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Marlborough

Jun 2026 → Aug 2026 · 7 funds

Our archive holds 7 letters from Marlborough, behind 3 investment theses and positions in 27 companies. Every quote below is copied verbatim from the letter it came from.

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Marlborough’s own letters page
7
Letters
27
Companies
12
Moves
3
Theses

7 strategies

Marlborough publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

What they bought and sold · 12 moves

  • New positionAfrican development bank
    August 2026
    “We added a position in African development bank (USD) which offered an attractive spread for a supranational AA-rated issue.”
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  • TrimmedPolar Capital
    August 2026
    “We gradually reweighted this position to take profits as the shares reached those all-time highs.”
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  • ExitedSylvania Platinum
    August 2026
    “We exited platinum miner Sylvania Platinum (-c.11.5%) as it proved unable to outperform either in production or prices realised even when commodity conditions were ideal.”
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  • ExitedRTX
    August 2026
    “To fund this, we exited a position in RTX (EUR, Aerospace) that was short dated, had tightened, and was offering little further opportunity for more performance.”
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  • ExitedDISH
    July 2026
    “• Cable satellite (DISH, ZIGGO): the team exited select U.S. cable satellite positions during the month as the sector continued to underperform European cable peers.”
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  • AddedSCIH Salt Holdings
    July 2026
    “• SCIH Salt Holdings (MORTON): The company, North America’s largest salt producer, has successfully deleveraged following its acquisition of K+S’s salt business and benefited from two consecutive favourable winter seasons that supported earnings and cash flow generation.”
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  • ExitedZiggo
    July 2026
    “• Cable satellite (DISH, ZIGGO): the team exited select U.S. cable satellite positions during the month as the sector continued to underperform European cable peers.”
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  • ExitedAltice Financing
    July 2026
    “• Altice Financing (ALTICE): the team exited its position as actions taken by majority shareholder and founder, Patrick Drahi, toward creditors increasingly weighed on investor sentiment and impacted bond performance.”
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  • ExitedWorldline
    July 2026
    “• Worldline (WLNFP): the team exited its position after benefiting from a recovery in bond prices from distressed levels.”
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  • AddedArches Buyer
    July 2026
    “• Arches Buyer (ACOM): The company has been able to improve customer lifetime value (LTV) over the last several quarters through consistent improvements in ARPU.”
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  • New positionTrane Technologies
    June 2026
    “During the second quarter, we added a new position in the Industrials sector with Trane Technologies, a leading provider of heating and cooling systems, building controls, and energy- related services.”
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  • ExitedServiceNow
    June 2026
    “Conversely, we sold our position in enterprise software company ServiceNow following a deterioration in fundamental factors.”
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Companies held · 27

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

Theses · 3

  • Fortrea Holdings
    August 2026

    Fortrea Holdings is a global CRO benefiting from rising R&D spending, greater outsourcing and increasing trial complexity.

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  • SCIH Salt Holdings
    July 2026

    SCIH Salt Holdings is the largest North American salt producer, with deleveraging, a strong brand, and defensive demand.

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  • Trane Technologies
    June 2026

    Trane Technologies is a heating, cooling and building-controls provider benefiting from AI data center growth, system-level solutions, and underappreciated service revenue.

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Letter archive · 7

2026

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