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Halvio Capital

Dec 2024 → Oct 2026 · Publishes quarterly · 3 funds

Our archive holds 6 letters from Halvio Capital, behind 8 investment theses and positions in 15 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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6
Letters
15
Companies
10
Moves
8
Theses

2 strategies

Halvio Capital publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Also filed under Halvio Capital.

What they bought and sold · 10 moves

  • ExitedFILA
    October 2026
    “I sold QEPC and FILA during the quarter, both for different reasons.”
    Read the letter
  • ExitedQEPC
    October 2026
    “I sold QEPC and FILA during the quarter, both for different reasons.”
    Read the letter
  • New positionMaster Drilling Group Limited
    October 2026
    “I also took a position in Master Drilling that I wrote up at the end of this letter.”
    Read the letter
  • ExitedTetragon
    June 2026
    “During the quarter we also sold Tetragon, Pacific Health Care Organization and trimmed F.I.L.A. SpA.”
    Read the letter
  • New positionSato Foods
    June 2026
    “We initiated a couple of new positions during the quarter: Humm Group (described above), Beasley Broadcast Group, Sato Foods and Goldmoney Inc., which is written up at the end of the letter.”
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  • ExitedPacific Health Care Organization
    June 2026
    “During the quarter we also sold Tetragon, Pacific Health Care Organization and trimmed F.I.L.A. SpA.”
    Read the letter
  • New positionHumm Group Ltd.
    June 2026
    “Even though we initiated the position this quarter, we are down roughly 30% rather quickly.”
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  • New positionBeasley Broadcast Group
    June 2026
    “We initiated a couple of new positions during the quarter: Humm Group (described above), Beasley Broadcast Group, Sato Foods and Goldmoney Inc., which is written up at the end of the letter.”
    Read the letter
  • TrimmedBeng Kuang Marine
    June 2026
    “With the stock re-rating and running up, I took advantage and trimmed a good chunk of the position and completely exited after the quarter.”
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  • New positionGoldmoney Inc.
    June 2026
    “We initiated a couple of new positions during the quarter: Humm Group (described above), Beasley Broadcast Group, Sato Foods and Goldmoney Inc., which is written up at the end of the letter.”
    Read the letter

Companies held · 15

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

Theses · 8

  • Citizens Bancshares
    October 2026

    Citizens Bancshares benefits from improved bank spreads, ECIP-related capital management potential, and a conservative valuation reference implying further upside.

    Read the full thesis
  • Mestek
    October 2026

    Mestek has a solid core operating business, while the reported loss is driven by an unrealized metal portfolio mark-to-market and the stock screens very cheap with downside protection.

    Read the full thesis
  • Goldmoney Inc.
    October 2026

    Goldmoney combines a profitable precious-metals trading and storage business with a valuable UK real estate portfolio, buybacks, and a discount to book value.

    Read the full thesis
  • Master Drilling Group Limited
    October 2026

    Master Drilling is a global leader in raise boring with a record backlog, attractive valuation, and technology-driven growth potential.

    Read the full thesis
  • Goldmoney Inc.
    June 2026

    Goldmoney Inc. operates a precious-metals storage and trading platform plus UK real estate assets, and the investment case is based on hidden asset value, strong earnings, low capital intensity, and buybacks.

    Read the full thesis
  • F.I.L.A. SpA
    December 2025

    F.I.L.A. SpA is a durable stationery business exploring value-unlocking options around its DOMS stake, executing strategic M&A/JVs, and trading at attractive valuation metrics.

    Read the full thesis
  • TOC Co., Ltd.
    December 2025

    TOC Co., Ltd. owns significantly undervalued real estate with improving occupancy and operating leverage, supported by a strong cash/investment position and prior insider interest.

    Read the full thesis
  • Citizens Bancshares Corporation
    December 2024

    Citizens Bancshares Corporation is a highly overcapitalized bank with a strong deposit franchise, poised for significant EPS growth and potential stock rerating, offering an upside of 53%-140% due to its low valuation multiples compared to its earnings potential.

    Read the full thesis

Letter archive · 6

2026

2025

2024

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