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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q2 | Jul 6, 2023 | Ennismore European Smaller Companies Fund | - | -5.9% | EVS.BR, IGG.L, MGAM.L, MZON.SW, NOVN.PA, STO.DE, SWON.SW, TINY.L, VOS.DE | dividends, Europe, Long/Short, materials, small caps, technology, value | The manager believes there is significant overvaluation in many short positions versus their sustainable earnings potential, while the long book has many unsustainably low valuations, especially in UK listed holdings which seem particularly cheap. | MGAM.L |
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| 2023 Q1 | Apr 6, 2023 | Ennismore European Smaller Companies Fund | -3.3% | -3.3% | CGM.PA, COA.L, COST.L, EVS.BR, FIE.DE, IGG.L, JUST.L, MOL.MI, MZHN.SW, STB.L, STO.DE, SWON.SW, UPGS.L, VOS.DE, WSU.DE | Absolute return, Europe, industrials, Long/Short, small caps, value | The fund holds significant positions in industrial companies including Vossloh AG (rail equipment), Costain Group (construction), and Washtec AG (car wash equipment). The manager sees value in companies with strong competitive positions and recurring revenue streams from services and spare parts. | WAF.DE |
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| 2024 Q1 | Apr 5, 2024 | Ennismore European Smaller Companies Fund | 0.7% | 0.7% | CGD.PA, COST.L, ESNT.L, EVS.BR, IGG.L, JUST.L, MGAM.L, MOL.MI, SPT.L, STEM.L, STO3.DE, VOS.DE, VRLA.PA | Europe, Glass, Long/Short, M&A, small caps, value | European glass manufacturing industry is oligopolistic with high barriers to entry and has experienced significant volume declines in 2023 due to weak consumption and destocking. The manager believes these factors are temporary and expects recovery as destocking ends and economic conditions improve. | VRLA.PA |
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| 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 |
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| 2023 Q3 | Oct 5, 2023 | Ennismore European Smaller Companies Fund | - | -1.7% | ANTV.MI, COST.L, EVS.BR, GLJ.DE, IGG.L, NOVG.DE, STB.L, STO.DE, VOS.DE, VRLA.PA | Banking, Europe, Long/Short, small cap, Specialty Finance, value | Detailed analysis of Secure Trust Bank as a UK specialist lender trading at 3.5x earnings and 67% discount to tangible book. The company has grown its loan book to £3.2bn with focus on retail finance and real estate lending, showing resilient credit metrics despite economic headwinds. | STB.L |
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| 2024 Q4 | Jan 10, 2025 | Ennismore European Smaller Companies Fund | - | -6.5% | AAD.DE, ACAD.ST, COS.L, EVS.BR, IGG.L, MOL.MI, NOVG.SW, SMRO, STB.L, STEM.L, STO.DE, SWON.SW, ULP.L, VOS.DE | Europe, Germany, industrials, infrastructure, Long/Short, small caps, technology, value | Fund focuses on European smaller companies with net exposure of 25% in sub-GBP 250m market cap companies. Microcaps in Europe have underperformed by 33% over last 3 years but offer significant mispricing opportunities due to less broker research and institutional coverage. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||