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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 1, 2025 | Night Watch Investment Management | 23.3% | 20.7% | 1126.HK, AAR, CWH, HAYPP.ST, MRX.L, RELY, XFAB.PA | catalysts, E-Commerce, global, semiconductors, tariffs, value, volatility | X-FAB Silicon Foundries manufactures analog semiconductors for automotive, industrial and medical applications. The company is recovering from automotive destocking cycle and has completed $1B capex program that should materially add to earnings in 2026. Management owns 25% and has been buying shares. | 1126.HK XFAB.PA HAYPP.ST MRX.L 1126 HK MRX LN CWH RELY |
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| 2026 Q1 | Apr 1, 2026 | Night Watch Investment Management | 2.7% | 2.7% | AIR, BKD, CPA, MRX.L | catalysts, Counter-cyclical, defense, Geopolitical, global, value, volatility | CPA MRX.L AIR BKD |
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| 2024 Q4 | Dec 31, 2024 | Renaissance Investment Management – International Small Cap Equity | - | - | 6481.T, 6849.T, ATAT, BB.PA, CLS, CSTM, CWK, ERO, FINV, IMAX, MRX.L, MTLS, NEXNY, OSW, PLYA, PRMB, RDWR, SPNS, STNG, TPK.L, UBI.PA, WNS | China, Europe, international, small cap, tariffs, Trade Policy | Trade tensions are front of mind for investors and likely to ratchet higher in 2025 after Trump takes office. Trump has floated ideas such as a 10% tariff on all imports and 60% tariff on Chinese imports. Countries running large trade deficits with the US are most at risk. | View | |
| 2025 Q3 | Oct 2, 2025 | Night Watch Investment Management | 4.2% | 25.9% | 5842.T, AIR, BKD, BX, DSGR, ENDV.L, GOGO, HAYP.ST, KKR, MRX.L, NE, STX, TDW, VAL, WDC, XFAB.DE | AI, catalysts, Europe, global, Japan, private equity, small caps, value | Night Watch manages a global value strategy focused on catalyst-driven opportunities with insider ownership and unique names. The fund seeks value companies with identifiable catalysts for rerating, including industry tailwinds or company-specific events. They aim to differentiate from typical value strategies through unique portfolio holdings with little overlap to wealth management portfolios. | 5842 JP WDC US BKD US |
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| 2024 Q4 | Jan 2, 2025 | Night Watch Investment Management | -2.9% | 10.3% | 1126.HK, 2318.HK, AER, AL, ALLFG.AS, AMRK, ATRO, DSGR, JOE, MELE.BR, MRX.L, RELY, UAL, VAL, XFAB.PA | aerospace, catalysts, China, energy, Europe, global, Onshoring, value | Offshore energy exposure was the largest detractor in 2024, but the thesis remains unchanged. The move from oil & gas production in Western countries to offshore regions like Brazil and Western Africa creates supply/demand mismatch. Day rates for floating rigs have increased from $200k to $500k, though H2 2024 saw a pause due to shortages in subsea equipment and FPSOs. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Night Watch Investment Management | Marex | Financials | Capital Markets | Bull | London Stock Exchange | Capital markets, Commodities Trading, Counter-cyclical, energy, FCM, Futures Commission Merchant, FX Futures, market maker, Volatility | View Pitch |
| Apr 9, 2026 | Fund Letters | Night Watch Investment Management | Marex Group plc | Other | Investment Banking & Brokerage | Bull | New York Stock Exchange | Commodities, Counter-cyclical, Financial infrastructure, Futures Clearing, market volatility, multi-bagger, valuation discount | 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. | ||||||||