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Acatis

Mar 2025 → Dec 2026 · Publishes monthly · 2 funds

Our archive holds 12 letters from Acatis, behind 20 investment theses and positions in 49 companies. Every quote below is copied verbatim from the letter it came from.

Acatis’s own letters page
12
Letters
49
Companies
20
Moves
20
Theses

What they bought and sold · 20 moves

  • 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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  • 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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  • 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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  • 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 · 49

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

Theses · 20

Letter archive · 12

2026

2025

Funds · 2

  • Acatis11
  • ACATIS Investment1

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