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Greenwood Investors

Dec 2024 → Jun 2026 · 2 funds

Our archive holds 3 letters from Greenwood Investors, behind 7 investment theses and positions in 9 companies. Every quote below is copied verbatim from the letter it came from.

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Greenwood Investors’s own letters page
3
Letters
9
Companies
4
Moves
7
Theses

What they bought and sold · 4 moves

  • TrimmedLeonardo S.p.A.
    June 2026
    “No matter how bullish we were on Leonardo, the next three years were never going to replicate the 9x returns we realized over the prior three years.”
    Read the letter
  • AddedJack in the Box Inc.
    June 2026
    “We used weakness in the first half of this year to materially add to our position in Jack in the Box,”
    Read the letter
  • TrimmedNexGen Energy
    December 2025
    “We have slightly trimmed the position given its performance thus far in 2026, but we are still very excited for the long-term strategic importance of this asset.”
    Read the letter
  • AddedSwatch
    December 2025
    “This counter-cyclical balance sheet allowed us to meaningfully increase our position in risk-off moves in the market throughout 2025, which exacerbated an already attractive stock-to-book value ratio in our view.”
    Read the letter

Companies held · 9

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

Theses · 7

  • CTT - Correios de Portugal
    June 2026

    CTT - Correios de Portugal is presented as a cheap, transformative compounder with an e-commerce flywheel, competitive advantages in logistics, and major upside from monetizing its bank and redeploying capital.

    Read the full thesis
  • Jack in the Box
    June 2026

    Jack in the Box is an operational turnaround story with new leadership, refinancing runway, and upside from governance improvements, same-store-sales recovery, and cost-out initiatives.

    Read the full thesis
  • The Swatch Group
    June 2026

    The Swatch Group is framed as a governance-driven investment with improving watch industry fundamentals, secular demand tailwinds, and significant operating leverage from low margins.

    Read the full thesis
  • Jack in the Box Inc.
    December 2025

    Jack in the Box Inc. is a major QSR brand with fixable issues, attractive valuation support and real estate, and newly added expert directors to drive operational improvements and a potential rerating.

    Read the full thesis
  • Genus Plc
    December 2025

    Genus Plc is a dominant, asset-light animal genetics company with recurring revenues, newly de-risked gene-editing optionality, and a China JV that accelerates commercialization and delevers the balance sheet.

    Read the full thesis
  • International Petroleum Corporation
    December 2025

    International Petroleum Corporation is advancing its Blackrod oil sands project ahead of schedule and under budget, underpinned by disciplined Lundin-led capital allocation and substantial buybacks and reserve growth.

    Read the full thesis
  • CTT - Correios De Portugal
    December 2024

    CTT is poised for significant growth in the logistics sector due to its differentiated business model, strong cross-border customs and fulfillment capabilities, and competitive advantages over market rivals.

    Read the full thesis

Letter archive · 3

2026

2025

2024

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