| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | -4.2% | 34.0% |
| 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 | - | The fund is accelerating deployment of Phoenician Intelligence™, their proprietary AI research platform, to move faster from idea to due diligence without lowering standards. The platform has been enhanced with screening tools that expand coverage with comparative work, supporting judgment rather than replacing it. The fund focuses on owning durable businesses with capable management teams and resilient balance sheets. They emphasize business quality, competitive dynamics, management incentives, and valuation as key factors in their investment process. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
QualityThe company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. |
Durable Advantages Management Quality Economic Moats Competitive Position |
| 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 % |
|---|---|---|---|---|---|
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| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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