Equam
EQUAM Global Value Fund
Global Mid-cap Value
Mar 2025 → Sep 2026
Our archive holds 4 letters from this strategy, behind 11 investment theses and positions in 19 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in 2 years · follow all of Equam for every strategy.
Performance
as of Sep 30, 2026
- YTD+10.7%index +9.5%
- Inception · /yr+7.4%
Index: European dividend-inclusive indices
| YTD | Since inceptionper year | |
|---|---|---|
| EQUAM Global Value Fund | +10.7% | +7.4% |
| European dividend-inclusive indices | +9.5% | — |
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.
Read full disclosures →What it bought and sold
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.
- AddedVerisure plcSep 2026
That is why we are taking advantage of the decline to increase our position.
- ExitedHotei Properties Group SOCIMIJun 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.
- AddedVerisureJun 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
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
- DFS Furniture plc
- RHI Magnesita N.V.
- SeSa S.p.A.
- NORMA Group
- Restore plc
- Edenred
- CIE Automotive S.A.
- DCC Energy Limited
- Prosegur Cash SA
- Edenred SA
- Inchcape plc
- DCC plc
- TGS ASA
- Expro Group Holdings N.V.
- Mondadori Editore S.p.A.
- Kinepolis Group
- Domino's Pizza Group plc
- Arnoldo Mondadori Editore S.p.A.
- RHI Magnesita NV
- DFS Furniture PLC
- Restore Plc
- TGS
- LDC SA
- Headlam Group
- Kinepolis Group NV
Its investment theses
- Ferrari GroupSep 2026Ferrari 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.
- DCC plcSep 2026DCC plc is described as being sold too cheaply in a take-private transaction, with the managers arguing the offer materially undervalues the business.
- Kinepolis GroupSep 2026Kinepolis Group is a market-leading cinema operator with real estate, benefiting from movie supply recovery, premiumization, U.S. expansion, and highly profitable capital allocation.
- VerisureSep 2026Verisure 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.
- 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.