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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Curreen Capital 2024 Q1 Investor Letter | Buyside Digest

Back to Fund Profile (Curreen Capital)

Primary Source Intelligence • Q1 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+2.2%

Annualized+11%

Digest Analysis

Quick Take

"Adding Siemens Energy on energy transition thesis while doubling down on VF Corp despite weak fundamentals due to extreme valuation discount."

Executive Summary

Curreen Capital returned 2.2% in Q1 2024, executing a disciplined value strategy focused on attractive upside-to-downside opportunities. The fund initiated a 2.5% position in Siemens Energy at €14.10, viewing the electrical power industry as returning to growth after a decade of stagnation and expecting successful turnaround of the wind business. Manager Christian Ryther sold Link Administration following acquisition completion and exited Computacenter due to disappointing operating results, using proceeds to add to VF Corp at $14.00. Despite VF's weak performance, Ryther views it as priced well below downside valuation, demonstrating his philosophy of buying solid businesses when they become extremely cheap. The portfolio maintains concentrated positions in turnaround situations across retail, financial services, and industrial sectors, with holdings like Advance Auto Parts, Credit Acceptance, and Frontdoor all trading at attractive upside-to-downside ratios. The strategy emphasizes patient capital deployment in quality businesses experiencing temporary difficulties, with willingness to increase exposure when valuations become compelling relative to downside protection.

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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%)

High conviction evidenced by concentrated portfolio with positions sized at meaningful levels (2.5% new position in Siemens Energy), specific entry prices disclosed, and willingness to add to positions despite weak fundamentals when valuation becomes compelling. Manager demonstrates clear investment philosophy with specific upside-to-downside framework.

Growth Outlook

25%

BearishBullish

Bearish (25%)

Manager expresses selective optimism about specific sectors like electrical power returning to growth after a decade of stagnation, but overall tone is measured and focused on individual opportunities rather than broad market enthusiasm.

Risk Appetite

40%

DefensiveAggressive

Defensive (40%)

Portfolio shows moderate risk appetite with willingness to add to positions like VF Corp despite weak operating performance, and initiating new position in Siemens Energy turnaround, but maintains disciplined approach to valuation.

Capital Deployment

15%

De-riskingDeploying

De-risking (15%)

Limited net deployment activity with one new 2.5% position initiated while selling two positions and using proceeds to add to existing holding. Activity represents rotation rather than significant new capital deployment.

Forward Guidance

30%

CautiousExpansionary

Cautious (30%)

Manager expresses willingness to buy more if stocks get even cheaper, indicating selective deployment bias but no aggressive rush to deploy capital. Tone suggests patience and opportunistic approach.

Language Signal

20%

BearishBullish

Bearish (20%)

Language is balanced with mix of opportunity-focused terms like attractive upside-to-downside and growth, but also acknowledges disappointment with operating results and weak performance across multiple holdings.

Perceived Risk

25%

Low RiskElevated

Low Risk (25%)

Manager acknowledges operating disappointments and weak performance across holdings but does not express systemic risk concerns. Risk discussion is company-specific rather than macro-focused.

Opportunity Density

60%

ScarceAbundant

Selective (60%)

Manager demonstrates selective opportunity identification with new position in Siemens Energy and willingness to add to existing positions when valuations become attractive, suggesting moderate opportunity set requiring selectivity.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

Multi-year investment horizon evidenced by focus on turnaround situations, willingness to hold through weak operating performance when valuations are compelling, and emphasis on businesses with sustainable competitive advantages over decades.