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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Mar 31, 2024 | EQUAM Global Value Fund | 2.9% | 2.9% | EBRO SM, INCH LN, MACF LN | European Small Caps, free cash flow, Intrinsic Value, Pricing Power, Takeover Activity | The letter emphasizes persistent valuation gaps across European small and mid-cap equities, with portfolio companies trading at significant discounts to intrinsic value despite resilient earnings and solid balance sheets. Management highlights continued takeover interest and corporate activity as validation of underlying asset values, reinforcing estimated upside potential that materially exceeds current prices. In a higher-for-longer rate environment, the fund favors cash-generative businesses with pricing power and disciplined capital allocation, positioning the portfolio for long-term mean reversion. | INCH LN MACF LN |
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| 2025 Q3 | Oct 9, 2025 | Forager International Shares Fund | 2.9% | - | 4194 JP, 5038 JP, CRH, FI, FIX, INCH LN, NUTX, ZEG LN | Digitization, Governance, Japan, Reform, SmallCaps | The letter highlights global small-cap recovery and portfolio success from data center exposure and Japanese digitization. Governance reform and buyback momentum in Japan create attractive tailwinds, while holdings like eWeLL and Visional capitalize on structural demographic and tech shifts. The fund emphasizes disciplined stock-picking amid rising valuations. | INCH LN VIS JP FI US ZEG LN CRH US FIX US |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2026 | Fund Letters | Alejandro Muñoz | Inchcape plc | Consumer Discretionary | Distributors | Bull | New York Stock Exchange | asset-light, deleveraging, Distribution, Free Cash Flow, Latin America, Roce | View Pitch |
| Nov 29, 2025 | Fund Letters | Steve Johnson | Inchcape plc | Consumer Discretionary | Distributors | Bull | NYSE | Autos, buybacks, Distribution, diversification, Global, profitability, valuation | View Pitch |
| 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. | ||||||||