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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Curreen Capital. This analysis is provided for institutional research purposes only and is not investment advice.
"Curreen Capital deployed capital into undervalued spinoffs and turnaround situations in Q1, adding Havas at 7x cash earnings and increasing positions in Advance Auto Parts and Enhabit. The fund remains fully invested in ugly duckling stocks with enormous potential, focusing on patient value realization despite near-term market volatility."
Curreen Capital declined 4.7% in Q1 2025 while deploying capital into attractive opportunities. The manager invested 6% of the fund in Havas, a French advertising company that spun out of Vivendi in December 2024, purchasing shares at less than 7x trailing cash earnings. The fund also added to Advance Auto Parts and Enhabit as their prices became more attractive despite business improvements. The portfolio focuses on undervalued businesses, particularly recent spinoffs that tend to be oversold during market downturns. Manager describes holdings as ugly duckling stocks with enormous potential, emphasizing the strategy of buying good businesses at attractive prices and waiting for fair value realization. The fund remains fully invested with a patient approach to value creation. Key risks include potential further stock price declines in the current market environment. The manager maintains confidence in the long-term rewards of the value-focused approach while acknowledging uncertainty about timing of rebounds toward fair value.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
The fund demonstrates high conviction through a highly concentrated portfolio of only nine positions larger than 5%. The manager expresses willingness to buy more of their top positions on weakness and declares being fully invested.
Growth Outlook
The manager maintains a neutral stance on overall market direction, explicitly stating that stock prices may drop further and noting that they cannot predict when prices will rebound to fair value.
Risk Appetite
The fund maintains a strong net long posture and has been fully invested since the previous quarter, indicating a relatively high tolerance for equity risk.
Capital Deployment
The fund actively deployed its remaining cash into Havas during the quarter to become fully invested, while also selectively adding to positions in Advance Auto Parts and Enhabit.
Forward Guidance
The fund exhibits an active deployment bias, looking to aggressively acquire more shares of its favored 'ugly ducklings' when prices drop, though the manager is already fully invested.
Language Signal
The text leans heavily toward constructive value-oriented terminology, frequently utilizing descriptors such as 'attractive prices', 'undervalued', 'enormous potential', and 'reap the rewards'.
Perceived Risk
The manager acknowledges standard risk elements such as market volatility, spinoff selloffs, and near-term price declines, but does not present an alarmed or highly defensive view.
Opportunity Density
The manager indicates a highly fertile opportunity set, highlighting that recent spinoffs have become especially cheap and attractive during the market selloff.
Time Horizon
A multi-year horizon is emphasized, with the manager stating they are focused on buying good businesses and waiting patiently to reap the rewards over time, regardless of short-term price movements.
