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Marlborough

Jun 2026 → Oct 2026 · 19 funds

Our archive holds 31 letters from Marlborough, behind 15 investment theses and positions in 138 companies. Every quote below is copied verbatim from the letter it came from.

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Marlborough’s own letters page
31
Letters
138
Companies
68
Moves
15
Theses

19 strategies

Marlborough publishes a letter per strategy. Each one has its own page — what it holds, what it bought, 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 · 68 moves

  • TrimmedProact IT Group
    October 2026
    “We reduced our holdings in Danish hearing aid manufacturer Demant and Swedish enterprise networking equipment reseller Proact IT Group (in both cases taking profits after good performance).”
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  • AddedAlcadon
    October 2026
    “We added to our holdings in Swedish cable distributor Alcadon (data cable activity looks to be recovering from period of falling demand) and German commercial vehicle parts producer Jost (integrating a recent acquisition amid improving end markets).”
    Read the letter
  • TrimmedFerrovial
    October 2026
    “Ferrovial (-21%) led the weakness as investors reassessed the funding requirements and prospective returns of its newly awarded I-24 express- lanes project.”
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  • TrimmedCenterPoint Energy
    October 2026

    Listed in Marlborough’s reported holdings.

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  • TrimmedAdmiral
    October 2026
    “We had reduced our position when the share price was higher and may look to add to it again on weakness.”
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  • ExitedClose Brothers
    October 2026
    “We exited outsourcing company Capita and financial services businesses Close Brothers and Rathbones, all of which we believe have below-average growth prospects.”
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  • AddedRWS
    October 2026
    “Over the month, we increased the position in RWS and reduced the position in Molten Ventures.”
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  • TrimmedSerabi Gold plc
    October 2026
    “Over the month, we increased the position in The Beauty Tech Group and reduced the position in Serabi Gold.”
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  • ExitedCapita
    October 2026
    “We exited outsourcing company Capita and financial services businesses Close Brothers and Rathbones, all of which we believe have below-average growth prospects.”
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  • AddedThe Beauty Tech Group
    October 2026
    “Over the month, we increased the position in The Beauty Tech Group and reduced the position in Serabi Gold.”
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  • ExitedRentokil Initial
    October 2026
    “We also exited pest control and hygiene services company Rentokil Initial, given pressure on its business model from AI search, which is reducing the number of customer enquiries that come its way.”
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  • TrimmedNiSource
    October 2026

    Listed in Marlborough’s reported holdings.

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  • New positionRolls-Royce
    October 2026
    “We added three new holdings, including Rolls-Royce.”
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  • TrimmedMolten Ventures
    October 2026
    “During the month, we increased our position in Playtech, the gambling technology company, and reduced our position in Molten Ventures, the private assets investment vehicle.”
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  • ExitedGlobal Dominion
    October 2026
    “We completed an exit from Spanish industrial services group Global Dominion (while core business was performing, ventures in renewable energy development had disappointed).”
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  • TrimmedItalgas
    October 2026

    Listed in Marlborough’s reported holdings.

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  • TrimmedDemant
    October 2026
    “We reduced our holdings in Danish hearing aid manufacturer Demant and Swedish enterprise networking equipment reseller Proact IT Group (in both cases taking profits after good performance).”
    Read the letter
  • ExitedTapestry
    October 2026
    “Conversely, we sold our position in Tapestry, a luxury retailer best known for the brands Coach and Kate Spade.”
    Read the letter
  • TrimmedMolten Ventures
    October 2026
    “Over the month, we increased the position in RWS and reduced the position in Molten Ventures.”
    Read the letter
  • ExitedRathbones
    October 2026
    “We exited outsourcing company Capita and financial services businesses Close Brothers and Rathbones, all of which we believe have below-average growth prospects.”
    Read the letter
  • New positionSanDisk
    October 2026
    “In September, we added a new position in the information technology sector with SanDisk, one of the largest manufacturers of storage devices, with solutions focused entirely on NAND flash memory.”
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  • AddedPlaytech
    October 2026
    “During the month, we increased our position in Playtech, the gambling technology company, and reduced our position in Molten Ventures, the private assets investment vehicle.”
    Read the letter
  • ExitedElixirr
    October 2026
    “We exited the position after meeting the management in person.”
    Read the letter
  • AddedJost
    October 2026
    “We added to our holdings in Swedish cable distributor Alcadon (data cable activity looks to be recovering from period of falling demand) and German commercial vehicle parts producer Jost (integrating a recent acquisition amid improving end markets).”
    Read the letter
  • ExitedLowe’s
    September 2026
    “We also sold our position in home improvement retailer Lowe’s because the company’s fundamentals have continued to deteriorate.”
    Read the letter
  • TrimmedGlobal Dominion
    September 2026
    “We reduced our holding in Spanish conglomerate Global Dominion and exited Italian heat-exchanger and refrigeration-equipment manufacturer LU-VE on valuation grounds.”
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  • ExitedPG&E Corp
    September 2026
    “We exited the position.”
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  • TrimmedFiltronic
    September 2026
    “Over the month, we increased the position in Pan African and reduced the position in Filtronic.”
    Read the letter
  • AddedRightmove
    September 2026
    “During the month, we increased our position in Rightmove, the online property portal, and exited our position in Rentokil Initial, the pest control company.”
    Read the letter
  • ExitedCarnival
    September 2026
    “We exited cruise ship operator Carnival, given increasing risks to the growth outlook amid continuing geopolitical uncertainty and higher energy prices.”
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Showing the 30 most recent of 68 recorded moves.

Companies held · 138

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

Theses · 15

  • Rolls-Royce Holdings
    October 2026

    Rolls-Royce is a British engineering business benefiting from structural growth in aerospace, defence, power generation, and SMRs, with attractive valuation and strong execution.

    Read the full thesis
  • thyssenkrupp
    October 2026

    thyssenkrupp benefits from structural tailwinds and value-creating portfolio actions, while the market may be underestimating its earnings potential.

    Read the full thesis
  • Microsoft
    October 2026

    Microsoft is benefiting from reaccelerating Azure and Copilot growth, strong cash flow management, and AI-enabled software that should support sustainable growth.

    Read the full thesis
  • Meta
    October 2026

    Meta is emerging as an early leader in monetising AI through the Meta Muse consumer agent and a broader new product cycle.

    Read the full thesis
  • SanDisk
    October 2026

    SanDisk is seen as an AI beneficiary thanks to growing NAND flash demand from inferencing, with more predictable demand and margin improvement potential.

    Read the full thesis
  • NetApp
    September 2026

    NetApp is a large data storage company positioned to benefit from enterprise AI adoption and deep hyperscaler integration.

    Read the full thesis
  • Eli Lilly
    September 2026

    Eli Lilly is a global pharma leader with a leading obesity franchise and long-term growth from broader GLP-1 adoption and AI drug development.

    Read the full thesis
  • Gaztransport & Technigaz
    September 2026

    Gaztransport & Technigaz is a global leader in LNG containment systems with patented technology, an asset-light model, and high-margin royalty streams.

    Read the full thesis
  • Powell Industries
    September 2026

    Powell Industries is a leading electrical equipment provider expected to benefit from grid, data centre, and electrification spending.

    Read the full thesis
  • Williams Companies
    September 2026

    Williams Companies is using private capital partnerships to fund growth while preserving operational control and long-term upside for public shareholders.

    Read the full thesis
  • ONEOK
    September 2026

    ONEOK is raising private capital on attractive terms, indicating strong demand for its long-life, contracted energy infrastructure cash flows.

    Read the full thesis
  • Wolters Kluwer
    September 2026

    Wolters Kluwer has a sound underlying franchise, with defensible market position and resilient cash generation.

    Read the full thesis

Letter archive · 31

2026

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