What smart money is saying about Burford Capital
BUR
No fund has written a full thesis on Burford Capital in our archive, but 10 fund letters report a position in it — most recently Liontrust GF High Yield Bond Fund in September 2026.
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Fund signal · last 12 months
9 lettersToo few moves on Burford Capital yet for a clear signal
−1
Net flow
1 buy · 33%2 sells · 2 full exits
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q3 2025 and Q3 2026, 10 fund letters reported a position in Burford Capital, with 2 buys (opened or added) and 2 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 3 | 0 | 1 | 0 |
| Q2 2026 | 3 | 0 | 1 | 0 |
| Q1 2026 | 1 | 0 | 0 | 0 |
| Q4 2025 | 2 | 1 | 0 | 0 |
| Q3 2025 | 1 | 1 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 10 positions · 5 moves
- September 2026
“At the issuer level, House of HR, Burford Capital and EnQuest were the leading positive contributors, each adding approximately 5bps.”
Burford Capital - September 2026
“Burford raised a different issue, and we sold it in early April.”
Burford Capital - September 2026
“Microsoft, Meta Platforms, and Burford Capital Ltd detracted from the fund’s performance during the quarter.”
Burford Capital - June 2026
“Trades During the Quarter Exited: Burford Capital Limited (BUR) – BUR lost its appeal in the case against Argentina, an outcome we had judged as unlikely.”
Burford Capital - June 2026
“Burford Burford is the 800-pound gorilla of litigation finance. It sees the most cases and has the best settlement data, giving it an advantage in selecting and funding cases profitably. More than 285 funded cases have concluded; 90% ended in a win or profitable settlement. Those investments produced an 82% return on invested capital over a weighted average life of 2.6 years, resulting in a 25% IRR. 2 As outlined in previous letters and the presentation sent last quarter, Burford has invested more than $150M in price-fixing cases involving proteins—chicken, beef, turkey, and pork. For much of that capital, Burford retains all of the upside rather than sharing it with a client, and it controls when the cases settle. Unlike the Argentina case, the defendants are very large companies, including Tyson Foods (TSN), Pilgrim’s Pride (PPC), Koch Foods, and Cargill. Combined, they have already spent billions settling some of these antitrust claims. If they lose at trial, they face treble damages, giving all parties an incentive to settle. Burford’s settlements could exceed the company’s market capitalization and could arrive within the next year as these matters begin going to trial. Proteins are the catalyst. Because the protein-related cases are Burford’s largest allocation of capital, one might expect them to be a major area of investor focus. However, Burford does not discuss individual cases and has shared few specifics. The details are also difficult to find, scattered across court and bankruptcy filings that require more than a Google search to access. Last month, Bank of America initiated coverage of Burford with a report of more than 15,000 words, followed by another note. Neither mentioned the protein cases or their potential payoffs. Other sell-side analysts have asked only one tangential question about them in the past 18 months. Proteins are not part of the Burford conversation. Large food companies have paid substantial sums to settle price-fixing claims, and Pilgrim’s Pride pleaded guilty to criminal price fixing. Burford is waiting to settle on the courthouse steps, when returns are generally maximized. Trials are approaching. Chicken will be the first, with the trial scheduled for 2027. We see the potential for hundreds of millions of dollars to flow back to Burford, while also alleviating its debt-covenant issues. It’s not that consensus disagrees; it seems largely unaware. To help change the market narrative, we have begun reaching out to the sell-side and sharing our views more widely. We own a full position and would benefit if the market adopts our appreciation of the protein cases.”
Burford Capital - June 2026
“More idiosyncratically, Burford bonds were stronger after the initial fallout of the loss of the Argentina case we detailed last quarter. We continue to view Burford as fundamentally resilient despite the impact on equity valuations.”
Burford Capital - March 2026
Listed in Buffalo High Yield Fund’s reported holdings.
Burford Capital - December 2025
“In summary, at least four out of five of these investments have seen fundamentals progress in line with initial underwriting, yet the share price has lagged and the discount has widened. There are clear reasons why the opportunity in their shares exist and catalysts on the horizon to close the gap with fair value. As such, I believe the rational thing to do is selectively buy more and this is what we have done, particularly with Burford and GetBusy PLC.”
Burford Capital - December 2025
“As such, I believe the rational thing to do is selectively buy more and this is what we have done, particularly with Burford and GetBusy PLC.”
Burford Capital - September 2025
“I added a small Burford stake after the Second Circuit stayed Judge Preska’s order against Argentina, though the entry was early.”
Burford Capital
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