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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Partners Fund gained 17.32% in H1 2025, demonstrating recovery after difficult years. The disciplined value approach focuses on quality companies with competitive advantages at reasonable prices."
The Partners Fund delivered +17.32% in H1 2025, slightly underperforming the DAX's +20.09% but marking a positive turn after challenging recent years. The fund maintains its disciplined value investing approach, focusing on companies with sustainable competitive advantages and quality management teams. Key holdings include Ferguson, benefiting from structural tailwinds in U.S. infrastructure, and Moltiply, successfully expanding across European price comparison markets. The manager emphasizes patience and cyclical thinking, noting that the portfolio is more attractively valued today than a decade ago. While acknowledging risks from elevated U.S. market valuations and potential spillover effects globally, the fund's positioning reflects a balance between investing in change and continuity. The establishment of the Long Term Group platform reinforces the commitment to patient capital deployment. With steady companies like DCC and Associated British Foods quietly creating value, the manager believes perseverance will be rewarded as market cycles evolve, positioning the fund for potential outperformance as valuations normalize.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
A score of 0.85 is justified by the highly concentrated portfolio structure, where only 14 positions are held, and the top ten account for approximately 80% of assets. The manager also expresses strong conviction in holding core compounders like Chapters Group and Moltiply for many years, resisting the temptation to sell early.
Growth Outlook
The score is set to 0.50, reflecting a mixed and balanced outlook. The manager is highly cautious about the long-term sustainability of current high valuations in the U.S. stock market, yet is optimistic and constructive regarding the attractive, low valuations within the fund's non-U.S. portfolio holdings.
Risk Appetite
A score of 0.55 indicates a balanced risk appetite. The manager maintains a concentrated long portfolio, but deliberately moderates downside risk by holding 'boring,' stable, cash-generative infrastructure businesses like Ferguson and DCC rather than pursuing highly priced momentum names.
Capital Deployment
Assigned 0.45, indicating neutral-to-slightly defensive deployment. The fund completely exited its position in Lanxess in H1 2025 and did not report any new stock purchases, showing a preference for harvesting capital and supporting existing holdings.
Forward Guidance
Set at 0.50 because the manager does not express a strong action bias or near-term plans to deploy capital aggressively. The strategy focuses on monitoring existing holdings and allowing long-term compounding to unfold naturally over multi-year cycles.
Language Signal
A score of 0.60 reflects mildly constructive language. The manager refers to H1 2025's strong returns as a 'silver lining' and notes the portfolio's attractive absolute valuations, while balancing this with sober, realistic commentary about the difficulty of active stock picking.
Perceived Risk
The manager rates perceived risk at 0.70, warning that current high U.S. valuations pose a systemic risk. They detail how a correction in the U.S. tech-heavy indices would likely impact global markets, as other regions typically catch a cold when the U.S. sneezes.
Opportunity Density
Set at 0.65. While the manager sees general market valuations as elevated, particularly in the U.S., they explicitly note that the fund's own portfolio is noticeably more attractively valued today than ten years ago, with several companies still trading at historical lows.
Time Horizon
A score of 0.90 is applied because the manager explicitly advocates for a decade-plus investment horizon. The letter reviews the fund's ten-year performance, discusses holdings through long multi-year cycles, and highlights 'boring' companies intended for long-term holding.
