PHLL-L

PHLL-L

PHLL-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Norbury Capital	-	24.4%	AZE.BR, IMCD.AS, MEDCL.PA, PHLL.L	Consolidation, Distribution, Europe, SmallCap, Specialty Chemicals	Focus on high-quality specialty chemicals distribution businesses like Azelis and IMCD that connect suppliers with smaller end-customers. These asset-light businesses benefit from industry consolidation and outsourcing trends, with operational profit closely aligning with free cash flow. However, the sector faces headwinds from prolonged destocking cycles and weak global trade conditions.		View
2024 Q2	Jul 5, 2024	Ennismore Global Equity Fund	3.0%	5.1%	9404.T, ADM.L, AUTO.L, AZE.BR, BECLE.MX, CLNX.MC, DIE.BR, IDS.L, KWS.L, MRO.L, NNI, PHLL.L, RYA.L, SCHA.OL, VVV	Airlines, Cost Leadership, Crisis Opportunities, insurance, Long/Short, SMID Cap, value	Ryanair represents a cost leadership opportunity in a commodity industry. The company has material cost advantages from low-priced aircraft purchases, higher fleet utilization, and lower airport costs. Current fare weakness presents a buying opportunity as the company will emerge stronger from industry challenges, similar to how it benefited from Covid disruptions.	RYA.L ADM.L	View
2024 Q1	Apr 9, 2024	Ennismore Global Equity Fund	2.1%	2.1%	9404.T, ADM.L, AUTO.L, BZU.MI, CUERVO.MX, DIE.BR, FLTR.L, IDS.L, MONY.L, NNI, PHLL.L, ROO.L, SCHA.OL, SOUN, TCX	Balance Sheet, Buybacks, Capital markets, global, Long/Short, value	Fund focuses on finding undervalued businesses trading at attractive valuations, including cigar butts at discounts and high-quality companies with defensible moats when available at reasonable prices. The portfolio emphasizes balance sheet strength with 14 of top 17 positions having net cash or modest debt.	PHLL.L	View
2023 Q3	Oct 15, 2023	Gehlen Brautigam	0.7%	6.8%	ANIM.MI, EN7.ST, MAB1.L, PHLL.L	Asset Managers, Europe, gaming, Mortgage, Quality, small caps, value	Petershill Partners operates as a General Partner solutions investment firm, acquiring minority stakes in leading mid-market private equity and alternative asset managers. The company benefits from stable management fees and growing high-margin revenue streams from its 25 partner firms.		View
2024 Q2	Oct 7, 2024	Gehlen Brautigam	0.7%	6.8%	ANIM.MI, CRY.OL, MAB1.L, OIE.L, PHLL.L, SAF.DE, STO.DE, TPFG.L, WOSG.L	Buybacks, Europe, Luxury, real estate, small caps, value	The fund made a new investment in Watches of Switzerland Group, the largest global Rolex dealer with 40% UK market share and 11-12% US market share. The company benefits from strong relationships with luxury watch brands like Rolex, Patek Philippe, and Audemars Piguet, and is positioned to consolidate the fragmented US luxury watch retail market.	WOSG.L	View
2025 Q4	Jan 8, 2026	Hertford Capital	0.7%	6.8%	ACM.DE, BAMI.MI, CRAYN.OL, MAB1.L, MOL.MI, MRL.L, NA9.DE, PHLL.L, QXO, TPFG.L, WOSG.L	Construction, Europe, Mortgage, small caps, software, special situations, value	The fund is positioned around the European and UK housing, construction, and mortgage broking market recovery with approximately 40% allocation. The manager sees opportunities in the Italian mortgage market recovery through Moltiply Group, similar to UK positions in Mortgage Advice Bureau and The Property Franchise Group. Around 20% is allocated to software and SaaS companies, driven by ongoing digitization needs. The fund holds positions in companies like Nagarro SE and Crayon Group, with the latter potentially merging with SoftwareOne to create a larger Microsoft partner. The portfolio benefits from recovery in European construction markets through building materials exposure. The segregated account investment in QXO Inc. aligns with extensive research in building and construction materials sector, targeting industry consolidation opportunities.		View
2024 Q4	Jan 8, 2025	Hertford Capital	0.7%	6.8%	ACM.DE, BAMI.MI, CRAYN.OL, MAB1.L, MOL.MI, MRL.L, NA9.DE, PHLL.L, QXO, TPFG.L, WOSG.L	Construction, Europe, Mortgage, small caps, software, special situations, value	The fund is positioned around the European and UK housing, construction, and mortgage broking market recovery with approximately 40% allocation. Specific investments include Moltiply Group in Italy's mortgage market and UK positions in Mortgage Advice Bureau and The Property Franchise Group.	QXO MPG.MI WOSG.L PHLL.L ANIM.MI CRAYN.OL NA01.DE	View
2024 Q1	Jul 4, 2024	Gehlen Brautigam	0.7%	6.8%	AKW.PA, ANM.MI, BALCO.ST, BLV.L, GUI.PA, GYM.L, HFG.DE, IWB.MI, IWG.L, KAMUX.HE, KSB3.DE, MAB.L, NA9.DE, ORG.L, PHLL.L, SAFH.DE, SKB.DE, STO3.DE, TPFG.L	Europe, Franchising, Property, Recovery, small cap, Uk, value	The UK housing market is facing substantial disruptions since 2022 with significant turmoil in 2023. The property sales market has been in decline over the past two years with only signs of recovery in early 2024. The lack of housing supply continues with landlords facing ongoing legislative and financing challenges.	TPFG.L	View
2023 Q4	Jan 28, 2024	Gehlen Brautigam	0.7%	6.8%	ANIM.MI, BFIT.AS, BIJ.DE, GYM.L, KAMUX.HE, KSB.DE, MAB1.L, PHLL.L, SAF.DE, STO3.DE	consumer, dividends, Europe, industrials, small caps, value	The fund is invested in around 20 selected European and UK small and micro caps. The managers believe many European and UK small and micro caps are priced below intrinsic value and historically inexpensive compared to large and mid caps, which could lead to above average returns over the medium to longer term.	BHARATBIJ.NS	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Ennismore Global Equity Fund	Petershill Partners plc	Financials	Asset Management & Custody Banks	Bull	London Stock Exchange	alternative investments, asset management, Goldman Sachs, GP Stakes, Infrastructure Funds, Private Credit, private equity, royalty model, UK, Value	View Pitch
Apr 13, 2026	Fund Letters	Hertford Capital	Petershill Partners Plc	Financials	Asset Management & Custody Banks	Bull	London Stock Exchange	alternative assets, capital allocation, Fund Manager Stakes, Goldman Sachs, Growth Capital, Private markets, Special dividend	View Pitch

BSD Shareholders of PHLL-L

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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