IGG-L

IGG-L

IGG-L

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
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
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
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
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 IGG-L

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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