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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Tactile Fund achieved a strong 15.3% YTD return by investing in undervalued, asset-heavy 'tactile' companies, highlighting exceptional value in Swiss Alpine railways like BVZ Holding as structural hedges against inflation."
Tactile Fund returned 3.7% in Q3 2025 (15.3% YTD), slightly trailing its MSCI World Sm+MicroCap NR benchmark (15.9% YTD). Top performers include shipbuilder Conrad Industries, benefiting from a domestic shipbuilding revival, and Fonterra Shareholders Fund, which is positioned for a major cash distribution following an asset sale. Conversely, Acadian Timber Corp. and Franchi Umberto Marmi SpA underperformed due to tariff, housing, and luxury sector headwinds. A substantial portion of the letter highlights 'Alpine railways' as a key investment theme, focusing on BVZ Holding AG. The manager argues that BVZ's tourism assets and real estate are worth up to CHF 466 million, vastly exceeding the current market cap of CHF 205 million, especially when accounting for its breakeven mobility division's non-recourse debt. The manager emphasizes tactile, real assets as core shields against inflation and dollar depreciation.
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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: Tactile Fund achieved a strong 15.3% YTD return by investing in undervalued, asset-heavy 'tactile' companies, highlighting exceptional value in Swiss Alpine railways like BVZ Holdi...
Growth Outlook
Market outlook remains above average conviction: Tactile Fund achieved a strong 15.3% YTD return by investing in undervalued, asset-heavy 'tactile' companies, highlighting exceptional value in Swiss Alpine railways like BVZ Holdi...
Risk Appetite
Risk appetite posture is moderate conviction: Tactile Fund achieved a strong 15.3% YTD return by investing in undervalued, asset-heavy 'tactile' companies, highlighting exceptional value in Swiss Alpine railways like BVZ Holdi...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Tactile Fund achieved a strong 15.3% YTD return by investing in undervalued, asset-heavy 'tactile' companies, highlighting exceptional value in Swiss Alpine railways like BVZ Holdi...
Forward Guidance
Forward guidance signal: Tactile Fund achieved a strong 15.3% YTD return by investing in undervalued, asset-heavy 'tactile' companies, highlighting exceptional value in Swiss Alpine railways like BVZ Holdi...
Language Signal
Tone analysis indicates above average conviction language: Tactile Fund achieved a strong 15.3% YTD return by investing in undervalued, asset-heavy 'tactile' companies, highlighting exceptional value in Swiss Alpine railways like BVZ Holdi...
Perceived Risk
Perceived risk level is evaluated as above average conviction. Tactile Fund achieved a strong 15.3% YTD return by investing in undervalued, asset-heavy 'tactile' companies, highlighting exceptional value in Swiss Alpine railways like BVZ Holdi...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Tactile Fund achieved a strong 15.3% YTD return by investing in undervalued, asset-heavy 'tactile' companies, highlighting exceptional value in Swiss Alpine railways like BVZ Holdi...
Time Horizon
Investment time horizon reflects a high conviction orientation. Tactile Fund achieved a strong 15.3% YTD return by investing in undervalued, asset-heavy 'tactile' companies, highlighting exceptional value in Swiss Alpine railways like BVZ Holdi...
