Marlborough
Malborough European Special Situations
Sep 2026 → Oct 2026
Our archive holds 2 letters from this strategy, behind 1 investment thesis and positions in 16 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year — follow all of Marlborough for every strategy.
What it bought and sold
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).
- AddedAlcadonOct 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).
We completed an exit from Spanish industrial services group Global Dominion (while core business was performing, ventures in renewable energy development had disappointed).
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).
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).
We reduced our holding in Spanish conglomerate Global Dominion and exited Italian heat-exchanger and refrigeration-equipment manufacturer LU-VE on valuation grounds.
We added to Swiss eyecare company Alcon and initiated two positions.
We reduced our holding in Spanish conglomerate Global Dominion and exited Italian heat-exchanger and refrigeration-equipment manufacturer LU-VE on valuation grounds.
The first was French diagnostic-testing equipment company bioMérieux, where we believe the recent sales setback is cyclical rather than structural.
The second was Dutch business information provider Wolters Kluwer, whose valuation has been depressed by concerns that AI will weaken its competitive position.
Also held
- Delta Plus
- Gurit
- DIA
- Scanfil
- LNA Santé
- Bilendi
- Baikowski
- Delfingen
- Sarantis