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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Jul 30, 2025 | MSA Capital | - | 17.3% | ABF.L, DCC.L, FERG, FPE3.DE, MWG.L, TCX, UTDI.DE, WINE.L | Cyclical, Europe, long-term, Patience, Quality, value | The fund examines digital transformation through companies like Moltiply and Naked Wines. Moltiply successfully expanded from Italian mortgage brokerage to European price comparison platforms, acquiring Verivox in Germany. Naked Wines struggled with aggressive U.S. expansion during COVID but shows recovery signs under new management. | FERG LN WINE LN |
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| 2026 Q1 | Apr 21, 2026 | Vela International Fund | -0.9% | -0.9% | ABEV, ABF.L, AGI, ALLFG.L, ARCO, BAKKA.OL, DUE.DE, GLOB, GRG.L, HIK.L, IPAR, ITP.PA, JET2.L, NOMD, OGC.TO, SBRE.L, SU, TTE, UMG.AS, UNTR.JK, WIE.VI | energy, Geopolitical, gold, international, Luxury, Travel, value | View | ||
| 2025 Q1 | Mar 31, 2025 | Mondrian Global Equity Fund | - | - | ABF.L, DG.PA, ENEL.MI, LLOY.L, RI.PA, ROG.SW, SNY | defense, energy, Europe, Germany, infrastructure, valuation | European equities have significantly outperformed US markets in Q1 2025, almost fully unwinding three years of underperformance. The region trades at historically wide discount to US valuations despite many companies generating 60% of revenues outside Europe. Structural challenges exist but temporary drags like Ukraine conflict and restrictive fiscal policy may be easing. | View | |
| 2025 Q1 | Mar 31, 2025 | Mondrian International Equity Value Opportunities | - | - | ABF.L, DG.PA, ENEL.MI, LLOY.L, RI.PA, ROG.SW, SNY | defense, energy, Europe, fiscal policy, geopolitics, infrastructure, valuation | European equities have significantly outperformed US markets in Q1 2025, nearly unwinding three years of underperformance. The region trades at attractive valuations with forward P/E of 13.7x versus 20.5x for US markets. European companies generate nearly 60% of revenues outside the region, reducing dependence on local economic conditions. | View | |
| 2025 Q4 | Feb 3, 2026 | MSA Capital | 0.0% | 0.0% | ABF.L, DCC.L, FERG.L, FPE3.DE, MWG.L, TCX, UTDI.DE, VWPL.L, WINE.L | AI, Buybacks, Conglomerates, Europe, underperformance, value | Multiple portfolio companies executed significant share repurchase programs in 2025, including Virgin Wines repurchasing 10% of shares, DCC buying back 12% through tender offer, Associated British Foods repurchasing 5%, and Naked Wines retiring 7% of share capital. Manager views these buybacks at low valuations as value-creating for shareholders. Manager emphasizes investing in companies trading below intrinsic value, with several holdings described as net-net situations where market cap trades below cash holdings. Focus on companies with reasonable business models, competitive advantages, and rational management available at reasonable prices. Market concerns about artificial intelligence impact on comparison portal business models led to significant price declines across the sector. Manager believes market is overreacting to AI buzzword and underestimates adaptability of successful platform businesses led by experienced entrepreneurs. | TCX US WINE US ABF LN DCC LN CHG GR VINO LN |
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| 2024 Q2 | Jul 23, 2024 | TGV Compound Fund | 0.0% | 6.9% | 071050.KS, ABF.L, DCC.L, FERG.L, MIDW.L, TCX, UTDI.DE, WINE.L | Concentration, ETFs, Europe, Quality, small caps, value | Manager discusses the structural risk from increasing ETF concentration, noting that just three companies (Apple, Microsoft, Nvidia) now account for 20% of the S&P 500, up from less than 6% in 2015. This trend pushes large-cap valuations higher while depriving smaller companies of liquidity. The manager considers this a structural risk with potential unintended consequences. | 081660.KS MWG.L |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 22, 2026 | Substack | Toff Cap Monday Monitor | AB Foods | Consumer Goods | Food and Retail | Bull | London Stock Exchange | AB Foods, growth potential, Holding Company Discount, London Stock Exchange, Primark, profitability, retail, SOTP valuation, spin-off | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||