Highwood
Highwood Value Partners Client Composite
Small-cap Value
Dec 2025 → Dec 2025
Our archive holds 1 letter from this strategy, behind 2 investment theses and positions in 10 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year — follow all of Highwood for every strategy.
What it bought and sold
In the second half of 2025, we sold our positions in Protector, Ryanair and Alimak.
In the second half of 2025, we sold our positions in Protector, Ryanair and Alimak.
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.
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
- Burford CapitalDec 2025Burford Capital is a litigation finance leader whose cash run-off value and YPF claim underpin a materially higher fair value than the current share price.
- Borr DrillingDec 2025Borr Drilling is a shallow-water rig owner whose earnings recovery, debt refinancing and tightening supply support a much higher fair value.