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.
Ennismore returned 0.4% in May, down 4.5% year-to-date. The fund initiated a position in MLP SE, a German financial advisory firm trading at twelve times earnings following a profit warning. MLP's 55-year-old network of advisers serving academic professionals creates a defensible franchise benefiting from demographic tailwinds as clients enter peak wealth years. Management targets 50% profit growth by 2028, implying 70%+ upside.
Full Quick Take
Ennismore returned 0.4% in May, down 4.5% year-to-date. The fund initiated a position in MLP SE, a German financial advisory firm trading at twelve times earnings following a profit warning. MLP's 55-year-old network of advisers serving academic professionals creates a defensible franchise benefiting from demographic tailwinds as clients enter peak wealth years. Management targets 50% profit growth by 2028, implying 70%+ upside.
Octahedron highlights that while newly introduced tariffs have injected macro uncertainty, structural secular trends in AI inference, database re-platforming, autonomous vehicles, and retail media continue to power resilient, internet-scale compounding machines.
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Octahedron highlights that while newly introduced tariffs have injected macro uncertainty, structural secular trends in AI inference, database re-platforming, autonomous vehicles, and retail media continue to power resilient, internet-scale compounding machines.
YCG added FICO to their portfolio of global champions with enduring pricing power. FICO dominates U.S. credit scoring with 90% market share among large lenders, benefits from network effects and institutional risk aversion, and has significant untapped pricing power after keeping prices flat for 30 years. The investment exemplifies YCG's strategy of owning recession-resistant toll collectors on global GDP.
Full Quick Take
YCG added FICO to their portfolio of global champions with enduring pricing power. FICO dominates U.S. credit scoring with 90% market share among large lenders, benefits from network effects and institutional risk aversion, and has significant untapped pricing power after keeping prices flat for 30 years. The investment exemplifies YCG's strategy of owning recession-resistant toll collectors on global GDP.
