Night Watch
Night Watch IM
Mar 2025 → Mar 2026
Our archive holds 6 letters from this strategy, behind 4 investment theses and positions in 4 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 2 years — follow all of Night Watch for every strategy.
Its investment theses
- AAR CorpMar 2026AAR 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.
- EndavaDec 2025Endava 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.
- IntegralSep 2025Integral 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.
- MarexJun 2025Marex 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.