Ennismore
Ennismore Global Smaller Companies Fund
Global Small-cap
Dec 2025 → Aug 2026
Our archive holds 5 letters from this strategy, behind 9 investment theses and positions in 18 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 2 years — follow all of Ennismore for every strategy.
What it bought and sold
We added to our position on this drop.
Also held
- Broadleaf Co Ltd
- FLSmidth & Co A/S
- BBB Foods Inc
- D'leteren Group SA
- Freee KK
- Grupa Pracuj
- Baltic Classifieds Group Plc
- NICE Information Service
- Saramin Co Ltd
Its investment theses
- Grupa PracujAug 2026Grupa 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.
- NICE Information ServiceMay 2026NICE Information Service is a South Korean credit bureau with scale-driven database advantages, high ROIC, growth options, and a low valuation.
- Midac Holdings Co LtdFeb 2026Midac 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.
- SaraminHR Co., Ltd.Jan 2026SaraminHR 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.
- Auto Trader Group plcDec 2025Auto 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.
- Spirax Group plcDec 2025Spirax Group plc is a high-quality engineering company with multiple recovery drivers across biopharma, China STS, and semiconductors, trading at a reasonable valuation.
- Paradox Interactive ABDec 2025Paradox Interactive AB is a strategy game publisher with durable franchises and a looming cash flow inflection, offering attractive value despite recent share price weakness.
- D’Ieteren Group SADec 2025D’Ieteren Group SA is a holding company whose core asset Belron is set for US volume recovery and offers significant upside versus implied valuation with IPO optionality.
- Wise plcDec 2025Wise plc is a leading cross-border payments platform with accelerating growth, rapid Platform adoption, and a compelling valuation supported by strong unit economics.