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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
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| 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 |
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| 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 |
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| 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 |
| 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. | ||||||||