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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"EQUAM returned 2.6% in H1 2026 while European indices rose 10-12%, as capital flows ignored small-cap value stocks despite 120% portfolio upside potential. Three companies received takeover bids at 16-73% premiums, validating deep public market discounts."
EQUAM Global Value posted a 2.6% return in the first half of 2026, lagging European indices by 8-10% as capital flows continued to ignore small and mid-cap value stocks. The fund's investment universe focuses on overlooked European companies trading at significant discounts, with portfolio upside potential at 120% near historical highs. The semester was marked by Middle East conflict volatility and AI investment euphoria, with the manager warning that hyperscaler spending exceeding one trillion dollars creates circular dependencies and systemic vulnerabilities. Three portfolio companies received takeover offers during the quarter, with private equity buyers paying premiums of 16-73%, validating the fund's thesis about public market undervaluation. The UK equity market faces extreme structural dislocation after eight years of outflows, creating exceptional opportunities. The fund expects a multi-year bull cycle in oil exploration spending driven by energy security concerns, with TGS reporting 30% revenue growth and 94% seismic vessel utilization. The manager maintains near-zero cash and high conviction that extreme valuation divergences will eventually correct, with the longer persistence leading to more vigorous reversals.
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