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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Value fund down 15% in Q1 on tariff uncertainty despite limited fundamental impact. Portfolio trades 6.4x forward FCF with strong balance sheets."
Plural Partners Fund delivered -15.1% net return in Q1 2025, impacted by macro uncertainty around US tariffs despite limited fundamental exposure. Manager Chris Waller maintains value investing approach, targeting businesses trading at substantial discounts to intrinsic value. Portfolio companies estimated to trade at 6.4x FCF in three years while growing at low double-digit rates, with strong balance sheets and 20% average return on tangible capital. Key holdings include undisclosed cash and NOL shell company trading below net cash with $2.9bn in tax assets and activist CEO incentivized to monetize value. Seaport Entertainment represents Manhattan real estate turnaround story with new management implementing consumer-focused strategy, including Meow Wolf lease expected to drive over one million annual visitors. Watches of Switzerland faces luxury demand headwinds and tariff pressures but benefits from Rolex partnership and supply-driven sales model. Manager adjusted position sizes to capitalize on tariff-driven volatility, seeing exceptional risk/reward opportunities similar to March 2020 while expecting portfolio resilience to drive recovery.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High conviction evident in detailed fundamental analysis, concentrated portfolio approach, and willingness to add to positions during volatility. Manager provides specific valuation metrics and catalysts while maintaining long-term investment horizon.
Growth Outlook
Manager expresses cautious optimism about market opportunities, describing exceptional risk/reward situations similar to March 2020 and expecting portfolio companies' superior qualities to drive recovery as markets move from panic to reflection.
Risk Appetite
Portfolio maintains 98% net exposure with selective position size adjustments to capitalize on volatility. Manager actively added to positions during quarter, demonstrating moderate risk-on posture despite market uncertainty.
Capital Deployment
Manager added to multiple positions during the quarter including Seaport Entertainment and Watches of Switzerland, demonstrating moderate deployment activity. Portfolio maintains high 98% net exposure with selective position adjustments.
Forward Guidance
Manager expects portfolio resilience to drive share price rebound and continues to see attractive opportunities, though acknowledges near-term headwinds from tariffs and luxury demand concerns.
Language Signal
Language balances opportunity recognition with risk acknowledgment. Uses terms like exceptional risk/reward and attractive valuations while discussing headwinds and uncertainty, resulting in mildly positive directional bias.
Perceived Risk
Manager acknowledges macro uncertainty from tariffs and luxury demand headwinds but emphasizes limited fundamental impact on most holdings. Risk discussion is balanced, focusing on temporary rather than systemic concerns.
Opportunity Density
Manager describes exceptional risk/reward opportunities similar to March 2020, with portfolio companies trading at attractive 6.4x forward FCF multiples. Sees selective opportunities across small, under-researched businesses.
Time Horizon
Strong emphasis on five-year investment horizon and willingness to own businesses if markets shut for five years. Manager judges performance over five-year periods and focuses on long-term intrinsic value rather than short-term volatility.
