Polaris Global 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 diversified Japanese trading house with […]
Orbis International Equity 2025 Q2 (8802 JP)
Pitch Summary: Take Mitsubishi Estate, for example. The company owns prime real estate in the Marunouchi business district adjacent to the Imperial Palace in Tokyo. At its late-1980s peak, this land was said to be worth more than all of California. Yet today you can buy this world-class commercial property portfolio—basically the Midtown Manhattan of […]
McElvaine Value Fund 2025 Q2 (AIM CN)
Pitch Summary: Permanent capital company with cash and private investments. Significant tax losses. AIMIA has been an ugly situation. Let’s just say the Board was reconstituted in January 2025 and Rhys Summerton became Exec Chair in March. Number of initiatives have been undertaken to reduce costs, narrow the discount, and “firm up” the NAV. Cash […]
McElvaine Value Fund 2025 Q2 (ONEX CN)
Pitch Summary: Private equity firm managing capital on behalf of investors and itself. Repurchased about 4% of outstanding shares so far in 2025. Disposed of part of Westjet at 40% premium to carrying value (essentially recovering cost of the entire purchase). We trimmed our position slightly in June 2025. Large cash and near cash position; […]
T. Bailey Multi-Asset Growth Fund 2025 Q2 (9896 JP)
Pitch Summary: The fund benefited as Japanese equities advanced in Q2. Domestic business sentiment improved, with the Bank of Japan’s Tankan survey indicating robust capital expenditure plans from large manufacturers. Inflation and rising wages supported earnings growth, particularly in financials and industrials. Meanwhile, a weaker yen and ongoing corporate governance reforms continued to attract foreign […]
SVN Capital Fund 2025 Q2 (TRIV IN)
Pitch Summary: Triveni Turbine Limited (TTL): Before I get started, please allow me to jog your memory to the four-part investment objective I use at SVN Capital. • Is it a business that I can understand? • Is it a business that generates high returns on incremental capital, and does it have great reinvestment opportunities? […]
East72 Dynasty Trust 2025 Q4 (HANA LN)
Pitch Summary: Hansa Investment Company has now reached the culmination of a strategy that began over seventy years ago, resulting in a merged structure with Ocean Wilsons and access to a substantial cash balance. The shares trade at a 44% discount to reported NAV and close to a 68% discount on a pro-forma ex-cash basis, […]
ToffCap’s Monday Monitor #81VCI Global Limited – VCIG
Pitch Summary: VCI Global’s plan to spin off its capital markets advisory subsidiary at a $168m valuation presents a speculative opportunity, albeit with significant risks due to unclear financials and potential red flags. BSD Analysis: Despite reporting $19m in revenues and $4.7m in net income for H1, VCI Global’s financials raise concerns, particularly with its […]
GreenWood Investors 2025 Q2 (UHR SW)
Pitch Summary: The Swatch Group is trading for an unprecedented net-net valuation, just over half of tangible book value. As one of the most shorted stocks in Europe, investors are implying the company is worth more dead than alive, but we disagree. The company’s world-class brands—Harry Winston, Omega, Breguet, Blancpain, Longines, among others—have immense potential. […]
Forager Australian Shares Fund 2025 Q2 (EML AU)
Pitch Summary: EML Payments (EML), the gift and reloadable card provider, had an eventful year. Just weeks after outlining ambitious long-term targets, including a steep uplift in revenue and earnings by financial year 2028, the former managing director departed. It wasn’t the start we’d hoped for. Fortunately, the new managing director, previously on the board […]
Cullen Small Cap Value Equity 2025 Q2 (NMRK)
Pitch Summary: Newmark Group (NMRK) is a top-tier commercial real estate (CRE) services firm offering a full suite of advisory solutions across investment sales, debt brokerage, leasing, property and facility management, mortgage servicing, and valuation. The company is a structurally improving commercial real estate services platform that is gaining market share in capital markets and […]
Colebrooke Partners 2025 Q2 (THG LN)
Pitch Summary: We also sold what had become a small (for us) 3.5% position in THG following the mild recovery in THG’s share price in June. Our sale was driven by me no longer having a high degree of confidence in two key aspects of my investment thesis: 1. Management have begun to act in […]
Clark Street Value 2025 Q2 (THRD)
Pitch Summary: In April, only two short months after announcing strategic alternatives, Third Harmonic Bio (THRD) announced it would be liquidating and returning cash to shareholders. The liquidation was approved almost unanimously (other similarly situated biotechs should take note), the initial distribution is scheduled to take place in the third quarter with an estimated total […]
Carillon Eagle Mid Cap Growth Fund 2025 Q2 (OKTA)
Pitch Summary: Okta, a provider of cybersecurity software with a focus on identity and access, reported solid results for the quarter, but the outlook was below expectations, which was especially disappointing after a strong move higher in the stock. The challenging macroeconomic environment resulted in prospective corporate customers turning slightly more pessimistic, which, along with […]
AVI Japan Opportunity Trust 2025 Q2 (3106 JP)
Pitch Summary: Kurabo Industries was the second largest contributor over the month, adding +41bps to performance as its share price rose by +5%. Kurabo Industries, established in 1988 as a textile manufacturer, has diversified its operations over the years to include chemicals, advanced technology, food and services, and real estate. Kurabo Industries has a history […]
AVI Japan Opportunity Trust 2025 Q2 (4347 JP)
Pitch Summary: Broadmedia was the largest contributor over the month, adding +50bps to performance as its share price rose +9%. Broadmedia, mainly engaged in online education and IT service businesses, is a leading player in Japan, running online-learning secondary schools with the brand name “Renaissance High School Group,” allowing students to learn at their own […]
AVI Worldwide Opportunities Fund 2025 Q2 (TFG NA)
Pitch Summary: In Nov-24, we initiated a position in Tetragon Financial (TFG). TFG is a multi-asset focused investment company with a diversified portfolio of CLO equity, hedge funds, private equity and real estate investments in addition to (mostly controlling) stakes in several asset management businesses. While TFG trades at an astonishingly large discount to NAV […]
AVI Worldwide Opportunities Fund 2025 Q2 (SEIT LN)
Pitch Summary: The largest contributor was SDCL Energy Efficiency Income (SEIT), an investment company focussed on energy efficiency and decentralised energy generation projects. We wrote on SEIT in last month’s newsletter. While SEIT typically appears alongside renewable energy funds in broker lists and AIC publications, its assets have different characteristics from those of this peer […]
Askeladden Capital Partners 2025 Q2 (ALOT)
Pitch Summary: This shift has already proven its worth . During our proxy contest at AstroNova, AI tools helped us produce the extensive ISS deck and other materials that would have been vastly more costly to prepare otherwise (i.e., we would have needed to spend an incremental six figures, and/or developed far lower quality work […]
Apis Global Discovery Fund 2025 Q2 (4406 JP)
Pitch Summary: NOF is a Japanese company with a compelling investment profile: a stable, cash-generative core business in functional chemicals, supported by high-growth segments in cosmetics and pharmaceuticals. These segments are driving both top-line expansion and margin improvement. Despite this favorable mix, the company continues to trade like a basic chemicals business at just 17x […]
