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Highwood

Dec 2024 → Dec 2025 · Publishes twice a year · 2 funds

Our archive holds 4 letters from Highwood, behind 15 investment theses and positions in 13 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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4
Letters
13
Companies
7
Moves
15
Theses

2 strategies

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

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 7 moves

  • ExitedAlimak Group AB
    December 2025
    “We exited at 19x earnings, which was in the realm of fair value.”
    Read the letter
  • ExitedStandard Drilling ASA
    December 2025
    “I started the firm with investments in the shares of five companies – Protector, Ryanair, Alimak, Standard Drilling and Vestas Wind Systems.”
    Read the letter
  • AddedGetBusy PLC
    December 2025
    “As such, I believe the rational thing to do is selectively buy more and this is what we have done, particularly with Burford and GetBusy PLC.”
    Read the letter
  • ExitedProtector Forsikring ASA
    December 2025
    “In the second half of 2025, we sold our positions in Protector, Ryanair and Alimak.”
    Read the letter
  • ExitedRyanair Holdings plc
    December 2025
    “In the second half of 2025, we sold our positions in Protector, Ryanair and Alimak.”
    Read the letter
  • ExitedProtector Forsikring
    December 2025
    “In the second half of 2025, we sold our positions in Protector, Ryanair and Alimak.”
    Read the letter
  • AddedBurford Capital Limited
    December 2025
    “As such, I believe the rational thing to do is selectively buy more and this is what we have done, particularly with Burford and GetBusy PLC.”
    Read the letter

Companies held · 13

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

Theses · 15

  • Borr Drilling
    December 2025

    Borr Drilling is a Norwegian jack-up rig owner with sharply improved EBITDA, tightening day-rate dynamics, and supply-side tailwinds while the share price lags intrinsic value.

    Read the full thesis
  • GetBusy PLC
    December 2025

    GetBusy PLC is a small-cap productivity software company with a growing US asset and visible sale catalysts that imply value multiple times the current price.

    Read the full thesis
  • Burford Capital
    December 2025

    Burford Capital is a UK-listed leader in litigation finance with compounding fundamentals, a valuable YPF case, and multiple catalysts while trading well below estimated fair value.

    Read the full thesis
  • Fever-Tree Drinks PLC
    December 2025

    Fever-Tree Drinks PLC is a premium mixers leader with recovering margins and a Molson Coors JV expected to accelerate US profits and drive re-rating.

    Read the full thesis
  • Bolloré SE
    December 2025

    Bolloré SE is a Paris-listed holding company trading below cash with UMG/Vivendi assets and multiple value-creation levers via ongoing structure simplification and buybacks.

    Read the full thesis
  • Borr Drilling
    December 2025

    Borr Drilling is a shallow-water rig owner whose earnings recovery, debt refinancing and tightening supply support a much higher fair value.

    Read the full thesis
  • Trigano
    June 2025

    With a dominant market share, capital-light model, low-cost production, strong balance sheet, and disciplined acquisitions, Trigano SA is a high-return compounder poised to deliver outsized shareholder returns, making it a compelling investment in Europe's growing RV market.

    Read the full thesis
  • Borr Drilling
    December 2024

    Borr Drilling is a compelling investment opportunity due to its high-quality, young assets and favorable market dynamics that suggest significant free cash flow generation as rig rates normalize.

    Read the full thesis
  • Burford Capital
    December 2024

    Burford Capital's strong track record in litigation finance, high returns on capital, and the massive upside from its $6.8B YPF claim against Argentina make it a compelling opportunity.

    Read the full thesis
  • Fevertree Drinks
    December 2024

    Fever-Tree Drinks PLC is a leading premium mixer brand with significant market dominance, particularly in the USA, and represents a compelling investment opportunity due to its strong fundamentals and potential for recovery from recent cost challenges.

    Read the full thesis
  • GetBusy PLC
    December 2024

    GetBusy PLC is a promising small-cap UK productivity software company with a strong position in the tax and accountancy sector, net cash assets, and potential for significant shareholder returns through the sale of its US division, SmartVault.

    Read the full thesis
  • Hellofresh
    December 2024

    HelloFresh has solidified its dominance in the meal kit market and is now shifting focus from growth to profitability, leveraging economies of scale and a booming Ready-to-Eat segment—yet its stock remains deeply undervalued.

    Read the full thesis

Letter archive · 4

2025

2024

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