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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Curreen Capital 2024 Q3 Investor Letter | Buyside Digest

Back to Fund Profile (Curreen Capital)

Primary Source Intelligence • Q3 2024 Letter Analysis

Curreen Capital Quarterly Analysis

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.

Fund Returns

QTD+0.9%

Annualized+11%

Digest Analysis

Quick Take

"The fund sold Advantage Solutions, added to turnarounds Advance Auto Parts and Enhabit, and initiated positions in 4Imprint and Pluxee. Manager expects temporary underperformance to reverse as market recognizes value in quality businesses trading at attractive discounts."

Executive Summary

Curreen Capital Partners returned 0.9% in Q3 2024, underperforming the broader market as their ugly duckling strategy faced headwinds. The fund sold Advantage Solutions after its turnaround progressed but operating results disappointed, receiving $3.63 per share. New positions were initiated in 4Imprint at $63.68 per share and Pluxee at €19.10 per share, both well-managed businesses trading at attractive valuations. The fund added to two turnaround situations, Advance Auto Parts at $45.49 and Enhabit at $7.83, allocating 1.5% to each position. The portfolio consists primarily of small-cap value opportunities including spinoffs and turnarounds across various sectors. Manager Christian Ryther maintains conviction that current underperformance is temporary, noting that previous ugly duckling investments like Frontdoor and Advantage Solutions eventually gained market recognition. The strategy involves disciplined position sizing, starting small and adding at predetermined discount levels to estimated downside valuations. Geographic focus spans US and European markets with emphasis on quality businesses temporarily out of favor.

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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

72%

CautiousHigh

High Conviction (72%)

The manager demonstrates high conviction through concentrated positions (1.5% allocations), specific entry prices for all transactions, and clear position sizing methodology. The portfolio appears focused with detailed thesis explanations for each holding, though some hedging language around timing prevents a higher score.

Growth Outlook

25%

BearishBullish

Bearish (25%)

The manager acknowledges the overall market has risen but expresses confidence that the current situation where ugly duckling stocks get cheaper is temporary. There's mild optimism about eventual market recognition of value but no strong bullish market commentary.

Risk Appetite

40%

DefensiveAggressive

Defensive (40%)

The fund is actively deploying capital into new positions and adding to existing turnaround situations, showing moderate risk appetite. However, the strategy of starting small and adding on weakness suggests measured rather than aggressive positioning.

Capital Deployment

45%

De-riskingDeploying

Net Neutral (45%)

The fund actively deployed capital by initiating two new 1.5% positions and adding to two existing turnaround situations. However, they also sold a position entirely, suggesting selective rotation rather than aggressive net deployment.

Forward Guidance

30%

CautiousExpansionary

Cautious (30%)

The manager indicates intention to continue the current strategy of buying quality businesses at attractive valuations, with selective deployment based on predetermined discount levels. The guidance is constructive but measured, not aggressively bullish.

Language Signal

20%

BearishBullish

Bearish (20%)

Language includes positive terms like quality businesses, attractive valuations, and opportunities, but is balanced with acknowledgment of temporary challenges and the need for patience. Overall tone is cautiously optimistic.

Perceived Risk

25%

Low RiskElevated

Low Risk (25%)

Risk discussion is minimal, limited to acknowledging that it's not fun to watch the market rise while some stocks get cheaper. The manager frames current challenges as temporary rather than systemic risks.

Opportunity Density

75%

ScarceAbundant

Abundant (75%)

The manager explicitly states that many ugly duckling stocks getting cheaper provides great opportunities to buy quality businesses. The ability to find and execute on four specific opportunities in one quarter suggests a rich opportunity set.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

The strategy involves patience as ugly ducklings often languish for months before market recognition. The manager references multi-year track records and uses language suggesting willingness to hold through temporary volatility, indicating a multi-year investment horizon.