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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Ennismore delivered positive Q1 returns despite extreme market volatility from Trump tariff policies. European equity outperformance drove performance while quality-focused long book provided resilience."
Ennismore Global Equity Fund delivered positive returns in Q1 2025 (+1.8% GBP, +0.8% EUR) amid extreme market rotations driven by tariff policies and geopolitical uncertainty. The fund benefited from European equity outperformance, the largest in over 20 years, while maintaining a defensive long book focused on quality businesses with strong competitive positions. Key contributors included Thyssenkrupp (+149%) benefiting from German defense spending, Philip Morris from strong fundamentals, and Tam Jai from a takeover bid. The Trump administration's extensive tariff implementation created unprecedented policy uncertainty, triggering retaliatory measures globally and forcing reassessment of regional valuations. The manager views this environment as elevating risks but creating mispricing opportunities, particularly favoring their quality-focused approach over capital-intensive businesses. Portfolio positioning was reduced slightly with gross long exposure at 102% and short at 39%. The fund's structural bias toward business quality factors, pricing power, and asset-light models provides defense against stagflationary pressures while the active stock-picking framework is well-positioned to capture alpha in the uncertain environment.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
The manager demonstrates high conviction in their quality-focused investment approach and ability to navigate the uncertain environment. Detailed analysis of geopolitical impacts, specific positioning decisions, and clear articulation of investment thesis indicate strong belief in their strategy, though tempered by acknowledged uncertainties.
Growth Outlook
The manager expresses cautious optimism about European markets benefiting from cheap valuations and fiscal support, but acknowledges significant headwinds from trade wars, policy uncertainty, and potential stagflation. The outlook is mixed with both opportunities and risks clearly identified.
Risk Appetite
The fund reduced gross exposures from 107%/44% to 102%/39% long/short, indicating a modest de-risking stance. The manager maintains selective positioning but has pulled back slightly from peak exposure levels, suggesting a cautious risk appetite in the uncertain environment.
Capital Deployment
The fund reduced gross long exposure from 107% to 102% and short exposure from 44% to 39%, indicating modest capital pullback. While they added new positions in Latin America, the overall trend shows slight de-risking rather than aggressive deployment.
Forward Guidance
The manager sees elevated risks creating new mispricing opportunities and believes their framework is well-positioned to generate alpha. However, they acknowledge the uncertain environment and focus on defensive positioning rather than aggressive deployment, indicating cautiously positive forward guidance.
Language Signal
Language is balanced with equal emphasis on risks and opportunities. Terms like 'mispricing opportunities', 'attractive risk-reward', and 'well-positioned' are offset by 'elevated risks', 'uncertainty', and 'headwinds'. The net directional signal is slightly positive but measured.
Perceived Risk
The manager extensively discusses elevated risks from tariff policies, geopolitical uncertainty, stagflation potential, and systemic trade disruption. Multiple references to 'unprecedented' conditions, policy uncertainty, and potential for significant shifts in global financial systems indicate high perceived risk.
Opportunity Density
Despite high risks, the manager identifies 'new mispricing opportunities' from market dislocations, attractive valuations in European markets, and selective opportunities in Latin America. The environment is viewed as creating both challenges and opportunities for active stock pickers.
Time Horizon
The manager takes a long-term view on geopolitical shifts and their investment implications, discussing structural changes to global trade systems and focusing on business quality factors that provide durability. The approach emphasizes patience and fundamental analysis over short-term catalysts.
