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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 5, 2024 | Ennismore Global Equity Fund | 3.0% | 5.1% | 9404.T, ADM.L, AUTO.L, AZE.BR, BECLE.MX, CLNX.MC, DIE.BR, IDS.L, KWS.L, MRO.L, NNI, PHLL.L, RYA.L, SCHA.OL, VVV | Airlines, Cost Leadership, Crisis Opportunities, insurance, Long/Short, SMID Cap, value | Ryanair represents a cost leadership opportunity in a commodity industry. The company has material cost advantages from low-priced aircraft purchases, higher fleet utilization, and lower airport costs. Current fare weakness presents a buying opportunity as the company will emerge stronger from industry challenges, similar to how it benefited from Covid disruptions. | RYA.L ADM.L |
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| 2024 Q1 | Apr 9, 2024 | Ennismore Global Equity Fund | 2.1% | 2.1% | 9404.T, ADM.L, AUTO.L, BZU.MI, CUERVO.MX, DIE.BR, FLTR.L, IDS.L, MONY.L, NNI, PHLL.L, ROO.L, SCHA.OL, SOUN, TCX | Balance Sheet, Buybacks, Capital markets, global, Long/Short, value | Fund focuses on finding undervalued businesses trading at attractive valuations, including cigar butts at discounts and high-quality companies with defensible moats when available at reasonable prices. The portfolio emphasizes balance sheet strength with 14 of top 17 positions having net cash or modest debt. | PHLL.L |
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| 2023 Q3 | Oct 6, 2023 | Ennismore Global Equity Fund | 8.3% | 10.9% | 9404.T, ADEV.OL, ADM.L, ATLC, AUTO.L, BAX, BSX, BZU.MI, CAR.AX, CUERVO.MX, DIE.BR, GOOGL, IDS.L, IRTC, MRO.L, PHIA.AS, REA.AX, RMV.L, SCHIBSTED-B.OL, STRX.L, TCX | Classifieds, European Equities, healthcare, Long/Short, Medical Devices, technology, value | The fund has significant exposure to online classifieds businesses through Schibsted and Adevinta, which operate property, car, and job listing platforms across Europe. These businesses have strong market positions but have been under-monetized due to poor operational management and fragmented technology platforms. New management teams are implementing verticalisation strategies and tech stack simplification to improve margins and monetization. | View | |
| 2023 Q4 | Jan 9, 2024 | Ennismore Global Equity Fund | 1.1% | 11.4% | ADM.L, ASCL.L, AUTO.L, BZU.MI, DIE.BR, IDS.L, MONY.L, SCHA.OL, STO.DE, TCX.TO | Europe, Long/Short, marketplaces, small cap, SPACs, value | Schibsted is transforming into a pureplay marketplaces company after disposing of news media businesses and reducing its Adevinta stake. The company will focus on wholly owned Scandinavian marketplace operations with faster growth and higher profitability. Auto Trader dominates UK automotive classifieds with 75% market share and is expanding into digital retailing solutions. | AUTO.L |
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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. | ||||||||