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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Hertford Capital. This analysis is provided for institutional research purposes only and is not investment advice.
"The manager sees over 50% upside in the portfolio over the next 12-18 months, driven by an expected small-cap valuation recovery."
Hertford Capital's letter reports Q4 2024 fund performance of +0.72%, closing the full year at +6.79% and outperforming its reference benchmark. Key structural updates include the formal rebranding to Hertford Capital GmbH and Marc Bräutigam assuming sole responsibility as Managing Director. The portfolio was streamlined down to 20 core holdings, moving names like ABL Group and Kamux to the sidelines, while adding to Nagarro and building a major new position in Italy's Moltiply Group. Furthermore, a segregated account managed by the firm generated a net return of +31.92% in 2024, largely driven by a private placement in US-listed QXO Inc. led by Brad Jacobs.
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