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Mayar Capital

Dec 2024 → Sep 2026 · Publishes quarterly · 2 funds

Our archive holds 6 letters from Mayar Capital, behind 11 investment theses and positions in 30 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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6
Letters
30
Companies
30
Moves
11
Theses

Performance

as of Sep 30, 2026 · net of fees · USD · Class A

  • YTD
    −4.0%
    index +11.8%
  • 3Y · /yr
    +6.3%
    index +21.4%
  • 5Y · /yr
    +0.3%
    index +11.9%
  • 10Y · /yr
    +7.0%
    index +12.8%
  • Inception · /yr
    +7.9%
    index +10.7%

Index: MSCI World

Calendar years

  • 2025
    +14.1%
    index +21.1%
Disclaimer

These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.

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What they bought and sold · 30 moves

  • AddedTaylor Wimpey
    September 2026
    “we also added to Taylor Wimpey, so our exposure to UK housing has grown meaningfully this quarter.”
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  • AddedMiddleby
    September 2026
    “we deployed the proceeds into it.”
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  • New positionBarratt Redrow
    September 2026
    “We started one new position this quarter, in Barratt Redrow, the UK's largest housebuilder.”
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  • ExitedSunbelt Rentals
    September 2026
    “We also sold Sunbelt Rentals, formerly Ashtead, on valuation.”
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  • TrimmedAlstom
    September 2026
    “We trimmed Kenvue and Alstom.”
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  • AddedNestlé
    September 2026
    “Elsewhere, we added to Bunzl and Lonza, both bought last quarter, as well as to SAP, Nestlé and Booking.”
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  • TrimmedKering
    September 2026
    “We also sold Kering after two years at a small loss.”
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  • TrimmedKenvue
    September 2026
    “We trimmed Kenvue and Alstom.”
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  • AddedBooking Holdings
    September 2026
    “Elsewhere, we added to Bunzl and Lonza, both bought last quarter, as well as to SAP, Nestlé and Booking.”
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  • AddedBunzl
    September 2026
    “Elsewhere, we added to Bunzl and Lonza, both bought last quarter, as well as to SAP, Nestlé and Booking.”
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  • ExitedPayPal Holdings
    September 2026
    “When a buyer bid for the company, we took it as our chance to get out.”
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  • AddedLonza
    September 2026
    “Elsewhere, we added to Bunzl and Lonza, both bought last quarter, as well as to SAP, Nestlé and Booking.”
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  • ExitedBrenntag
    September 2026
    “We also exited Brenntag, the chemicals distributor, after eight years and a 40% gain.”
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  • AddedSAP
    September 2026
    “Elsewhere, we added to Bunzl and Lonza, both bought last quarter, as well as to SAP, Nestlé and Booking.”
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  • 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 · 30

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

Theses · 11

  • Toast, Inc.
    September 2026

    Toast, Inc. is a restaurant technology platform with recurring software and payments revenue, strong switching costs, attractive unit economics, and multiple growth avenues including AI and international expansion.

    Read the full thesis
  • 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.

    Read the full thesis
  • 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.

    Read the full thesis
  • 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.

    Read the full thesis
  • 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.

    Read the full thesis
  • 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.

    Read the full thesis

Letter archive · 6

2026

2025

2024

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