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Middle Coast Investing

Dec 2024 → Sep 2026 · Publishes quarterly · 2 funds

Our archive holds 7 letters from Middle Coast Investing, behind 16 investment theses and positions in 51 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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7
Letters
51
Companies
19
Moves
16
Theses

Performance by fund

  • Middle Coast European Portfolios

    YTD +3.6% (Jun 30, 2026)

    Index: Euro Stoxx 50 (YTD +9.3%) · net of fees

  • Middle Coast US Portfolios

    YTD +7.7% (Jun 30, 2026)

    Index: S&P 500 (YTD +9.6%) · net of fees

Disclaimer

These figures are copied from the manager’s latest letter, which covers several funds. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. Each line covers a single share class; 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 · 19 moves

  • ExitedPortillo's
    September 2026
    “We closed our positions in Gogo (GOGO) and Portillo’s (PTLO), and sold our remaining bond in a bond portfolio (Marathon Oil).”
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  • TrimmedGitlab
    September 2026
    “The most notable partial sale we made was about 40% of our Gitlab position (all shares held in tax-advantaged portfolios).”
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  • ExitedNovo Nordisk
    September 2026
    “We also sold a small Novo Nordisk (NVO) position that was a legacy of a client’s prior portfolio.”
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  • ExitedGogo
    September 2026
    “We closed our positions in Gogo (GOGO) and Portillo’s (PTLO), and sold our remaining bond in a bond portfolio (Marathon Oil).”
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  • New positionTelephone & Data Systems
    September 2026
    “In TDS’s case, we should be closer to the end of the story than the beginning, and were able to buy at a fair price ($33/share).”
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  • New positionCF Industries
    September 2026
    “My aim is to build a starter position at an average price around $110/share, but I felt the insurance for our portfolio against continued Hormuz hold-ups was worth paying for now.”
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  • ExitedMarathon Oil
    September 2026
    “We closed our positions in Gogo (GOGO) and Portillo’s (PTLO), and sold our remaining bond in a bond portfolio (Marathon Oil).”
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  • AddedMobility Global
    September 2026
    “We indeed did buy more shares, and are not so far from our next buying target.”
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  • AddedTrimas
    September 2026
    “We’ve owned Trimas for over a year, but added significantly to it this quarter.”
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  • ExitedHurco
    June 2026
    “I sold our shares of Hurco (HURC), which was a low-conviction position (alas, it jumped a decent bit after we sold).”
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  • TrimmedTaiwan Semiconductor
    June 2026
    “We trimmed positions and/or booked gains in Taiwan Semiconductor, TD Synnex, Alphabet, Astronics, and Broadcom.”
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  • ExitedFirst Citizens
    June 2026
    “I sold First Citizens (FCNCA), which ultimately felt less attractive as a risk-reward compared to our other financial stocks.”
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  • New positionCDW Corp
    June 2026
    “New buys CDW Corporation”
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  • ExitedMeta Platforms
    June 2026
    “We sold Meta Platforms from one client’s portfolio where they have better tech exposure.”
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  • AddedMicrosoft
    June 2026
    “it may not be a coincidence that we bought some shares in Microsoft to add big tech exposure for a couple clients this quarter.”
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  • ExitedAir Lease
    June 2026
    “Air Lease was officially bought out, exiting our portfolio with a small merger arbitrage gain.”
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  • TrimmedTD Synnex
    June 2026
    “We trimmed positions and/or booked gains in Taiwan Semiconductor, TD Synnex, Alphabet, Astronics, and Broadcom.”
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  • TrimmedBroadcom
    June 2026
    “We trimmed positions and/or booked gains in Taiwan Semiconductor, TD Synnex, Alphabet, Astronics, and Broadcom.”
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  • ExitedApogee Enterprises
    June 2026
    “And we closed our Apogee Enterprises position.”
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Companies held · 51

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

Theses · 16

  • Trimas
    September 2026

    Trimas is a packaging company with a strong balance sheet, steady growth in packaging, a cyclical recovery in cylinders, and potential upside from buybacks or a sale.

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  • Telephone & Data Systems
    September 2026

    Telephone & Data Systems is a telecom business transitioning to fiber, with value supported by its Array Digital stake, spectrum assets, and a strong balance sheet.

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  • Zoetis
    September 2026

    Zoetis is a leading pet pharmaceutical company with a drug pipeline and an apparently cheap valuation despite short-term growth pressure.

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  • CF Industries
    September 2026

    CF Industries is a nitrogen fertilizer producer with a cost advantage from cheap natural gas and attractive valuation, used partly as a portfolio hedge.

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  • Mobility Global
    September 2026

    Mobility Global owns Carfax and other automotive data businesses, with targeted revenue growth, margin expansion, and defensible data advantages against AI.

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  • TripAdvisor
    September 2026

    TripAdvisor is held for Viator’s position as a destination in the travel funnel, with balance-sheet support from asset sales despite current revenue decline.

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  • PagSeguro Digital Ltd.
    December 2025

    PagSeguro is a Brazilian payments and fintech platform building a digital bank with strong EPS growth targets, a cheap valuation, and an 8–9% upcoming dividend.

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  • Air Lease Corporation
    September 2025

    Air Lease is an aircraft leasing company trading below peers with a pending buyout, offering yield or potential takeover upside.

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  • Corpay
    September 2025

    Corpay is a diversified payments provider with strong corporate payments growth, steady earnings, and fuel-price linked revenue trading below 15x cash earnings.

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  • TFS Financial Corp.
    September 2025

    TFS Financial is a small bank offering an 8%+ dividend and benefits from rate cuts, serving as a bond proxy in portfolios.

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  • Deckers Outdoor
    June 2025

    Deckers Outdoor Corp (DECK) is a reasonably priced footwear company facing tariff uncertainties but poised for potential growth, especially with its Hoka brand.

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  • Lyft
    June 2025

    Lyft is a ride-hailing company with significant revenue growth and a new management team, making it a potentially promising investment despite past losses and competition from Uber.

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Letter archive · 7

2026

2025

2024

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