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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 9, 2024 | Ennismore Global Equity Fund | 2.1% | 2.1% | BZU IM, DIE BB, MRO LN, PHLL LN, SCHA NO, TCX | - | View | ||
| 2025 Q4 | Feb 3, 2026 | MSA Capital Partners Fund / Truffle Fund | 0.0% | 0.0% | ABF.L, DCC.L, FERG.L, FPE3.DE, MWG.L, TCX, UTDI.DE, VWPL.L, WINE.L | AI, Buybacks, Conglomerates, Europe, underperformance, value | Multiple portfolio companies executed significant share repurchase programs in 2025, including Virgin Wines repurchasing 10% of shares, DCC buying back 12% through tender offer, Associated British Foods repurchasing 5%, and Naked Wines retiring 7% of share capital. Manager views these buybacks at low valuations as value-creating for shareholders. Manager emphasizes investing in companies trading below intrinsic value, with several holdings described as net-net situations where market cap trades below cash holdings. Focus on companies with reasonable business models, competitive advantages, and rational management available at reasonable prices. Market concerns about artificial intelligence impact on comparison portal business models led to significant price declines across the sector. Manager believes market is overreacting to AI buzzword and underestimates adaptability of successful platform businesses led by experienced entrepreneurs. | TCX US WINE US ABF LN DCC LN CHG GR VINO LN |
View |
| 2024 Q4 | Dec 31, 2024 | LMN Capital GmbH / Compound Interest Fund | - | 16.9% | IBKR, ROVI SM, TCX, UTDI GR, YOU GR | - | View | ||
| 2023 Q2 | Oct 7, 2023 | DKAM Donville Kent Asset Management | 0.0% | 68.1% | DE CN, HPS/A CN, RET CN, SANG, TCX | - | View | ||
| 2022 Q4 | Feb 21, 2022 | TGV Compound Fund | 0.0% | 6.9% | 0A9O LN, EQS SW, IBKR, ITD IM, MCE GR, MELI, STNE, TCX | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Aug 8, 2025 | Seeking Alpha | Quipus Capital | Tucows Inc. | Information Technology | Software - Infrastructure | Neutral | NASDAQ | — | View Pitch |
| 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 |
|---|---|---|---|---|---|---|---|---|
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $285,048 | 0.00% | 12,714 | -6,921 | -35.25% | 0.1479% |