Highwood
Highwood Value Partners
Europe Small-cap Value
Dec 2024 → Dec 2025
Our archive holds 3 letters from this strategy, behind 14 investment theses and positions in 10 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in 2 years — follow all of Highwood for every strategy.
Its investment theses
- Borr DrillingDec 2025Borr 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.
- GetBusy PLCDec 2025GetBusy 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.
- Burford CapitalDec 2025Burford 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.
- Fever-Tree Drinks PLCDec 2025Fever-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.
- Bolloré SEDec 2025Bolloré 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.
- TriganoJun 2025With 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.
- Borr DrillingDec 2024Borr 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.
- Burford CapitalDec 2024Burford 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.
- Fevertree DrinksDec 2024Fever-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.
- GetBusy PLCDec 2024GetBusy 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.