Teqnion AB (TEQ) – Dean0
Pitch Summary: The author argues that Teqnion ($TEQ) is facing a serious governance red flag following the quiet January 2025 appointment of a new CEO at subsidiary Eloflex. The appointed CEO reportedly has no prior corporate management experience and is in a long-standing personal relationship with Teqnion’s Deputy CEO, a relationship that predates the appointment. […]
TruBridge, Inc. (TBRG) – investmentideen
Pitch Summary: The author argues they recently added TruBridge (TBRG) despite its checkered M&A history, because a new governance coalition (led by Pinetree Capital Ltd. and another firm) has taken a meaningful stake and secured board seats. They believe the governance changes — board declassification, poison-pill removal, and more transparency — mark a pivot toward […]
Troy Multi-Asset Strategy 2025 Q4 (FISV)
Pitch Summary: The greatest mistake is clearly Fiserv. Over more than a decade of ownership, our research suggested Fiserv’s 39-year record for annual double-digit compounded earnings growth was sustainable. This assumption was challenged abruptly by the company’s third quarter results. These revealed the company had underinvested and pursued sales tactics that were too aggressive, leading […]
Seven Corners Capital 2025 Q4 (TPB)
Pitch Summary: Turning Point Brands rose roughly 80% during 2025, reflecting accelerating growth in its modern oral nicotine segment, particularly the FRE brand, which grew over 600% year over year. The company benefits from long-term secular decline in combustible cigarette use while gaining share in smokeless and alternative nicotine products. A joint venture with Tucker […]
Pangolin Asia Fund 2025 Q4 (DKSH MK)
Pitch Summary: It is my belief that, on average, our holdings trade at a discount of at least 50% to what any independent buyer would pay for them. We own DKSH Malaysia, the No1 distributor of fast-moving consumer goods and medical supplies in the country. Its Swiss parent, which owns 74% of the shares, has […]
AVI Japan Opportunity Trust 2025 Q4 (4347 JP)
Pitch Summary: Broadmedia (+21%), in which AVI announced its intention to acquire an additional c.11% of shares via tender offer. The team continues to allocate capital received following completion of the transaction with the Fidelity Japan Trust to both new and longstanding portfolio names. We are excited by the opportunity to utilise additional firepower following […]
AVI Japan Opportunity Trust 2025 Q4 (3963 JP)
Pitch Summary: Synchro Food (3963) – AVI Head of Japan Research appointed as outside director at EGM. Synchro Food was the largest contributor over the month, adding +84bps to performance as its share price rose by +22%. Synchro Food operates a service matching platform for restaurants in Japan, with much of its sales coming from […]
First Eagle Investments 2025 Q4 (BIO)
Pitch Summary: Healthcare has been out of favor in recent years, weighed down by post-Covid headwinds, but we find the highly regulated sector to be structurally attractive given growing demand and significant barriers to entry. With a market cap around $6.5 billion, Bio-Rad Laboratories is smaller than our typical investment, but the company dominates the […]
AVI Global Trust 2025 Q4 (028260 KS)
Pitch Summary: Samsung C&T is the de facto holding company through which the Lee family controls the wider Samsung Group. The company’s NAV is effectively comprised of two crown-jewel businesses, Samsung Electronics (39% of NAV) and Samsung Biologics (37%), plus smaller listed stakes and an unlisted construction and trading business. We first initiated our position […]
AVI Global Trust 2025 Q4 (CHRY LN)
Pitch Summary: AGT’s largest position, Chrysalis Investments (“CHRY”), was the greatest contributor over the month, adding +43bps to AGT’s NAV. Its share price rallied on the news late in the month that the company will put forward proposals that would, if approved by shareholders, see it pursue an orderly realisation of its assets. AVI, as […]
AVI Global Trust 2025 Q3 (NWSA)
Pitch Summary: We last wrote up the position in the March 2024 newsletter, explaining that the investment case was predicated on the deep misunderstanding and undervaluation of News Corp’s unlisted stub assets, most notably Dow Jones, and the potential for management and the family to take steps to unlock value. Upon little news, News Corp […]
AVI Global Trust 2025 Q3 (028260 KS)
Pitch Summary: As discussed in the June 2025 newsletter we have been building our exposure to Korea in light of the on-going corporate governance reform agenda and the rich array of deeply undervalued companies. At the time of writing Korea accounts for 9.5% of AGT’s NAV and returns to date have been pleasing, driven by […]
HMC Capital Partners Fund I 2025 Q3 (INA AU)
Pitch Summary: Ingenia Communities ended the quarter broadly flat. The company delivered a solid FY25 result in August, exceeding EPS guidance and trading up 4% on the day, though the stock later eased back. Our investment in Ingenia has been highly successful to date, generating an unlevered IRR for the Fund in excess of 20% […]
Church House Human Capital 2025 Q3 (PRM)
Pitch Summary: Perimeter Solutions: are the lead supplier of wildfire retardants in California. They have an all-star board including Nick Howley (founder of TransDigm and no relation of the Welsh rugby legend Rob Howley) and William Thorndyke (author of The Outsiders and a brilliant investor in his own right), who have set out to double […]
Hurdle Rate 2025 Q2 (SEQ AU)
Pitch Summary: A disappointing close to what was once an exciting investment, plagued by too many roadblocks along the way. Our initial investment in Sequoia should have been a simple thesis with the market capitalisation backed by a significant amount of cash following the Morrison divestment, and a short 3-5 year payback period for the […]
Harris Associates International Equity Strategy 2025 Q2 (105560 KS)
Pitch Summary: KB Financial Group was a contributor during the quarter. The South Korea-headquartered diversified bank’s stock price rose steadily throughout the period as it posted solid first-quarter results with buybacks and dividends tracking ahead of expectations, showing firm commitment to Korea’s corporate Value-Up program during turbulent times. In addition, capital generation was solid and […]
Hayden Capital 2025 Q2 (SMRT)
Pitch Summary: Smart Rent. “ Disappointing ” is the only way to describe our investment over the last three years. While shareholders could easily blame it on the macro environment, I think our investment mistake runs much deeper . It was misjudging the people. We first invested in mid -2022, and were excited by a […]
HalvioCapital 2025 Q2 (6249 JP)
Pitch Summary: Gamecard-Joyco Holdings (6249.T) trades at 60% NCAV and half of book, has ¥55.7B in cash and securities with no debt against a market cap of ¥33.8B. It also has 38% share of the market in prepaid card systems in pachinko parlours. It’s most likely overearning in the past year due to the new […]
RGA Investment Advisors 2025 Q2 (AWE)
Pitch Summary: The quarter opened with news that Arm had approached Alphawave about a takeover, followed by Qualcomm formalizing their own interest. After deadline extensions, Qualcomm agreed to acquire Alphawave for $2.4B (≈183p/share). The outcome was favorable, but the journey was volatile: multiple >20% down days, one nearly 50% intraday collapse, and even a three-week […]
Polaris International Equity 2025 Q2 (8002 JP)
Pitch Summary: Elsewhere in industrials, Japanese trading house Marubeni Corp. reported good earnings and stable guidance, while diversifying with the addition of a pharma platform. The company also announced a significant share buyback program, signaling management’s confidence in Marubeni’s value and commitment to shareholder returns. BSD Analysis: Marubeni is a modernized sogo shosha — a […]
