Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 Q1 | Apr 12, 2023 | Ennismore Global Equity Fund | 1.6% | 1.6% | ADM.L, ASC.L, BZU.MI, DIE.BR, DLG.L, MONY.L, RIOT, ROO.L, SCHA.OL, SI, STO.DE, TCX, TKA.DE | Credit Cycle, Europe, industrials, Long/Short, materials, small caps, value | Manager sees emerging signs of credit cycle stress including bank failures, rising consumer delinquencies, and tightening lending conditions. Views this as characteristic of familiar credit cycle patterns where excesses built during easy credit periods eventually lead to cracks that spread throughout the economy. | DIEPA.BR |
View |
| 2023 Q4 | Dec 31, 2023 | AVI Global Trust | - | 18.8% | 6201.T, 6861.T, 6971.T, 9009.T, AKER.OL, APO, FMSA, KKR, NWSA, SCHA.OL, TM | activism, Conglomerates, Corporate Governance, discount, Japan, Reform, value | 2023 was a seminal moment in unlocking enormous value trapped in Japanese companies through corporate governance reform. The Tokyo Stock Exchange now requires companies to disclose capital efficiency improvement plans, especially if trading below 1x book value. Toyota Motors partially unwound cross shareholdings in Denso, and the TSE announced further pressure on parent-subsidiary relationships. AGT has consistently maintained about 25% portfolio allocation to Japan with an engaged activist approach, generating +84% JPY total return versus +51% and +67% for MSCI Japan Small and TOPIX respectively since 2017. | View | |
| 2023 Q4 | Jan 9, 2024 | Ennismore Global Equity Fund | 1.1% | 11.4% | ADM.L, ASCL.L, AUTO.L, BZU.MI, DIE.BR, IDS.L, MONY.L, SCHA.OL, STO.DE, TCX.TO | Europe, Long/Short, marketplaces, small cap, SPACs, value | Schibsted is transforming into a pureplay marketplaces company after disposing of news media businesses and reducing its Adevinta stake. The company will focus on wholly owned Scandinavian marketplace operations with faster growth and higher profitability. Auto Trader dominates UK automotive classifieds with 75% market share and is expanding into digital retailing solutions. | AUTO.L |
View |
| 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||