What smart money is saying about SOL S.p.A.

Position history

Every position in SOL S.p.A. on record in the archive was reported in Q4 2025, across 1 fund letter, with 1 buy (opened or added).

Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.

Fund activity · 1 position · 1 move

• New positionBaumann Capital

  December 2025

  “At this point, it seems quite irresponsible to assume that high-multiple stocks are worse investments by default, agreed? To properly value reinvesting compounders, one must separate growth investments from the underlying earnings power of the business. If you add back the capital spent on opening new auto parts stores, the picture suddenly changes. A business that initially appears cash-poor may actually be capable of generating substantial cash. That’s the idea behind thinking through owners’ earnings. But there is another wrinkle: normalisation. Any single year's earnings can be distorted temporarily, no doubt. Say profits dip, while the long-term economics of the business haven’t changed. In such case, we try to arrive at a normalised earnings estimate, meaning what the business earns in a more typical environment. Viewed through that extra lens, some companies appear extra expensive while they might just be temporarily unlucky. That’s unfair, but not many care. Well, I care. While on traditional metrics, a company may screen optically fully priced, viewed through the lens of normalised owners’ earnings, duration and conviction, our new investment in SOL Group might be one of the lowest-risk investments. Stage clear. New Position: SOL Group I remember SOL dangling on my watchlist for years, quietly executing, expanding country by country, reporting superb numbers that nobody questioned.”

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