverage. The very high profit targets in the management compensation plan that was negotiated last year, combined with very large insider stock purchases in recent months, also strongly indicate to me that profits are very likely to surge drastically.

TICKER

COMMENTARY

SODI

This small manufacturer of electronic components for missiles, military aircraft, surgical instruments and other applications reported a big increase in earnings during Q1. In my view, the company's earnings will probably increase even further in the coming quarters (finally!). The company also reported it has been approached by a potential acquirer and is exploring how best to maximize shareholder value. These developments led to a 32% increase in the stock price during the quarter. I think the market failed to realize the implications for Solitron of yet another very important development during the quarter: The U.S. government entered into multi-year supply agreements with the large U.S. defense contractors (to which Solitron supplies components). This indicates strongly to me that Solitron's sales will now increase even more over the coming quarters and years, and I think its profits will surge even faster due to its very high operating leverage. The very high profit targets in the management compensation plan that was negotiated last year, combined with very large insider stock purchases in recent months, also strongly indicate to me that profits are very likely to surge drastically.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

Ticker

Put/Call

Amount Bought

Shares Bought

% Change

Weight %

No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Homebuilders

Defense

Value

AI

Rates

Inflation

Dollar

Value

Small Caps

Value

Small Caps

Value

Homebuilders

Regional Banks

Quality

Value

Small Caps

Quality

Value

Community Banks

Homebuilders

Value

Small Caps

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Christian Olesen Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Olesen Value Fund