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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"A. and Orsero SpA, as the manager continues to focus on long-term value, initiating a new position in the deeply undervalued Caltagirone SpA."
In Q2 2025, the portfolio grew 10.06% in euros, significantly outperforming benchmarks like the S&P 500 (+2.00%) and Global Small-Cap Index (+2.24%), bringing cumulative returns since inception to 113.37% (16.65% annualized). This performance was driven by Toya S.A., Orsero SpA, Mama's Creations, and gold. The portfolio faced headwinds from a 14% YTD depreciation of the US dollar, which weighed on unhedged USD-denominated holdings. During the quarter, the manager initiated a new position in Caltagirone SpA, increased the holding in Orsero SpA, and discussed historical lessons about patience based on selling Nicolás Correa too early in 2023.
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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: The portfolio delivered a solid 10.06% return in Q2 2025, driven by Toya S.A. and Orsero SpA, as the manager continues to focus on long-term value, initiating a new position in the...
Growth Outlook
Market outlook remains moderate conviction: The portfolio delivered a solid 10.06% return in Q2 2025, driven by Toya S.A. and Orsero SpA, as the manager continues to focus on long-term value, initiating a new position in the...
Risk Appetite
Risk appetite posture is above average conviction: The portfolio delivered a solid 10.06% return in Q2 2025, driven by Toya S.A. and Orsero SpA, as the manager continues to focus on long-term value, initiating a new position in the...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The portfolio delivered a solid 10.06% return in Q2 2025, driven by Toya S.A. and Orsero SpA, as the manager continues to focus on long-term value, initiating a new position in the...
Forward Guidance
Forward guidance signal: The portfolio delivered a solid 10.06% return in Q2 2025, driven by Toya S.A. and Orsero SpA, as the manager continues to focus on long-term value, initiating a new position in the...
Language Signal
Tone analysis indicates above average conviction language: The portfolio delivered a solid 10.06% return in Q2 2025, driven by Toya S.A. and Orsero SpA, as the manager continues to focus on long-term value, initiating a new position in the...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The portfolio delivered a solid 10.06% return in Q2 2025, driven by Toya S.A. and Orsero SpA, as the manager continues to focus on long-term value, initiating a new position in the...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The portfolio delivered a solid 10.06% return in Q2 2025, driven by Toya S.A. and Orsero SpA, as the manager continues to focus on long-term value, initiating a new position in the...
Time Horizon
Investment time horizon reflects a high conviction orientation. The portfolio delivered a solid 10.06% return in Q2 2025, driven by Toya S.A. and Orsero SpA, as the manager continues to focus on long-term value, initiating a new position in the...
