EVS-BR

EVS-BR

EVS-BR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q2	Jul 6, 2023	Ennismore European Smaller Companies Fund	-	-5.9%	EVS.BR, IGG.L, MGAM.L, MZON.SW, NOVN.PA, STO.DE, SWON.SW, TINY.L, VOS.DE	dividends, Europe, Long/Short, materials, small caps, technology, value	The manager believes there is significant overvaluation in many short positions versus their sustainable earnings potential, while the long book has many unsustainably low valuations, especially in UK listed holdings which seem particularly cheap.	MGAM.L	View
2024 Q2	Jul 4, 2024	Ennismore European Smaller Companies Fund	-	3.0%	ASLI.L, CBOX.L, COST.L, EVS.BR, IGG.L, MUTU.MI, SDG.L, STHR.L, STO3.DE	Absolute return, Europe, Long/Short, small caps, special situations	The fund invested in abrdn European Logistics Income PLC, a closed-end fund owning 25 mid-box logistics sites across Europe with concentration in Spain and Netherlands. The investment thesis centers on the wind-down strategy eliminating the 22% discount to NAV by selling properties and returning cash to shareholders. The manager expects 30% upside to December 2025 driven by structural growth in e-commerce demand for logistics sites.	ASLI.L	View
2025 Q2	Jun 30, 2025	Ennismore European Smaller Companies Fund	-	8.1%	AMF.DE, COST.L, EVS.BR, SFQ.DE, STB.L, TRI.PA, UPG.L, WTB.L	Europe, Germany, Hotels, infrastructure, Long/Short, semiconductors, small caps, value	Whitbread represents a compelling opportunity with Premier Inn's strong UK market position and significant growth potential in Germany. The company trades at a discount to historic valuations despite management's value creation initiatives and the German operations approaching profitability. Current UK macroeconomic headwinds create a temporary window for market share gains from weak independent players.	WTB.L WTB LN COST LN	View
2023 Q1	Apr 6, 2023	Ennismore European Smaller Companies Fund	-3.3%	-3.3%	CGM.PA, COA.L, COST.L, EVS.BR, FIE.DE, IGG.L, JUST.L, MOL.MI, MZHN.SW, STB.L, STO.DE, SWON.SW, UPGS.L, VOS.DE, WSU.DE	Absolute return, Europe, industrials, Long/Short, small caps, value	The fund holds significant positions in industrial companies including Vossloh AG (rail equipment), Costain Group (construction), and Washtec AG (car wash equipment). The manager sees value in companies with strong competitive positions and recurring revenue streams from services and spare parts.	WAF.DE	View
2024 Q1	Apr 5, 2024	Ennismore European Smaller Companies Fund	0.7%	0.7%	CGD.PA, COST.L, ESNT.L, EVS.BR, IGG.L, JUST.L, MGAM.L, MOL.MI, SPT.L, STEM.L, STO3.DE, VOS.DE, VRLA.PA	Europe, Glass, Long/Short, M&A, small caps, value	European glass manufacturing industry is oligopolistic with high barriers to entry and has experienced significant volume declines in 2023 due to weak consumption and destocking. The manager believes these factors are temporary and expects recovery as destocking ends and economic conditions improve.	VRLA.PA	View
2025 Q1	Apr 4, 2025	Ennismore European Smaller Companies Fund	5.4%	5.4%	ACAD.ST, CGPN.L, CXR.L, DWNI.DE, EVS.BR, SFH.DE, SFR.L, STB.L, STEM.L, THER.PA, TRI.PA, VOS.DE	Absolute return, Europe, Long/Short, small caps, value	Vossloh AG will profit from increased spending into railways with announced infrastructure investments in Germany. The company reported inline full year results and gave encouraging outlook including the soon to be closed Sateba acquisition.	THEP.PA	View
2024 Q3	Oct 8, 2024	Ennismore European Smaller Companies Fund	-	0.2%	COST.L, DWNI.DE, EVS.BR, IGG.L, MOL.MI, STHR.L, STO.DE, VIB.DE, VID.L, VNA.DE	Absolute return, Europe, Long/Short, real estate, small caps, value	Deutsche Wohnen represents a significant opportunity as the dominant residential landlord in Berlin trading at a 40% discount to NAV. Vonovia's domination agreement provides confidence for a final buyout at significantly higher prices within the next few years.	DWNI.DE	View
2025 Q3	Oct 7, 2025	Ennismore European Smaller Companies Fund	-	10.1%	ACAD.ST, AFX.DE, CPR.MI, EVS.BR, FQT.VI, GSC.DE, HWDN.L, JUST.L, MPG.MI, STO.DE, SYS1.L, TRI.PA	consumer discretionary, Europe, Long/Short, Market share, small caps, value	Howden Joinery has increased its UK kitchen market share from one-fifth to one-third since 2011, with management expecting continued share gains. The company consistently takes market share from weak competitors, especially during downturns, through its cost advantage and superior business model.	HWDN LN	View
2023 Q3	Oct 5, 2023	Ennismore European Smaller Companies Fund	-	-1.7%	ANTV.MI, COST.L, EVS.BR, GLJ.DE, IGG.L, NOVG.DE, STB.L, STO.DE, VOS.DE, VRLA.PA	Banking, Europe, Long/Short, small cap, Specialty Finance, value	Detailed analysis of Secure Trust Bank as a UK specialist lender trading at 3.5x earnings and 67% discount to tangible book. The company has grown its loan book to £3.2bn with focus on retail finance and real estate lending, showing resilient credit metrics despite economic headwinds.	STB.L	View
2023 Q4	Jan 5, 2024	Ennismore European Smaller Companies Fund	-	2.1%	COST.L, CXS.L, EVS.BR, IGG.L, MOL.MI, STO3.DE, ULP.L, VTU.L	Europe, Long/Short, small caps, software, technology, value	Celebrus Technologies represents a key software investment with data capture and fraud detection capabilities. The company has transformed from partner-led to direct sales model, increasing recurring revenues from £4.8m to £17m, with new applications including fraud detection and analytics driving growth potential.		View
2025 Q4	Jan 13, 2026	Ennismore European Smaller Companies Fund	0.0%	10.7%	AAD.DE, BNTX, COST.L, DWNI.DE, EVS.BR, LSS.PA, PDX.ST, RNK.DE, SFQ.DE, SIKA.SW, STB.L, STO.DE, THEP.PA, TRI.PA, ULP.L, VETQ.PA, VOW3.DE	AI, defense, Europe, infrastructure, Long/Short, Quality, small caps, value	The fund focuses on European smaller companies with significant volatility in 2025 as investors turned attention towards large, liquid businesses. Despite brief revival of interest in small caps early in the year, the asset class faced headwinds from investor preference for large-cap themes like energy, defense, and AI. The fund employs a valuation-first investing framework with strong conviction in individual positions based on quality of businesses and embedded margin of safety. Top ten long positions trade at average EV/NOPAT multiple of thirteen times versus twenty-four times for short positions, implying nearly 50% valuation discount for comparable quality. Several portfolio companies benefited from upcoming infrastructure spending in Germany and the UK, with Vossloh and Costain Group seeing significant improvements in market perception. The fund anticipates positive triggers from launch of exceptionally large infrastructure projects in Germany. The defense industry continued to rally with valuations detaching from fundamentals in favor of narrative. The fund was slow to react to this theme, with short position in Renk Group costing performance as defense companies outperformed despite fundamental concerns. Artificial intelligence emerged as an intense focus theme for investors, creating headwinds for some portfolio companies. Moltiply Group faced investor concerns about AI impact, while the broader market showed exuberant behavior in speculative corners with focus on AI themes.	R3NK GR STO3 GR SFQ GR DWNI GR TRI FP EVS BB SIKA SW STB LN	View
2024 Q4	Jan 10, 2025	Ennismore European Smaller Companies Fund	-	-6.5%	AAD.DE, ACAD.ST, COS.L, EVS.BR, IGG.L, MOL.MI, NOVG.SW, SMRO, STB.L, STEM.L, STO.DE, SWON.SW, ULP.L, VOS.DE	Europe, Germany, industrials, infrastructure, Long/Short, small caps, technology, value	Fund focuses on European smaller companies with net exposure of 25% in sub-GBP 250m market cap companies. Microcaps in Europe have underperformed by 33% over last 3 years but offer significant mispricing opportunities due to less broker research and institutional coverage.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of EVS-BR

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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