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Plural Investing

Investment Strategy, Quarterly Letters & Portfolio Analysis

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Investment Summary

Overview of fund performance & strategy

Investor Summary

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Fund Strategy

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ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
10.3%	5.7%	-0.2%

2025	2024	2023	2022	2021	2020
-0.2%	8.0%	-6.3%	-32.4%	30.4%	98.0%

META GAUGES

SENTIMENT AlIGNMENT

high conviction neutral

The showns strong conviction with balanced

Market Outlook

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Risk Appetite

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Forward Guidance

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Language Signal

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Opportunity Density

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Investor Letters

2025

Latest Executive Summary:

2025 Q4 January 20, 2026

Executive Summary

Plural Partners Fund delivered a 5.7% net return in Q4 2025, maintaining its value investing approach of concentrating capital in businesses trading at substantial discounts to intrinsic value. The portfolio trades at an estimated 7.7x free cash flow in three years and just 44% of intrinsic value, comparable to discounts seen in April 2020. The fund's companies have strong balance sheets with little net debt, earn 22% post-tax returns on capital, and feature management teams with 10% average insider ownership. Key detractors included Seaport Entertainment, Judges Scientific, and Watches of Switzerland, while ContextLogic and XPEL were top contributors. The manager exited ContextLogic after a 40% gain in 14 months following its acquisition of US Salt, as the NOL monetization strategy differed from expectations. Watches of Switzerland remains a core holding despite tariff headwinds, benefiting from reduced US tariffs and continued market share gains. The fund maintains a concentrated approach, focusing on businesses with attractive economics and patient capital deployment over five-year horizons.

Core Thesis

Plural Investing focuses on value investing in businesses trading at substantial discounts to intrinsic value, concentrating capital in six to eight best investments with attractive economics and high-integrity management teams.

Forward Outlook

The manager maintains confidence in the portfolio's long-term prospects, estimating companies trade at just 44% of intrinsic value in three years' time. The portfolio is positioned for continued execution and growth, with strong balance sheets and well-aligned management teams.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jan 20 2026	2025 Q4	LOGC, WOSG.L	discount, Intrinsic Value, Luxury, Quality, retail, small caps, value	WOSG LN LOGC	The fund focuses on businesses trading at substantial discounts to intrinsic value, with the portfolio estimated to trade at just 44% of intrinsic value in…
Oct 21 2025	2025 Q3	GLIBA, JDG LN, JET2 LN, SEG, WOSG LN	Intrinsic Value, real estate, small caps, Telecom, Value Investing	JET2 SEG GLIBA JET2 SEG JDG WOSG GLIBA	The fund focuses on deeply undervalued small-cap equities with strong balance sheets and aligned management, citing opportunities in Jet2, Seaport Entertainment, and GCI Liberty. Managers…
Jul 22 2025	2025 Q2	JDG LN, JET2 LN, WOSG LN	Concentration, free cash flow, Intrinsic Value, Value Investing, volatility	JET2 LN WOSG LN JDG LN	The commentary emphasizes disciplined value investing focused on buying businesses at substantial discounts to intrinsic value. Management highlights balance-sheet strength, high returns on capital, and…
Apr 23 2025	2025 Q1	GMBL, JET2 LN, SEG MM, WOSG LN	-	-	-
Jan 16 2025	2024 Q4	JET2 LN, SEG MM, WOSG LN	-	-	-
Oct 7 2024	2024 Q3	SEG, TVK CN, WOSG LN	-	-	-
Jul 29 2024	2024 Q2	E2N GR, WOSG LN	-	-	-
May 7 2024	2024 Q1	CURN, TVK CN	-	-	-
Jan 16 2024	2023 Q4	KD, XPEL	-	-	-
Nov 10 2023	2023 Q3	CURN, JET2 LN	-	-	-
Jul 18 2023	2023 Q2	CURN, E2N GR	-	-	-
Apr 20 2023	2023 Q1	CURN, JET2 LN	-	-	-
Jan 3 2023	2022 Q4	CURN, JET2 LN	-	-	-

Investment Themes

QUARTER	THEMES	TAGS
2025 Q4	Luxury New investment in Swatch represents exposure to luxury watch brands including Omega, Longines, Tissot, and others. The investment thesis is based on tangible assets including Swiss real estate and the potential for operating leverage when luxury demand recovers from current structural pressures.	Watches Swiss Brands Premium Recovery
2025 Q4		Value Manager 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
2025 Q3	Real Estate
2025 Q2	Value The manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals.	Undervalued Low Multiples Contrarian Opportunistic

Investor Pitches

2025

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Oct 21, 2025	Fund Letters	Chris Waller	SEG	Seaport Entertainment Corp.	Real Estate	Real Estate Development	Bull	NASDAQ	asset value, cash flow, Catalyst, Real Estate, turnaround, undervalued	Login
Oct 21, 2025	Fund Letters	Chris Waller	JDG	Judges Scientific plc	Information Technology	Scientific Instruments	Bull	NYSE	Funding, M&A, recovery, research, ROIC, scientific instruments	Login
Oct 21, 2025	Fund Letters	Chris Waller	WOSG	Watches of Switzerland Group plc	Consumer Discretionary	Luxury Retail	Bull	NYSE	Consumer luxury, FCF, retail, Rolex, tariffs, valuation	Login
Oct 21, 2025	Fund Letters	Chris Waller	GLIBA	GCI Liberty Inc.	Communication Services	Telecommunications	Bull	NASDAQ	Acquisitions, compounding, FCF, Liberty, tax shield, Telecom	Login
Jul 22, 2025	Fund Letters	Chris Waller	JET2 LN	Jet2 plc	Industrials	Airlines	Bull	New York Stock Exchange	Airlines, buybacks, growth, Travel, Value	Login
Jul 22, 2025	Fund Letters	Chris Waller	WOSG LN	Watches of Switzerland Group plc	Consumer Discretionary	Specialty Stores	Bull	New York Stock Exchange	Capitalallocation, Luxury, Pricingpower, retail, tariffs	Login
Jul 22, 2025	Fund Letters	Chris Waller	JDG LN	Judges Scientific plc	Industrials	Scientific & Technical Instruments	Bull	New York Stock Exchange	acquisition, Capitalallocation, compounder, Scientificinstruments, UK	Login
Jan 20, 2026	Fund Letters	Chris Waller	WOSG LN	Watches of Switzerland Group plc	Consumer Discretionary	Specialty Retail	Bull	New York Stock Exchange	Luxury, Pricingpower, retail, Scarcity, Usexpansion	Login
Jan 20, 2026	Fund Letters	Chris Waller	LOGC	ContextLogic Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bear	NASDAQ	Cashburn, Competition, ecommerce, Optionality, turnaround	Login
Oct 21, 2025	Fund Letters	Chris Waller	JET2	London Stock Exchange Group plc	Consumer Discretionary	Airlines & Travel	Bull	NYSE	Airlines, buybacks, Free Cash Flow, growth, Travel, valuation	Login
Oct 21, 2025	Fund Letters	Chris Waller	SEG	Seaport Entertainment Corp.	Real Estate	Real Estate Development	Bull	NASDAQ	asset value, cash flow, Catalyst, Real Estate, turnaround, undervalued	Login
Oct 21, 2025	Fund Letters	Chris Waller	GLIBA	GCI Liberty Inc.	Communication Services	Telecommunications	Bull	NASDAQ	Acquisitions, compounding, FCF, Liberty, tax shield, Telecom	Login
Oct 21, 2025	Fund Letters	Chris Waller	JET2	London Stock Exchange Group plc	Consumer Discretionary	Airlines & Travel	Bull	NYSE	Airlines, buybacks, Free Cash Flow, growth, Travel, valuation	Login

Current Portfolio as of ( 31st December 2025 )

Q4 2025 Recent letter positioning: Small/Mid Cap, Latin America

Key Risks identified by Manager:

US tariffs on Swiss watch imports creating headwinds for luxury retailers, though these have been reduced from 39% to 15%.
Uncertainty over US scientific funding impacting companies in the scientific instruments sector.

Key catalysts include:

Opening of Rolex's new manufacturing facilities in 2029, with additional temporary facilities opening beforehand, potentially increasing production by over 20% based on reported 2,000 new jobs being created.
Potential for accretive acquisitions in the luxury watch retail space as mom & pop stores struggle to meet Rolex's refurbishment standards.

Portfolio Implications

The manager continues to hold Watches of Switzerland despite its 15% decline in 2025, viewing 11x FCF as an attractive valuation for a structural winner.
The fund exited ContextLogic after achieving approximately 40% returns in 14 months, as the acquisition strategy differed from expectations regarding NOL monetization speed.

Ticker Commentary

View Letter

TICKER	COMMENTARY
LOGC	ContextLogic was a company with no operating business, $300mm in cash, $2.9bn in net operating losses ('NOLs'), and an activist CEO looking to monetize the NOLs through an acquisition. We first invested in the company in October 2024 at $5.8/shr around its cash value and recently sold out around $8.0/shr after the company made an acquisition. ContextLogic was previously Wish.com, a massively loss-making e-commerce marketplace that peaked at a $21bn valuation in 2020 and was sold in February 2024 for $173mm. NOLs can be used to offset future profits, and at a 21% corporate tax rate the $2.9bn in NOLs could theoretically shield $609mm in taxes, or $13.4/shr. In December 2025, ContextLogic announced it was acquiring US Salt for $908mm. The acquisition will be partly funded through partnerships with the credit division of BC Partners and the value firm Abrams Capital, which is rolling over its existing equity in US Salt, potentially adding to it, and joining the ContextLogic board. While we were impressed with the size of the acquisition, high quality nature of US Salt's business, and caliber of the Abrams and BC Partners investors who will be working with ContextLogic going forwards, the acquisition was done at a 19x project EBIT of around $50mm. That means ContextLogic's $2.9bn in NOLs will be used very gradually. We had expected the company to acquire a lower quality business at say 10x EBIT, which would have resulted in the NOLs being used twice as quickly, thereby making them twice as valuable. Post-acquisition, we think that ContextLogic should be viewed as Abrams Capital's permanent capital vehicle. We have therefore exited the position but continue to follow the company closely given our interest in serial acquirers. While ContextLogic never reached our base case valuation, we still made around 40% in 14 months and believe the investment carried very little risk given we bought the stock around its cash value.
WOSG.L	The fifth largest contributor was Watches of Switzerland (+29.5% +62 bps), the British dealer of luxury watches and Rolex's most important authorized dealer. Again, political developments helped sentiment after US tariffs on Swiss goods officially reduced to 15% (from 39%)—a move applied retroactively from mid-November 2025 that provides meaningful relief for Swiss watch exports.

TICKER

COMMENTARY

LOGC

ContextLogic was a company with no operating business, $300mm in cash, $2.9bn in net operating losses ('NOLs'), and an activist CEO looking to monetize the NOLs through an acquisition. We first invested in the company in October 2024 at $5.8/shr around its cash value and recently sold out around $8.0/shr after the company made an acquisition. ContextLogic was previously Wish.com, a massively loss-making e-commerce marketplace that peaked at a $21bn valuation in 2020 and was sold in February 2024 for $173mm. NOLs can be used to offset future profits, and at a 21% corporate tax rate the $2.9bn in NOLs could theoretically shield $609mm in taxes, or $13.4/shr. In December 2025, ContextLogic announced it was acquiring US Salt for $908mm. The acquisition will be partly funded through partnerships with the credit division of BC Partners and the value firm Abrams Capital, which is rolling over its existing equity in US Salt, potentially adding to it, and joining the ContextLogic board. While we were impressed with the size of the acquisition, high quality nature of US Salt's business, and caliber of the Abrams and BC Partners investors who will be working with ContextLogic going forwards, the acquisition was done at a 19x project EBIT of around $50mm. That means ContextLogic's $2.9bn in NOLs will be used very gradually. We had expected the company to acquire a lower quality business at say 10x EBIT, which would have resulted in the NOLs being used twice as quickly, thereby making them twice as valuable. Post-acquisition, we think that ContextLogic should be viewed as Abrams Capital's permanent capital vehicle. We have therefore exited the position but continue to follow the company closely given our interest in serial acquirers. While ContextLogic never reached our base case valuation, we still made around 40% in 14 months and believe the investment carried very little risk given we bought the stock around its cash value.

WOSG.L

The fifth largest contributor was Watches of Switzerland (+29.5% +62 bps), the British dealer of luxury watches and Rolex's most important authorized dealer. Again, political developments helped sentiment after US tariffs on Swiss goods officially reduced to 15% (from 39%)—a move applied retroactively from mid-November 2025 that provides meaningful relief for Swiss watch exports.

Top Holdings

No Investor Assigned

Recent Buys (13F)

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

Recent Sells (13F)

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

13F Sector Summary

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

Portfolio Distribution

Latest 13D & 13G Filings

No filings data available for this investor.

Plural Investing

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st December 2025

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Luxury

Value

Real Estate

Value

Investor Pitches

Current Portfolio as of ( 31st December 2025 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Plural Investing