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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q2 | Jul 6, 2023 | Ennismore European Smaller Companies Fund | - | -5.9% | EVS.BR, IGG.L, MGAM.L, MZON.SW, NOVN.PA, STO.DE, SWON.SW, TINY.L, VOS.DE | dividends, Europe, Long/Short, materials, small caps, technology, value | The manager believes there is significant overvaluation in many short positions versus their sustainable earnings potential, while the long book has many unsustainably low valuations, especially in UK listed holdings which seem particularly cheap. | MGAM.L |
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| 2023 Q1 | Apr 6, 2023 | Ennismore European Smaller Companies Fund | -3.3% | -3.3% | CGM.PA, COA.L, COST.L, EVS.BR, FIE.DE, IGG.L, JUST.L, MOL.MI, MZHN.SW, STB.L, STO.DE, SWON.SW, UPGS.L, VOS.DE, WSU.DE | Absolute return, Europe, industrials, Long/Short, small caps, value | The fund holds significant positions in industrial companies including Vossloh AG (rail equipment), Costain Group (construction), and Washtec AG (car wash equipment). The manager sees value in companies with strong competitive positions and recurring revenue streams from services and spare parts. | WAF.DE |
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| 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 |
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| 2025 Q1 | Apr 10, 2025 | Ennismore Global Equity Fund | 1.8% | 1.8% | ADM.L, AUTO.L, BLTG.L, BZU.MI, CLMT, FLTR.L, FORY.PA, FR, GNS.L, LTO.MI, META, MRO.L, NNI, PM, SCHA.ST, STO.DE, TKA.DE, TSLA, WISE.L, XRX | defense, Europe, Gambling, geopolitics, Long/Short, tariffs, Trade Policy, Valuations | The Trump administration implemented extensive tariffs targeting key trading partners, with rates often surpassing 50% and creating unprecedented policy uncertainty. This has triggered retaliatory measures from multiple countries and forced a sharp reassessment of relative regional equity valuations, benefiting European equities while pressuring US markets. | LTO.MI |
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| 2024 Q3 | Oct 8, 2024 | Ennismore European Smaller Companies Fund | - | 0.2% | COST.L, DWNI.DE, EVS.BR, IGG.L, MOL.MI, STHR.L, STO.DE, VIB.DE, VID.L, VNA.DE | Absolute return, Europe, Long/Short, real estate, small caps, value | Deutsche Wohnen represents a significant opportunity as the dominant residential landlord in Berlin trading at a 40% discount to NAV. Vonovia's domination agreement provides confidence for a final buyout at significantly higher prices within the next few years. | DWNI.DE |
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| 2025 Q3 | Oct 7, 2025 | Ennismore European Smaller Companies Fund | - | 10.1% | ACAD.ST, AFX.DE, CPR.MI, EVS.BR, FQT.VI, GSC.DE, HWDN.L, JUST.L, MPG.MI, STO.DE, SYS1.L, TRI.PA | consumer discretionary, Europe, Long/Short, Market share, small caps, value | Howden Joinery has increased its UK kitchen market share from one-fifth to one-third since 2011, with management expecting continued share gains. The company consistently takes market share from weak competitors, especially during downturns, through its cost advantage and superior business model. | HWDN LN |
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| 2023 Q3 | Oct 5, 2023 | Ennismore European Smaller Companies Fund | - | -1.7% | ANTV.MI, COST.L, EVS.BR, GLJ.DE, IGG.L, NOVG.DE, STB.L, STO.DE, VOS.DE, VRLA.PA | Banking, Europe, Long/Short, small cap, Specialty Finance, value | Detailed analysis of Secure Trust Bank as a UK specialist lender trading at 3.5x earnings and 67% discount to tangible book. The company has grown its loan book to £3.2bn with focus on retail finance and real estate lending, showing resilient credit metrics despite economic headwinds. | STB.L |
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| 2024 Q3 | Oct 14, 2024 | Ennismore Global Equity Fund | 0.8% | 5.8% | 9404.T, ADM.L, ASC.L, AUTO.L, BCG.L, DIERF, DKNG, FLTR, NNI, PM, RYAAY, STO.DE, TGS, WISE.L | active management, Fundamental Analysis, Long/Short, market inefficiency, mispricing, small caps, United Kingdom, value | The fund argues that markets have become less efficient due to the rise of passive investing, quantitative strategies, and retail trading driven by social media. They believe this creates opportunities for fundamental stock pickers, particularly in small and mid-cap companies where passive flows are limited. | FLTX |
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| 2024 Q3 | Oct 13, 2024 | Gehlen Brautigam | 0.7% | 6.8% | BIJ.DE, CRAYN.OL, GYM.L, JST.DE, MAB1.L, SIE.DE, STO.DE, TPFG.L | Europe, Patience, private equity, small caps, undervaluation, value | The fund focuses on undervalued smaller European companies that private equity firms are recognizing and acquiring at premiums. The managers emphasize patient value investing, waiting for intrinsic value to be recognized by the market over time. | GYM.L TPFG.L MAB.L JST.DE CRN.OL |
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| 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 |
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| 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 |
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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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| 2024 Q4 | Jan 10, 2025 | Ennismore European Smaller Companies Fund | - | -6.5% | AAD.DE, ACAD.ST, COS.L, EVS.BR, IGG.L, MOL.MI, NOVG.SW, SMRO, STB.L, STEM.L, STO.DE, SWON.SW, ULP.L, VOS.DE | Europe, Germany, industrials, infrastructure, Long/Short, small caps, technology, value | Fund focuses on European smaller companies with net exposure of 25% in sub-GBP 250m market cap companies. Microcaps in Europe have underperformed by 33% over last 3 years but offer significant mispricing opportunities due to less broker research and institutional coverage. | 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. | ||||||||