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Night Watch

Dec 2024 → Sep 2026 · Publishes quarterly · 4 funds

Our archive holds 9 letters from Night Watch, behind 14 investment theses and positions in 18 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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9
Letters
18
Companies
11
Moves
14
Theses

3 strategies

Night Watch publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Also filed under Night Watch.

What they bought and sold · 11 moves

  • ExitedDistribution Solutions Group
    September 2026
    “We also benefited from two companies that got acquired: Distribution Solutions Group (DSGR) and the Japanese Leopalace21 (8848 JP).”
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  • AddedIMCD
    September 2026
    “For those reasons, we have built meaningful positions in two European distributors of specialty chemicals: Azelis (AZE BB) and IMCD (IMCD NA).”
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  • ExitedLeopalace21
    September 2026
    “We also benefited from two companies that got acquired: Distribution Solutions Group (DSGR) and the Japanese Leopalace21 (8848 JP).”
    Read the letter
  • AddedAzelis
    September 2026
    “For those reasons, we have built meaningful positions in two European distributors of specialty chemicals: Azelis (AZE BB) and IMCD (IMCD NA).”
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  • AddedAdyen
    June 2026
    “We added quality names including Stryker (SYK), Adyen (ADYEN NA) and Booking.com (BKNG).”
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  • AddedBooking.com
    June 2026
    “We added quality names including Stryker (SYK), Adyen (ADYEN NA) and Booking.com (BKNG).”
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  • AddedStryker
    June 2026
    “We added quality names including Stryker (SYK), Adyen (ADYEN NA) and Booking.com (BKNG).”
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  • TrimmedSilicon Motion
    June 2026
    “But we are not blind to the cyclical nature of those businesses, and we have been early in taking some chips off the table.”
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  • AddedFutu Holdings
    June 2026
    “We have been adding aggressively to FUTU, while we are waiting for improving data points before risking more capital on SNWV.”
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  • AddedBrookdale
    March 2026
    “We have been trading in and out of Brookdale since our inception, waiting for the right catalyst for this to work.”
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  • ExitedCopa
    March 2026
    “we had to sell out of our position in Copa (CPA), which operates Panama airlines.”
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Companies held · 18

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

Theses · 14

  • Watches of Switzerland Group
    June 2026

    Watches of Switzerland Group is a supply-constrained luxury watch retailer with a proven Rolex-driven model, strong growth, and an attractive valuation.

    Read the full thesis
  • AAR Corp
    March 2026

    AAR Corp is an aircraft aftermarket services provider benefiting from an aging global fleet, a mix shift to higher-margin component services, and rapidly growing defense-contract exposure.

    Read the full thesis
  • Endava
    December 2025

    Endava is an IT services firm that could return to growth as AI projects ramp, with potential 10% margins and a valuation implying about 3x P/E upon stabilization.

    Read the full thesis
  • Brookdale Senior Living
    September 2025

    Brookdale Senior Living is poised for growth as demand for senior living facilities increases with the aging baby boomer population, following a management overhaul that is improving occupancy rates.

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  • Integral
    September 2025

    Integral KK offers rare exposure to Japan’s transforming private equity landscape through a highly incentivized, transparent management team with explosive AUM growth, conservative valuations, and a near-term IPO catalyst that could unlock significant upside.

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  • Camping World
    June 2025

    Camping World (CWH) is positioned to benefit from new legislation that makes RV mortgage interest fully tax deductible, potentially boosting its market share in a declining industry.

    Read the full thesis
  • Haypp
    June 2025

    Haypp is the largest e-commerce platform for nicotine pouches, benefiting from rapid growth and a strong market position due to advertising restrictions that create a competitive moat.

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  • X-FAB Silicon Foundries
    June 2025

    X-FAB Silicon Foundries is a promising small-cap analog semiconductor manufacturer heavily tied to the automotive sector, currently undervalued with growth potential driven by recent investments and imminent cash returns to shareholders.

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  • Marex
    June 2025

    Marex is an attractive investment as a leading Futures Commission Merchant that thrives during periods of market volatility, capitalizing on increased trading volumes and profitability from wider spreads and interest income on margin calls.

    Read the full thesis
  • DPC Dash
    March 2025

    With rapid store growth, strong unit economics, and brand momentum, DPC Dash could triple or quintuple in value as it scales Domino’s across China—unlocking major upside from today's low per-store valuation.

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  • Allfunds
    December 2024

    Allfunds is Europe's leading fund distribution platform, experiencing slowed growth and a significant drop in P/E ratio, but recent performance indicates a potential recovery despite lack of acquisition success.

    Read the full thesis
  • Marex
    December 2024

    Marex is a counter-cyclical investment benefiting from volatility, with a strong growth track record and attractive valuation despite recent gains.

    Read the full thesis

Letter archive · 9

2026

2025

2024

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