Overstone Global Equity Fund
Overstone International Value Fund
International Value
Sep 2025 → Dec 2025
Our archive holds 1 letter from this strategy, behind 3 investment theses and positions in 10 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year · follow all of Overstone Global Equity Fund for every strategy.
What it bought and sold
We also sold JDE Peet’s, the Dutch coffee company, given the company’s takeover by Keurig Dr Pepper.
We have reduced both positions throughout the fourth quarter.
We initiated positions in Trigano, the French maker of recreational vehicles, and Merck KGaA, the German healthcare and technology conglomerate.
The company trades on a P/E multiple of just 10x and we added to the position.
We have reduced both positions throughout the fourth quarter.
We initiated positions in Trigano, the French maker of recreational vehicles, and Merck KGaA, the German healthcare and technology conglomerate.
During the fourth quarter we sold Alibaba, the Chinese technology company, as it approached our valuation target.
We used the weakness to add to the position.
Also held
Its investment theses
- Trigano S.A.Dec 2025Trigano 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.
- Merck KGaADec 2025Merck 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.
- Breedon GroupSep 2025Breedon 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.