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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Norbury Capital delivered +8.2% year-to-date through June 2026, outpacing its European small-cap benchmark by 300 basis points. The fund completed its first activist campaign with OCI Global, exiting with a decent return after successfully challenging corporate governance issues and securing a cash alternative offer."
Norbury Capital Fund returned +0.8% in June 2026, outperforming the MSCI Europe Small-Cap index by 380 basis points, bringing year-to-date performance to +8.2% versus +5.2% for the benchmark. Top contributors included Tonies following an impressive capital markets day, MTU Aero Engines, and Games Workshop, while Zegona and Cerillion detracted. The fund completed its first activist campaign with OCI Global, which began as a small opportunistic position and evolved into a larger holding requiring significant engagement. Working with the VEB and Marcel Smits, Norbury challenged the majority shareholder's treatment of minorities and brought the matter to the Enterprise Chamber, which appointed independent directors. Despite achieving a cash alternative offer of €4.10 per share, the manager viewed this as insufficient relative to underlying asset value. The fund ultimately exited the position with a decent return, though below what they believed to be fair value. Management emphasized their willingness to act when necessary to protect shareholder interests while maintaining focus on finding the best risk/reward opportunities. The proceeds from OCI are being redeployed into what the manager describes as plenty of attractive opportunities elsewhere in European small caps.
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