Nuance Investments
Nuance Investments Concentrated Value Strategy
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 4 investment theses and positions in 35 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year — follow all of Nuance Investments for every strategy.
Performance
as of Jun 30, 2026 · net of fees · USD · Nuance Concentrated Value (Net)
- YTD+9.7%index +16.6%
- 1Y+14.5%index +27.8%
- 3Y · /yr+6.8%index +17.8%
- 5Y · /yr+5.1%index +11.0%
- 10Y · /yr+7.9%index +11.5%
- Inception · /yr+12.0%index +12.0%
Index: Russell 3000 Value Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Nuance Investments Concentrated Value Strategy | +9.7% | +14.5% | +6.8% | +5.1% | +7.9% | +12.0% |
| Russell 3000 Value Index | +16.6% | +27.8% | +17.8% | +11.0% | +11.5% | +12.0% |
Calendar years
- 2025+3.4%index +15.7%
- 2024+6.5%index +14.0%
- 2023+10.3%index +11.7%
- 2022−4.5%index −8.0%
- 2021+10.0%index +25.4%
- 2020+3.5%index +2.9%
- 2019+28.0%index +26.3%
- 2018−4.5%index −8.6%
- 2017+11.3%index +13.2%
- 2016+19.7%index +18.4%
Disclaimer
These figures are copied from the manager’s latest letter, as of Jun 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.
Read full disclosures →What it bought and sold
We exited our position above $600 on average.
After a period of underperformance, we have initiated a new position in the stock as the risk reward is significantly better than the market risk reward.
- ExitedCNH Industrial NVSep 2026
We exited our position and will look for a more favorable risk reward opportunity in the future.
We exited our position in WAT as the stock exceeded our view of fair value following a period of outperformance.
After a full review of this transaction and an analysis of its risk reward versus the market set of opportunities, we have entered into a position.
This quarter we exited the position at near $60 following a share move that resulted in the stock being within the range of our fair value.
After a period of underperformance, we have initiated a new position in the stock as the risk reward is significantly better than the market risk reward.
Berkshire Hathaway Inc. (BRK) completed the $72.50 per share acquisition of TMHC during the third quarter and we deployed the cash proceeds from the acquisition into other opportunities.
We have exited our position in the company as we believe that more compelling risk reward opportunities exist in other United Kingdom-based water utilities such as Severn Trent Plc (STRNY) and United Utilities Group PLC (UUGRY), which we have added to during the quarter.
We have exited our position in GL after a successful holding period as the company’s share price exceeded our estimate of fair value.
Danaher Corporation (DHR) completed the $180.00 per share acquisition of MASI during the second quarter and we deployed the cash proceeds from the acquisition into other opportunities.
We have added to our investment in QGEN as the stock has underperformed this year and we believe it now represents one of the best risk rewards in our portfolio.
We exited our position during the quarter as the stock surpassed our internal estimate of fair value.
We exited the position in favor of better risk reward opportunities.
We exited the position due to the company being acquired by Mission Produce, Inc. (AVO).
Following a favorable Fair Market Value (FMV) determination and successful capital raise for the company’s acquisition of Quadvest, shares outperformed and we exited our position in favor of more attractive risk rewards elsewhere.
Stocks We Added to Your Portfolio (Second Quarter 2026): Accenture Plc (ACN):
Following outperformance in the stock, we exited our position in favor of better risk reward opportunities elsewhere.
Following a decline in the share price, we initiated a position at what we believe is an attractive risk reward.
Also held
Its investment theses
- American International Group, Inc.Sep 2026American International Group is a global P&C insurer whose restructuring and expected ROE improvement create an attractive valuation and risk-reward setup.
- Cal-Maine Foods, Inc.Sep 2026Cal-Maine Foods is the leading U.S. shell egg producer, and lower egg prices plus a strong balance sheet create an attractive long-term entry point.
- Kimberly-Clark CorporationSep 2026Kimberly-Clark is a global personal care leader with strong brands, pricing power, synergy potential from Kenvue, and an attractive valuation.
- Mission Produce, Inc.Jun 2026Mission Produce, Inc. is a scaled avocado distributor with share gains, long-term category tailwinds, and earnings normalization potential.