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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 3, 2026 | MSA Capital Partners Fund / Truffle Fund | 0.0% | 0.0% | ABF.L, DCC.L, FERG.L, FPE3.DE, MWG.L, TCX, UTDI.DE, VWPL.L, WINE.L | AI, Buybacks, Conglomerates, Europe, underperformance, value | Multiple portfolio companies executed significant share repurchase programs in 2025, including Virgin Wines repurchasing 10% of shares, DCC buying back 12% through tender offer, Associated British Foods repurchasing 5%, and Naked Wines retiring 7% of share capital. Manager views these buybacks at low valuations as value-creating for shareholders. Manager emphasizes investing in companies trading below intrinsic value, with several holdings described as net-net situations where market cap trades below cash holdings. Focus on companies with reasonable business models, competitive advantages, and rational management available at reasonable prices. Market concerns about artificial intelligence impact on comparison portal business models led to significant price declines across the sector. Manager believes market is overreacting to AI buzzword and underestimates adaptability of successful platform businesses led by experienced entrepreneurs. | TCX US WINE US ABF LN DCC LN CHG GR VINO LN |
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| 2025 Q4 | Jan 18, 2026 | Brennan Asset Management | 0.0% | 0.0% | CODI, DCC.L, GLIBA, MTRO.L, NFLX, PTSB.IR, WBD | AI, Banking, energy, international, Media, special situations, value | Manager experimented with AI tools for presentation creation, finding initial promise but significant limitations in execution. The experience highlighted both benefits and constraints of current AI applications for routine work tasks. This reinforced skepticism about AI productivity promises and market valuations at 41x CAPE. Focus on Metro Bank's transformation into commercial and specialty mortgage bank, with MREL exit providing significant cost savings. PTSB sales process ongoing with potential strategic and private equity bidders. Both banks offer attractive risk-reward profiles despite challenging UK and Irish economic environments. DCC represents focused energy distribution opportunity following divestiture of non-core businesses. The propane distribution business offers stable, cost-plus pricing with customer captivity through tank ownership. Solar installation services provide growth opportunity in European commercial market. Warner Brothers Discovery sales process continues with Netflix bid competing against Paramount's hostile tender. The regulatory process will involve political considerations. GCI Communications rights offering completed with potential for future acquisitions as Liberty Media vehicle. Manager continues finding more attractive opportunities internationally than domestically. Portfolio holdings trade at low relative and absolute valuations despite broader market expensiveness. Focus on special situations with multiple catalysts for rerating. | DCC LN CODI WBD PTSB ID MTRO LN |
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| 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. | ||||||||