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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q2 | Jul 27, 2023 | Asheville Capital Management | - | 8.0% | 4384.T, 4480.T, 9384.T, CFLT, HCP, INPST, MGNI, TPW.AX | Australia, Concentration, E-Commerce, growth, value | Temple & Webster operates as the Wayfair of Australia with superior unit economics, achieving 205% twelve-month return on investment with A$69 customer acquisition cost and A$142 annual profit per customer. The company benefits from minimal competition and meaningful barriers to scale in an underpenetrated market. Despite a 12% revenue decline, the company maintained strong unit economics and expanded profit margins while investing in adjacent business lines. | TPW.AX |
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| 2023 Q4 | Feb 7, 2024 | Asheville Capital Management | - | 23.4% | 4480.T, 7060.T, API, AST.ST, BASIC.AS, ESTC, INPST.L, TPW.AX | E-Commerce, Europe, Fitness, global, ROIC, value | Temple & Webster represents a dominant Australian furniture e-commerce marketplace with significant market share consolidation opportunities. The company returned to strong growth with 26% first-half sales increase and 42% Q2 revenue growth despite industry headwinds. Long-term tailwind from underpenetration in Australian furniture e-commerce remains intact. | BFIT.AS TPW.AX |
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| 2024 Q3 | Oct 1, 2024 | Asheville Capital Management | 19.9% | 6.9% | 4384.T, 4480.T, 9435.T, NU, TPW.AX | E-Commerce, growth, Japan, long-term, value, volatility | Temple & Webster continues to execute at an extremely high level, with the company demonstrating it is a world-class business growing value for shareholders quickly with high returns on incremental capital. The manager views this as a decade-long holding despite current valuation concerns. | View | |
| 2024 Q4 | Jan 21, 2025 | Asheville Capital Management | - | 0.8% | 4480.T, 7379.T, 9416.T, ACAST.ST, BFIT.AS, INPST.WA, NU, TPW.AX, VTY.L, WISE.L | capital efficiency, Concentration, global, ROIC, small caps, value | InPost dominates Polish e-commerce logistics with 50% market share and 80% customer preference. The company benefits from significant economies of scale and network effects with over 52,000 merchant integrations. International expansion shows strong momentum with 14-month payback periods on assets. | NU VTY.L INPST.WA |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Asheville Capital Management | Temple & Webster | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | ASX | Australia, e-commerce, furniture, growth, Market Share Consolidation, marketplace, turnaround | View Pitch |
| Apr 28, 2026 | Fund Letters | Asheville Capital Management | Temple & Webster | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | ASX | Australia, Customer Acquisition, Drop-ship, e-commerce, furniture retailer, Market Share Leader, marketplace, negative working capital, Private-label, underpenetrated market | 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. | ||||||||