What smart money is saying about Nomad Foods
1 fund in our archive has pitched Nomad Foods, most recently RS Small Cap Value Strategy in March 2025.
Nomad Foods Limited manufactures, markets, and distributes frozen food products in the United Kingdom, Italy, Germany, France, Sweden, Austria, Norway, Spain, and rest of Europe. The company offers fish products, including fish fingers, coated fish, and natural fish; vegetables, such as peas and spinach; and poultry and meat products comprising nuggets, grills, and burgers. It also provides meals products that include ready to cook noodles, pasta, lasagna, pancakes, and other ready-made meals; ice-creams; and other products, such as soups, pizzas, bakery goods, and meat substitutes. The company sells its products to supermarkets and food retail chains directly or through distribution arrangements primarily under the Birds Eye, Iglo, Findus, Goodfella's, La Cocinera, Ledo, Frikom, San Marco, and Aunt Bessie's brands. Nomad Foods Limited is headquartered in Feltham, the United Kingdom.
Get an email when a fund buys, sells or pitches it
Position history
Between Q1 2025 and Q2 2025, 2 fund letters reported a position in Nomad Foods, with 1 buy (opened or added).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2025 | 1 | 0 | 0 | 0 |
| Q1 2025 | 1 | 1 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 2 positions · 1 move
- June 2025
Listed in RS Small Cap Value Strategy’s reported holdings.
Nomad Foods - March 2025
“Nomad Foods (NOMD) is a branded European frozen food manufacturer (frozen vegetables, fish sticks, pizza, and ice cream) operating under the Iglo, Findus, Birds Eye, and various other banners. It’s the second largest frozen food company in Europe behind Unilever and maintains a #1 or #2 market share position in most of the categories in which it competes. As a Consumer Staple, the business displays consistent cash flows and attractive ROICs. Following the onset of the Ukraine war in 2022, most input costs (commodities, energy) rose dramatically for Nomad across its portfolio. In response to these rising costs, the company meaningfully increased prices and reduced advertising and promotions across its branded portfolio in order to preserve margins and profitability. As expected, volumes declined and the company lost modest market share to the typically slower-to-price private label players in its categories. We initially started purchasing NOMD shares in 2023 following these market share losses, underwriting the thesis that as the hyperinflationary period of 2022 subsided the company would be able to realign price disparities with private label to historical norms, reinvest in advertising and promotion, and regain the volume and market share declines that they experienced in 2022. We periodically added to the position throughout last year. NOMD shares were up 18% in Q1 2025”
Nomad Foods
Fund coverage · 1 thesis
- RS Small Cap Value StrategyMarch 2025
Nomad Foods is a leading European frozen food manufacturer poised for recovery and growth following recent market challenges, with an attractive valuation and strong cash flow potential.
Read the full thesis
Read every full thesis on Nomad Foods
Read all 1 thesis in full, with each fund's reasoning, and get unlimited access to the archive.
View plans→