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Halvio Capital

Dec 2024 → Jun 2026 · Publishes quarterly · 3 funds

Our archive holds 5 letters from Halvio Capital, behind 4 investment theses and positions in 3 companies. Every quote below is copied verbatim from the letter it came from.

Halvio Capital’s own letters page
5
Letters
3
Companies
5
Moves
4
Theses

What they bought and sold · 5 moves

  • 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.
    Read the letter
  • New positionHumm Group Ltd.
    June 2026
    Even though we initiated the position this quarter, we are down roughly 30% rather quickly.
    Read the letter
  • 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
  • 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.
    Read the letter

Companies held · 3

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

Theses · 4

  • 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
  • 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
  • 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 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 · 5

Funds · 3

  • Halvio Capital3
  • Halvio Capital Currency Exchange International1
  • Halvio Capital Value Equity Strategy1

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