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Acatis

Mar 2025 → Dec 2026 · Publishes monthly · 2 funds

Our archive holds 14 letters from Acatis, behind 26 investment theses and positions in 62 companies. Every quote below is copied verbatim from the letter it came from.

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Acatis’s own letters page
14
Letters
62
Companies
24
Moves
26
Theses

What they bought and sold · 24 moves

  • TrimmedAlpha Metallurgical Resources
    September 2026
    “Since the share price jumped from USD 140 to over USD 230 in August alone, we have already sold a third of the position.”
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  • ExitedSLB
    September 2026
    “We sold the stock after concluding that it had reached its fair value and any further price potential was therefore limited.”
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  • TrimmedEquinor
    September 2026
    “Since reaching a low in December 2025, the share price almost doubled - a good reason to take profit.”
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  • AddedWolters Kluwer
    September 2026
    “The signifi cant drop in the share price of Wolters Kluwer (70% from the top) is primarily due to massive market fears that the business model will be disrupted by artifi cial intelligence, not because of oper- ational problems in the company.”
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  • AddedSAP
    July 2026
    “Given the posi- tive trend at IT firms, we had to take profits (e.g. Celestica, Texas Instruments, Lasertec and Dell). We added to our position in SAP.”
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  • TrimmedInfineon
    July 2026
    “Positions in X-Fab and Infineon were each more than halved.”
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  • ExitedCelestica
    July 2026
    “We anticipated the positive business growth and are now exiting with a good profit.”
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  • ExitedTexas Instruments
    July 2026
    “Hence we sold.”
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  • ExitedHammond Manufacturing
    July 2026
    “This manufacturer of aluminum housing for server cabinets be- nefits from the expansion in data centers, but the moat of this business model is disappearing, which means that the current valuation is no longer justified.”
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  • TrimmedX-Fab
    July 2026
    “Positions in X-Fab and Infineon were each more than halved.”
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  • TrimmedTerna
    July 2026
    “In addition to semiconductor stocks, we also used the broad market optimism to take profits on other highly valued shares such as Aurubis and Terna.”
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  • ExitedVonovia
    July 2026
    “This position was sold because continued interest rate pressures and the high debt ratio with persistent refinancing requirements put pressure on the opportunity-risk profile of this DAX stock.”
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  • AddedUPS
    June 2026
    “we invested a large part of the proceeds in neglected value stocks such as Biomérieux and UPS.”
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  • AddedInfineon
    June 2026
    “As in the previous month, Infineon was the best performer in the ACATIS Aktien Global Fonds”
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  • AddedBiomérieux
    June 2026
    “In contrast, we invested a large part of the proceeds in neglected value stocks such as Biomérieux and UPS.”
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  • TrimmedPrysmian
    June 2026
    “Recently, how- ever, share prices have significantly outperformed the fundamental trend. As valu- ations reached a level that prompted us as value investors to take profits, we halved the weighting of X-Fab and also reduced other winners such as Infineon, Prysmian and ITM Power.”
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  • ExitedAixtron
    June 2026
    “We sold Aixtron completely after a price gain of almost 300%.”
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  • TrimmedITM Power
    June 2026
    “Recently, how- ever, share prices have significantly outperformed the fundamental trend. As valu- ations reached a level that prompted us as value investors to take profits, we halved the weighting of X-Fab and also reduced other winners such as Infineon, Prysmian and ITM Power.”
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  • ExitedAirWater
    June 2026
    “This stock was sold due to prob- lems with Corporate Governance.”
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  • ExitedDTS
    June 2026
    “All of the above were sold as part of a portfolio turnover process; instead, we added stocks that are believed to offer greater potential for growth.”
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  • ExitedGakkyusha
    June 2026
    “All of the above were sold as part of a portfolio turnover process; instead, we added stocks that are believed to offer greater potential for growth.”
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  • ExitedRohto Pharmaceutical
    June 2026
    “All of the above were sold as part of a portfolio turnover process; instead, we added stocks that are believed to offer greater potential for growth.”
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  • TrimmedX-FAB Silicon Foundries
    June 2026
    “we halved the weighting of X-Fab and also reduced other winners such as Infineon, Prysmian and ITM Power.”
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  • TrimmedZoetis
    June 2026
    “Zoetis (-32.1%) recorded the sharpest decline, where regulatory concerns about side effects of high-selling osteoarthritis drugs and subdued demand dynamics signi- ficantly shook investor confidence.”
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Companies held · 62

Every company Acatis has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 26

  • Raiffeisen Bank International AG
    December 2026

    Raiffeisen Bank International is undervalued with low P/E and P/B, strong CEE earnings, and a 4% yield, offering a cushion against Russia-related risks.

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  • KKR & Co. Inc.
    December 2026

    KKR is positioned as a structural winner with stable real assets cash flows and growing private credit demand, with earnings expected to jump in 2026–27.

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  • Zoetis Inc.
    December 2026

    Zoetis is a quality leader in animal health with strong sector tailwinds, high margins, and a below-average P/E presenting an entry opportunity.

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  • Erste Group Bank AG
    December 2026

    Erste Group Bank is supported by strong CEE cash flows, robust balance sheets, and profit growth driving an attractive single-digit forward P/E.

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  • ServiceNow
    September 2026

    ServiceNow is a high-growth, cash-generative platform whose valuation became attractive and where AI is viewed as an added growth driver.

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  • Wolters Kluwer
    September 2026

    Wolters Kluwer has strong proprietary data in medicine and law, is integrating AI into digital revenues, and looks cheap if margins hold.

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  • Oxford Nanopore
    September 2026

    Oxford Nanopore makes real-time DNA sequencing equipment with a consumables-driven model, growing sales, and narrowing losses.

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  • Twist Bioscience
    September 2026

    Twist Bioscience uses a silicon platform to make synthetic DNA at scale and benefits from direct sales and AI drug-development partnerships.

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  • Abbott Laboratories
    August 2026

    Abbott Laboratories is a diversified health care leader with recurring growth, competitive advantages and an attractive valuation.

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  • Ashtead Technology
    August 2026

    Ashtead Technology is a market leader with flexible equipment, consolidation-driven scale benefits and strong returns.

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  • Tianqi Lithium
    July 2026

    Tianqi Lithium is a leading Chinese lithium producer positioned to benefit from long-term EV and storage demand growth.

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  • Lam Research
    July 2026

    Lam Research is a picks-and-shovels supplier to chip-factory capacity expansion and benefits from the AI boom.

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Letter archive · 14

2026

2025

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