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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Peapack Private 2024 Q4 Investor Letter | Buyside Digest

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Primary Source Intelligence • Q4 2024 Letter Analysis

Peapack Private Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Peapack Private. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

Digest Analysis

Quick Take

"EQUAM Global Value continues finding compelling opportunities in neglected European small and mid-cap value companies trading at steep discounts."

Executive Summary

EQUAM Global Value gained 7.1% in the first half of 2025, slightly trailing European peers at 8.5% but continuing to outperform since inception with 110% appreciation versus 92% for the comparable index. The fund maintains its focus on European small and mid-cap value companies, which continue trading at unusually low valuations despite fundamental improvements. The period was marked by US import duty announcements creating market volatility, though markets recovered as implementation was postponed. The manager made a new investment in Belgian cinema operator Kinepolis, positioned to benefit from audience recovery as Hollywood blockbuster releases normalize. Several portfolio companies initiated value-unlocking activities including strategic reviews and asset sales, with Marlowe shareholders achieving 2.4x returns over 18 months through corporate actions. The oil sector holdings faced significant corrections due to tariff uncertainty. With portfolio companies trading at steep discounts and upside potential at historical highs around 100%, the manager remains optimistic about future returns despite acknowledging uncertainty around timing of value recognition catalysts.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

72%

CautiousHigh

High Conviction (72%)

The fund demonstrates high conviction through concentrated positioning in 45 companies with detailed analysis of individual holdings, specific position sizing (top 15 holdings represent 52%), and willingness to maintain low cash levels. The manager provides detailed thesis explanations for new investments like Kinepolis and demonstrates conviction through holding positions despite short-term volatility in sectors like oil & gas.

Growth Outlook

25%

BearishBullish

Bearish (25%)

The manager expresses optimism about European markets outperforming US indices and confidence in their investment universe, but acknowledges ongoing uncertainty from trade policies and sector-specific challenges. The outlook is constructive but tempered by recognition of current headwinds.

Risk Appetite

40%

DefensiveAggressive

Defensive (40%)

The fund maintains low 2% cash levels and continues deploying capital into new positions like Kinepolis, indicating a risk-on stance. However, the manager acknowledges sector-specific challenges and maintains a selective approach rather than aggressive deployment across all areas.

Capital Deployment

15%

De-riskingDeploying

De-risking (15%)

The fund maintains very low 2% cash levels and made a new investment in Kinepolis during the quarter, indicating modest deployment activity. However, the manager also sold Elecnor following its revaluation, suggesting this represents rotation rather than net new capital deployment.

Forward Guidance

30%

CautiousExpansionary

Cautious (30%)

The manager intends to continue focusing on European small and mid-cap value opportunities and expects to benefit from corporate value-unlocking activities. However, they acknowledge uncertainty about timing of catalysts and maintain a patient, opportunistic approach rather than aggressive deployment.

Language Signal

35%

BearishBullish

Bearish (35%)

Language includes positive terms like 'optimistic,' 'attractive valuations,' 'good prospects,' and 'compelling opportunities,' but is balanced with risk acknowledgments around 'uncertainty,' 'volatility,' and 'adverse environment.' The net balance tilts slightly positive but remains measured.

Perceived Risk

45%

Low RiskElevated

Moderate Risk (45%)

The manager acknowledges specific risks including trade policy uncertainty, sector-specific challenges in oil & gas, and the adverse environment for value investing. However, risk discussion is moderate and balanced with opportunity identification rather than expressing alarm about systemic threats.

Opportunity Density

70%

ScarceAbundant

Abundant (70%)

The manager sees abundant opportunities in European small and mid-cap value companies trading at unusually low valuations, describing the universe as offering attractive prospects. The addition of new positions like Kinepolis and identification of multiple value-unlocking situations suggests a rich opportunity set.

Time Horizon

75%

Short-TermLong-Term

Decade+ (75%)

The fund explicitly describes itself as focused on long-term investment and compounding capital, with the manager acknowledging they don't know when value recognition will occur but expressing confidence it will happen. The patient approach to holding through volatility and focus on intrinsic value suggests a multi-year investment horizon.