Ennismore
Ennismore Global Equity Fund
Global Small-cap
Mar 2025 → Aug 2025
Our archive holds 8 letters from this strategy, behind 7 investment theses and positions in 13 companies. Every quote below is copied verbatim from the letter it came from.
8 letters in a year · follow all of Ennismore for every strategy.
What it bought and sold
Baltic Classifieds Group Plc -19
Azelis Group NV -20
Also held
- Ajisen (China) Holdings Ltd
- Spirax Group Plc
- Millicom International Cellular SA
- Melrose Industries Plc
- Sea Ltd
Its investment theses
- Ajisen (China) Holdings LtdAug 2025Ajisen (China) Holdings Ltd is a cash-rich fast casual restaurant operator in China with significant upside potential due to its undervalued shares, profitable operations, and consistent dividend payments.
- Genus PlcJul 2025Genus Plc is a compelling investment opportunity due to its strong market position in pig genetics, predictable revenue growth from a royalty model, and significant upside potential from exclusive gene-editing technology.
- Academedia ABJun 2025Academedia AB is the largest independent education provider in Sweden, poised for growth with a strong balance sheet and potential for significant upside as regulatory concerns dissipate.
- Just GroupJun 2025Just is a promising UK retirement company trading at a significant discount due to low investor awareness, despite its strong growth potential and robust financial performance in a thriving market.
- AssecoJun 2025Asseco is a rapidly growing software company focused on niche markets, benefiting from high customer retention and acquiring a substantial stake from Topicus, which is expected to enhance its operational efficiency and profitability.
- Cellnex TelecomJun 2025Cellnex Telecom is transitioning from aggressive expansion to a focus on efficiency and shareholder value under new management.
- KarnovJun 2025Karnov is a high-quality, subscription-driven business in legal information services with strong customer retention and margins, benefiting from AI adoption and poised for margin expansion despite current undervaluation compared to peers.