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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 23, 2026 | WS 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 13, 2026 | AVI Global Trust | 0.0% | -0.9% | 000660.KS, 004800.KS, 005930.KS, 028260.KS, 207940.KS, 4527.T, 6727.T, 9531.T, AVGO, CHRY.L, FRAS.L, J36.SI, NVDA, NWSA, VIV.PA | Biotechnology, Discounts, Holding Companies, Korea, NAV, semiconductors, technology, value | Samsung Electronics has made material progress in improving HBM competitiveness, with latest HBM4 chips achieving top performance scores in Nvidia and Broadcom testing. The company is positioned to capture 30%+ global HBM market share in 2026 versus mid-teens in 2025. Global supply shortage for both HBM and traditional memory chips is creating strong pricing power. Samsung Biologics manufactures antibodies on behalf of global pharmaceutical companies, generating 90% of revenues from large-scale antibody production. The company generates EBIT margins of 50% versus peers at 20-25% and operates one of the world's largest biomanufacturing facilities. Biologics is positioned to compound earnings at mid-teens rates through to 2032. Starling Bank's banking-as-a-service platform Engine won a deal with Scotiabank's digital bank, marking Engine's first North American client. The deal is viewed as transformational in the context of the business's existing revenues. Management painted an optimistic picture for Engine's sales pipeline at a recent fintech conference. | 028260 KS CHRY LN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Mar 16, 2026 | Substack | Toff Cap Monday Monitor | Chrysalis Investments | Investment Management | Private Equity | Bull | London Stock Exchange | buyback, capital return, Chrysalis Investments, investment management, investment opportunity, Klarna IPO, NAV discount, Value Realization | 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. | ||||||||