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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Peapack Private 2025 Q1 Investor Letter | Buyside Digest

Back to Fund Profile (Peapack Private)

Primary Source Intelligence • Q1 2025 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

QTD-3.9%

YTD+3%

Annualized+6.8%

Positioning StanceConstructive

Market CapSMID Cap

GeographyEurope

Digest Analysis

Quick Take

"Despite underperformance, fund maintains slight outperformance since inception. Manager sees 112% upside potential in current portfolio of 45 undervalued European companies."

Executive Summary

EQUAM Global Value Fund underperformed in Q3 2025, declining 3.9% versus 3.5% for European indices, primarily due to zero banking exposure and focus on abandoned European small-cap sector. The fund's underperformance stems from lack of exposure to banks which rose over 50% this year, negative impact from oil sector exposure, and weak results from industrial and basic materials holdings including Stabilus, Takkt, RHI and TGS. Despite quarterly decline, the fund maintains 101% cumulative return since inception versus 99% for comparable indices. Manager views current market valuations as very demanding with Nasdaq at 40x P/E and S&P 500 at 30x, identifying risks from tariff-induced inflation, slowing job creation, and potential AI investment overcapacity. New investment in Domino's Pizza UK capitalizes on 43% share price decline amid weak consumer confidence. Portfolio upside potential reaches 112% based on target valuations, with fund holding 45 companies at attractive multiples and maintaining only 2% cash due to compelling opportunities in European small-caps.

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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

75%

CautiousHigh

High Conviction (75%)

High conviction demonstrated through maintaining concentrated positions despite underperformance, low cash levels, and explicit statements of confidence in all holdings. Manager provides detailed fundamental analysis and specific upside targets of 112%.

Growth Outlook

38%

BearishBullish

Neutral (38%)

Manager expresses concern about demanding market valuations with Nasdaq at 40x P/E and S&P 500 at 30x, describing them as having no place for error. Multiple macro risks are identified including tariff impacts, slowing job creation, and potential AI overcapacity.

Risk Appetite

15%

DefensiveAggressive

Defensive (15%)

Fund maintains low 2% cash position due to attractive valuations and continues making new investments like Domino's Pizza. Manager remains confident in all positions despite recent underperformance, viewing declines as opportunities rather than reasons to de-risk.

Capital Deployment

20%

De-riskingDeploying

De-risking (20%)

Fund maintains very low 2% cash position and made new investment in Domino's Pizza during the quarter. However, no mention of significant cash level changes or aggressive scaling of positions suggests moderate deployment activity.

Forward Guidance

30%

CautiousExpansionary

Cautious (30%)

Manager explicitly states the fund presents a good investment opportunity with upside potential exceeding 100% at its highest level. Confidence expressed in portfolio recovery and cyclical improvements in steel and consumer spending.

Language Signal

10%

BearishBullish

Bearish (10%)

Language balances risk awareness with opportunity identification. Terms like investment opportunity, attractive valuations, and upside potential are offset by concerns about demanding valuations and macro risks. Net positive but cautious tone.

Perceived Risk

65%

Low RiskElevated

Elevated Risk (65%)

Manager identifies multiple significant risks including demanding market valuations, tariff-induced inflation, slowing employment, and potential AI investment overcapacity. Acknowledges these valuations have no place for error, indicating elevated risk perception.

Opportunity Density

70%

ScarceAbundant

Abundant (70%)

Manager sees abundant opportunities in European small-caps with 45 companies in portfolio and 112% upside potential. Low cash levels indicate rich opportunity set, though opportunities appear concentrated in specific abandoned market segments.

Time Horizon

80%

Short-TermLong-Term

Decade+ (80%)

Fund employs long-term value investing methodology focused on compounding capital over time. Manager emphasizes patience in holdings like Headlam and RHI awaiting cyclical recovery, indicating multi-year investment horizon and patient capital approach.