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Equam

Mar 2025 → Sep 2026 · Publishes quarterly · 2 funds

Our archive holds 5 letters from Equam, behind 12 investment theses and positions in 25 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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5
Letters
25
Companies
5
Moves
12
Theses

Performance

as of Sep 30, 2026

  • YTD
    +10.7%
    index +9.5%
  • Inception · /yr
    +7.4%

Index: European dividend-inclusive indices

Disclaimer

These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.

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What they bought and sold · 5 moves

  • New positionFerrari Group
    September 2026
    “This quarter, we have invested in Ferrari Group, the global leader in high-security logistics for jewelry, luxury watches, diamonds, and precious metals, which has no connection to the car manufacturer.”
    Read the letter
  • AddedVerisure plc
    September 2026
    “That is why we are taking advantage of the decline to increase our position.”
    Read the letter
  • ExitedHotei Properties Group SOCIMI
    June 2026
    “Given that the offered price is very close to the company’s most recent published NAV, we have decided to sell our position without waiting for the transaction to be fully executed.”
    Read the letter
  • AddedVerisure
    June 2026
    “we began buying the company’s shares in late February, after the decline had already occurred, taking advantage of its attractive valuation at the time”
    Read the letter
  • New positionDCC Plc
    June 2026
    “We purchased it in early 2026, drawn by the combination of a high- quality business—the distribution of liquid fuels and biofuels in Europe, with leading positions in all its markets—and a valuation that the market had historically undervalued.”
    Read the letter

Companies held · 25

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

Theses · 12

  • Ferrari Group
    September 2026

    Ferrari Group is a global leader in asset-light high-security logistics for luxury valuables with strong pricing power, high ROCE, net cash, and an attractive valuation after a temporary margin dip.

    Read the full thesis
  • DCC plc
    September 2026

    DCC plc is described as being sold too cheaply in a take-private transaction, with the managers arguing the offer materially undervalues the business.

    Read the full thesis
  • Kinepolis Group
    September 2026

    Kinepolis Group is a market-leading cinema operator with real estate, benefiting from movie supply recovery, premiumization, U.S. expansion, and highly profitable capital allocation.

    Read the full thesis
  • Verisure
    September 2026

    Verisure is the European leader in alarm systems with recurring subscription revenue, long customer duration, strong cash generation, and a low valuation after IPO-related selling pressure.

    Read the full thesis
  • Restore Plc
    June 2026

    Restore Plc is the UK leader in document management and digitization with recurring cash flows, high switching costs, margin recovery, acquisitions, and buybacks supporting an attractive valuation.

    Read the full thesis
  • TGS ASA
    June 2026

    TGS ASA is a leading seismic data company benefiting from rising offshore exploration activity, strong operational momentum, and depressed valuation multiples.

    Read the full thesis
  • DCC plc
    March 2026

    DCC plc is a stable energy distribution business with high ROCE, long contracts, and an attractive valuation.

    Read the full thesis
  • Verisure
    March 2026

    Verisure is a leading alarm subscription business with recurring revenue, strong growth, and an attractive post-IPO valuation.

    Read the full thesis
  • Amrest Holdings
    December 2025

    Amrest Holdings is a multi-brand fast-food operator with Eastern Europe expansion potential and an attractive sub-5x EV/EBITDA valuation.

    Read the full thesis
  • B&M European Value Retail
    March 2025

    B&M European Value Retail is a British discount retailer with a strong business model focused on low-priced branded household products, operating over 700 stores in the UK and 130 in France, and presenting an attractive investment opportunity due to its high operating profitability and favorable debt levels despite recent revenue declines.

    Read the full thesis
  • CIE Automotive
    March 2025

    CIE Automotive is a resilient global automotive supplier with solid financial performance and attractive investment potential due to a recent share price decline.

    Read the full thesis
  • Stabilus
    March 2025

    Stabilus is a leading German motion control solutions company trading at an attractive valuation despite recent share price declines, with strong potential for revaluation due to its strategic acquisition of Destaco and stable financial results.

    Read the full thesis

Letter archive · 5

2026

2025

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