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Acatis

Mar 2025 → Dec 2026 · Publishes monthly · 2 funds

Our archive holds 15 letters from Acatis, behind 29 investment theses and positions in 85 companies. Every quote below is copied verbatim from the letter it came from.

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15
Letters
85
Companies
37
Moves
29
Theses

What they bought and sold · 37 moves

  • ExitedAllfunds Group
    October 2026
    “Deutsche Börse takes over Allfunds for a total of EUR 8.80 per share (in cash and shares).”
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  • ExitedShoper
    October 2026
    “In the context of the merger with cyber_Folks we sold Shoper, a leading Polish eCommerce platform, in order to collect the takeover premium before the delisting.”
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  • New positionInfineon
    October 2026
    “Infineon (+4.9%) was newly added to the portfolio.”
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  • New positionCarrier Global
    October 2026
    “Carrier Global New addition Carrier Global is one of the world’s leading providers of air conditioning technology and heat pumps (incl.Viessmann), whose global product demand will benefit from the advancing decarbonization of modern building systems in the long term.”
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  • New positionKokusai Electric
    October 2026
    “In September, we purchased Kokusai Electric and launched a certificate reflecting stock market volatility.”
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  • ExitedSysmex
    October 2026
    “Sysmex, the global market leader for hematological laboratory analysis equipment, was sold.”
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  • New positionBoels
    October 2026
    “Boels was added to the portfolio shortly after issuance at a price below the issue price.”
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  • New positionSumitomo Forestry
    October 2026
    “After selling the stock a few years ago, we are now building up a new position because the stock is trading at a significant discount to the net asset value.”
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  • ExitedS&P Global
    October 2026
    “S&P Global was sold mainly for valuation-related reasons.”
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  • AddedTrigano
    October 2026
    “we used the weakness of the European market leader for motorhomes to top up our initial position.”
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  • TrimmedASML Holdings
    October 2026
    “We took profit.”
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  • ExitedNWF Group
    October 2026
    “The position in NWF Group, which focuses on agricultural and fuel logistics, was closed after the latest price recovery, as the growth potential is limited and the valuation has therefore reached its limit.”
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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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  • 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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  • 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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  • 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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  • 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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  • ExitedTexas Instruments
    July 2026
    “Hence we sold.”
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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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  • TrimmedInfineon
    July 2026
    “Positions in X-Fab and Infineon were each more than halved.”
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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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  • ExitedCelestica
    July 2026
    “We anticipated the positive business growth and are now exiting with a good profit.”
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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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  • 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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  • 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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  • 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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  • 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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  • 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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Showing the 30 most recent of 37 recorded moves.

Companies held · 85

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

Theses · 29

  • 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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  • ALK-Abelló
    October 2026

    ALK-Abelló is a allergy-treatment company that markets an adrenaline nasal spray for anaphylactic shock.

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  • Booking Holdings
    October 2026

    Booking Holdings is an online travel platform that remained robust with favorable valuation, rising bookings, and strong cash flow.

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  • Infineon
    October 2026

    Infineon is a semiconductor beneficiary of electrification and AI data centers, with capacity deals and portfolio focus supporting growth.

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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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Letter archive · 15

2026

2025

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