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REQ

Dec 2024 → Jul 2026 · Publishes twice a year

Our archive holds 5 letters from REQ, behind 14 investment theses and positions in 17 companies. Every quote below is copied verbatim from the letter it came from.

REQ’s own letters page
5
Letters
17
Companies
8
Moves
14
Theses

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.”
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  • TrimmedAmetek
    July 2026
    “In line with our portfolio framework, we significantly trimmed Ametek.”
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  • 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.”
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  • TrimmedAtlas Copco
    July 2026
    “We also reduced Atlas Copco on similar grounds, due to a demanding valuation and more modest expected returns.”
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  • 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.”
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  • 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.”
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  • 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 · 17

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

Theses · 14

  • 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
  • Topicus
    July 2026

    Topicus 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.

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  • 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

Letter archive · 5

2026

2025

2024

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