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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q1 | Mar 31, 2023 | EQUAM Global Value Fund | 7.4% | 7.4% | NOEJ GR | European Small Caps, interest rates, Intrinsic Value, Pricing Power, Value Investing | Value: The fund focuses on acquiring companies trading at a significant discount to intrinsic value, particularly in European small and mid caps. The manager highlights a 95% upside potential driven by resilient earnings and depressed share prices. The strategy emphasizes disciplined capital allocation and long-term compounding through fundamentally strong businesses. | Inflation: The portfolio companies have demonstrated the ability to pass on rising costs through pricing power, protecting margins during a period of elevated core inflation. With inflation broad-based across CPI components, equities with pricing power are positioned as superior to fixed income with negative real returns. The fund views resilient operating performance as a structural hedge against persistent inflation. | Banking: Following the failures of Silicon Valley Bank and Credit Suisse, the fund maintains no direct exposure to financials due to solvency risks tied to rising rates and unrealized losses in held-to-maturity portfolios. The report underscores systemic stress from rapid monetary tightening and deposit outflows. Avoiding financial leverage and opaque balance sheets is presented as key to capital preservation in volatile credit conditions. | NOEJ GR |
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| 2025 Q1 | Apr 22, 2025 | Palm Harbour Capital | - | - | 5482 JP, IGT, JST GR, LTMC IM, NOEJ GR, OCN LN, ODET FP, PPA GA, SUI SJ, TISG IM, VRLA FP | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2026 | Fund Letters | Alejandro Muñoz | NORMA Group SE | Industrials | Industrial Machinery | Bull | Xetra | automotive, Cyclicality, Margin recovery, Pricing power, restructuring, 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. | ||||||||