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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Jul 30, 2025 | MSA Capital | - | 17.3% | ABF.L, DCC.L, FERG, FPE3.DE, MWG.L, TCX, UTDI.DE, WINE.L | Cyclical, Europe, long-term, Patience, Quality, value | The fund examines digital transformation through companies like Moltiply and Naked Wines. Moltiply successfully expanded from Italian mortgage brokerage to European price comparison platforms, acquiring Verivox in Germany. Naked Wines struggled with aggressive U.S. expansion during COVID but shows recovery signs under new management. | FERG LN WINE LN |
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| 2025 Q2 | Jul 1, 2025 | LMN Capital | - | 16.3% | ABYY.DE, BNTX, FMX, IBKR, MELI, MTX.DE, PYPL, RR.L, SPR.DE, STNE, TCX, UTDI.DE | Compounding, Europe, growth, long-term, Quality, value | The fund focuses on investing in companies trading below intrinsic value as one of three core investment criteria. The manager evaluates whether the price is clearly below intrinsic value, defined as the price a well-informed investor would pay to own the entire company. This value-oriented approach has contributed to the fund's strong performance with 17 out of 26 exited investments generating returns above 16% annually. | IBKR MELI |
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| 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 |
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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 Q4 | Feb 3, 2026 | MSA Capital | 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 |
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| 2024 Q4 | Dec 31, 2024 | LMN Capital | - | 16.9% | ABYY.DE, ARL.DE, BNTX, FMX, IBKR, MTX.DE, PYPL, ROVI.MC, TCX, UTDI.DE | Europe, Long Term, Owner Led, Pharmaceuticals, technology, Telecommunications, value | Rovi operates contract manufacturing for pharmaceutical companies, with many well-known drug manufacturers outsourcing production to specialized providers. Regulatory oversight makes switching CMO partners lengthy and complex, creating competitive moats. Rovi announced a major new client with production starting in 2026. | UTDI.DE ROVI.MC |
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| 2023 Q4 | Dec 29, 2023 | LMN Capital | - | 17.3% | BNTX, IBKR, MELI, PYPL, SCHJF, TCX, WAF.DE, WINE.L | Concentration, E-Commerce, Europe, Fintech, small cap, software, value | Manager discusses multiple e-commerce investments including Mercadolibre as the leading marketplace in South America with excellent operational development, and About You as a current portfolio holding. Naked Wines represents online wine subscription model with direct-to-consumer approach. | WINE.L ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA |
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| 2023 Q3 | Oct 6, 2023 | Ennismore Global Equity Fund | 8.3% | 10.9% | 9404.T, ADEV.OL, ADM.L, ATLC, AUTO.L, BAX, BSX, BZU.MI, CAR.AX, CUERVO.MX, DIE.BR, GOOGL, IDS.L, IRTC, MRO.L, PHIA.AS, REA.AX, RMV.L, SCHIBSTED-B.OL, STRX.L, TCX | Classifieds, European Equities, healthcare, Long/Short, Medical Devices, technology, value | The fund has significant exposure to online classifieds businesses through Schibsted and Adevinta, which operate property, car, and job listing platforms across Europe. These businesses have strong market positions but have been under-monetized due to poor operational management and fragmented technology platforms. New management teams are implementing verticalisation strategies and tech stack simplification to improve margins and monetization. | View | |
| 2024 Q2 | Jul 23, 2024 | TGV Compound Fund | 0.0% | 6.9% | 071050.KS, ABF.L, DCC.L, FERG.L, MIDW.L, TCX, UTDI.DE, WINE.L | Concentration, ETFs, Europe, Quality, small caps, value | Manager discusses the structural risk from increasing ETF concentration, noting that just three companies (Apple, Microsoft, Nvidia) now account for 20% of the S&P 500, up from less than 6% in 2015. This trend pushes large-cap valuations higher while depriving smaller companies of liquidity. The manager considers this a structural risk with potential unintended consequences. | 081660.KS MWG.L |
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| 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||