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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2022 Q3 | Sep 30, 2022 | EQUAM Global Value Fund | -9.4% | -16.4% | ALCGM FP, CASH SM, CEM IM, LUMI NO, MN IM, NRO FP, SOL IM, TGS NO, TTK GR | cash flow, Intrinsic Value, Pricing Power, Rate Normalization, Valuation gap | Inflation has proven persistent after years of monetary expansion, forcing central banks into aggressive rate normalization and triggering indiscriminate market sell-offs. The portfolio emphasizes companies with pricing power, low leverage, and resilient cash flows that can protect real purchasing power in an inflationary regime. The manager argues that falling prices alongside solid operating results have created a wide gap between intrinsic value and quoted prices, offering substantial upside for patient capital. | SOL IM TTK GR NRO FP CASH SM TGS NO |
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| 2022 Q1 | Mar 31, 2022 | EQUAM Global Value Fund | -0.6% | -0.6% | ADM LN, DFS LN, HLMA LN, INTER NA, NRO FP, OGN ID, TTK GR, VPK NA | European Small Caps, inflation protection, interest rates, Intrinsic Value, Upside Potential | The letter highlights a cyclical shift in market leadership as rising inflation and higher interest rates drive investors away from expensive growth stocks toward undervalued, stable companies. After years of headwinds from ultra-low rates, value investing is regaining traction as monetary tightening reduces liquidity support for high-multiple assets. The portfolio trades at a significant discount to intrinsic value with upside potential exceeding 90%, supported by resilient cash flows, takeover activity near target valuations, and strong balance sheets across holdings. | NRO FP OGN ID DFS LN |
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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 | Neurones S.A. | Financials | Asset Management | Bull | Euronext Stock Exchange | balance sheet, dividends, IT services, net cash, operating leverage, Revenue Growth | View Pitch |
| Feb 26, 2026 | Fund Letters | Alejandro Muñoz | Neurones S.A. | Financials | Asset Management | Bull | Euronext Stock Exchange | Digitalization, EV/EBIT, growth, IT services, net cash, 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. | ||||||||