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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 23, 2026 | AVI Worldwide Opportunities Fund | 2.9% | 10.8% | AERI.L, BSIF.L, BSRT.L, CGEO.L, CHRY.L, GABI.L, GCP.L, GRID.L, HVPE.L, PIN.L, RMII.L, RNEW.L, USF.L, VH.L | Capital Allocation, Discount Arbitrage, Energy Storage, Investment Trusts, private equity, Renewables, Uk, Value Investing | GRID is the largest owner of operational battery storage projects in the UK with over 1GW of capacity and substantial pipeline. Additional tolling agreements and long-term refinancing enable CAPEX programme for augmentation and new capacity. Expected to generate material free cash flow for buybacks or dividends. Discounts for funds of funds are still far too wide and persistently so. Stark arbitrage available from selling underlying third-party fund interests at tight discounts in secondary market to fund share buybacks at much wider discounts. HVPE announced $300m sale at 6% discount to fund debt repayment and buybacks. Multiple renewable-focused investment companies were detractors due to depressed sentiment towards UK renewables and government consultation on ROCs and FiTs modifications. Several funds in managed run-off processes experiencing generation shortfalls and challenging asset sale environments. Georgia Capital demonstrates best-in-class capital allocation with no new investments while discount remains wide and proceeds from divestments used to fund share buybacks. This approach is highlighted as a key investment thesis driver. | GABI LN BSRT LN GRID LN CGEO LN |
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| 2025 Q4 | Jan 20, 2026 | OAM European Value Fund | - | - | 096770.KS, BSRT.L, DAN.MI, HANA.L, HAUTO.OL, HVPE.L, NN.AS, NRO.PA, OCI.L, PIN.L, RCP.L, RTW.L, SBER.ME, SIBN.ME, STAN.L, VIG.VI, WALW.OL, WWI.OL, YAR.OL | Biotechnology, Discounts, Europe, insurance, NAV, private equity, shipping, value | Fund focuses on buying shares in decent operating businesses at significant discounts to intrinsic value. European value stocks had their largest outperformance versus growth stocks in 30 years, beating them by 19 percentage points in 2025. Manager believes value will continue to outperform growth during remainder of this decade. Major holdings include NN Group (Dutch life and non-life insurance) and Vienna Insurance Group (leading in Central and Eastern Europe). VIG was best performing stock with 158% return, benefiting from acquisition of Nürnberger and expansion opportunities in Eastern European markets with low insurance penetration rates. Fund had exceptional exposure to car carrier industry through Wallenius Wilhelmsen, Höegh Autoliners, and Wilhelmsen family holding company. Generated 110% IRR over 5 years before exiting operating companies due to expected decline in freight rates as new supply enters market. New investment in RTW Biotech reflects belief that gene splicing and editing will be the next big thing over coming generation. Biotech emerging from bear market with increased M&A activity as Big Pharma faces patent cliff. RTW positioned globally including China's rapidly growing biotech sector. Fund invests in listed private equity funds trading at significant discounts to NAV. Holdings include Pantheon International and HarbourVest Global Private Equity at 26% discounts versus typical 10% discounts in secondaries market. M&A activity picking up, underscoring valuations. | RTW LN DAN IM VIG AV STAN LN |
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| 2025 Q4 | Jan 2, 2026 | The Oak Bloke | - | - | ANIC.L, AUGM.L, BSRT.L, CGEO.L, DEC.L, DGI9.L, FAIR.L, IPO.L, KZG.L, PINE.L, POW.L, PTAL.L, TCAP.L, TMT.L | Biotechnology, Discounts, energy, Fintech, Mining, small caps, United Kingdom, value | Multiple mining holdings across metals including copper, gold, silver, tin, and uranium. Baker Steel Resources Trust contains significant exposure to copper developers, gold royalties, and tungsten projects. Power Metal Resources holds uranium and copper projects with royalties and blockchain mining ventures. Diversified Energy Company provides natural gas exposure positioned for data center energy needs and LNG growth. PetroTal offers oil production exposure at significant discount to NAV despite operational challenges. Energy transition themes present across multiple holdings. Agronomics provides exposure to cellular agriculture and alternative protein production. BlueNalu focuses on cultured seafood with commercial launch expected in 2026. Liberation Bioindustries opening first commercial factory for alternative protein production. Augmentum Fintech holds UK challenger banks including Iwoca, Zopa, and Tide showing strong revenue and profit growth. These fintech companies are outpacing traditional UK banks despite share price underperformance. Digital 9 Infrastructure holds telecom infrastructure assets including Arqiva stake. Despite poor 2025 performance, potential capital returns and asset sales could unlock value. Infrastructure assets provide defensive characteristics. | KZG LN AUGM LN TMT LN POW LN IPO LN PTAL CN DEC LN FAIR LN ANIC LN CGEO LN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 1, 2026 | Fund Letters | AVI Worldwide Opportunities Fund | Baker Steel Resources Trust | Asset Management | Oil, Gas & Consumable Fuels | Bull | New York Stock Exchange | Australia, capital allocation, coal, Commodities, investment trust, Mining, NAV discount, Precious Metals, Resources, Share Buyback | 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. | ||||||||