| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | -4.2% | 34% |
| 2025 |
|---|
| 34.0% |
Phoenician Capital delivered strong 2025 performance with a 34.0% annual return, driven by excellent execution from portfolio companies and market recognition of their progress. The fund focuses on owning high-quality, durable businesses with capable management teams and resilient balance sheets, purchased at sensible prices outside the most crowded market areas. Key contributors included ASA International, which improved profitability while maintaining credit discipline, Mader Group, which demonstrated operational excellence with record revenue and EBITDA growth, and Inter & Co., which showed strong platform effects with expanding client base and profitability. The manager trimmed positions in strong performers to maintain portfolio balance and realized tax losses for repositioning. Looking ahead to 2026, the fund is accelerating deployment of their proprietary AI research platform, Phoenician Intelligence™, to enhance screening capabilities and move faster from idea to due diligence without compromising standards. The approach remains focused on business quality, competitive dynamics, management incentives, and valuation to generate differentiated long-term returns.
Own high-quality, durable businesses with capable management teams and resilient balance sheets, purchased at sensible prices that offer a margin of safety, focusing on areas outside the most crowded parts of the market where valuation and growth prospects are more compelling.
The manager is entering 2026 with momentum, expressing confidence in their portfolio of businesses, pipeline, and improved AI tools. They expect their enhanced research platform to help generate new investments faster while reducing reliance on any single holding and preserving upside from disciplined, valuation-aware investing.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 14 2026 | 2025 Q4 | ASA.L, AT.L, BTER3.SA, FOOD.TO, MAD.AX, PUUILO.HE | AI, global, growth, Quality, small caps, value | - | Phoenician Capital posted 34% returns in 2025 by owning quality businesses outside crowded market areas. Top performers like ASA International, Mader Group, and Inter & Co. demonstrated strong operational execution and profitability growth. The fund is enhancing its proprietary AI research platform to accelerate new investment generation while maintaining disciplined, valuation-aware approach for 2026. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Live SportsManager sees significant value in sports teams and entertainment assets, citing strong viewership numbers and global interest. Recommends Atlanta Braves, Madison Square Garden Sports, Manchester United, and Rogers Communications based on undervalued sports assets relative to private market values. |
Sports Teams Entertainment Media Rights Valuation |
MediaPositive on media companies with sports content and live programming. Fox benefits from NFL and MLB rights plus World Cup coverage. Versant Media Group seen as attractive after Comcast spinoff created selling pressure from index funds. |
Broadcasting Content Sports Rights Spinoffs | |
Natural GasBullish on National Fuel Gas due to strategic Appalachian Basin reserves and regulated utility operations. Sees 50% upside to private market value with potential for higher earnings and company split-up opportunities. |
Utilities Energy Infrastructure Reserves Regulation | |
AIAcknowledges AI's transformative impact but warns of potential disappointment for investors. Compares current AI boom to historical tech revolutions with multiple speculative solutions. Expects volatility and potential 'Deep Seek' moments that could rattle markets. |
Technology Disruption Speculation Volatility | |
Mergers & AcquisitionsExpects increased deal activity driven by need for scale, lower financing costs, and more amenable regulatory environment. Private equity dry powder of $800 billion provides floor on valuations. Spinoffs creating future transaction opportunities. |
Deal Activity Private Equity Regulation Scale |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| ASA.L | ASA International delivered what we want from a lender: growth with discipline. The company improved profitability meaningfully, reporting H1 2025 net profit of $26.8m vs $13.5m in H1 2024, while keeping credit quality tight with PAR>30 at 2.0%. |
| AT.L | Ashtead Technology Holdings reported strong profitability (HY25 adjusted EBITA margin of 27.3%) and revenue growth (£99.1m, +23.2%), but revenues came in below expectations due to market disruption, geopolitics, and FX headwinds. |
| BTER3.SA | Inter & Co. reported R$336m in net income (+39% YoY) and expanded ROE to 14.2%. Beneath the headline numbers, the platform effect is becoming visible: Inter added 1.2 million new active clients in the quarter (reaching ~24m active clients), reinforcing engagement and cross-sell that should keep pushing profitability higher as the ecosystem matures. |
| FOOD.TO | Goodfood Market improved some underlying metrics, but revenue continued to decline. In FY2025 it reported net sales of $121m and adjusted EBITDA of $6m, alongside a net loss. We also supported a leadership transition that we feel good about heading into 2026. We realized tax losses in Goodfood Market, with the intention to repurchase shares in early 2026. |
| MAD.AX | Mader Group was a standout example of operational execution translating into shareholder returns. In its FY25 reporting, Mader posted record revenue of A$872.2m (+13%) and EBITDA of A$109.5m (+10%), while continuing to scale a model built around uptime and responsiveness for customers where downtime is expensive. |
| PUUILO.HE | We trimmed Puuilo. The business continues to execute well. The trim was simply about not letting a few winners become too large in the portfolio. |
| 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 | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
