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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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| 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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| 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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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | LMN Capital | United Internet | Communication Services | Internet Services & Infrastructure | Bull | XETRA | digital infrastructure, Fiber Optic, Germany, internet services, Mobile Network, Owner operator, Sum-of-parts, telecommunications, Value, Web Hosting | 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. | ||||||||