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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Ennismore navigated a speculative, AI-fueled market rally in Q3 with a modest 0.9% gain. The fund is scaling back speculative shorts while heavily backing infrastructure-like compounders Wise and Croda."
Ennismore Global Equity Fund recorded a 0.9% gain in Q3 2025, bringing YTD returns to 8.5%. The fund's conservative positioning underperformed the explosive speculative AI boom over the summer, but avoided significant damage on the short book as US deception shorts were largely phased out. The letter details a core long investment thesis in Wise plc, emphasizing its transition from a retail remittance app to a high-margin financial infrastructure provider through white-label bank partnerships. It also highlights Croda International as a notable new long position and discusses Constellation Software's resilience against fears of AI disruption.
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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: Ennismore navigated a speculative, AI-fueled market rally in Q3 with a modest 0.9% gain. The fund is scaling back speculative shorts while heavily backing infrastructure-like compo...
Growth Outlook
Market outlook remains moderate conviction: Ennismore navigated a speculative, AI-fueled market rally in Q3 with a modest 0.9% gain. The fund is scaling back speculative shorts while heavily backing infrastructure-like compo...
Risk Appetite
Risk appetite posture is moderate conviction: Ennismore navigated a speculative, AI-fueled market rally in Q3 with a modest 0.9% gain. The fund is scaling back speculative shorts while heavily backing infrastructure-like compo...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Ennismore navigated a speculative, AI-fueled market rally in Q3 with a modest 0.9% gain. The fund is scaling back speculative shorts while heavily backing infrastructure-like compo...
Forward Guidance
Forward guidance signal: Ennismore navigated a speculative, AI-fueled market rally in Q3 with a modest 0.9% gain. The fund is scaling back speculative shorts while heavily backing infrastructure-like compo...
Language Signal
Tone analysis indicates above average conviction language: Ennismore navigated a speculative, AI-fueled market rally in Q3 with a modest 0.9% gain. The fund is scaling back speculative shorts while heavily backing infrastructure-like compo...
Perceived Risk
Perceived risk level is evaluated as above average conviction. Ennismore navigated a speculative, AI-fueled market rally in Q3 with a modest 0.9% gain. The fund is scaling back speculative shorts while heavily backing infrastructure-like compo...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Ennismore navigated a speculative, AI-fueled market rally in Q3 with a modest 0.9% gain. The fund is scaling back speculative shorts while heavily backing infrastructure-like compo...
Time Horizon
Investment time horizon reflects a high conviction orientation. Ennismore navigated a speculative, AI-fueled market rally in Q3 with a modest 0.9% gain. The fund is scaling back speculative shorts while heavily backing infrastructure-like compo...
