TRI-PA

TRI-PA

TRI-PA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 15, 2025	Highwood Value Partners	-	4.2%	ALIM.ST, BOL.PA, BORR.OL, BUR.L, FEVR.L, GETB.L, HFG.DE, JZCP.L, MOTR.L, PROT.OL, RYA.L, TRI.PA	Beverages, Europe, insurance, small caps, SMID Cap, Travel, value	Highwood focuses on finding great businesses at attractive prices trading at significant discounts to intrinsic value. The portfolio trades at 48 cents on the dollar of estimated intrinsic value with a median P/E of 7.6x. The firm's research identified that international small and mid-cap companies have been the happy hunting ground for value investors, with European companies showing the highest base rates for delivering 4x returns.	TRI.PA BORR HFG BOL BUR LN JZCP LN MOTR LN FEVR LN PROT NO TRI FP	View
2025 Q2	Jun 30, 2025	Ennismore European Smaller Companies Fund	-	8.1%	AMF.DE, COST.L, EVS.BR, SFQ.DE, STB.L, TRI.PA, UPG.L, WTB.L	Europe, Germany, Hotels, infrastructure, Long/Short, semiconductors, small caps, value	Whitbread represents a compelling opportunity with Premier Inn's strong UK market position and significant growth potential in Germany. The company trades at a discount to historic valuations despite management's value creation initiatives and the German operations approaching profitability. Current UK macroeconomic headwinds create a temporary window for market share gains from weak independent players.	WTB.L WTB LN COST LN	View
2025 Q1	Apr 4, 2025	Ennismore European Smaller Companies Fund	5.4%	5.4%	ACAD.ST, CGPN.L, CXR.L, DWNI.DE, EVS.BR, SFH.DE, SFR.L, STB.L, STEM.L, THER.PA, TRI.PA, VOS.DE	Absolute return, Europe, Long/Short, small caps, value	Vossloh AG will profit from increased spending into railways with announced infrastructure investments in Germany. The company reported inline full year results and gave encouraging outlook including the soon to be closed Sateba acquisition.	THEP.PA	View
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	View
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	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Highwood Value Partners	Trigano SA	Consumer Discretionary	Recreational Vehicles	Bull	Euronext Paris	Acquisitions, Capital-light, Caravans, Cyclical, Demographics, European Market Leader, Low-cost producer, market share gains, Motorhomes, net cash, Owner operator, Recreational Vehicles, RVs	View Pitch

BSD Shareholders of TRI-PA

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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