Goodhart Partners
Goodhart Partners Global Real Return Fund
Global
Mar 2026 → Jun 2026
Our archive holds 2 letters from this strategy, behind 4 investment theses and positions in 8 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year — follow all of Goodhart Partners for every strategy.
What it bought and sold
- New positionAG BarrJun 2026
AG Barr was added to the portfolio as a Resilient stock.
We bought Rheinmetall after it fell almost 20% in a day, having drifted down materially from its peak before that.
selling Alibaba could be a mistake.
When we first looked at Katakura 16 years ago it was a traditional low quality but profitable Japanese conglomerate that owned a frankly ridiculous amount of undeveloped land for legacy reasons.
We sold Raytheon the week before the Iran war precisely because valuations had become stretched and the whole sector was becoming a momentum trade.
Its investment theses
- Katakura IndustriesJun 2026Katakura Industries is a deep-value Japanese property and conglomerate play with a fortress balance sheet, valuable assets, and a large discount to NAV.
- AG BarrJun 2026AG Barr is a Scottish drinks company with improving growth ambitions, cost savings from capex, and a low valuation supporting attractive earnings growth.
- RheinmetallJun 2026Rheinmetall is a German defense prime with a strong strategic position, benefiting from Germany’s rearmament and an overdone share price sell-off.
- DiageoMar 2026Diageo is a premium spirits company with attractive long-term emerging-market growth and an appealing valuation.