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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 1, 2025 | LMN Capital | - | 16.3% | ABYY.DE, BNTX, FMX, IBKR, MELI, MTX.DE, PYPL, RR.L, SPR.DE, STNE, TCX, UTDI.DE | Compounding, Europe, growth, long-term, Quality, value | The fund focuses on investing in companies trading below intrinsic value as one of three core investment criteria. The manager evaluates whether the price is clearly below intrinsic value, defined as the price a well-informed investor would pay to own the entire company. This value-oriented approach has contributed to the fund's strong performance with 17 out of 26 exited investments generating returns above 16% annually. | IBKR MELI |
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| 2024 Q2 | Jun 30, 2024 | LMN Capital | - | 0.5% | ABYY.DE, ARL.DE, BNTX, FMX, IBKR, MTX.DE, PYPL, TCX.TO, WINE.L | Concentration, Europe, Long Term, Owner Managed, value | Aareal Bank faced market stress due to exposure to US office properties, creating a mispricing opportunity. The bank held EUR 3.2 billion in US office loans representing 10% of total portfolio, with strong equity ratios and defensive positioning making the stress temporary rather than systemic. | MTX.DE FMSAUBD.MX AAREAL.DE |
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| 2024 Q4 | Dec 31, 2024 | LMN Capital | - | 16.9% | ABYY.DE, ARL.DE, BNTX, FMX, IBKR, MTX.DE, PYPL, ROVI.MC, TCX, UTDI.DE | Europe, Long Term, Owner Led, Pharmaceuticals, technology, Telecommunications, value | Rovi operates contract manufacturing for pharmaceutical companies, with many well-known drug manufacturers outsourcing production to specialized providers. Regulatory oversight makes switching CMO partners lengthy and complex, creating competitive moats. Rovi announced a major new client with production starting in 2026. | UTDI.DE ROVI.MC |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||