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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Ennismore European Smaller Companies Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Ennismore European Smaller Companies Fund returned -0.8% net of fees in September 2026, bringing year-to-date returns to -3.1% net. Net exposure closed at 59.7% with active portfolio rotation featuring 35 new longs and 12 new shorts."
Ennismore European Smaller Companies Fund is managed as an absolute return strategy aimed at generating positive returns across European small caps irrespective of broader market conditions. In September 2026, the fund returned -0.8% net of fees, with performance weighed down by the long portfolio costing 2.2%, partially offset by short positions generating 1.4%. Year-to-date net performance stands at -3.1% net of fees. Portfolio gross exposure concluded at 132.3% with net exposure trimmed slightly to 59.7% across 161 long and 113 short positions. Activity remained elevated as the fund initiated 35 new long positions and 12 shorts during the month. Manager commentary featured a deep dive into XP Power Limited, a 2.0% NAV holding positioned to benefit from a semiconductor equipment order rebound, margin recovery post-China exit, and high-voltage co-design solutions. Potential risks cited include historical post-COVID inventory destocking and supply chain friction, balanced against strong multi-year operating leverage.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
50
Growth Outlook
50
Risk Appetite
50
Capital Deployment
50
Forward Guidance
50
Language Signal
50
Perceived Risk
50
Opportunity Density
50
Time Horizon
50
