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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Ennismore's small-cap long/short fund is down 0.7% year-to-date after missing the AI boom, but the manager sees opportunity in the market's extreme attention concentration. The portfolio holds quality, cash-generative businesses buying back stock at depressed valuations, including Wise."
Ennismore's Global Smaller Companies Fund returned 0.1% in Q2 2026, bringing year-to-date performance to -0.7% and extending a disappointing twelve-month stretch. The proximate cause is the fund's lack of participation in the AI boom, as the portfolio is skewed toward buyers rather than sellers of AI tokens. The manager acknowledges this has been costly but maintains that their stock selection within chosen exposures remains modestly positive, with the underperformance driven by factor exposures to quality, digital-skewed smaller companies currently out of favor. Market attention is as concentrated as the manager can remember, trained overwhelmingly on AI, causing price mechanisms to degrade elsewhere. The fund is positioned in cash-generative businesses arbitraging their own neglect through buybacks, including Wise, which has grown a third larger while its share price fell. The biggest new position is BBB Foods, a Mexican hard-discount grocer with superior unit economics attacking Walmex's 24% gross margins. The manager views current neglect as deferring value rather than destroying it, with operational progress building that will eventually be priced when attention returns.
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