| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.6% | - | 11.3% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 11.3% | -12.2% | -10.1% | -12.0% | 19.2% | 25.2% |
The Rubicon Stockpicker Fund delivered 11.3% returns in 2025, underperforming the DAX's 23% gain primarily due to anti-cyclical positioning in unloved sectors. United Internet was the largest performance driver, gaining approximately 100% as the company's 5G network buildout positioned it strategically for German telecom consolidation. The managers trimmed this position from over 30% to 10-15% of the portfolio. The fund made significant new investments in chemical distributors Azelis and IMCD during industry weakness, with Azelis becoming the largest position. These companies operate asset-light, cash-generative business models with serial acquisition capabilities, trading at attractive valuations of 8x EV/EBITA versus historical 20-25 EUR per share levels. The managers acknowledge current markets are highly segmented and momentum-driven, creating opportunities in undervalued sectors while popular segments reach potential bubble territory. The portfolio remains fully invested with conviction that industry cycles will turn and current contrarian positioning will generate attractive medium-term returns despite near-term benchmark underperformance risks.
Anti-cyclical value investing in high-quality businesses trading at attractive valuations in currently unloved sectors, particularly specialty chemical distributors and telecom infrastructure, with patient capital approach targeting full industry cycles rather than quarterly performance.
Manager expects attractive medium-term returns from current contrarian positioning in unloved industries trading at significant discounts. Confident that industry cycles will turn and sentiment will improve, leading to stock revaluations. Acknowledges near-term risks of showing 'loser stocks' and missing benchmark performance.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Dec 31 2025 | 2025 Q4 | AZE.BR, IMCD.AS, JST.DE, NVM.DE, SBS.DE, UI1.DE | Chemicals, contrarian, Cyclical, Germany, SMID Cap, Telecom, value | UTDI GR | Major investments in chemical distributors Azelis and IMCD during industry downturn. Both are global value-added distributors with asset-light business models, strong free cash flow generation,… |
| Dec 31 2024 | 2024 Q4 | COP GR, JST GR | active management, Concentration, earnings, Mega Caps, Valuation gap |
JST GR COP GR |
Equity performance reflects a widening valuation dispersion between mega-cap leaders and the broader market, creating selective opportunities for active managers. Concentration risk in indices has… |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Specialty ChemicalsAscent Industries represents a significant position focused on specialty chemical manufacturing. The company is transforming into a 'Chemicals-as-a-Service' model, providing customized solutions for small to mid-size customers neglected by larger players. |
Specialty Chemicals Manufacturing Niche Markets Chemical Services |
ValueManager 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 | |
Wireless TelecomUnited Internet's 5G network buildout creating strategic positioning for industry consolidation. Company now positioned as decisive player in potential German telecom consolidation from 4 to 3 network providers, with significant synergy opportunities. |
5G Consolidation Infrastructure Germany Networks | |
| 2024 Q4 |
ValuationAI-related companies continue to command premium valuations while other sectors remain reasonably priced. This valuation divide continues to guide investment activity, with the fund remaining wary of companies trading at exceedingly high valuations that imply exceptional multi-year earnings growth. |
Premium Divide Discipline Stretched Reasonable |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2024 | Fund Letters | Lars Ahns | JST GR | JOST Werke SE | Industrials | Construction Machinery & Heavy Transportation Equipment | Bull | Xetra | acquisition, cashflow, Cyclicality, EVEBIT, Industrials | Login |
| Dec 31, 2024 | Fund Letters | Lars Ahns | COP GR | CompuGroup Medical SE & Co. KGaA | Health Care | Health Care Technology | Bull | Xetra | Evebitda, Governance, Healthcareit, Privateequity, Software | Login |
| Dec 31, 2025 | Fund Letters | LARS AHNS | UTDI GR | United Internet AG | Communication Services | Integrated Telecommunication Services | Bull | Xetra | 5G, consolidation, Marginofsafety, Special dividend, Telecom | Login |
| TICKER | COMMENTARY |
|---|---|
| AZE.BR | Azelis, just like its larger competitor IMCD, is a global value-added distributor for specialty chemicals and ingredients. Currently, over 2,800 principals (manufacturers) are served with around 63,000 customers globally in a highly fragmented market. As an intermediary, Azelis handles sales, logistics, regulatory tasks, and technical advice. The business model is asset-light and is primarily supported by the know-how of the employees and existing customer relationships. We particularly like the broad, global end-market diversification and the positioning in specialty chemicals. A focus here is the Life Science sector. This fundamentally reduces cyclicity and the dependence on regional growth trends. The decisive key figure and basis for us is a structurally very attractive EBITA, which converted into freely available cash at an average rate of 91% in recent years. This enables acquisitions. We recommended the first purchases at a level of EV/EBITA of 10 on the basis of the already weak year 2024 and after a rough halving of the share price within a year. Since then, the stock has suffered further considerably and is currently trading more in the range of 8. With continuously falling prices, the fund has consistently expanded its engagement. Azelis is currently the fund's largest position. |
| IMCD.AS | IMCD is a global leader in the marketing, sales and distribution of specialty chemicals and ingredients. The company is widely regarded as best-in-class, benefiting from a highly technical salesforce and extensive global scale. These strengths make IMCD a preferred partner, enabling it to drive consistent organic growth, enhance visibility across distribution channels, and streamline points of contact for customers and suppliers alike. IMCD specializes in the 'true specialties' area of the market, where chemicals or ingredients often have a material impact on end-product performance. That translates into significant pricing power and demand inelasticity – market features we find particularly attractive. Despite strong fundamentals, the stock price has fallen significantly due to a combination of cyclical downturn and market fears that we believe are overstated. This presented us with the opportunity to invest in a well-managed company with substantial M&A opportunities that we think should re-rate over the long term. |
| JST.DE | In addition to increases in Jost Werke, Stratec, or the Novem Group, this fundamental consideration led in particular to significant investments in the two chemical distributors Azelis and IMCD. |
| NVM.DE | In addition to increases in Jost Werke, Stratec, or the Novem Group, this fundamental consideration led in particular to significant investments in the two chemical distributors Azelis and IMCD. |
| SBS.DE | In addition to increases in Jost Werke, Stratec, or the Novem Group, this fundamental consideration led in particular to significant investments in the two chemical distributors Azelis and IMCD. |
| UI1.DE | A great success and certainly the largest and most important performance driver in 2025 was the stake in United Internet AG (UI). When the investment was primarily built up in the summer of 2023, the sentiment for the stock was at rock bottom. Germany's formerly most successful internet entrepreneur, Ralf Dommermuth, had initiated a long-term investment project and had just begun to build his own 5G network. The capital market had considerable problems with the uncertainty and long-term nature of the project, ultimately even doubting the founder's judgment and brutally punishing the stock as a result. Two years later, we were already able to report a pleasing development. Important course corrections were made, and on our cost price of 14.85 EUR, a special dividend of 1.90 EUR per share was paid in the summer. Due to the loss of the major customer UI in the course of building its own network, the network provider and competitor Telefonica Deutschland is now in a strategically precarious position. UI sits at the table as a decisive player and can negotiate powerfully over precisely these synergies as a deciding factor. We used the good sentiment and a performance of around 100% on the stock to cap the somewhat aggressive portfolio weighting, which had temporarily reached over 30%, to a more moderate level of 10-15%. |
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