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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 22, 2025 | Plural Investing | 21.9% | 3.8% | JDG.L, WOSG.L | Luxury, retail, Scientific Instruments, small caps, Uk, value | The fund focuses on businesses trading at substantial discounts to conservatively calculated intrinsic value. Portfolio trades at 9.0x FCF in three years with businesses earning 23% post-tax return on capital. Manager emphasizes only investing in businesses worth substantially more than their trading price. | WOSG.L JDG.L JDG LN WOSG LN JET2 LN |
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| 2026 Q1 | May 13, 2026 | Broyhill Asset Management | -8.9% | -8.9% | AVTR, BALL, CACI, FMS, FND, IQV, KW, LEG, MAS, MC.PA, MSFT, PM, RKT.L, RTO.L, SHC, SMWT, VVV, WOSG.L | AI, Defensive, Europe, healthcare, Quality, value | FND MAS SW MSFT SHC AVTR IQV RB.L BALL RTO VVV |
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| 2025 Q1 | May 12, 2025 | Langdon Global Smaller Companies | 0.0% | - | 4658.T, AND.TO, DAL.L, ENX.PA, FEVR.L, JLG.AX, RBREW.CO, SKWD, WOSG.L, YETI | consumer, global, private markets, small caps, tariffs, value, volatility | Manager emphasizes the small cap universe is 10x the size of large caps, providing abundant opportunity. Despite weak IPO activity over the past three years, approximately 1,750 companies have still come to market. The fund maintains focus on building a collection of durable, value-creating businesses that can deliver strong absolute returns across market environments. | View | |
| 2026 Q1 | Apr 8, 2026 | Eagle Point Capital LLC | - | - | AZO, BN, BTI, CHGG, DG, INTC, MCK, NVDA, PM, TSM, WOSG.L | Concentration, durability, long-term, Physical Infrastructure, Quality, value | MCK |
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| 2024 Q1 | Apr 17, 2024 | Langdon Global Smaller Companies | 5.1% | 5.1% | ATD.TO, ATZ.TO, HYQ.DE, MEDP, RBREW.CO, RCH.TO, TOI.TO, WOSG.L | Beverages, Europe, global, healthcare, Luxury, small caps, value | Royal Unibrew has made 11 acquisitions in 3 years spending over $900 million, doubling invested capital. Input costs per hectoliter increased over 50% due to inflation, temporarily depressing returns on capital to half historical levels. The company trades at lowest cash earnings multiple since 2013 on near trough earnings. | MEDP WOSG.L RBREW.CO |
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| 2024 Q1 | Apr 15, 2024 | The Mercator International Opportunity Fund | -3.0% | -3.9% | 4755.T, 6920.T, 8035.T, MELI, WOSG.L | contrarian, E-Commerce, international, Japan, semiconductors | The fund has significant exposure to semiconductor companies including Tokyo Electron Ltd and Lasertec Corp, representing over 13% of the portfolio in semiconductor-related holdings. | View | |
| 2025 Q4 | Feb 12, 2026 | Broyhill Asset Management | 0.0% | 0.0% | AVTR, BAX, DLTR, FI, FUN, IQV, PM, RKT.L, TMO, WOSG.L | AI, Concentration, defensives, Europe, fundamentals, momentum, Speculation, value | The AI capital cycle has created extreme market concentration and speculative momentum, with AI-related stocks accounting for 75% of S&P 500 returns since ChatGPT launched. The manager views this as a bubble similar to historical infrastructure buildouts like railroads and electricity, where early investors suffered catastrophic losses while benefits ultimately accrued to users rather than producers. Current AI capex spending approaches 2.1% of GDP, nearing levels that coincided with previous market peaks. Value stocks are trading at some of the widest discounts on record, with the portfolio positioned in businesses trading at substantial discounts to normalized earnings power. The manager believes this disconnect reflects pessimism and exhaustion rather than permanent impairment, creating an extremely promising starting point for long-term outperformance as fundamentals reassert themselves. Momentum has been the single defining force across equity markets, with performance increasingly driven by narratives rather than fundamentals. The current cycle has been one for the record books, with the two years leading up to 2025 being the second strongest on record for momentum after the dot-com era. The manager expects mean reversion to eventually favor value strategies. Global defensive sectors have fallen to their lowest weighting since 2000, trading at discounts to both the market and their own histories amid deteriorating sentiment and unusually high short interest. These sectors offer significant upside potential and provide defense, as companies selling basic necessities tend to shine when the rest of the market is in trouble. | RKT LN WOSG LN FUN AVTR FISV DLTR IQV PM |
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| 2025 Q3 | Oct 7, 2025 | Hertford Capital | -7.3% | 4.7% | AOF.DE, COM.MI, JST.DE, KSB3.DE, LSL.L, MAB1.L, MOL.MI, MONY.L, PFE, PLNW.PA, SFQ.DE, SINT.ST, WOSG.L | AI, Europe, small caps, software, tariffs, value | Manager views enterprise software holdings as leading players in harnessing AI opportunity within their verticals, with ability to integrate AI into existing platforms positioning them favorably for sustained value creation. Companies like ATOSS and Planisware are already offering multiple AI-powered services and agentic AI applications to customers. | AOF GR LSL LN MAB1 LN |
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| 2024 Q3 | Oct 7, 2024 | Plural Investing | 9.2% | 3.1% | SEG, TVK.TO, WOSG.L | Entertainment, Luxury, real estate, small caps, spinoffs, value | Seaport Entertainment represents a spinoff opportunity with rights offering where key insider Pershing Square is oversubscribing, creating potential value as indiscriminate selling meets informed buying. The spinoff transforms Howard Hughes into a pure master planned community owner while creating opportunity in the BadCo assets. | TVK.TO WOSG.L SEG |
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| 2025 Q3 | Oct 28, 2025 | Graham and Doddsville | - | - | AAON, AAP, ANET, AOS, ASTS, CVNA, DLO, FEVR.L, GOOGL, KER.PA, MELI, META, NLB.L, PGR, RKLB, TBCG.L, TSM, WISE.L, WOSG.L, XPEL | AI, emerging markets, Investment Analysis, long-term, Portfolio Management, Quality, Student Pitches, Value Investing | Multiple interviews emphasize value investing principles, with Brandes Investment Partners maintaining pure value philosophy despite 165 months of underperformance following the global financial crisis. The publication showcases various value-oriented approaches from concentrated portfolios to systematic value investing strategies. | View | |
| 2025 Q3 | Oct 21, 2025 | Plural Investing | -9.1% | -5.6% | GLIB.A, JDG.L, JET2.L, SEG, WOSG.L | Buybacks, Europe, real estate, small caps, spinoffs, Telecom, Travel, value | The fund focuses on businesses trading at substantial discounts to intrinsic value, with portfolio companies estimated to trade at just 43% of their intrinsic value in three years. The manager emphasizes buying businesses worth substantially more than their trading price and welcomes volatility as opportunities to invest at better prices. | GLIBA WOSG JDG SEG JET2 GLIBA SEG JET2 |
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| 2024 Q2 | Oct 7, 2024 | Gehlen Brautigam | 0.7% | 6.8% | ANIM.MI, CRY.OL, MAB1.L, OIE.L, PHLL.L, SAF.DE, STO.DE, TPFG.L, WOSG.L | Buybacks, Europe, Luxury, real estate, small caps, value | The fund made a new investment in Watches of Switzerland Group, the largest global Rolex dealer with 40% UK market share and 11-12% US market share. The company benefits from strong relationships with luxury watch brands like Rolex, Patek Philippe, and Audemars Piguet, and is positioned to consolidate the fragmented US luxury watch retail market. | WOSG.L |
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| 2025 Q4 | Jan 8, 2026 | Hertford Capital | 0.7% | 6.8% | ACM.DE, BAMI.MI, CRAYN.OL, MAB1.L, MOL.MI, MRL.L, NA9.DE, PHLL.L, QXO, TPFG.L, WOSG.L | Construction, Europe, Mortgage, small caps, software, special situations, value | The fund is positioned around the European and UK housing, construction, and mortgage broking market recovery with approximately 40% allocation. The manager sees opportunities in the Italian mortgage market recovery through Moltiply Group, similar to UK positions in Mortgage Advice Bureau and The Property Franchise Group. Around 20% is allocated to software and SaaS companies, driven by ongoing digitization needs. The fund holds positions in companies like Nagarro SE and Crayon Group, with the latter potentially merging with SoftwareOne to create a larger Microsoft partner. The portfolio benefits from recovery in European construction markets through building materials exposure. The segregated account investment in QXO Inc. aligns with extensive research in building and construction materials sector, targeting industry consolidation opportunities. | View | |
| 2024 Q4 | Jan 8, 2025 | Hertford Capital | 0.7% | 6.8% | ACM.DE, BAMI.MI, CRAYN.OL, MAB1.L, MOL.MI, MRL.L, NA9.DE, PHLL.L, QXO, TPFG.L, WOSG.L | Construction, Europe, Mortgage, small caps, software, special situations, value | The fund is positioned around the European and UK housing, construction, and mortgage broking market recovery with approximately 40% allocation. Specific investments include Moltiply Group in Italy's mortgage market and UK positions in Mortgage Advice Bureau and The Property Franchise Group. | QXO MPG.MI WOSG.L PHLL.L ANIM.MI CRAYN.OL NA01.DE |
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| 2024 Q4 | Jan 30, 2025 | Langdon Global Smaller Companies | 3.6% | 19.8% | ATG.L, ESQ, FEVR.L, GSHD, RBREW.DC, SFE.L, SKWD, WOSG.L | Beverages, global, insurance, private credit, small caps, value | Westaim's successful exit from Skyward Specialty Insurance delivered approximately 2.5-3x multiple of capital with 13% gross annualized return. CC Capital's investment brings insurance platform expertise to create an insurance-led asset management model similar to Apollo/Athene and Ares/Aspida. | RBREW.DC FEVR.L WED.TO |
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| 2023 Q4 | Jan 29, 2024 | Langdon Global Smaller Companies | 8.6% | 26.7% | 2HP.DE, ATG.L, IRE.AX, WOSG.L, XPEL | concentrated, global, Quality, small caps, value | Manager emphasizes value creation within companies rather than market timing, focusing on cash-generative assets with proven management teams. The approach involves disciplined buying during market dislocations when sellers act with urgency. | YETI AGYS JLG AU HYQ GR FEVR LN MEDP WOSG LN |
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| 2025 Q4 | Jan 20, 2026 | Palm Harbour Capital | 4.9% | 16.0% | 001910.KS, 047440.KS, 086280.KS, 6345.T, ASLI.L, ATYM.L, BSRT, BWO.OL, CIR.MI, CNVRG.PS, DAN.MI, DITO.PS, FLRY3.SA, GLO.PS, KRI.AT, LOMA.BA, MDIA3.SA, PTEC.L, SGF.MI, TEL.PS, TRE.OL, VIV.PA, WOSG.L, WWI.OL | Argentina, Broadband, Cash Generation, Copper, global, Governance, Steel, value | Fund focuses on cash-generative businesses trading at sensible valuations with weighted average P/E of 8.1x and FCF/EV yield of 15%. Manager emphasizes being index-agnostic and disciplined in approach amid market conditions reflecting elevated greed and extreme short-termism. Atalaya Mining contributed 84 bps as copper producer benefited from sustained production growth and favorable pricing environment with reportedly the largest annual copper price increase in over a decade. Company showed operational leverage with lower unit costs and stronger cash flows. Loma Negra was top contributor at 122 bps following President Milei's landslide electoral victory and $40 billion US financial support package. Manager maintains positive view on Argentina's leading cement producer with significant upside potential as economic normalization takes hold. Detailed analysis of Converge ICT, Philippines fiber-optic broadband company with extensive network coverage. Company positioned to benefit from low broadband penetration and regulatory changes while transitioning from capex-heavy expansion to cash generation phase. Danieli contributed 63 bps as Italian steel plant maker exceeded expectations with strong Plant Making division performance and major contract wins including €500 million order from Steel Authority of India. Company benefits from potential recovery in Steel Making division. | BRSL VIV FP 284740 KS KRI GA 6345 JP RHIM LN DAN IM 012030 KS ATYM LN LOMA |
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| 2025 Q4 | Jan 20, 2026 | Plural Investing | 5.7% | -0.2% | LOGC, WOSG.L | discount, Intrinsic Value, Luxury, Quality, retail, small caps, value | The fund focuses on businesses trading at substantial discounts to intrinsic value, with the portfolio estimated to trade at just 44% of intrinsic value in three years' time. The manager emphasizes buying businesses at conservatively calculated intrinsic values with strong economics and management teams. Watches of Switzerland operates as a retailer and partner to Rolex and luxury watch brands, benefiting from lengthy customer waiting lists, no online competition, and no inventory risk. The company has superior economics due to its authorized retailer status and pricing power from brand exclusivity. | LOGC WOSG LN |
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| 2025 Q4 | Jan 14, 2026 | Langdon Global Smaller Companies | -0.5% | 6.9% | BUR.L, CSWI, WOSG.L, YETI | Concentration, consumer, global, Luxury, Quality, small caps, value, volatility | The portfolio focuses on global smaller companies with elevated volatility, sharp sentiment shifts, and frequent disconnects between short-term price movements and long-term business value. These characteristics are viewed as necessary preconditions to generate material outperformance in the asset class. The portfolio consists of businesses with durable competitive positions, strong balance sheets, and management teams capable of compounding intrinsic value at high rates through cash earnings growth. Quality characteristics provided downside protection during market stress. Watches of Switzerland operates as a leading retailer of highly desirable luxury watch brands, benefiting from strong client relationships and disciplined inventory management. The company has gained exclusive retailer status for pre-owned Rolex timepieces, creating additional revenue streams. | BUR LN WOSG LN YETI |
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| 2023 Q3 | Sep 30, 2023 | The Mercator International Opportunity Fund | -3.0% | -3.9% | AIXA.DE, CRESY, MELI, WOSG.L | contrarian, EAFE, international, semiconductors, thematic | View | ||
| 2024 Q2 | Jul 29, 2024 | Plural Investing | 9.2% | 3.1% | E2N.MU, WOSG.L | FCF, gaming, international, Luxury, small caps, value | The fund focuses on businesses trading at substantial discounts to intrinsic value. Portfolio trades at 7.7x FCF in three years with double-digit growth expected. Manager emphasizes buying quality businesses at single digit or low double digit FCF multiples. | E2N.DE WOSG.L |
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| 2024 Q2 | Jul 15, 2024 | Colebrooke Partners | 0.0% | 0.8% | ASC.L, ATG.L, LIT.L, MIDW.L, MOON.L, MRL.L, NAH.L, THG.L, WINE.L, WISE.L, WOSG.L | Luxury, marketplaces, Portfolio Management, small cap, UK Equities, value | ATG operates leading auction platforms across art/antiques and industrial/commercial verticals, benefiting from network effects where scale aggregates more bidders and auction houses. The business follows the 'Marketplace Playbook' with value-added services like ATG Ship and ATG Pay improving take rates while enhancing the offering to auction houses. | WOSG.L ATG.L |
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| 2025 Q1 | Apr 23, 2025 | Plural Investing | -15.1% | -15.1% | SEG, WOSG.L, XPEL | Luxury, real estate, small caps, tariffs, Travel, turnaround, value | Fund focuses on businesses trading at substantial discounts to intrinsic value, with portfolio companies estimated to trade at 6.4x FCF in three years while still growing at low double-digit rates. Manager emphasizes investing only in businesses worth substantially more than current trading prices. | WOSG.L SEG |
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| 2024 Q4 | Jan 20, 2025 | Colebrooke Partners | 5.9% | - | ATG.L, ECEL.L, MIDW.L, MOON.L, NAH.L, THG.L, WINE.L, WOSG.L | Building Materials, concentrated, small caps, Uk, undervalued, value | Eurocell operates as a vertically integrated PVC profiles manufacturer and building plastics distributor with over 200 branch locations. The company serves windows and doors installers, small builders, and roofing contractors in the UK market. Management targets £500m sales with 10% operating margins through branch network expansion, improved windows and doors proposition, and garden rooms offerings. | ASC.L ECEL.L |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Plural Investing | Watches of Switzerland | Consumer Discretionary | Specialty Retail | Bull | London Stock Exchange | Acquisitions, Authorized Retailer, Luxury Retail, market consolidation, Pricing power, Rolex, Swiss Watches, tariffs, US Expansion, Waiting Lists | View Pitch |
| Apr 13, 2026 | Fund Letters | Gehlen Brautigam | Watches of Switzerland Group plc | Consumer Discretionary | Specialty Retail | Bull | London Stock Exchange | Brand Partnership, cash generation, expansion, high-margin, Luxury Retail, market consolidation, Rolex Proxy, Specialty retail, UK, US | View Pitch |
| Apr 13, 2026 | Fund Letters | Plural Investing | Watches of Switzerland | Consumer Discretionary | Specialty Retail | Bull | London Stock Exchange | Authorized Dealer, Luxury Retail, market share gains, Patek Philippe, Pricing power, Rolex, Supply Constrained, tariff impact, UK, US, Waiting Lists | View Pitch |
| Apr 13, 2026 | Fund Letters | Plural Investing | Watches of Switzerland | Consumer Discretionary | Specialty Retail | Bull | London Stock Exchange | Authorized Dealer, FCF multiple, Luxury Retail, market share gains, Rolex, Specialty retail, turnaround, US Expansion, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Colebrooke Partners | Watches of Switzerland Group plc | Consumer Discretionary | Specialty Retail | Bull | London Stock Exchange | brand partnerships, growth, Jewelry, Luxury Retail, Rolex, Specialty retail, US Expansion, Value, Watches | View Pitch |
| Apr 13, 2026 | Fund Letters | Langdon Global Smaller Companies | Watches of Switzerland Group PLC | Consumer Discretionary | Specialty Retail | Bull | London Stock Exchange | Consumer Discretionary, Luxury Retail, Rolex, Specialty retail, turnaround, UK, Value, Watches | View Pitch |
| Apr 13, 2026 | Fund Letters | Hertford Capital | Watches of Switzerland Group Plc | Consumer Discretionary | Specialty Retail | Bull | London Stock Exchange | Brand Relationships, cash generation, Hodinkee Acquisition, Luxury Retail, Rolex Retailer, Specialty retail, store expansion | View Pitch |
| Apr 13, 2026 | Fund Letters | Plural Investing | Watches of Switzerland | Consumer Discretionary | Specialty Retail | Bull | London Stock Exchange | Authorized Dealer, Defensive Economics, Luxury Retail, Management alignment, Rolex, UK, US, Waiting Lists | View Pitch |
| Nov 2, 2025 | Substack | Compound and Fire | Watches of Switzerland Group | Consumer Discretionary | Luxury Goods | Bull | brand partnerships, Competitive Advantage, growth outlook, Luxury goods, luxury sector, market demand, market presence, retailer, share price increase, Watches of Switzerland | View Pitch | |
| Aug 7, 2025 | Substack | Compound and Fire | Watches of Switzerland Group | Consumer Discretionary | Luxury Goods | Bear | NYSE | — | View Pitch |
| Aug 7, 2025 | Substack | Compound and Fire | Watches of Switzerland Group | Consumer Discretionary | Luxury Goods | Bull | NYSE | — | 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. | ||||||||