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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Dec 31, 2025 | Norbury Capital | 0.0% | 30.0% | CER.L, MEDI.PA, PDX.ST, RNK.DE, ZEG.L | Europe, Outperformance, Process, Quality, small caps, value | Fund focuses on European small-cap investments with concentrated positions in companies like Cerillion, Paradox Interactive, and Springer Nature. The strategy targets multi-bagger opportunities through quality, value, and catalyst-driven investments in the small-cap space. | View | |
| 2025 Q4 | Jan 16, 2026 | Ennismore Global Equity Fund | -4.1% | 4.0% | 3994.T, ACP.WA, AUTO.L, BCG.L, FORTY.TA, PDX.ST, PRJ.WA, SPX.L, STC.L, WISE.L | AI, Classifieds, disruption, global, Long/Short, small caps, technology | The year's dominant theme has been physical vs. digital, with AI disruption fears broadening beyond obvious early casualties to wider sectors including software, digital advertising, and business information. The manager provides extensive analysis of AI disruption risks to classified platforms, concluding that while the bear case is coherent, it overstates key dynamics and underestimates structural barriers protecting incumbents. The fund holds eight long positions in classifieds representing 11% of NAV. Share prices are down 30-50% over six months as the market prices in AI disruption risks. The manager argues the bear case is substantially wrong, citing verified inventory advantages, multi-sided lock-in effects, and partnership rather than displacement as the natural structure. Watson Marlow experienced a Covid-driven boom-bust cycle followed by multi-year inventory unwind that stabilized in 2025. Destocking has ended across the sector with companies like Sartorius Stedim, Danaher, and Merck reporting solid growth. The manager estimates biopharma sales could grow 30% in 2026. | BCG LN AUTO LN SPI LN PDX SS WISE LN |
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| 2025 Q4 | Jan 13, 2026 | Ennismore European Smaller Companies Fund | 0.0% | 10.7% | AAD.DE, BNTX, COST.L, DWNI.DE, EVS.BR, LSS.PA, PDX.ST, RNK.DE, SFQ.DE, SIKA.SW, STB.L, STO.DE, THEP.PA, TRI.PA, ULP.L, VETQ.PA, VOW3.DE | AI, defense, Europe, infrastructure, Long/Short, Quality, small caps, value | The fund focuses on European smaller companies with significant volatility in 2025 as investors turned attention towards large, liquid businesses. Despite brief revival of interest in small caps early in the year, the asset class faced headwinds from investor preference for large-cap themes like energy, defense, and AI. The fund employs a valuation-first investing framework with strong conviction in individual positions based on quality of businesses and embedded margin of safety. Top ten long positions trade at average EV/NOPAT multiple of thirteen times versus twenty-four times for short positions, implying nearly 50% valuation discount for comparable quality. Several portfolio companies benefited from upcoming infrastructure spending in Germany and the UK, with Vossloh and Costain Group seeing significant improvements in market perception. The fund anticipates positive triggers from launch of exceptionally large infrastructure projects in Germany. The defense industry continued to rally with valuations detaching from fundamentals in favor of narrative. The fund was slow to react to this theme, with short position in Renk Group costing performance as defense companies outperformed despite fundamental concerns. Artificial intelligence emerged as an intense focus theme for investors, creating headwinds for some portfolio companies. Moltiply Group faced investor concerns about AI impact, while the broader market showed exuberant behavior in speculative corners with focus on AI themes. | R3NK GR STO3 GR SFQ GR DWNI GR TRI FP EVS BB SIKA SW STB LN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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 |
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| No investor data available. | ||||||||