Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
Despite Q4 headwinds, Ennismore remains highly confident in its contrarian stance on digital classifieds, arguing that the market's AI panic has created a generational valuation opportunity in cash-generative, moat-protected businesses.
Full Quick Take
Despite Q4 headwinds, Ennismore remains highly confident in its contrarian stance on digital classifieds, arguing that the market's AI panic has created a generational valuation opportunity in cash-generative, moat-protected businesses.
Ennismore delivered 8.3% in Q3 through concentrated exposure to European online classifieds leaders Schibsted and Adevinta, which are undergoing operational transformation to unlock significant monetization potential. The fund benefits from rising yields pressuring speculative shorts while maintaining conviction in dominant marketplace businesses with new management teams implementing margin-expanding verticalisation strategies.
Full Quick Take
Ennismore delivered 8.3% in Q3 through concentrated exposure to European online classifieds leaders Schibsted and Adevinta, which are undergoing operational transformation to unlock significant monetization potential. The fund benefits from rising yields pressuring speculative shorts while maintaining conviction in dominant marketplace businesses with new management teams implementing margin-expanding verticalisation strategies.
