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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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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| 2025 Q4 | Jan 12, 2026 | Kernow Asset Management | 0.0% | 16.4% | CARD.L, CMCX.L, KIST.L, MTRO.L, SAGA.L, SMWH.L, STB.L, WISE.L | Banking, contrarian, Data centers, Long/Short, oil, Uk, value | The fund demonstrates classic value investing principles, buying companies trading below book value. Secure Trust Bank trades at half its book value, effectively allowing investors to buy £1 for 50p. The contrarian approach of buying when oil dropped 20% and others are selling exemplifies value discipline. Significant exposure to UK banking sector with Secure Trust Bank, Metro Bank Holdings, and CMC Markets representing major positions. Secure Trust Bank's division sale at premium to book value and new lending strategy announcement expected at Capital Markets Day are key catalysts. Despite oil dropping 20% in 2025 and Trafigura expecting further declines amid supply glut, the fund maintains contrarian positioning. Kistos doubled oil and gas production through Middle East acquisition, creating what the manager views as the most mispriced stock in the portfolio. Shorted Fermi, a £12bn AI data centre IPO, betting against the peak of AI data centre euphoria. The thesis relied on political shifts and tech breakthroughs reshaping the landscape. The stock dropped 70% within three months, validating the short position. | MICC LN FRMI LN CARD LN KIST LN 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||