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Overstone Global Equity Fund

Sep 2025 → Dec 2025 · 6 funds

Our archive holds 6 letters from Overstone Global Equity Fund, behind 9 investment theses and positions in 34 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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6
Letters
34
Companies
15
Moves
9
Theses

6 strategies

Overstone Global Equity Fund publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

What they bought and sold · 15 moves

  • ExitedJDE Peet's
    December 2025
    “We also sold JDE Peet’s, the Dutch coffee company, given the company’s takeover by Keurig Dr Pepper.”
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  • ExitedLloyds Banking Group
    December 2025
    “ArcelorMittal (the European and Indian steel company), Jardine Matheson, Aberdeen (fund management) and Lloyds Banking have all been major contributors. We continue to hold all of these except the last.”
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  • TrimmedSamsung Electronics
    December 2025
    “We have reduced both positions throughout the fourth quarter.”
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  • New positionTrigano
    December 2025
    “We initiated positions in Trigano, the French maker of recreational vehicles, and Merck KGaA, the German healthcare and technology conglomerate.”
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  • AddedBreedon
    December 2025
    “The company trades on a P/E multiple of just 10x and we added to the position.”
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  • New positionSwatch Group AG
    December 2025
    “We made one new purchase in the quarter Swatch.”
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  • ExitedCuriosityStream Inc.
    December 2025
    “Following a strong share price performance, we exited the strategy’s position.”
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  • TrimmedSK Square
    December 2025
    “We have reduced both positions throughout the fourth quarter.”
    Read the letter
  • New positionGruma
    December 2025
    “A position in Gruma was initiated during the final quarter of the year.”
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  • ExitedAlibaba Group Holding
    December 2025
    “As this thesis has weakened, we exited the position during the quarter.”
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  • New positionMerck KGaA
    December 2025
    “We initiated positions in Trigano, the French maker of recreational vehicles, and Merck KGaA, the German healthcare and technology conglomerate.”
    Read the letter
  • TrimmedASE Technology Holding
    December 2025
    “The position in Gruma was partly funded by reducing the fund’s exposure to technology hardware names – Korean semiconductor producers Samsung and SK Square, plus Taiwanese semiconductor testing and packaging provider ASE.”
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  • AddedSK Square Co., Ltd.
    December 2025
    “However, in 2025, we found one poorly followed stock, SK Square, which had exposure to a key bottleneck in the AI supply chain: memory.”
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  • New positionSwatch Group
    December 2025
    “We made one new purchase in the quarter Swatch.”
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  • AddedBunzl
    December 2025
    “We used the weakness to add to the position.”
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Companies held · 34

Every company Overstone Global Equity Fund has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 9

  • HelloFresh SE
    December 2025

    HelloFresh is the leading meal-kit provider with improving customer quality, strong free cash flow and buybacks, and guidance for attractive margins supporting a low earnings multiple.

    Read the full thesis
  • Trigano S.A.
    December 2025

    Trigano S.A. is Europe’s leading RV manufacturer with scale advantages, strong cash generation, consolidation potential and supportive structural tailwinds at a sub-10x P/E entry point.

    Read the full thesis
  • Merck KGaA
    December 2025

    Merck KGaA is a family-controlled life science and semiconductor materials leader with improving end-market trends and a diversified pharma business, acquired at a reasonable ~14x P/E after temporary headwinds.

    Read the full thesis
  • Exor N.V.
    December 2025

    Exor is a diversified holding company with aligned management, a strong compounding track record, and a share price trading at a large discount to its sum-of-the-parts value.

    Read the full thesis
  • The Swatch Group AG
    December 2025

    The Swatch Group is a Swiss watchmaker with significant tangible assets and operating leverage potential, trading at a valuation implying substantial upside to intrinsic value.

    Read the full thesis
  • Gruma S.A.B. de C.V.
    December 2025

    Gruma, S.A.B. de C.V. is a global tortilla and corn flour producer whose compressed valuation and shareholder returns offer upside with downside support.

    Read the full thesis
  • Ayala Corporation
    September 2025

    Ayala Corp is an undervalued Philippine conglomerate trading at a 50% discount to its net asset value, supported by its three major holdings in real estate, banking, and telecommunications.

    Read the full thesis
  • CK Hutchison Holdings Limited
    September 2025

    CK Hutchinson is an undervalued conglomerate with a diversified portfolio of attractive assets trading at historically low multiples, making it a compelling investment opportunity.

    Read the full thesis
  • Breedon Group
    September 2025

    Breedon is a vertically integrated building materials company with a strong position in the UK and Ireland, currently facing weak demand but well-positioned for future growth in both markets.

    Read the full thesis

Letter archive · 6

2025

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