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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Partners Fund gained +11.90% in 2025, lagging the DAX index but laying structural groundwork for long-term gains via deep-value net-nets, corporate spin-offs, and massive share buybacks."
For the full year 2025, the Partners Fund returned +11.90% after costs, underperforming the DAX's return of +23.01%. Lead Portfolio Manager Dr. Mathias Saggau acknowledges the patience required during a four-year period of relative underperformance, but expresses strong optimism based on underlying corporate developments. Key contributors included United Internet (+77%), CHAPTERS Group (+63%), and Naked Wines (+54%). Significant operational milestones occurred across major holdings, including deep-value 'net-net' investment plays in Virgin Wines and Naked Wines, which both initiated significant buybacks. Conglomerates DCC and Associated British Foods announced strategic split plans to unlock hidden value, while Tucows underwent major board and executive transitions. Conversely, Moltiply Group experienced sharp declines (-30% since November) due to broad market panic surrounding AI's impact on comparison models, which Saggau characterizes as a clear overreaction.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The Partners Fund gained +11.90% in 2025, lagging the DAX index but laying structural groundwork for long-term gains via deep-value net-nets, corporate spin-offs, and massive share...
Growth Outlook
Market outlook remains above average conviction: The Partners Fund gained +11.90% in 2025, lagging the DAX index but laying structural groundwork for long-term gains via deep-value net-nets, corporate spin-offs, and massive share...
Risk Appetite
Risk appetite posture is above average conviction: The Partners Fund gained +11.90% in 2025, lagging the DAX index but laying structural groundwork for long-term gains via deep-value net-nets, corporate spin-offs, and massive share...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Partners Fund gained +11.90% in 2025, lagging the DAX index but laying structural groundwork for long-term gains via deep-value net-nets, corporate spin-offs, and massive share...
Forward Guidance
Forward guidance signal: The Partners Fund gained +11.90% in 2025, lagging the DAX index but laying structural groundwork for long-term gains via deep-value net-nets, corporate spin-offs, and massive share...
Language Signal
Tone analysis indicates above average conviction language: The Partners Fund gained +11.90% in 2025, lagging the DAX index but laying structural groundwork for long-term gains via deep-value net-nets, corporate spin-offs, and massive share...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Partners Fund gained +11.90% in 2025, lagging the DAX index but laying structural groundwork for long-term gains via deep-value net-nets, corporate spin-offs, and massive share...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The Partners Fund gained +11.90% in 2025, lagging the DAX index but laying structural groundwork for long-term gains via deep-value net-nets, corporate spin-offs, and massive share...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Partners Fund gained +11.90% in 2025, lagging the DAX index but laying structural groundwork for long-term gains via deep-value net-nets, corporate spin-offs, and massive share...
