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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q2 | Jun 30, 2023 | EQUAM Global Value Fund | 3.5% | 11.2% | ALLFG NA, BOWL LN, RST LN | European Small Caps, free cash flow, interest rates, Pricing Power, Takeover Bids | Value: The fund continues to invest in European small and mid-cap companies trading at significant discounts to intrinsic value, with portfolio upside potential estimated around 92%. Management highlights strong free cash flow generation, dominant market positions and multiple takeover bids as validation of undervaluation. The strategy centers on disciplined long-term compounding through quality businesses at low multiples. | Inflation: Despite moderating headline figures, underlying inflation in the eurozone remains elevated, driven by wage pressures and second-round effects. Portfolio companies demonstrate pricing power and cash flow resilience, positioning them as effective inflation hedges. Management expects inflation to remain above target longer than markets anticipate. | Rates: Ongoing central bank tightening and the normalization of monetary policy are expected to weigh on volumes and potentially induce recession, but also correct asset price distortions created by ultra-low rates. The fund favors low-debt companies able to withstand prolonged higher interest rates. Rate normalization is viewed as ultimately constructive for disciplined capital allocation. | M&A: Multiple takeover approaches for holdings such as Applus, RHI Magnesita and others underscore private market recognition of value gaps. Management has rejected bids deemed opportunistic or below intrinsic value. Corporate activity is seen as a catalyst to unlock embedded value across the portfolio. | BOWL LN RST LN |
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| 2024 Q4 | Jan 2, 2025 | Night Watch Investment Management | -2.9% | 10.3% | 1126 HK, 2318 HK, ALLFG NA, AMRK, DSGR, JOE, MRX, UAL | - | View |
| 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. | ||||||||