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Mayar Capital

Dec 2024 → Jun 2026 · Publishes quarterly

Our archive holds 5 letters from Mayar Capital, behind 10 investment theses and positions in 23 companies. Every quote below is copied verbatim from the letter it came from.

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Mayar Capital’s own letters page
5
Letters
23
Companies
16
Moves
10
Theses

What they bought and sold · 16 moves

  • ExitedSomero
    June 2026
    “We exited three investments entirely: Somero, 4imprint and Dassault Systèmes as better opportunities for our capital became available.”
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  • ExitedDassault Systèmes
    June 2026
    “We exited three investments entirely: Somero, 4imprint and Dassault Systèmes as better opportunities for our capital became available.”
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  • AddedToast
    June 2026
    “We added to a number of existing holdings: Nike, Toast, SAP, Unilever, Mastercard, Nintendo and Booking.”
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  • AddedMastercard
    June 2026
    “We added to a number of existing holdings: Nike, Toast, SAP, Unilever, Mastercard, Nintendo and Booking.”
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  • AddedUnilever
    June 2026
    “We added to a number of existing holdings: Nike, Toast, SAP, Unilever, Mastercard, Nintendo and Booking.”
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  • AddedSAP
    June 2026
    “We added to a number of existing holdings: Nike, Toast, SAP, Unilever, Mastercard, Nintendo and Booking.”
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  • AddedBooking Holdings
    June 2026
    “We added to a number of existing holdings: Nike, Toast, SAP, Unilever, Mastercard, Nintendo and Booking.”
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  • AddedNintendo
    June 2026
    “We added to a number of existing holdings: Nike, Toast, SAP, Unilever, Mastercard, Nintendo and Booking.”
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  • Exited4imprint
    June 2026
    “We exited three investments entirely: Somero, 4imprint and Dassault Systèmes as better opportunities for our capital became available.”
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  • New positionLonza Group
    June 2026
    “We also initiated two new positions, in Bunzl PLC and Lonza Group AG.”
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  • AddedNike
    June 2026
    “We added to a number of existing holdings: Nike, Toast, SAP, Unilever, Mastercard, Nintendo and Booking.”
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  • TrimmedNovo Nordisk
    June 2026
    “We also trimmed four positions: PayPal, Brenntag, Johnson Service Group and Novo Nordisk.”
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  • TrimmedBrenntag
    June 2026
    “We also trimmed four positions: PayPal, Brenntag, Johnson Service Group and Novo Nordisk.”
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  • TrimmedPayPal
    June 2026
    “We also trimmed four positions: PayPal, Brenntag, Johnson Service Group and Novo Nordisk.”
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  • TrimmedJohnson Service Group
    June 2026
    “We also trimmed four positions: PayPal, Brenntag, Johnson Service Group and Novo Nordisk.”
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  • New positionBunzl
    June 2026
    “We also initiated two new positions, in Bunzl PLC and Lonza Group AG.”
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Companies held · 23

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

Theses · 10

  • Bunzl PLC
    June 2026

    Bunzl is a cash-generative distributor of essential recurring goods with scale advantages, strong returns on capital, and a temporary share-price setback that created opportunity.

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  • Lonza Group AG
    June 2026

    Lonza is a leading biologics contract manufacturer with sticky regulatory switching costs, strong tailwinds, and margin expansion potential that still looked attractive on a risk-adjusted basis.

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  • Croda International Plc
    June 2026

    Croda International is a century-old specialty chemicals company with pricing power, high historical margins and returns, and a cyclical recovery opportunity supported by innovation and customer relationships.

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  • Solventum
    September 2025

    Solventum is a newly spun-off healthcare company from 3M, well-positioned for growth and innovation despite inheriting a challenging financial situation, and is focused on simplifying its portfolio and enhancing operational efficiency.

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  • Croda International
    June 2025

    Croda International is a reputable UK specialty chemicals company known for its innovative and sustainable high-performance ingredients across various industries, demonstrating pricing power and resilience.

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  • Nestlé
    June 2025

    Nestlé is a resilient global food and beverage leader with a diverse portfolio that includes strong coffee and pet care brands, supported by a valuable stake in L’Oréal and a focus on innovation and efficiency to adapt to changing consumer preferences.

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  • Capgemini
    March 2025

    Capgemini is a well-established technology consulting firm poised for growth through its strong presence in digital transformation and generative AI, despite facing short-term pressures from macroeconomic uncertainties and declining client spending.

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  • Nike
    March 2025

    Nike is a leading American sportswear brand with strong global presence, unmatched brand equity, and a focus on innovation and direct-to-consumer strategies, making it an attractive long-term investment despite short-term challenges.

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  • Novo Nordisk
    March 2025

    Novo Nordisk is a leading Danish pharmaceutical company specializing in diabetes care and obesity treatments, well-positioned for sustainable growth with its innovative GLP-1 drugs and diverse pipeline.

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  • Ashtead Group
    December 2024

    Ashtead Group is a leading international equipment rental company with strong unit economics and growth potential, particularly in North America, where it benefits from increased demand for rental services in various industries.

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Letter archive · 5

2026

2025

2024

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