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 17 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.
What it bought and sold
We exited at 19x earnings, which was in the realm of fair value.
- ExitedStandard Drilling ASADec 2025
I started the firm with investments in the shares of five companies – Protector, Ryanair, Alimak, Standard Drilling and Vestas Wind Systems.
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.
In the second half of 2025, we sold our positions in Protector, Ryanair and Alimak.
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.
Also held
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.