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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 9, 2025 | Ennismore Global Equity Fund | - | 7.5% | ACP.WA, ADM.L, AUTO.L, CLNX.MC, FLTR.L, HEMNET.ST, KARNOV.ST, MRO.L, NNI, PDX.ST, RYA.L, SPX.L, WISE.L | AI, Capital Allocation, Controlled Companies, Europe, Long/Short, Quality, value | Karnov Group is positioned as one of the most compelling AI beneficiaries in public markets, with AI tools priced at 30% premium to standard licenses accelerating revenue growth. Legal professionals see clear ROI from improved efficiency as the cost of a license is a fraction of a junior associate's salary. | CLNX.MC ASSECO.WA KRNV.ST TIGO KAR SS FLUT |
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| 2025 Q3 | Oct 10, 2025 | Ennismore Global Equity Fund | 0.9% | 8.4% | 4478.T, ACP.WA, AUTO.L, AZE.BR, BCG.L, CRDA.L, CSU.TO, DIE.BR, GD.TO, GNS.L, PDX.ST, SPX.L, TIGO, WISE.L | AI, Chemicals, Fintech, global, Long/Short, software, Specialty Retail, technology | The AI boom continued with greater fervour over the summer and September. OpenAI has signed roughly 20GW of data centre capacity deals in 2025, almost 20% of the world's installed base. The rush to build is pushing supply chains to breaking point, creating price pressure along the value chain and benefiting picks and shovels players. | WISE LN |
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| 2025 Q4 | Jan 16, 2026 | Ennismore Global Equity Fund | -4.1% | 4.0% | 3994.T, ACP.WA, AUTO.L, BCG.L, FORTY.TA, PDX.ST, PRJ.WA, SPX.L, STC.L, WISE.L | AI, Classifieds, disruption, global, Long/Short, small caps, technology | The year's dominant theme has been physical vs. digital, with AI disruption fears broadening beyond obvious early casualties to wider sectors including software, digital advertising, and business information. The manager provides extensive analysis of AI disruption risks to classified platforms, concluding that while the bear case is coherent, it overstates key dynamics and underestimates structural barriers protecting incumbents. The fund holds eight long positions in classifieds representing 11% of NAV. Share prices are down 30-50% over six months as the market prices in AI disruption risks. The manager argues the bear case is substantially wrong, citing verified inventory advantages, multi-sided lock-in effects, and partnership rather than displacement as the natural structure. Watson Marlow experienced a Covid-driven boom-bust cycle followed by multi-year inventory unwind that stabilized in 2025. Destocking has ended across the sector with companies like Sartorius Stedim, Danaher, and Merck reporting solid growth. The manager estimates biopharma sales could grow 30% in 2026. | BCG LN AUTO LN SPI LN PDX SS WISE LN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 27, 2026 | Fund Letters | Brasada Focused Equity Strategy | Canadian Pacific Railway | Transportation | Railroads | Bull | Toronto Stock Exchange | Canada, infrastructure, merger, Mexico, Modal Shift, Monopolistic, Precision Scheduled Railroading, railroad, Transportation | View Pitch |
| Apr 27, 2026 | Fund Letters | Stenham Asset Management | Canadian Pacific Railway Limited | Industrials | Railroads | Bull | TSX | defensive, Freight, infrastructure, Long-dated Assets, Moat, North America, railroad, Transportation | View Pitch |
| Apr 27, 2026 | Fund Letters | Spree Capital Advisers | Canadian Pacific Kansas City | Industrials | Railroads | Bull | NYSE | Canada, capital allocation, Equity, Industrial, infrastructure, merger, Mexico, Nearshoring, North America, oligopoly, operating leverage, railroads, synergies, Transportation | View Pitch |
| Oct 27, 2025 | Substack | Kairos Research | Asseco Poland | Information Technology | Software - Application | Bull | AI disruption risk, Asseco Poland, capital allocation, ERP provider, management accountability, margin expansion, recurring revenue, shareholder agreement, TSS investment, valuation | 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. | ||||||||