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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"OAM European Value Fund surged 55.8% in 2025, riding a major reversal in value stocks. The manager is actively recycling capital from highly profitable exits into deeply discounted investment trusts, anticipating a multi-year bull run."
The OAM European Value Fund delivered a stellar 55.8% return in 2025, significantly outperforming its benchmark (35.3%) and the passive EZU ETF (38.7%). This outstanding result was propelled by the largest outperformance of European value stocks versus growth stocks in 30 years. Key portfolio actions included fully exiting the highly successful car carrier sector (achieving an astounding 110% annualized IRR over 5 years) and Altamir, while trimming top-performing positions like Standard Chartered, VIG, and NN Group to lock in gains. Reallocated capital was deployed into deeply discounted investment trusts (such as RTW Biotech, Pantheon, and HVPE) and a highly cash-generative Norwegian oil services business. Although the fund experienced net redemptions, its net assets closed the year at $331 million due to robust investment returns. The management team remains highly bullish on the medium-term outlook, highlighting cheap valuations and expected FX tailwinds from US dollar weakness.
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