HF Best Ideas
AnalysesQuarterly LettersInsightsChartsWarren AI
All funds

REQ

Dec 2024 → Jul 2026 · Publishes twice a year

Our archive holds 5 letters from REQ, behind 13 investment theses and positions in 18 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

Get an email when this fund publishes its next letter

5
Letters
18
Companies
8
Moves
13
Theses

Performance by fund

  • REQ Global Compounders

    Since inception +41.4% (Jun 30, 2026)

  • REQ Nordic Compounders

    Since inception +29.6% (Jun 30, 2026)

Disclaimer

These figures are copied from the manager’s latest letter, which covers several funds. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. Each line covers a single share class; 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 they bought and sold · 8 moves

  • New positionDiscoverIE Group
    July 2026
    “During the half we initiated two new positions — Applied Industrial Technologies (3.6%) and DiscoverIE (2.9%) — both of which fit the framework we set out later in this letter.”
    Read the letter
  • TrimmedAmetek
    July 2026
    “In line with our portfolio framework, we significantly trimmed Ametek.”
    Read the letter
  • AddedTopicus
    July 2026
    “Conversely, we added to Topicus and Lumine at various points during their share price declines in the first half, where the underlying development and our long-term conviction remained strong while the valuation became more attractive.”
    Read the letter
  • TrimmedAtlas Copco
    July 2026
    “We also reduced Atlas Copco on similar grounds, due to a demanding valuation and more modest expected returns.”
    Read the letter
  • TrimmedAmphenol
    July 2026
    “We sold the majority of our Amphenol position during the first half – earlier than we had envisaged when we initiated the position in early 2024.”
    Read the letter
  • ExitedGreen Landscaping
    July 2026
    “Following the first-quarter 2026 report, we exited our position in Green Landscaping as several developments challenged key assumptions underlying our original investment thesis.”
    Read the letter
  • New positionApplied Industrial Technologies
    July 2026
    “During the half we initiated two new positions — Applied Industrial Technologies (3.6%) and DiscoverIE (2.9%) — both of which fit the framework we set out later in this letter.”
    Read the letter
  • AddedLumine Group
    July 2026
    “Conversely, we added to Topicus and Lumine at various points during their share price declines in the first half, where the underlying development and our long-term conviction remained strong while the valuation became more attractive.”
    Read the letter

Companies held · 18

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

Theses · 13

  • Volati
    July 2026

    Volati appears undervalued after the Salix spin-off, with Ettiketto as a high-quality compounder and Salix offering resilient, acquisitive growth.

    Read the full thesis
  • Applied Industrial Technologies
    July 2026

    Applied Industrial Technologies combines a fragmented market, recurring technical relationships, disciplined M&A, and multiple long-term industrial tailwinds.

    Read the full thesis
  • Salix Group
    July 2026

    Salix Group combines resilient performance, active M&A, strong local entrepreneurship, and attractive returns on capital.

    Read the full thesis
  • Bufab
    July 2026

    Bufab benefits from a solutions-oriented model, margin expansion, diversified relationships, and a long runway for value-accretive growth.

    Read the full thesis
  • Constellation Software
    July 2026

    Constellation Software benefits from recurring organic growth, strong capital deployment, and AI acting as a tailwind rather than a disruption risk.

    Read the full thesis
  • Berner Industrier
    December 2025

    Berner Industrier is executing a decentralized, cash-flow-focused strategy under strong leadership, initiating acquisitions and offering compelling long-term potential.

    Read the full thesis
  • Constellation Software
    December 2025

    Constellation Software is a decentralized VMS acquirer with durable culture and leadership continuity, prompting the fund to be net buyers at attractive valuations.

    Read the full thesis
  • IMCD
    December 2025

    IMCD is a diversified specialty chemicals distributor with high incremental margins and a steady bolt-on M&A strategy, poised for operational leverage and cash flow growth as volumes recover.

    Read the full thesis
  • Röko AB
    December 2025

    Röko AB is a disciplined, well-capitalized acquirer with strong management and a long runway, offering attractive valuation and the potential to compound intrinsic value around 15% annually.

    Read the full thesis
  • Röko
    June 2025

    Röko is building a European Berkshire Hathaway through disciplined acquisitions, sector-agnostic growth, and compounding returns—making it a long-term powerhouse just getting started.

    Read the full thesis
  • Ametek
    December 2024

    Ametek is a highly successful company specializing in niche-engineered products with a decentralized structure and a strong track record of growth and profitability across various industries.

    Read the full thesis
  • Idun Industrier
    December 2024

    Idun Industrier is a Swedish acquisition-driven compounder with strong management, significant insider ownership, and a resilient portfolio, demonstrating over 30% FCF per share growth since 2015.

    Read the full thesis

Letter archive · 5

2026

2025

2024

Get REQ’s next letter the day it lands

We track REQ alongside hundreds of other managers, read every letter, and pull out what they bought and sold. Warren AI reads the whole archive for you.

View plans→
Share this fund