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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Sep 30, 2023 | EQUAM Global Value Fund | 1.0% | 12.3% | BFSA GR, DFS LN | Europe, Small equity | The letter emphasizes a disciplined value investing approach focused on acquiring niche-leading European small and mid-cap companies at significant discounts to intrinsic value. In a backdrop of slowing European growth, persistent inflation, and high interest rates, the fund highlights portfolio resilience driven by low leverage, strong market positions, and attractive multi-year low valuation multiples. Management underscores that recessionary environments often allow financially strong market leaders to gain share and emerge stronger, reinforcing the asymmetric risk-reward profile and a reported upside potential of approximately 94%. | BFSA GR DFS LN |
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| 2025 Q1 | Mar 31, 2025 | EQUAM Global Value Fund | -1.2% | -1.2% | ACAD SS, BFSA GR, BME LN, CIE SM, STM GR | European Small Caps, Free cash flow yield, Intrinsic Value, Mean reversion, valuation dispersion | The report highlights extreme valuation dispersion between expensive U.S. mega-cap equities and deeply discounted European small and mid caps, with portfolio upside potential reaching approximately 147%, a historic high. Management argues that tariff-driven volatility and macro uncertainty have created panic-driven mispricings, enabling investments in high free cash flow businesses such as B&M, CIE Automotive and Stabilus at double-digit cash yields and low leverage ratios. With liquidity near zero and 45 holdings diversified across Europe, the fund is positioned for significant mean reversion as intrinsic value converges with market price. | ACAD SS BFSA GR STM GR CIE SM BME LN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2026 | Fund Letters | Alejandro Muñoz | Befesa S.A. | Industrials | Environmental & Facilities Services | Bull | Xetra | commodity prices, EBITDA, leverage, market share, Mean Reversion, Recycling, Zinc | View Pitch |
| Feb 26, 2026 | Fund Letters | Alejandro Muñoz | Befesa S.A. | Industrials | Environmental & Facilities Services | Bull | Xetra | Cyclical, leverage, Recycling, Stakebuilding, Steel, valuation, waste, Zinc | 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. | ||||||||