Equam
EQUAM Global Value Fund
Global Mid-cap Value
Mar 2025 → Jun 2026
Our archive holds 3 letters from this strategy, behind 7 investment theses and positions in 14 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in 2 years — follow all of Equam for every strategy.
What it bought and sold
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.
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
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.
Also held
Its investment theses
- Restore PlcJun 2026Restore 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.
- TGS ASAJun 2026TGS ASA is a leading seismic data company benefiting from rising offshore exploration activity, strong operational momentum, and depressed valuation multiples.
- DCC plcMar 2026DCC plc is a stable energy distribution business with high ROCE, long contracts, and an attractive valuation.
- VerisureMar 2026Verisure is a leading alarm subscription business with recurring revenue, strong growth, and an attractive post-IPO valuation.
- B&M European Value RetailMar 2025B&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.
- CIE AutomotiveMar 2025CIE Automotive is a resilient global automotive supplier with solid financial performance and attractive investment potential due to a recent share price decline.
- StabilusMar 2025Stabilus 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.