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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Ennismore delivered 8.3% in Q3 through concentrated exposure to European online classifieds leaders Schibsted and Adevinta, which are undergoing operational transformation to unlock significant monetization potential. The fund benefits from rising yields pressuring speculative shorts while maintaining conviction in dominant marketplace businesses with new management teams implementing margin-expanding verticalisation strategies."
Ennismore Global Equity Fund delivered strong Q3 performance of 8.3% through effective long/short positioning during a period of rising bond yields. The fund's core thesis centers on European online classifieds businesses Schibsted and Adevinta, which together represent 6.6% of assets. These companies possess dominant market positions in property, automotive, and job listings but have been historically under-monetized due to fragmented technology platforms and poor operational management. New leadership teams are implementing verticalisation strategies and technology consolidation expected to drive significant margin expansion over the next few years. A private equity bid for Adevinta provides near-term catalyst potential. The fund also maintains selective short positions, including iRhythm Technologies, a medical device company facing serious FDA regulatory issues and operating in a saturated market with poor unit economics. The manager reduced net exposure from 40% to 36% while adding new short opportunities in lower-quality, higher-beta names. Rising yields created favorable conditions for the fund's positioning against speculative businesses.
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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 concentrated positions (Schibsted and Adevinta representing 6.6% combined), detailed fundamental analysis spanning multiple pages, and explicit position sizing language. The manager provides specific catalyst timelines, discusses holding through volatility, and makes falsifiable predictions about margin inflection and monetization improvements. The depth of analysis and willingness to maintain large positions despite 'frustrating' performance indicates strong conviction.
Growth Outlook
The manager shows mild optimism about market conditions, noting that rising bond yields helped their positioning by curtailing valuations on speculative businesses. They describe finding 'plentiful new short opportunities' and express enthusiasm about their short book outlook, suggesting a constructive but selective view of market conditions.
Risk Appetite
The fund reduced net exposure from 40% to 36% and beta-adjusted exposure more significantly from 31% to 19% by adding lower-quality, higher-beta shorts. This indicates a slightly more cautious positioning despite maintaining gross exposure at 115%, suggesting moderate risk appetite with defensive adjustments.
Capital Deployment
The fund reduced net exposure from 40% to 36% and beta-adjusted exposure from 31% to 19% by adding new short positions while slightly reducing long exposure. This represents modest de-risking rather than aggressive deployment, though gross exposure remained stable at 115%. The activity suggests cautious capital management rather than significant deployment or withdrawal.
Forward Guidance
The manager expresses clear optimism about specific holdings, stating they are 'enthused about the outlook for our short book' and see 'risk-reward as more attractive than it has been at any stage of our ownership to date' for their classifieds positions. They expect margin inflection over the next few years, indicating positive deployment bias.
Language Signal
The letter contains balanced directional language with terms like 'attractive,' 'compelling,' 'enthusiastic,' and 'strong period' offset by discussions of 'frustrating journey,' 'disappointing performance,' and various risks. The net balance leans slightly positive but remains measured throughout.
Perceived Risk
The manager acknowledges several specific risks including interest rate sensitivity, short squeeze vulnerability (experienced in May-June), and regulatory risks for individual holdings. However, these are discussed as manageable portfolio considerations rather than systemic threats. The tone suggests awareness of risks without alarm about the overall environment.
Opportunity Density
The manager describes finding 'plentiful new short opportunities during the third quarter' and expresses enthusiasm about the outlook for their short book. They also see attractive risk-reward in their major long positions. This suggests a reasonably rich opportunity set, though focused on specific areas rather than broad-based abundance.
Time Horizon
The fund demonstrates a multi-year investment horizon, owning Schibsted 'since a couple of days after launch' and describing it as 'deferred rather than denied gratification.' They expect margin inflection 'over the next few years' and discuss 12-18 month implementation timelines for operational improvements. The patient approach to underperforming positions and focus on fundamental transformation indicates a longer-term orientation.
