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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Ennismore Global Equity Fund delivered a positive Q2 2025 return driven by excellent stock selection in its long book, particularly within its 'controlledcos' theme, despite a temporary detraction from speculative shorts."
The Ennismore Global Equity Fund delivered a positive return in Q2 2025, with the GBP share class gaining 5.6% (7.5% YTD) and the EUR class returning 3.6% (4.5% YTD). Positive stock selection in the long book was the primary driver of returns over the quarter, contributing +14.2% on a gross local basis. Conversely, the short book detracted -4.0%, resulting in a strong long-short spread of 5.3%. Key long contributors included Vend, Admiral, Flutter, and Ryanair. On the short side, speculative lower-quality names in the 'deception' category detracted due to a periodic rally in speculative markets, though robust risk management mitigated overall losses. The fund initiated new positions in Swedish firms Karnov Group and Hemnet, while exiting positions in Calumet, Dye & Durham, and IAC. A major thematic focus of this period is 'controlledcos'—businesses with disciplined, long-term controlling shareholders. Ennismore believes these companies outperform due to their extended time horizons, superior risk management, and capital discipline. This thesis is illustrated by recent investments in Asseco Poland (partnering with Topicus) and Cellnex Telecom (navigating a strategic reset backed by TCI).
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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 Global Equity Fund delivered a positive Q2 2025 return driven by excellent stock selection in its long book, particularly within its 'controlledcos' theme, despite a temp...
Growth Outlook
Market outlook remains moderate conviction: Ennismore Global Equity Fund delivered a positive Q2 2025 return driven by excellent stock selection in its long book, particularly within its 'controlledcos' theme, despite a temp...
Risk Appetite
Risk appetite posture is above average conviction: Ennismore Global Equity Fund delivered a positive Q2 2025 return driven by excellent stock selection in its long book, particularly within its 'controlledcos' theme, despite a temp...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Ennismore Global Equity Fund delivered a positive Q2 2025 return driven by excellent stock selection in its long book, particularly within its 'controlledcos' theme, despite a temp...
Forward Guidance
Forward guidance signal: Ennismore Global Equity Fund delivered a positive Q2 2025 return driven by excellent stock selection in its long book, particularly within its 'controlledcos' theme, despite a temp...
Language Signal
Tone analysis indicates above average conviction language: Ennismore Global Equity Fund delivered a positive Q2 2025 return driven by excellent stock selection in its long book, particularly within its 'controlledcos' theme, despite a temp...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Ennismore Global Equity Fund delivered a positive Q2 2025 return driven by excellent stock selection in its long book, particularly within its 'controlledcos' theme, despite a temp...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Ennismore Global Equity Fund delivered a positive Q2 2025 return driven by excellent stock selection in its long book, particularly within its 'controlledcos' theme, despite a temp...
Time Horizon
Investment time horizon reflects a high conviction orientation. Ennismore Global Equity Fund delivered a positive Q2 2025 return driven by excellent stock selection in its long book, particularly within its 'controlledcos' theme, despite a temp...
