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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q1 | Jun 30, 2023 | Adestella Investment Management | 5.6% | 5.6% | SDI.L, VRLA.PA | AI, Europe, Glass, Instruments, international, small caps, value | Manager believes international markets, particularly Europe, offer better risk-reward despite recent underperformance. European energy prices expected to move higher with volatility, but many companies have limited exposure to such inputs. Focus on cash-generative companies that can withstand higher interest rates. | VRLA.PA SDI.L |
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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 30, 2025 | Horos Asset Management | 5.0% | 5.0% | AAPL, AER, ANA.MC, DIA.MC, EAT.WA, ECR.MC, ELE.MC, GCO.MC, JUP.L, LBTYA, MRG-UN.TO, MSFT, NEON, NVDA, PYPL, SDE.TO, SDRL, SEM.LS, SON.LS, VRLA.PA | AI, China, energy, Europe, financials, tariffs, value | DeepSeek's emergence challenged US AI dominance, causing NVIDIA to lose $590 billion in market value. The Chinese company achieved comparable performance to OpenAI's models at 90-95% lower training costs, demonstrating China's engineering efficiency in AI implementation despite US innovation leadership. | View | |
| 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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| 2023 Q3 | Oct 30, 2023 | Palm Harbour Capital | - | - | 6966.T, AVID, DAN.MI, DHG.L, LNA.PA, OCI.AS, OCN.L, OVS.MI, PCAR3.SA, PORT3.SA, PRT.MI, STEAV.HE, TKA.VI, VRLA.PA | Europe, free cash flow, rates, small caps, Spin-Offs, value | Manager emphasizes buying companies at 10% free cash flow yields with strong balance sheets and cash flows. Portfolio trades at weighted average P/E of 7.5x and FCF/EV yield of 18%. Believes current environment creates great setup for value investing performance in coming years. | OCN.L |
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| 2023 Q3 | Oct 25, 2023 | Horos Asset Management | 2.9% | 9.8% | AAPL, CKN.L, EAT.WA, GOOGL, MSFT, NVDA, ONEX.TO, PDG.L, TSLA, VRLA.PA | China, commodities, Concentration, Pattern, Reflexivity, Spain, technology, value | Manager emphasizes fishing in ponds with many fish and few fishermen, focusing on undervalued markets like Spanish and Chinese equities that trade at attractive valuations due to lack of investor interest. The fund maintains significant exposure to these markets despite poor recent performance. | View | |
| 2024 Q3 | Oct 16, 2024 | Palm Harbour Capital | 5.1% | 13.5% | CLNX.MC, DAL.L, DAN.MI, GSMI.PS, IBST.L, JST.DE, KRIKRI.AT, MDIA3.SA, OCI.AS, PORT3.SA, SYENS.BR, UNIR.MI, VAR.OL, VRLA.PA | Cash Generation, Cyclical, Europe, small cap, takeovers, value | Portfolio trades at weighted average P/E of 8.9x with 97% upside to estimated NAV. Manager emphasizes buying quality businesses at cyclical lows, citing examples like Unieuro receiving lowball takeover bid during downturn. Focus on cash-generative businesses trading below historical multiples. | MDIA3.SA |
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| 2025 Q1 | Apr 22, 2025 | Palm Harbour Capital | - | - | 4628.T, 6298.T, DAN.MI, ENOG.L, IGT.MI, JST.DE, LTO.MI, NOEJ.DE, OCWN.L, ODET.PA, PPA.AT, SUI.JO, TISG.MI, VRLA.PA | Europe, gaming, small caps, tariffs, Trade Policy, undervalued, value, volatility | Manager extensively discusses Trump's tariff policies as negotiating tactics, believing they won't be fully implemented. Views tariffs as economically irrational and expects deals to be reached to avoid stagflation. | SUI.JO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 27, 2026 | Fund Letters | Adestella Investment Management | Verallia | Materials | Containers & Packaging | Bull | Euronext Paris | Beverages, consolidation, defensive, Europe, Glass packaging, premium products, Pricing power, Spirits, Value, Wine | View Pitch |
| Apr 16, 2026 | Substack | Attitude Small Caps | Verallia | Materials | Glass Packaging | Bull | Euronext Paris | cash flow, Competitive Advantage, Cost control, debt management, energy hedging, energy-intensive, financial resilience, Glass packaging, market position, Verallia | View Pitch |
| Apr 13, 2026 | Fund Letters | Ennismore European Smaller Companies Fund | Verallia SA | Materials | Containers & Packaging | Bull | Euronext Paris | Beverages, cash generation, Containers, Cyclical Recovery, Destocking, European Market Leader, Glass packaging, high barriers to entry, insider buying, margin expansion, Oligopolistic Industry, Share Buybacks, Spirits, Value, Wine | 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. | ||||||||