The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The smallvalue portfolio delivered a 0.30% return in Q1 2026, achieved on the final day of a highly volatile quarter marked by geopolitical tensions, particularly involving Iran and energy markets. The manager maintained discipline by avoiding oil sector exposure despite strong performance, emphasizing the importance of staying within their circle of competence. The portfolio focuses on traditional industries like cement, food, luxury goods, and glass, with Junior Gold Miners ETF as the largest position at 28.56%. Key detractors included Orsero (down 19%) due to shipping costs and Vidrala (down 15%) from natural gas price increases, while Mama's Creations (up 14.6%) and Olvi Oyj (up 8.61%) provided positive contributions. The manager acknowledged an investment mistake with Sprouts Farmers Market, holding too long as it rose from $24 to $170 before declining. Since inception in 2020, the portfolio has generated 112.22% cumulative returns, equivalent to 17.50% annualized. The manager maintains confidence in current positions while acknowledging multiple challenges ahead including private credit stress, geopolitical tensions, elevated valuations, and rising debt levels globally.
Focus on companies outside fashionable sectors, emphasizing businesses with straightforward models operating in traditional industries such as cement, food, luxury goods, and glass, prioritizing investments that offer visibility, robustness, and consistency rather than pursuing higher returns that would necessitate materially higher risk levels.
This year looks set to be volatile, with multiple challenges on the horizon. The manager maintains strong confidence in the portfolio's positions and continues to manage liquidity with discipline and prudence, fully aligned with long-term investment philosophy. The manager looks forward to the remaining quarters of 2026 with optimism and enthusiasm.
As of Apr 6, 2026
Anonymous investment newsletter author publishing quarterly portfolio updates and market commentary on European small caps. Demonstrates consistent outperformance since 2020 inception with 18.82% annualized returns as of Q4 2025. Author identity remains unknown despite extensive research across professional databases and regulatory filings.
Focuses on European small-cap value investing with disciplined fundamental analysis and preference for stable, traditional industries. Emphasizes investing in businesses rather than macroeconomic forecasts, following Warren Buffett-inspired principles of buying wonderful companies at fair prices. Maintains focus on undervalued businesses with strong fundamentals and long-term potential while practicing disciplined liquidity management.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
Conviction is rated high at 0.78 due to a concentrated portfolio of just 10 positions, where the top two holdings (Junior Gold Miners ETF and Mama's Creations) comprise nearly 48% of the total capital. The manager explicitly names and sizes each position, showing high trust in their core holdings despite recent market underperformance.
Growth Outlook
The manager expresses a cautious outlook (0.35) for the market, highlighting several headwinds such as elevated company valuations, rising global debt levels, geopolitical tensions in Ukraine/Iran, and early signs of stress in private equity and credit. This is balanced by a general optimism for their own portfolio's resilience.
Risk Appetite
Risk appetite is positioned cautiously at 0.45, reflecting a defensive allocation to stable, non-fashionable sectors (cement, food, glass) and maintaining a meaningful cash buffer of 10.13%. The manager consciously avoids high-flying sectors like oil or technology to manage downside volatility.
Capital Deployment
Capital deployment is neutral at 0.50, as the manager reports zero additions or liquidations during the latest period, keeping the portfolio composition steady and holding 10.13% of assets in cash.
Forward Guidance
Forward guidance is neutral at 0.50 as the manager is prioritizing patience and monitoring current holdings. No new investments were made nor any positions sold during the prior quarter, indicating a low action bias and a preference to maintain existing positions.
Language Signal
Language signal is balanced at 0.48, reflecting a mixture of self-reflection on mistakes (such as holding Sprouts past optimal value) and headwinds (shipping costs for Orsero, gas costs for Vidrala) alongside positive reinforcement of long-term value compounding.
Perceived Risk
Perceived risk is high at 0.75, backed by a detailed list of systemic threats including stress in private credit/private equity markets, rising global debt levels, high corporate valuations, and multiple geopolitical flashpoints.
Opportunity Density
Opportunity density is scored at 0.40, reflecting sparse current opportunities due to elevated company valuations. The manager’s recent lack of trading activity and emphasis on patience highlight the difficulty of finding highly compelling new ideas.
Time Horizon
The manager's time horizon is scored at 0.85, explicitly emphasizing multi-year, long-term discipline and the compounding of stable business models. They reject reacting to short-term market movements or chasing quick momentum plays.
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Smallvalue or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.
