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Ennismore

Dec 2024 → Aug 2026 · Publishes monthly · 3 funds

Our archive holds 28 letters from Ennismore, behind 39 investment theses and positions in 24 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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28
Letters
24
Companies
3
Moves
39
Theses

3 strategies

Ennismore publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 3 moves

Companies held · 24

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

Theses · 39

  • Lion Finance Group
    August 2026

    Lion Finance Group is a high-return, digitally strong Georgian-Armenian banking group trading at a discount to intrinsic value despite strong growth, capital discipline, and attractive compounding potential.

    Read the full thesis
  • Grupa Pracuj
    August 2026

    Grupa Pracuj owns Poland's dominant job portal and HR software business, and the fund argues its pricing power, AI-enabled monetisation upside, and optionality make the shares look too cheap.

    Read the full thesis
  • Bravida Holding AB
    July 2026

    Bravida Holding AB is a Nordic MEP contractor positioned to benefit from multi-year data centre buildout, with rising order intake, structurally attractive end-market tailwinds, and potential for sales growth, margin expansion, and valuation rerating.

    Read the full thesis
  • NICE Information Service
    May 2026

    NICE Information Service is a South Korean credit bureau with scale-driven database advantages, high ROIC, growth options, and a low valuation.

    Read the full thesis
  • Genuit Group Plc
    February 2026

    Genuit Group Plc is a leading UK plumbing and ventilation products manufacturer with durable scale advantages, regulatory and infrastructure tailwinds, operational improvements under new management, and attractive valuation upside versus peers.

    Read the full thesis
  • Midac Holdings Co Ltd
    February 2026

    Midac Holdings Co Ltd is a Japanese landfill operator with strong industry barriers, high margins, improving free cash flow post-capex, and an attractive valuation offering substantial upside potential.

    Read the full thesis
  • Catella AB
    January 2026

    Catella AB is a Swedish property investment manager with a high-quality recurring PIM platform, margin expansion and recovery tailwinds, refreshed leadership, and an attractive valuation implying significant upside.

    Read the full thesis
  • SaraminHR Co., Ltd.
    January 2026

    SaraminHR Co., Ltd. is a Korean online job classifieds platform with duopoly positioning, cyclical recovery potential, and a negative enterprise value after divesting Remember Co, offering substantial upside and prudent capital allocation.

    Read the full thesis
  • Auto Trader Group plc
    December 2025

    Auto Trader Group plc is the dominant UK auto classifieds platform addressing transaction risk with Deal Builder and buying back stock, trading at a trough multiple with potential inflections ahead.

    Read the full thesis
  • SAF-Holland SE
    December 2025

    SAF-Holland is a top-two trucking components player with resilient aftermarket profits and significant upside from a low-cycle valuation.

    Read the full thesis
  • Spirax Group plc
    December 2025

    Spirax Group plc is a high-quality engineering company with multiple recovery drivers across biopharma, China STS, and semiconductors, trading at a reasonable valuation.

    Read the full thesis
  • Paradox Interactive AB
    December 2025

    Paradox Interactive AB is a strategy game publisher with durable franchises and a looming cash flow inflection, offering attractive value despite recent share price weakness.

    Read the full thesis

Letter archive · 28

2026

2025

2024

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