What smart money is saying about GSK plc
GSK
No fund has written a full thesis on GSK plc in our archive, but 1 fund letter reports a position in it — most recently BA Beutel Goodman World Value Fund in March 2026.
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1
Reported positions
0
Bought
1
Sold
3
Letters
Position history
Every position in GSK plc on record in the archive was reported in Q1 2026, across 1 fund letter — 1 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q1 2026 | 1 | 0 | 1 | 0 |
Fund activity · 1 position · 1 move
- March 2026
“We completed process-driven, one-third sales during the period as DBS, GSK, Amgen and SMC as the stocks reached our target prices.”
GSK plc
Also mentioned · 2
These funds discuss GSK plc — as a competitor, benchmark or comparable — without disclosing a position in it.
- June 2026
“This company was Avanos Medical Inc (AVNS), and the day after I sent last quarter’s letter Avanos was acquired for a 72% premium. In brief, Avanos was a “good co / bad co” situation, where the good co. operated with ~20% margins as the leading provider of feeding tubes to hospitals and other medical facilities, and the bad co. struggled with profitability while operating in the pain management space. This bad co. obscured the attractiveness of the good company through consolidated financials, but a new CEO had made it clear that he intended to surface this value, which he of course did. The Theravance buyout came at the bottom end of my fair value estimate range, while Avanos came at a price that I am more happy with. The third investment that was purchased out from under us was SECURE Waste Infrastructure (SES.TO), which we owned for just over a year. SECURE had transitioned from oil services to waste services tied to the Canadian oil industry. This transition combined with some wonky accounting explained why the opportunity existed, and shortly after the accounting was cleaned up the company was snatched up by GFL Environmental (GFL), a larger waste player, in a cash and stock deal. Quite frankly I am disappointed by the price and would have preferred to own SECURE for the long term. From my perspective, it seems as if the deal was forced by a private equity fund that owned a large stake in SECURE, and put their liquidity needs in front of the long-term opportunity. As one would expect, with three portfolio companies being acquired, we have a fair amount of cash and merger securities at the moment. This leaves us conveniently well positioned to take advantage of potential opportunities that may arise around midterm elections or other events. I am of course also on the hunt for idiosyncratic opportunities that may exist regardless of what else is going on in the world. If I am able to find a good business, led by good people, that is dealing with some sort of operational, optical, or structural problem that leads the market to improperly value the business, I will not hesitate to act. It is also worth noting that our portfolio is more concentrated at the moment than it has typically been in the past. As cash is put to work and as other investments continue to mature I expect that the portfolio will return to more typical levels of concentration in the not too distant future. New Position AnaptysBio Inc (ANAB) - AnaptysBio is a special situation that I expect will resolve itself very quickly. In brief, following the recently completed taxable spinoff of their developmental drug assets, Anaptys is now an asset light royalty company primarily collecting tolls on the sales of Jemperli, a fast-growing cancer drug that is being commercialized in partnership with GSK. If this were where the story ended, I believe we would have purchased our shares at a reasonable discount to the present value of the future royalty payments. However, AnaptysBio has the potential for lotto ticket upside in the near-immediate future as they have accused GSK of violating the terms of their commercial agreement, and a trial has been set for July 14-17.”
GSK plc - MentionedGreenhaven Road Capital FundJune 2026
“The crux of the current lawsuit is whether GSK is living up to the agreement and what the agreement, which has been amended multiple times, actually requires. A settlement or sale appears likely for three reasons: GREENHAVEN ROAD CAPITAL Greenhaven Road Capital | InvestorRelations@greenhavenroad.com | www.greenhavenroad.com 11 1) Delaware courts tend to push parties toward settlements. 2) If Anaptys prevails on its material-breach and reversion claims, GSK could ultimately lose the rights to Jemperli, a $1B-plus drug that is still growing. 3) AnaptysBio’s directors and executive officers beneficially own approximately 31.5% of the company, creating substantial alignment with shareholders. With fewer than a dozen employees and very low expenses, AnaptysBio’s revenue and earnings are largely a function of Jemperli sales. Jemperli generates more than $1B in annual sales and is growing. For AnaptysBio shareholders, Jemperli is the business; for GSK, it is one drug within the oncology portfolio acquired through Tesaro. GSK has continued to invest in that portfolio, most recently by acquiring Nuvalent for more than $10B. The trial recently concluded, but a ruling will likely take a year. At the trial, it was disclosed that GSK had tried to buy AnaptysBio three times in the past year. Before the ruling, I believe the most likely outcome is that GSK acquires AnaptysBio for a price more than 50% above our purchase price.”
GSK plc
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