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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Plural Partners Fund delivered a strong 21.9% net return in Q2 2025, taking advantage of market drawdowns to add to Watches of Switzerland and establish a new position in UK serial acquirer Judges Scientific."
Plural Partners Fund delivered a strong net return of 21.9% in Q2 2025. Portfolio Manager Chris Waller reiterated the fund's long-term value investing philosophy and emphasis on highly concentrated, high-conviction positions (typically six to eight holdings). During the quarter, the fund initiated a new investment in Judges Scientific, a UK-based serial acquirer of niche scientific instrument businesses trading at 23x EV/FCF but possessing a strong track record of high incremental returns. Additionally, the fund increased its position in Watches of Switzerland, which has fallen 34% this year due to US tariff concerns, as the manager believes the market has significantly overreacted to tariff impacts and undervalued its US expansion runway. On a look-through basis, the portfolio trades at 9.0x estimated FCF in three years with an average return on capital of 23%.
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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: Plural Partners Fund delivered a strong 21.9% net return in Q2 2025, taking advantage of market drawdowns to add to Watches of Switzerland and establish a new position in UK serial...
Growth Outlook
Market outlook remains high conviction: Plural Partners Fund delivered a strong 21.9% net return in Q2 2025, taking advantage of market drawdowns to add to Watches of Switzerland and establish a new position in UK serial...
Risk Appetite
Risk appetite posture is high conviction: Plural Partners Fund delivered a strong 21.9% net return in Q2 2025, taking advantage of market drawdowns to add to Watches of Switzerland and establish a new position in UK serial...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Plural Partners Fund delivered a strong 21.9% net return in Q2 2025, taking advantage of market drawdowns to add to Watches of Switzerland and establish a new position in UK serial...
Forward Guidance
Forward guidance signal: Plural Partners Fund delivered a strong 21.9% net return in Q2 2025, taking advantage of market drawdowns to add to Watches of Switzerland and establish a new position in UK serial...
Language Signal
Tone analysis indicates above average conviction language: Plural Partners Fund delivered a strong 21.9% net return in Q2 2025, taking advantage of market drawdowns to add to Watches of Switzerland and establish a new position in UK serial...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Plural Partners Fund delivered a strong 21.9% net return in Q2 2025, taking advantage of market drawdowns to add to Watches of Switzerland and establish a new position in UK serial...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Plural Partners Fund delivered a strong 21.9% net return in Q2 2025, taking advantage of market drawdowns to add to Watches of Switzerland and establish a new position in UK serial...
Time Horizon
Investment time horizon reflects a high conviction orientation. Plural Partners Fund delivered a strong 21.9% net return in Q2 2025, taking advantage of market drawdowns to add to Watches of Switzerland and establish a new position in UK serial...
