Monthly news
December was relatively quiet regarding news from our portfolio companies. However, there were several strategic movements and capital reallocations.
Company Updates
McBride The company continues its share buyback program, purchasing shares almost daily in small increments, in line with its established plan.
McFarlane Similar to McBride, McFarlane continues to slowly buy back its own shares.
Auto Partner The Group reported estimated consolidated monthly revenue of PLN 349.005 million for the period, a 2.65% increase compared to the PLN 340.006 million reported in 2024. For the cumulative period of January–November 2025, revenue reached PLN 4.102 billion, representing a 6.84% increase over the same period last year.
Portfolio Movements
Sales
Zegona: I have completely exited my position in Zegona. This was previously my largest holding, with an average purchase price of 530 GBX and a selling price of 1325 GBX. The rationale is simple: while the company is under excellent management and may still have some upside, I believe the majority of the profit has already been realized.
WE.connect, Esautomotion, & Pax Global: I slightly reduced these positions. WE.connect was trimmed because it had become overweight due to significant capital appreciation. Esautomotion and Pax Global were reduced to raise cash for new opportunities that I believe are either less cyclical or offer higher potential.
Buys
This is where the most interesting developments took place:
Delta Plus (New Position): I have initiated a new position. While the upside potential might not be as high as other names in the portfolio, I view it as a very low-risk, “steady-eddie” investment. If “Mr. Market” provides a further price dip, I intend to increase its weight.
Kosmos & Serica: I increased my exposure to both. Although these sectors are slightly outside my primary comfort zone, both companies look exceptionally cheap. Kosmos, in particular, likely represents the highest potential upside in the portfolio, though it carries a higher risk profile.
Warpaint: I added to this position simply because it remains a high-quality company trading at a very attractive price.
B&M: I expanded this position slightly, returning it to the number one spot in my portfolio. The thesis is straightforward. The company is undergoing a turnaround to return to the core principles that originally made it successful, after years of mismanagement. If they return to their historical margins and growth, the stock could more than double. Even if the turnaround doesn’t work, the stock is cheap enough at current levels to justify the investment.
Auto Partner (APR): I have nearly doubled my position in APR, making it one of my “Top Picks” for 2026. With the new logistics center becoming operational, I expect the company to return to the robust growth rates we have come to expect by next year.
Thank you for the update. Do you intend to share a write-up on Kosmos? It certainly looks cheap, but also distressed.