𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

INVESTMENT THESIS | FUCHS SE (FPE)

𝐌𝐀𝐆𝐍𝐎 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓𝐒 RESEARCH — Sat, 02 May 2026 11:23:29 GMT

Company Introduction

FUCHS SE is the world’s largest independent manufacturer of lubricants and related specialty products. Founded in Germany in 1931, the company has built its entire history around a single strategic focus: lubrication solutions. Unlike integrated oil majors, FUCHS deliberately chose not to engage in upstream oil extraction or fuel distribution, concentrating exclusively on developing, producing and commercializing lubricants and functional fluids for industrial and automotive applications.

Source: FUCHS SE – Investor Presentation

This focus has shaped a very specific corporate culture. Over decades, FUCHS has positioned itself not as a commodity supplier, but as a technical partner to its customers. Today, the group operates globally through more than seventy subsidiaries, serves over 100,000 customers and remains controlled by the founding family. This long-term ownership structure has reinforced a strategy centered on stability, operational excellence and capital discipline rather than short-term growth at any cost.

Sector Analysis: Industrial Lubricants Market

The global lubricants market is large and structurally resilient, with an estimated size that is expected to exceed $200 billion by 2034, growing at a global CAGR of approximately 3.5% over the next decade. While this headline figure may suggest a mature and slow-moving industry, it conceals a crucial distinction between low-value, volume-driven lubricants and specialty and industrial lubricants, which represent the most attractive segment of the market from an economic standpoint.

Source: Polaris Market Research – Lubricants Market Size, By Region (2020–2034)

Within the EMEA region, which is particularly relevant for FUCHS, according to Polaris the industrial lubricants market is projected to grow at a CAGR of around 3.3% between 2024 and 2032, expanding from approximately $21 billion in 2023 to nearly $28 billion by 2032. Europe alone accounts for more than half of this regional market, underlining the importance of industrial activity, manufacturing density and regulatory standards in driving demand for advanced lubrication solutions.

Source: Polaris Market Research – Lubricants Market Size, By Region (2020–2034)

This growth is not primarily driven by higher lubricant volumes, but by increasing complexity and higher value per unit. As manufacturing processes become more automated and machinery more sophisticated, equipment requires lubricants that perform under tighter tolerances, higher temperatures and more demanding operating conditions. At the same time, stricter environmental and emissions regulations are accelerating the shift toward synthetic and bio-based oils, further increasing formulation complexity and value-added content.

Core Business, Segments and Geographic Footprint

FUCHS generates revenues by developing and selling more than 10,000 lubricant formulations across industrial, automotive and specialty applications. FUCHS occupies a unique position as the world’s leading independent lubricant manufacturer in a highly fragmented global market. This allows the company to combine the focus and agility of a specialist with the scale, credibility and technical depth required to serve global industrial customers.

Source: FUCHS SE – Investor Presentation

Geographically, FUCHS operates through a highly decentralized global footprint, with more than forty production sites and over seventy operating companies worldwide. Europe remains the largest region, while Asia-Pacific and the Americas are growing steadily. This combination of local customer proximity and global R&D capabilities represents a durable competitive advantage that is difficult to replicate.

Source: FUCHS SE – Investor Presentation

Industrial lubricants exhibit a strong cost–impact asymmetry: while they represent a negligible marginal cost, failure can trigger disproportionate economic losses through downtime or equipment damage. This shifts purchasing behavior away from price and toward reliability and performance, structurally favoring specialized suppliers. As a result, the segment benefits from high switching costs, recurring demand and long product lifecycles, making it both defensive and structurally growing. FUCHS is positioned precisely in this most attractive part of the market, capturing pricing power, resilient demand and long-term customer relationships rather than relying on volatile commodity volumes.

Growth Drivers and Strategic Positioning

This highly decentralized footprint is not only a defensive advantage, but also a critical enabler of future growth. Looking forward, FUCHS is well positioned to benefit from several structural trends.

The electrification of transport increases demand for new thermal management fluids, while renewable energy infrastructure requires advanced lubrication solutions to reduce maintenance costs and extend asset life.
High-tech industries such as semiconductors and medical technology also demand increasingly sophisticated products with very high performance requirements.

Source: FUCHS SE – Investor Presentation

These growth drivers are reinforced by sustained investment in technology and capacity. As mentioned FUCHS has consistently allocated capital to expand production in growth regions, modernize existing plants and strengthen its global R&D network.

This ensures that innovation remains closely aligned with customer needs, while new products can be industrialized and deployed locally with speed and reliability.

Source: FUCHS SE – Investor Presentation

Key Financials and Business Quality

FUCHS displays financial characteristics that clearly differentiate it from a typical chemicals company. Operating margins are consistently in the low-teens, supported by gross margins above 30%, reflecting its positioning in specialty lubricants rather than commoditized products.

More importantly, the company generates a high return on invested capital, around 20% on average, indicating that growth translates into genuine economic value.

Source: TIKR.com

This business quality is reinforced by a long-standing shareholder return profile. FUCHS has delivered over two decades of uninterrupted dividend growth, underpinned by stable free cash flow generation and a conservative balance sheet.

Low financial leverage allows the company to fund organic growth, pursue selective acquisitions and return capital to shareholders simultaneously, without compromising financial flexibility.

Source: FUCHS SE – Investor Presentation

Growth has been predominantly organic, driven by volume, pricing and mix improvements, while acquisitions have played a complementary role.

Importantly, M&A has been small, targeted and focused on niche technologies or geographic strengthening, avoiding the execution and integration risks typically associated with large-scale transactions. This disciplined approach has preserved margins and returns over time.

Source: FUCHS SE – Investor Presentation

Recent transactions, such as the consolidation of activities in Switzerland, illustrate this strategy in practice. Rather than pursuing transformational deals, FUCHS uses acquisitions to bundle capabilities, strengthen local market positions and broaden its product offering, enhancing operational efficiency while remaining close to customers.

Source: FUCHS SE – Investor Presentation

The main risks facing FUCHS relate to industrial cyclicality, raw material price volatility and execution risk in acquisitions. However, the company has historically demonstrated an ability to pass through cost increases over time and to maintain profitability during economic downturns.

The focused and disciplined nature of its M&A strategy further limits integration risk, reinforcing the overall resilience of the business. Overall, the risk profile is mitigated by the essential nature of the products, the high level of customer integration and the conservative financial structure

Management and Ownership Structure

A defining feature of FUCHS is its family-controlled ownership structure. The founding family retains majority voting rights through ordinary shares, while preference shares are fully free-float and listed, ensuring market liquidity alongside long-term control.

This structure aligns management incentives with long-term value creation and supports disciplined decision-making across cycles.

Source: FUCHS SE – Investor Presentation

The company is led by the third generation of the founding family, reinforcing a culture focused on continuity, operational excellence and prudent capital allocation rather than short-term expansion. Governance follows established German standards, and there is no evidence of excessive risk-taking or shareholder-unfriendly behavior.

Generally, this ownership and governance framework provides stability and strategic consistency, which is particularly valuable in an industrial business exposed to economic cycles.

Valuation

As usual in order to assess the value of the analyzed company I do 3 different approaches: trading multiples, a simplified discounted cash-flow model, and a sensitivity analysis. Together, these three methods provide a balanced and ilustrative view of the company’s worth.

The goal is not to provide a precise target price, but to outline a reasonable valuation range grounded in the company’s fundamentals and reported financial performance.

Disclaimer: (The following is a conceptual valuation framework based on public historical data. It is an illustrative example and not an investment recommendation.)

Here we combine historical reported figures with forward projections based on the company’s own guidance and recent performance trends.

This valuation approach is based on historical company data combined with forward projections and peer multiples. Fuchs is compared with listed poultry and food processing peers using P/E, EV/EBITDA and EV/EBIT benchmarks. The model applies sector-average multiples to projected earnings, providing a relative valuation range grounded in comparable market pricing rather than standalone assumptions.

The DCF valuation is built on historical data and conservative growth assumptions. Applying a 6.89% WACC and modest terminal growth, the model yields an intrinsic value of 42,24€ per share.

Finally, this sensitivity analysis gives additional perspective on how valuation changes depending on key assumptions such as WACC and long-term growth.

Rather than relying on a single output, it provides a valuation range under different possible scenarios. This improves the robustness of the analysis and helps frame the investment case in terms of risk, upside and margin of safety.

CONCLUSION

Fuchs is best understood as a stable, family-run Industrial business operating in essential markets with predictable demand.

We should not see Fuchs as a ¨growth¨ company, but a defensive business with predictable cash generation and long-term compounding potential.

At reasonable valuation multiples, the market effectively prices Fuchs as a low-growth industrial, however, the market may be underestimating the value of its resilience, scale and demand from new megatrends and company strategic positioning.

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

📨 Weekly Investment Newsletter – Nº17

𝐌𝐀𝐆𝐍𝐎 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓𝐒 RESEARCH — Sun, 26 Apr 2026 13:04:03 GMT

1️⃣Investment idea of the week

2️⃣Charts of the Week

This week, the everyone remains focused on geopolitical tension around Iran. As you know the more it takes the more painfull will it be in terms of oil, inflation, and rates.

The first chart shows a pattern repeated many times since 1939. After major geopolitical events, the S&P 500 usually drops first, not because fundamentals suddenly change, but because uncertainty gets priced immediately. In the current Iran situation, the reaction has been very similar: initial sell-off, short-term pressure, and then stabilization.📉⚠️

The average and median lines suggest that once the first fear passes, markets tend to recover unless the shock becomes economic rather than political.

What changes everything is if it creates second-order effects like higher energy prices, sticky inflation, or pressure on central banks. That is where temporary volatility becomes a real macro issue. ⛽

The second chart puts this into perspective. Through Korea, Vietnam, Iraq, Afghanistan, Ukraine, and now Iran, the long-term S&P 500 trend has remained intact, basically each conflict created fear in real time, but over years, earnings and capital allocation mattered more than headlines.

What looked dramatic in the moment often became just another dip on the chart.🌍📈

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

3️⃣Articles of the Week

This week we bring you, as always, a couple interesting creators.

| @underfollowedstocks

Circle Group SpA

• Structural growth: Benefits from EU port digitalization, customs reform, and long-term logistics software demand.

• Recurring revenue shift: Moving from project-based sales to more SaaS revenue, improving margins and visibility.

Under-Followed-Stocks

#15 Circle Group SpA

Disclaimer: The following write-up is no investment advice. The author may own, buy and sell securities mentioned in this post. Please always do your own due diligence! This company is a micro-cap. Keep in mind that even a small investment from your side can move the share price due to the low liquidity of shares. It’s not easy to liquidate if you want …

2 months ago · 20 likes · 14 comments · mavix

| @moclano

Garmin (GRMN)

• Diversified business: Much more than wearables, with strong exposure to aviation, marine, outdoor, and fitness.

• Quality compounder: Strong margins, resilient cash flow, and long-term value creation through durable competitive advantages.

El rincón de Moclano

Tesis de inversión GRMN

Invierte, ahorra y crece. Trade Republic combina la potencia de un banco y bróker líder con la seguridad de un banco europeo. Accede a miles de acciones, fondos y ETF’s, automatiza tu futuro con planes de inversión sin comisiones y obtén una rentabilidad atractiva por tu efectivo no invertido. Todo desde una única app diseñada para simplificar tus finan…

16 days ago · 27 likes · 5 comments · Diego F. ツ (aka Moclano) and Galician Investor

I hope you find the content useful.😀

May the investment be with you.

Magno Investments Research

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

📨 Weekly Investment Newsletter – Nº16

𝐌𝐀𝐆𝐍𝐎 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓𝐒 RESEARCH — Sun, 19 Apr 2026 10:54:23 GMT

1️⃣Investment idea of the week

Thanks for reading 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧! This post is public so feel free to share it.

2️⃣Charts of the Week

As ususal this week , the market has been defined by the news from the Iran conflict and by the rapid shift from optimism to renewed caution.

Early in the week, sentiment improved on the back of reports pointing to a de-escalation between the United States and Iran, with expectations of smoother conditions in the Strait of Hormuz. Markets responded accordingly: oil prices eased, equities stabilized, and volatility declined, reflecting a temporary reduction in perceived tail risk.

However, in the last 24 hours, that narrative has partially reversed. Fresh tensions and disruptions in maritime traffic have reintroduced uncertainty, pushing oil higher again and leading to a more defensive positioning across assets. 🌍

This evolution directly reflects the message in Chart 12, where according with BofA the geopolitical conflict and Hormuz situation is a clearly illustrated by this dynamic: sentiment can shift within hours based on geopolitical headlines, highlighting the fragility beneath otherwise stable market conditions. 🛢️

On the other hand, Chart 14 adds depth by identifying where a systemic shock could emerge, with US shadow banking seen as the main source at 57%. This distinction is crucial. Geopolitics explains short-term volatility, but the real structural vulnerability lies within credit markets, particularly in less transparent segments such as private credit.

The link between both charts is therefore straightforward: geopolitical events act as catalysts, while financial fragility determines the scale of the impact. A sustained shock, for example through higher energy prices or tighter liquidity, could quickly transmit into stress across leveraged structures. 🏦

Finally, and at the same time, secondary concerns such as AI-related capital expenditure and consumer credit suggest that investors remain attentive to how leverage and capital allocation are evolving, so we have here a multiple risks which are interconnected and capable of reinforcing each other. 📉

3️⃣Articles of the Week

More articles from other creators which are interesting for this week!

| @mrdeepvalue

Kaneshita Construction

Asset-heavy business mispriced as declining: Market treats it like a low-growth, commoditized construction company, but underlying value sits in stable cash flows, tangible assets, and conservative balance sheet → disconnect between perceived cyclicality and actual resilience.
Re-rating depends on capital allocation, not growth: Thesis is not expansion but unlocking value (dividends, buybacks, efficiency); without this, it risks staying a “cheap forever” stock despite solid fundamentals and downside protection.

Deep-Value Stocks

A Japanese Net-Net With a Negative EV

a month ago · 19 likes · Mr Deep-Value

| @qualityvalueinvestor

Greens Co

Mispriced asset-light transition: Shift toward franchise/mixed model improves margins and capital efficiency, but market still values it like a low-quality, asset-heavy operator.
Tourism leverage with execution upside: Earnings tied to inbound demand recovery, but real upside comes from pricing power, network expansion, and disciplined capital allocation rather than just cyclical tailwinds.

Quality Value Investing Substack

Greens Co Ltd

Greens Co is a Japanese hotel operator. It operates 102 hotels, split between two segments: (i) Choice Hotels (75% of revenue, 13.9% EBIT margin). The Company is the exclusive master franchisor for Choice Hotels International in Japan. The bulk of the portfolio (ca 70 properties) consists of Comfort Hotels - limited service hotels located near major ra…

2 months ago · 18 likes · 1 comment · Quality Value Investor

I hope you find the content useful.😀

May the investment be with you.

Magno Investments Research

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

📨 Weekly Investment Newsletter – Nº15

𝐌𝐀𝐆𝐍𝐎 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓𝐒 RESEARCH — Sun, 12 Apr 2026 08:58:53 GMT

1️⃣Investment idea of the week

2️⃣Charts of the Week

So here’s what’s going on recently;

First thing you notice is retail jumping back in hard. That first chart is basically saying: people who were sitting on the sidelines are now pouring money into the market again, and not in a small way… we’re talking big inflows, similar to peak hype moments. It’s that classic shift from “I’m not sure” to “shit, I’m missing this rally”. 📈🔥

At the same time, if you look under the hood, the market isn’t really moving because of earnings or fundamentals. It’s way more about news, politics, and headlines. That second chart shows how every time there’s some positive signal like geopolitical de-escalation, the market jumps fast… but then struggles to keep it going. 📰⚠️

So what’s been happening over the past months is kind of messy. You’ve got a market that keeps reacting to headlines instead of building a solid trend, bouncing up and down depending on what gets announced.🧠💥

Now fast forward to this week, and you’ve got this weird combo. On one side, everyone’s buying again, but on the other side, the market itself still feels kind of shaky underneath, because it’s being driven by headlines, not something solid, overall direction isn’t that clean.

So the vibe right now is basically this: it looks strong, but it’s more like a headline-driven rally with retail FOMO kicking in, not a super healthy trend. And when you see retail rushing in late while the structure isn’t fully there, that’s usually where things get a bit tricky. 🎯🚨

3️⃣Articles of the Week

As weekly, here are a couple of articles I found particularly interesting and constructive.

| @altaycap

Market inefficiency: The article explains that a strategic buyer already offered a significant premium, but the deal was blocked by an activist → meaning the current price likely doesn’t reflect the company’s true strategic or control value.
Real bet: It highlights that this is not about fundamentals, but about what the activist does next (force a sale, restructure, or trigger a new bid), creating event-driven upside optionality.

Altay Capital - Mostly Value Investing

Nanocap Osaka Yuka Industry (4124): A Strategic Buyer Offered ¥3,201. An Activist Paid More to Stop the Deal. The stock trades at ¥2,746

Share Price: ¥2,746…

a month ago · 26 likes · 7 comments · AltayCap

| @objetivolibertadfinanciera

Explains a portfolio decision driven less by “maximum return” and more by practical fit with lifestyle and mental load, rejecting direct real estate despite its attractiveness.
Instead, opts for REITs/ETFs as a way to capture the same exposure in a more scalable and hands-off way, highlighting that good investing is as much about sustainability for the investor as it is about returns.

Objetivo: Libertad financiera

Abro mi cartera de inversión DE NUEVO: Esta es MI NUEVA COMPRA

Hoy esta edición se publica con el apoyo de Finizens, que patrocina este espacio porque creemos en lo mismo: educación, transparencia y finanzas al alcance de todos…

a month ago · 35 likes · 18 comments · Objetivo: Libertad financiera

Subscribe now

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

I hope you find the content useful.😀

May the investment be with you.

Magno Investments Research

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

📨 Weekly Investment Newsletter – Nº14

𝐌𝐀𝐆𝐍𝐎 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓𝐒 RESEARCH — Sun, 05 Apr 2026 11:50:31 GMT

1️⃣Investment idea of the week

2️⃣Charts of the Week

This week markets have been still shaped by the geopolitical tension around the Strait of Hormuz, which is taking more time than expectedd for all parties involbved.

Below, you can see the first chart which shows that this kind of event is not new for equities: typically, you see an initial dip right when the shock hits, but then returns tend to recover quite steadily over the following months.

All operators are concerned, however, this pattern is fairly consistent across events, which suggests that markets quickly absorb the uncertainty and move back to pricing fundamentals rather than staying anchored to the geopolitical noise 🌍📉

On the other hand, this ties quite well with what we see in the second chart, where the focus shifts from short-term shocks to the broader macro regime. The current setup looks like a reflation environment, with inflation still present and growth holding up, and that’s where the idea of a barbell comes in.

On one side, defensive value sectors benefit from inflation and stability, while on the other, cyclical value captures the upside from ongoing economic activity. It’s not a market dominated by one single style, but rather one where leadership is split depending on how growth and inflation evolve. 🧭⚖️

As usual, this is not about giving you a magic recipe, but rather sharing the key pieces so you can build your own forward-looking view as new events unfold. Despite the ongoing uncertainty, what we’re seeing is not new, as markets have gone through similar phases before and have eventually adjusted as the bigger picture became clearer. 🧠📈

3️⃣Articles of the Week

As every week, here there are a couple of articles that we found particularly interesting and constructive.

| @atomicmoat

• Marketplace dominance: the article explains how strong local network effects create category-leading platforms with pricing power and high recurring profitability

• Monetization depth: the article shows how growth is driven by increasing ARPU through product upgrades and deeper penetration in key verticals like real estate and auto listings

The Atomic Moat

Deep Dive: Baltic Classifieds Group (BCG.L)

If you read the Thesis Brief, you know the business. You know the flywheel, you know the Estonian tax shock, you know that a 78% EBITDA margin on a classifieds portfolio is genuinely extraordinary. You know the thesis…

a month ago · 5 likes

| @rochecapital

• Cash flow visibility: the article explains how Waste Management has highly predictable and recurring cash flows, driven by essential services and long-term contracts, enabling strong forward visibility on cash generation

• Capital allocation discipline: the article highlights how steady free cash flow is systematically deployed into capex, dividends and buybacks, reinforcing a compounding model with operating leverage and shareholder returns

Tesis, ideas, actualizaciones y curiosidades. -> Cartera concentrada de 15-20 empresas.","profile_set_up_at":"2023-10-05T12:45:06.582Z","reader_installed_at":"2023-10-05T07:00:03.976Z","publicationUsers":[{"id":2101192,"user_id":43843566,"publication_id":2097152,"role":"admin","public":true,"is_primary":true,"publication":{"id":2097152,"name":"Roche Capital","subdomain":"rochecapital","custom_domain":null,"custom_domain_optional":false,"hero_text":"Roche Capital: ¿Qué puedes esperar?\n\n✓ Análisis empresarial usando todas las herramientas que sea capaz de aprender. \n✓ Tesis, curiosidades y opiniones.\n✓ Cartera concentrada de 15-20 empresas.\n✓ Inversión a largo plazo","logo_url":"https://substack-post-media.s3.amazonaws.com/public/images/9440251f-9bb9-40e2-bb14-81bf47cd0a09_194x194.png","author_id":43843566,"primary_user_id":43843566,"theme_var_background_pop":"#FF81CD","created_at":"2023-11-11T02:48:35.989Z","email_from_name":null,"copyright":"Pedro Ortiz","founding_plan_name":null,"community_enabled":true,"invite_only":false,"payments_state":"disabled","language":"es","explicit":false,"homepage_type":"magaziney","is_personal_mode":false,"logo_url_wide":null}}],"is_guest":false,"bestseller_tier":null,"status":{"bestsellerTier":null,"subscriberTier":null,"leaderboard":null,"vip":false,"badge":null,"paidPublicationIds":[],"subscriber":null}}],"utm_campaign":null,"belowTheFold":true,"type":"newsletter","language":"en"}" data-component-name="EmbeddedPostToDOM">

Roche Capital

15.2# WM - Management target: cash flows!!

Alguien mucho más sabio que yo dijo una vez: “show me the incentives and I´ll show you the outcomes (muéstrame los incentivos y te mostraré el resultado…

2 months ago · Pedro Ortiz

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

I hope you find the content useful.😀

May the investment be with you.

Magno Investments Research

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Evli Emerging Frontier Fund

𝐌𝐀𝐆𝐍𝐎 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓𝐒 RESEARCH — Tue, 31 Mar 2026 07:43:51 GMT

Fund Overview

To start with, this is not your typical emerging markets fund. Evli Emerging Frontier B is really about going where capital has not fully arrived yet, where markets are still messy, misunderstood and, because of that, mispriced.

ISIN: FI4000066915
Structure: UCITS (Finland-domiciled investment fund)
Investment Manager: Evli Fund Management Company Ltd
Depositary: Skandinaviska Enskilda Banken AB (Helsinki Branch)
Asset Class: Emerging & Frontier Equities
Investment Style: Active, bottom-up (consumer-driven growth + value bias)
Currency: EUR
Fund Inception: 08/10/2013

That idea shows up clearly in the numbers. Since launch, the fund has compounded at roughly 12 % annually, reaching over 300 percent total return, which is quite remarkable considering the type of markets it operates in.📈🌍

Source: Evli Emerging Frontier Fund – Monthly Factsheet (February 2026)

What really matters is this fund is that it consistently finds returns in places where the market has not fully adjusted yet.

Investment Philosophy

Regarding the philosophy and how it achieved these returns, we have to say that the fund is built on a straightforward idea.

Less efficient markets offer more opportunities.

In practice, this translates into a very specific positioning. The fund consistently targets early-stage growth stories, particularly in regions where consumption is accelerating and business quality is improving faster than what the market is pricing in.

The historical performance is not linear or smooth, Instead, it shows bursts of strong outperformance followed by periods of consolidation or drawdowns.

👉The strategy captures re-ratings when inefficiencies close, rather than delivering steady beta-like returns. 🚀📈

Source: Evli Emerging Frontier Fund – Monthly Factsheet (February 2026)

At the same time, the risk profile tells a complementary story. Sitting around mid-range on the scale, it confirms that this is not an extreme high-risk bet, but neither is it designed for stability. ⚖️🌐

Source: Evli Emerging Frontier Fund – Monthly Factsheet (February 2026)

As said, inefficiencies in these markets do not disappear quickly, they require time, capital flows and often structural changes in local economies.

That is why patience is not just a nice-to-have, it is part of the edge.
the longer the horizon, the higher the probability that mispricing converges to fundamentals. ⏳🧭

Portfolio Analysis

Looking at the portfolio the fund leans towards consumer and financial sectors, which are closely tied to how economies develop and mature over time.💰🧩

As incomes rise, spending increases and financial systems expand, and it is where the transition is where many of these companies operate.

Source: Evli Emerging Frontier Fund – Monthly Factsheet (February 2026)

Geographically, the fund avoids the most crowded parts of emerging markets and instead goes deeper into regions like Pakistan, Vietnam or parts of the Middle East, where fewer investors are active.

This is where the edge lies: it is not about finding growth, it is about finding it before it becomes consensus. 🌍🌱

Source: Morningstar

On the other hand, the preference for small and mid cap companies reinforces the philosophy; these businesses tend to be less covered and more sensitive to local dynamics, which increases the chance of mispricing.

Source: Morningstar

As a conclusion, we can see that the fund has a strong alpha of 9.69 pointing to real value creation through stock selection, while a beta of 0.62 shows that returns are not simply following the broader market.

In simple terms this fund does not rely on market direction, it creates its own path. 📊🚀

Fund Managers

Historically, portfolio management was delegated to Terra Nova Capital; as of 2026, it is now led by Antti Sivonen and Mathias Althoff. Consequently, the fund’s historical performance reflects a different investment team.

However, Sivonen and Althoff bring experience in emerging and frontier markets, strengthening research and portfolio implementation. Going forward, performance will reflect the new investment team, which will need to be assessed independently.🔒🧠

Why to Invest

What differentiates this fund is not simply its exposure to emerging or frontier markets, but how it positions itself within them.

As mentioned, it consistently moves into areas where capital is less present and pricing remains less efficient, which fundamentally changes the return profile;

Alpha driven by company-specific developments
→ less dependent on global flows, more on local execution and fundamentals
Access to earlier stages of growth
→ positions ahead of consensus, where re-rating potential is higher

Finally, to better understand the mindset behind the strategy, it is worth looking at how the lead portfolio manager approaches investing more broadly.

In this short interview, Antti Sivonen discusses the recent comeback of value investing and, more importantly, why markets are often driven by narratives in the short term but ultimately anchored in fundamentals, cash flow and valuation discipline.🪙🌍

While the video does not focus specifically on the fund, it provides a clear window into the thinking that shapes it.

Subscribe now

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

📨 Weekly Investment Newsletter – Nº13

𝐌𝐀𝐆𝐍𝐎 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓𝐒 RESEARCH — Sun, 29 Mar 2026 11:15:21 GMT

1️⃣Investment idea of the week

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

2️⃣Charts of the Week

This week has been dominated by the escalation of the Iran conflict and its direct impact on oil and global markets.

The geopolitical event is now evolving into a structural macro shock, with Brent crude surging sharply as markets price supply disruptions in key routes like the Strait of Hormuz. We are facing a real repricing of global risk and inflation expectations.⏳📉

Source: Geopolitical Futures Graphic / Decision Tree

The first chart highlights a critical point: the conflict is not binary, but probabilistic, and most paths lead to continued tension. Even in moderate scenarios, disruption persists, while more adverse outcomes point toward a “massive oil shock” with high probability (~70%).

Markets are clearly aligning with this skew, pricing not peace but prolonged instability and energy stress. 🔍📊

The second chart reinforces this by showing how expectations of a quick resolution have collapsed, with probability shifting toward longer timelines. This matters because duration transforms a shock into a regime: a short conflict creates volatility, a prolonged one creates macro change.

The market is now pricing the latter.

As a result, stagflation is becoming the dominant narrative. Higher oil feeds inflation while simultaneously weakening growth, a combination already highlighted by institutional research . This environment is toxic for risk assets and explains the ongoing equity weakness, where selloffs persist without clear capitulation signals. 📉🔥

In this environment, capital is rotating decisively. Energy, commodities, gold and defensive sectors are leading, while cyclical and growth assets lag behind.

The key message is simple, this is a structural shift in the macro landscape.🌍

3️⃣Articles of the Week

Fianally, here you will find two articles I found particularly interesting and constructive for this week.

| @floebertus

• Core advantage lies in focusing on short-duration projects, enabling faster capital recycling, stronger margin control and higher flexibility compared to peers locked into long-term contracts.

• Resilience to inflation comes from its specific cost structure and contractual protections, showing that outcomes depend more on company fundamentals than on the sector itself.

Floebertus

OKP Holdings interview

Summary…

a month ago · 16 likes · 4 comments · Floebertus

| @slowcompounding

• Network effect moat is driven by increasing parcel density, which lowers unit costs and improves service, reinforcing dominance over time.

• Investment thesis shift from long-term compounder to a valuation and potential corporate action story, creating tension between intrinsic value and market pricing.

Slow Compounding

InPost: The Parcel-Locker Flywheel — and the Lowball Takeover

I originally planned to write a full Deep-Dive on InPost. But with the recent takeover offer, the setup has shifted from a classic compounder story to a more event-driven situation with the long-term upside being capped for long-term investors (sadly…

2 months ago · 8 likes · 1 comment · Alexander

Subscribe now

I hope you find the content useful.😀

May the investment be with you.

Magno Investments Research

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Invesco Global Founders & Owners Fund

𝐌𝐀𝐆𝐍𝐎 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓𝐒 RESEARCH — Tue, 24 Mar 2026 09:02:06 GMT

1. Fund overview

The Invesco Global Founders & Owners Fund begins with a premise that is deceptively simple, yet profoundly powerful: incentives shape outcomes.

At a structural level, the fund can be summarised as follows:

ISIN: LU1762221155 (varies by share class)
Structure: UCITS (Luxembourg-domiciled investment fund)
Investment Manager: Invesco Asset Management
Asset Class: Global Equity
Investment Style: Founder-led / Owner-aligned investing (bottom-up stock selection)
Currency: EUR (share class dependent)
Fund Inception: 2015

Since its launch in 2015, the fund has evolved into a high conviction global equity strategy, structured as a Luxembourg UCITS and built around a concentrated portfolio of roughly 30 to 35 companies, where decision makers are also meaningful owners. 📈🔍

2. Investment philosophy

The strategy is not defined by style, sector or geography, but by incentive design, which is exactly what the fund’s name reflects. By focusing on Founders and Owners, it targets companies where those making the decisions also have meaningful ownership at stake. 🧠📌

Instead of asking what a company does, the fund starts with who controls the capital and whether their interests are aligned with long term shareholders. In that sense, the name is not descriptive, it is directional. It defines the source of the edge.

This places the strategy between traditional value and growth, but it is better understood as quality-driven GARP, focused on businesses that can reinvest capital at high returns over time through disciplined capital allocation. 📊⚙️

As Charlie Munger put it:

“I think I’ve been in the top 5% of my age cohort all my life in understanding the power of incentives, and all my life I’ve underestimated it.”

Founder led and owner managed businesses tend to allocate capital more efficiently, think in longer time horizons and avoid value destructive decisions. This does not remove risk, but it tilts outcomes in favour of compounding rather than capital erosion.

This becomes visible in holdings such as 3i Group, which provides exposure to Action. Compared with global retailers like Walmart, Costco or Inditex, the point is not portfolio overlap, but trajectory. The fund targets businesses capable of sustained, above average compounding driven by execution and alignment. 📈🌍

Ultimately, the strategy is built around a simple idea: aligned incentives drive better decisions, and better decisions drive long term compounding. ⏳📊

3. Performance

The fund’s performance profile is a direct reflection of its philosophy. Because the portfolio is concentrated and driven by high conviction positions, short term results can be volatile and may deviate from the benchmark, but as a natural consequence of how returns are generated.📉📈

Source: Invesco – Fund Factsheet / KIID

However, once the time horizon is extended, the picture becomes clearer. Over three and five years, the fund has delivered strong outperformance relative to its benchmark, confirming that the strategy is designed to work across full cycles rather than isolated periods.

Source: Invesco – Official performance report / factsheet

The key insight lies in how returns are generated. Performance is not evenly distributed across the portfolio, instead, it is generated by a subset of companies that compound at significantly higher rates.⚡📈

Source: Invesco – Factsheet / Monthly report

Strong performers leads the majority of returns, while the rest of the portfolio plays a supporting role. As a result, compounding does not appear linear, but step-like and convex over time.

4. Portfolio Construction

The concentration of the portfolio is the natural result of the filtering process. Once the universe is reduced to companies with meaningful insider ownership and strong fundamentals, the opportunity set narrows significantly.🧠🌱

This is also reflected in the fund’s style positioning. Rather than fitting neatly into traditional value or growth categories, the portfolio tends to sit in a blend space with a bias towards quality growth, consistent with a GARP-like approach.

Source: Morningstar (style box)

At the sector level, exposure is built from a bottom-up selection.

Industrials, technology and financials dominate because they are fertile ground for scalable, ownership-driven businesses capable of compounding capital over time.

Source: Invesco – Fund Factsheet

Geographically, the portfolio is anchored in the United States, with selective exposure to Europe and Asia. This is not diversification for its own sake, but capital allocation by opportunity, where alignment and business quality are strongest. 🌍📍

Source: Invesco – Fund Factsheet

In terms of stock level, the structure becomes clearer. The portfolio combines global leaders such as Microsoft or NVIDIA with more idiosyncratic names like 3i Group, yet what links them is not sector or geography, but a shared ability to reinvest capital at attractive rates under aligned ownership. 🧩📈

Source: Invesco – Fund Factsheet

Finally, capital moves in and out in response to short-term performance, but the underlying structure of the portfolio remains consistent.

Source: Morningstar Fund Data

The strategy is not designed to optimise for flows, but to maintain exposure to long-term compounders, regardless of short-term sentiment.

5. Management

The strategy is led by Joe Dowling.

Dowling’s approach is consistent with the broader Invesco philosophy in this space, as said, he combines fundamental analysis with a focus on management alignment and ownership structures, the process is grounded in understanding how businesses are run and how capital is deployed over time. 🔍📘

At its core, the management approach reflects a clear principle: markets are difficult to predict, but behaviour is more observable.

6. Why this fund?

The Invesco Global Founders & Owners Fund is not designed to provide comfort.

It is designed to provide asymmetry, accepting volatility as the cost of accessing superior long term returns.

Compounding over short-term performance
The strategy does not aim to outperform every quarter, but to compound capital over time through disciplined decision-making.⏱️🪙
Behavioural edge as the core driver
The advantage lies in alignment and behaviour, not in forecasting markets, making it more durable and harder to replicate.🧠🔒

For a deeper understanding of the strategy, its philosophy and how it is implemented in practice, the following presentation from Joe Dowling provides additional context on how the team thinks about incentives, capital allocation and long-term investing.

I hope you find the content useful.😀

May the investment be with you.

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

📨 Weekly Investment Newsletter – Nº12

𝐌𝐀𝐆𝐍𝐎 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓𝐒 RESEARCH — Sun, 22 Mar 2026 09:43:37 GMT

1️⃣Investment idea of the week

We’ve just finished our UK Ideas Week, here’s the full market research.

Now we’re kicking off Switzerland Ideas Week, a market known for quality, resilience and world-class businesses.

Thanks for reading 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧! This post is public so feel free to share it.

2️⃣Charts of the Week

The week starts with shipping disruption. Despite fewer attacks, Red Sea traffic remains ~50% below normal, with vessels still rerouting via the Cape of Good Hope. This signals a shift from a temporary shock to a structural supply chain issue, reinforcing the idea that the conflict is becoming prolonged and entrenched, with no near-term resolution in sight. 🚢⚠️

From there, the story moves to Hormuz, which is where the real energy risk sits. A very large share of oil, LNG and other key commodity flows still depends on that corridor, and the alternative pipelines shown in the slide help, but they do not fully replace normal seaborne volumes.

That is the key market point. The issue is not just whether some cargo can still move, but whether the system can keep moving at the scale and speed the market needs. If disruption drags on, the next step is not just delays, but tighter physical supply, scarcity in some segments and eventually demand destruction. 🛢️🌍

On top of that, the latest attacks on refining and processing infrastructure add a second layer of pressure. The image of the smoke and the summary table make the point clearly. Damage to these assets is not just about a short lived fire headline, it can mean real capacity loss and long repair timelines. In the case shown, the estimated impact is around 17 to 20% of capacity, with a possible recovery window of 3 to 5 years. That tells you the market is now dealing with more than transport disruption. It is also dealing with the risk of lost processing capacity, which makes the whole supply chain even less flexible. 🔥🏭

That is why Brent is not the whole story. The more relevant signal is what happens to the actual regional crude benchmarks, especially Dubai, Oman and related Middle East barrels that price the oil Asia really buys. And that is where stress is showing up more clearly.

So even if governments talk about protecting shipping lanes or releasing strategic reserves, the market still sees a system under pressure. Put simply, flows are less reliable, infrastructure is taking damage, and physical tightness is building faster than policy reassurance can calm it. 📈⛽

Articles of the Week

This week we bring you, as always, several interesting creators.

| @gilescapital

• Market backdrop & opportunity set: explains how geopolitical tensions (oil spike, Hormuz disruption) are driving volatility and fear, creating pockets of mispricing where patient capital can find opportunities

• Core idea generation approach: curates multiple deep value ideas globally (e.g. low P/E, high FCF yield, asset undervaluation) showing a systematic process of finding mispriced companies with strong fundamentals and insider alignmen

Value Investing by Giles Capital

Giles Capital Weekly - Week 11

Welcome to another edition of Giles Capital Weekly. US strikes on Iran’s Kharg oil hub pushed crude above $90 last week, with a key UAE port suspending oil loadings after a drone attack. Strait of Hormuz transit remains …

2 months ago · 14 likes · 1 comment

| @valuephilosopher

• Why he sold Spotify: explains how the thesis played out and the market fully recognised the business, with margins improving and valuation no longer offering clear upside

• Core investing lesson: buying mispricing and selling once normalisation occurs, stressing patience, discipline and capital reallocation once the easy returns are captured

The Value Philosopher

Spotify Part 2: Why I Sold My Shares

Spotify Part 1: How I Made 391% on the Stock…

2 months ago · 4 likes · The Value Philosopher

Thanks for reading 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧! This post is public so feel free to share it.

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Market Research UK

𝐌𝐀𝐆𝐍𝐎 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓𝐒 RESEARCH — Sun, 22 Mar 2026 09:40:47 GMT

As part of our ongoing series analysing small-cap markets across different countries, this time we turn our focus to the United Kingdom.

We’ve screened the market identifying and discarding 50+ ideas ❌🧠 each backed by clear key insights on why they fail to meet our standards.

From that process, we highlight 3 investment ideas. Three Small caps with stronger fundamentals, better capital allocation and real compounding potential.📈🔥

📥 Download the report.

Market Research Uk

4.08MB ∙ PDF file

Download

If you enjoy this type of structured market research of small-cap analysis, please, support our work.

👍 Like the post
🔁 Share it with investors
📩 Subscribe to receive upcoming country reports

Thanks for reading 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧! This post is public so feel free to share it.

Subscribe now

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Valentum FI

𝐌𝐀𝐆𝐍𝐎 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓𝐒 RESEARCH — Tue, 17 Mar 2026 14:01:06 GMT

1. Overview of the fund

Valentum FI is a global equity strategy built with a clear objective: compound capital over time through active stock selection, not by following the market.

ISIN: ES0182769002
Structure: UCITS (Spain-domiciled investment fund)
Investment Manager: Valentum Asset Management, SGIIC, S.A.
Depositary: CACEIS Bank Spain S.A.
Asset Class: Global Equity
Investment Style: Value & Momentum (bottom-up stock selection)
Currency: EUR
Fund Inception: 21/02/2014

Since inception in 2014, the fund has delivered +209.6%, outperforming its European benchmark, which reinforces one key idea: alpha has been generated through decisions, not exposure. 📈🧠

Source: Valentum Asset Management, Valentum FI Monthly Report (February 2026),

However, the real insight is not the final number, but the path. The return profile shows strong asymmetry, with years of sharp gains like +27.6% (2021) and +33.2% (2025), but also deep drawdowns like -28.2% (2022). The fund is positioned where mispricing exists, and that implies accepting volatility as the cost of capturing long-term value.

Source: Valentum Asset Management, Valentum FI Monthly Report (February 2026)

The key takeaway is simple: Valentum is not designed to avoid losses, but to recover faster and compound better than the benchmark over full cycles 📈🧭

2. Investment philosophy

This is the true core of Valentum, and where the strategy becomes genuinely differentiated. The fund is built on a combination of Value and Momentum, not as isolated factors, but as a unified decision framework that ultimately drives capital allocation.🧠⚙️

Value, in Valentum’s approach, means investing in high-quality businesses with strong balance sheets, reliable management and consistent cash generation, all trading at a clear discount to intrinsic value because temporary problems.

This is critical, as it avoids one of the biggest pitfalls of traditional value investing: buying cheap companies that are cheap for structural reasons.⚠️📉

Momentum means the presence of real catalysts capable of unlocking value. These may include operational improvements, management changes, restructurings or shifts in sector dynamics.🔄📊

The real edge lies in how both elements interact.

Valentum does not simply ask whether a company is undervalued. It goes one step further:

What will make the market recognise that value?

That question changes everything. It transforms the strategy from passive value investing into a process focused on value realisation, which is ultimately what drives returns.

On the other hand, the fund shows a clear bias towards small and mid caps with a value tilt, precisely where market inefficiencies tend to be greater. However, this positioning also explains why the fund can diverge significantly from large-cap dominated indices, especially in environments where mega-cap growth leads the market.

Source: Morningstar Style Box

And this is where performance needs to be understood properly.

Valentum has delivered a CAGR of 9.9% since inception, above MSCI Europe, while maintaining lower volatility than small cap benchmarks like the Russell 2000.

Source: Valentum Asset Management, Valentum FI Monthly Report (February 2026)

This combination is not accidental. It reflects the underlying logic of the strategy. By focusing on less efficient segments of the market, the fund captures part of the upside typically associated with small and mid caps. But by applying valuation discipline, balance sheet filters and catalyst-driven selection.

In the end, everything connects back to the same idea:
Buy undervalued businesses with a clear path to re-rating, and manage risk through conviction and discipline, not through dilution.📋

3. Portfolio snapshot

The portfolio is diversified, but not neutral. It reflects where the managers are actually finding value today.

Sector exposure is led by Technology (15.3%) and Industrials (14.9%), followed by Consumer and Healthcare.

Source: Valentum Asset Management, Valentum FI Monthly Report (February 2026)

This mix is important , as It suggests that the fund is not positioned around one macro bet, but around multiple independent sources of value, including structural growth areas and cyclical recovery plays.📊⚖️

Geographically, the fund is clearly Europe-centric, with over 70% in the Eurozone, complemented by selective exposure to the US and other developed markets, plus a liquidity buffer (~7%).

Source: Valentum Asset Management, Valentum FI Monthly Report (February 2026)

The fund is not globally diversified, Europe is overweight because that is where mispricing is currently more evident, something also aligned with their recent macro commentary around a “resurgence of Europe” narrative.🚀📈

Additionally, the portfolio construction reflects another layer of discipline: the managers prioritise companies with low leverage and strong cash profiles, which is especially relevant in small and mid caps where balance sheet risk can destroy value quickly.

Currently, Valentum sits at a risk level of 4 out of 7, which reflects a balanced but clearly equity-driven profile

Source: Valentum Asset Management, Valentum FI Monthly Report (February 2026)

This is not just a portfolio of cheap stocks. It is a portfolio of financially resilient businesses waiting for recognition 🌍💼

4. Access through Valentum Flagship Lux

Although Valentum FI is a Spanish UCITS fund, it can also be accessed through a Luxembourg structure, Valentum Flagship Lux, which essentially allows international investors to gain exposure to the same strategy.

The important point is that this structure does not change the investment approach. It simply facilitates access, making the fund investable beyond Spain.

This is relevant because many boutique strategies remain limited by distribution. Valentum, instead, combines a high-conviction investment process with a scalable access structure, which is not that common in smaller asset managers. 🌐🏛️

5. Fund managers

The fund is managed by Luis de Blas and Jesús Domínguez, who have been working together at the helm of the strategy since its inception in 2014.

Their consistency is clearly reflected in both the portfolio construction and the long-term performance pattern, showing a strategy that remains coherent through different market cycles rather than adapting to short-term trends.👔📘

6. Why Valentum

Valentum stands out because it is coherent end to end.

The edge is not just being a value fund, but being a value fund with a catalyst framework, which significantly improves the probability of value being realised.

It is also differentiated because it is:

Active and benchmark independent
Focused on mispriced quality, not just cheapness
Willing to act decisively when the thesis changes
Structured to be accessible internationally

In short, Valentum is built around a simple but powerful idea:
Find undervalued companies with a reason to re-rate, and stay disciplined enough to let time do the work ⭐📈

Finally, below you will find a couple of recent interviews with the fund managers, so you can better understand the core philosophy behind it.

| @worldstocksinvestments

| @momentumfinancial

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

📨 Weekly Investment Newsletter – Nº11

𝐌𝐀𝐆𝐍𝐎 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓𝐒 RESEARCH — Sun, 15 Mar 2026 09:00:09 GMT

1️⃣Investment idea of the week

2️⃣Charts of the Week

Markets remain volatile as investors react to the escalating geopolitical tensions around Iran and the Middle East. The key issue for markets right now is the potential impact on global oil supply and inflation expectations, which explains why macro desks and strategists are increasingly publishing scenario analyses to frame possible outcomes for energy prices and economic growth. 🌍📉

Mizuho EMEA, for example, outlines several potential paths depending on how the conflict evolves. Their base case assumes regime survival in Iran, with oil likely moving into the $75–95 per barrel range and only a short-lived inflation impulse, delaying central bank rate cuts. In more disruptive scenarios such as prolonged unrest or regime adjustment, oil could spike toward $95–110+, bringing a stronger and more persistent inflation shock and forcing central banks to remain cautious on easing. 🛢️📊

Bloomberg Economics, meanwhile, frames the situation through a slightly different lens, focusing on the probability of attacks on energy infrastructure. Their most likely outcomes currently point either to limited attacks on energy assets, which could push oil toward around $80 per barrel with a modest inflation effect, or a ceasefire scenario, which would keep oil closer to $65 and limit macroeconomic damage.⚡🛢️

At the same time, the broader financial market backdrop is being complicated by rising volatility in the private equity sector. As shown in the chart, a basket of major firms such as Blackstone, KKR, Apollo and Carlyle has experienced repeated drawdowns, recently falling around 36% from its high.

This divergence suggests investors are becoming more cautious toward leveraged and rate-sensitive financial models, particularly as uncertainty around interest rates and credit conditions persists. 📉🏦

Looking ahead, markets will remain highly sensitive to incoming geopolitical headlines. Recent reports about plans to deploy 2,500 U.S. Marines to the region suggest that tensions may persist rather than fade quickly. For now, we will be closely monitoring the situation and how it develops in the coming weeks. ⏳🧭

3️⃣Articles of the Week

| @idresearch

• Insurance industry and opportunity: The article explains how the insurance industry works, including underwriting profits, the importance of the investment float, and the cyclical nature of the sector, framing it as a massive market with structural inefficiencies.

• Disruption thesis (AI-driven insurance): It argues that Lemonade aims to disrupt the traditional insurance model through a digital, AI-native platform capable of pricing risk more precisely and operating without the legacy agent-based distribution systems of incumbent insurers.

ID Research

Lemonade: Tesis de inversión (Parte 1)

Introducción…

2 months ago · 12 likes · 1 comment · ID Research | Sergio

| @matteroftimeresearch

• Business model and investment thesis: Broadly, explains how Games Workshop has built a highly profitable niche business around the Warhammer intellectual property, supported by loyal hobbyist customers, strong margins and efficient capital allocation.

• Competitive advantage and ecosystem: The article describes how the company’s moat comes from a unique hobby ecosystem of miniatures, lore and gaming that fosters a strong community and recurring spending from highly engaged players.

Matter of Time Research

$GAW Deep Dive Part 1

Welcome to the first Deep Dive of the substack…

2 years ago · 7 likes · 2 comments · Matter of Time Research

I hope you find the content useful.😀

May the investment be with you.

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Investing in Frontier Markets | Magna New Frontiers Fund

𝐌𝐀𝐆𝐍𝐎 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓𝐒 RESEARCH — Fri, 13 Mar 2026 11:24:13 GMT

🎙️ New interview on the channel! 🚀😊

We are launching a new series of interviews with leading fund managers. In this first episode, we speak with Dominic Bokor-Ingram, portfolio manager of the Magna New Frontiers Fund at Fiera Capital.

In the conversation, Dominic explains how he approaches investing in frontier markets, a less followed segment of global markets where inefficiencies and attractive opportunities can still be found 🌍.

📈 Over the last 10 years, the strategy has delivered an average annual return of 11.44%.

In this podcast you will find valuable insights into frontier market investing, including:

• 🌍 How to identify opportunities in under-researched economies
• 📊 Portfolio construction and diversification in frontier markets
• 🧭 Lessons from more than 30 years of experience investing in emerging and frontier markets

▶️ Watch the full interview here:

Here is also the analysis of the fund we did last month in case you have not already read it yet:

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

Kopernik Global All-Cap Equity Fund

𝐌𝐀𝐆𝐍𝐎 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓𝐒 RESEARCH — Tue, 10 Mar 2026 17:58:57 GMT

Fund Overview

The Kopernik Global All-Cap Equity Fund is a global equity strategy designed to capture long-term capital appreciation through active stock selection across developed and emerging markets.

ISIN: IE00BH6XSF26
Structure: UCITS – ICAV (Ireland-domiciled)
Investment Manager: Heptagon Capital Limited
Sub-Investment Manager: Kopernik Global Investors LLC
Asset Class: Global Equity (All-Cap)
Currency: EUR
Fund inception: 16/12/2013
Share class inception: 28/09/2015

The portfolio invests across the entire capitalisation spectrum, allowing the managers to allocate capital wherever valuation opportunities arise rather than following benchmark allocations. The strategy therefore emphasises flexibility and independent research, seeking companies whose market prices diverge materially from their underlying economic value. 📊🌍

Source: FactSet Research Systems and Brown Brothers Harriman (BBH), Kopernik Global Investors.

As seen through its long-term performance profile, the strategy follows its own cycle rather than mirroring global equity indices.

The fund can diverge meaningfully from the benchmark during certain market phases, but when undervalued sectors re-rate the upside can be substantial. A recent example is the strong annual performance where the fund delivered around 70% versus roughly 22% for the MSCI ACWI, illustrating how a valuation-driven portfolio can benefit when market sentiment shifts. 📈🚀

Investment Philosophy

The style map offers a useful insight into how the strategy approaches the market. The portfolio sits firmly within the value segment across different market-capitalisation ranges, indicating a deliberate preference for companies trading below intrinsic value rather than high-growth stocks priced for future expectations.

This positioning reflects a disciplined value framework that prioritises valuation and margin of safety over short-term market trends. 📉📊

Source: Morningstar Direct, as of Feb 28, 2026.

On the other hand, by focusing on businesses where price and fundamentals diverge, the managers aim to exploit inefficiencies created by market sentiment, cyclical downturns or temporary investor pessimism. Over time, as fundamentals improve or the market reassesses these companies, the valuation gap can close, generating attractive long-term returns for patient investors. 💡📉

Source: Kopernik Global Investors, fund presentation.

Generally speaking, the strategy follows a contrarian value approach, seeking assets trading significantly below intrinsic value and waiting for the market to eventually recognise that value. The historical performance shown below reflects how this disciplined approach has translated into solid long-term returns.

Portfolio Positioning

Sector allocation provides a clear illustration of this philosophy in practice. The portfolio shows a significant overweight in materials and energy, sectors that tend to be cyclical and often fall out of favour during growth-driven market phases.

Meanwhile, exposure to information technology is considerably lower than in the MSCI ACWI benchmark. This composition reflects the managers’ emphasis on valuation opportunities rather than macroeconomic forecasting.

Source: FactSet Research and BBH

Geographically, the portfolio holds meaningful exposure to emerging markets and regions outside the United States, while the benchmark remains heavily concentrated in US equities. At the company level, positions such as Valterra Platinum, Seabridge Gold and LG Uplus highlight the fund’s willingness to invest in industries and regions that may currently be overlooked by the broader market. 🌏📈

Portfolio Dynamics

Investment flows provide a useful perspective on how investors behave around the strategy. Over time, the chart shows that net flows tend to move in cycles, with periods of inflows often following strong performance and outflows appearing after weaker market phases.

Despite these fluctuations, total assets have generally trended upward, suggesting that the strategy has continued to attract capital over the long run as performance compounds and investor confidence gradually builds. 📈💰

Source: Morningstar Direct, as of Jan 31, 2026.

This pattern is typical of contrarian strategies, where investor sentiment usually reacts to past performance rather than anticipating it. In other words, capital often enters the fund after strong periods rather than before them. 📊⚖️

Risk Context

Regarding the risk statistics we can highlight the differentiated nature of the strategy. With a beta of roughly 0.58 and a correlation near 0.55 to the benchmark, the portfolio behaves differently from traditional global equity funds. This lower correlation suggests that the strategy can provide diversification benefits within a broader equity allocation.

Source: Morningstar, as of 31.01.2026.

From a regulatory perspective, the fund sits in risk category 6, reflecting the volatility typically associated with global equities and exposure to emerging markets.

Source: Kopernik Global Investors, fund factsheet.

Investors should therefore expect periods of fluctuation in returns, particularly during market environments dominated by growth-oriented stocks. ⚠️📊

Fund Managers

The strategy is led by David Iben, founder of Kopernik Global Investors and one of the most recognised global value investors. 👨‍💼👩‍💼📊

His investment approach emphasises independent thinking and a willingness to invest where consensus views are most pessimistic but valuations appear compelling.

He is joined by Alissa Corcoran, Co-Chief Investment Officer and Director of Research.

Together they oversee the research process and portfolio construction, supported by a team of analysts who continuously challenge investment ideas and refine valuation frameworks through collaborative debate.

Why Consider the Kopernik Global All-Cap

This strategy is likely to appeal to investors looking for something genuinely different from traditional global equity funds. The portfolio often sits far from benchmark positioning, investing in areas of the market that tend to be overlooked or temporarily out of favour. As a result, it can make sense for investors seeking a high degree of diversification within a broader equity portfolio, particularly those comfortable with a more contrarian and unconventional allocation style. 🧭🪙

In practice, it may suit investors who value independent thinking and a proven long-term track record, and who are willing to tolerate periods where the portfolio moves differently from mainstream global equity strategies. For those interested in understanding the philosophy behind the strategy in more depth, here are a couple of interviews with David Iben, where he discusses how he thinks about markets and investing. 🎙️📚

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

Subscribe now

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

📨 Weekly Investment Newsletter – Nº10

𝐌𝐀𝐆𝐍𝐎 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓𝐒 RESEARCH — Sun, 08 Mar 2026 09:18:46 GMT

1️⃣Investment idea of the week

2️⃣Charts of the Week

Markets started the week on edge after the escalation of the Iran conflict, which directly threatens global energy and trade routes. Around 20% of global oil shipments pass through the Strait of Hormuz, making any disruption there critical for both energy markets and global supply chains. Investors are now watching closely whether the conflict becomes prolonged, as this would keep pressure on inflation and central bank policy. 🌍🛢️

Source: U.S. Energy Information Administration (EIA), visualization by Anadolu Agency.

The immediate reaction has been in energy and shipping costs. Oil surged close to $90 per barrel, driven by fears of supply disruption and reduced production across Gulf exporters. At the same time, shipping routes and maritime insurance costs have spiked, with some insurers withdrawing coverage in the region and freight prices on certain routes doubling in a matter of days.

This creates a second inflation channel beyond energy: logistics and global trade costs. 🚢📈

Source: www.drewry.co.uk

The first image (table) presents the latest data from the Drewry World Container Index (WCI), one of the main benchmarks tracking global container freight rates. The index measures the cost of shipping a 40-foot container across the world’s major trade routes. 📦💸

As of 5 March 2026, the composite index stands at $1,958 per container, with notable weekly increases on key routes such as Shanghai–Los Angeles (+10%) and Shanghai–New York (+7%).

These movements suggest that shipping markets are already starting to price in geopolitical risk, particularly as uncertainty grows around critical maritime routes and global supply chains. 🌍⚓

Source: Drewry World Container Index

On the other hand, the second image (chart) illustrates the recent evolution of freight rates across major routes, including Shanghai–Rotterdam, Shanghai–Los Angeles, Shanghai–Genoa, and Shanghai–New York.

The chart shows how freight costs surged during the global supply-chain crisis before gradually normalizing as logistics conditions stabilized, however, the latest data points reveal a renewed upward turn in several routes, indicating that freight markets are once again reacting to disruptions and rising risk premiums. 📦📊

Historically, these dynamics can escalate quickly. When maritime routes face disruptions or insurers raise risk premiums, freight rates can spike within weeks as carriers reroute vessels, transit times lengthen, and shipping capacity tightens.📈💸

Taken together, both images reinforce the same macro point: the current geopolitical shock is not only an energy story. Rising logistics costs are beginning to ripple through global supply chains, creating an additional inflationary channel via international trade and transportation costs. 🌐⚠️

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

3️⃣Articles of the Week

Below, as usual you will find two articles I found particularly interesting and constructive.

| @nikotes

• Software Darwinism in the AI Era: The article explains how AI is reshaping software markets, arguing that only the most essential, deeply embedded tools will survive while “good enough” software gets replaced.

• What Actually Survives: It highlights that software with strong customer lock-in, real mission-critical use cases, and constant improvement is far more likely to win in an AI-driven world.

📚 Knowledge Base for Growth & Quality Investing","profile_set_up_at":"2024-06-07T12:30:26.634Z","reader_installed_at":"2024-09-13T17:29:35.382Z","publicationUsers":[{"id":3073903,"user_id":21928569,"publication_id":3021102,"role":"admin","public":true,"is_primary":true,"publication":{"id":3021102,"name":"Nikotes","subdomain":"nikotes","custom_domain":null,"custom_domain_optional":false,"hero_text":"KB for Growth and Quality Investing","logo_url":null,"author_id":21928569,"primary_user_id":21928569,"theme_var_background_pop":"#FF6719","created_at":"2024-09-15T11:31:12.546Z","email_from_name":null,"copyright":"Expanse Stocks by Nikotes","founding_plan_name":null,"community_enabled":true,"invite_only":false,"payments_state":"disabled","language":null,"explicit":false,"homepage_type":"profile","is_personal_mode":true}},{"id":3075598,"user_id":21928569,"publication_id":3022746,"role":"admin","public":true,"is_primary":false,"publication":{"id":3022746,"name":"Expanse Stocks","subdomain":"expansestocks","custom_domain":null,"custom_domain_optional":false,"hero_text":"Knowledge Base for Quality & Growth Investing","logo_url":"https://substack-post-media.s3.amazonaws.com/public/images/d57c8b21-6a38-4004-aa21-24804baa59c7_1080x1080.jpeg","author_id":21928569,"primary_user_id":null,"theme_var_background_pop":"#FF6719","created_at":"2024-09-15T19:32:15.977Z","email_from_name":"Nikotes from Expanse Stocks","copyright":"Expanse Stocks","founding_plan_name":"Founding Member","community_enabled":true,"invite_only":false,"payments_state":"enabled","language":null,"explicit":false,"homepage_type":"magaziney","is_personal_mode":false}}],"is_guest":false,"bestseller_tier":null,"status":{"bestsellerTier":null,"subscriberTier":null,"leaderboard":null,"vip":false,"badge":null,"paidPublicationIds":[],"subscriber":null}}],"utm_campaign":null,"belowTheFold":true,"type":"newsletter","language":"en"}" data-component-name="EmbeddedPostToDOM">

Expanse Stocks

Software Darwinism

Thanks for reading Expanse Stocks! Join for free to get new articles and support my work…

2 months ago · 7 likes · Nikotes

| @caesarcapital

• Alphabet Beyond Search: The article frames Alphabet as much more than Google Search, breaking down how its ecosystem across ads, cloud, YouTube and AI supports long-term growth.

• AI and Cloud as the Next Engine: It explains why AI integration and Google Cloud are key to reducing ad dependence and driving the company’s next phase of value creation.

CAESAR CAPITAL

Alphabet, Inc

¡Muy buenas a todos! Bienvenidos al blog de inversión de Caesar Capital…

3 months ago · 50 likes · 4 comments · CAESAR CAPITAL

I hope you find the content useful.😀

May the investment be with you.

Magno Investments Research

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Polar Capital Global Insurance Fund

𝐌𝐀𝐆𝐍𝐎 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓𝐒 RESEARCH — Tue, 03 Mar 2026 11:51:10 GMT

Fund Overview

Polar Capital Global Insurance Fund is an Ireland-domiciled UCITS strategy launched in 1998 that invests exclusively in the global insurance sector.

Most equity portfolios are driven by macro cycles, interest rates, consumer demand or technology multiples. However, this fund is built around one structural mechanism: the growth of tangible book value per share in insurance companies.

Because of this, the fund is not positioned as a broad financial allocation. It is a pure underwriting portfolio, and that purity creates differentiation. In portfolio construction terms, it introduces exposure to a segment whose drivers are not identical to those of global equities or traditional financial stocks.

ISIN: IE00B4X2MP98
Structure: UCITS (Polar Capital Funds plc – Ireland-domiciled)
Investment Manager: Polar Capital LLP
Asset Class: Global Equity (Insurance sector focus)
Base Currency: GBP
Fund inception (Launch Date): 16 October 1998

Historical Performance

The long-term cumulative performance chart since inception is the starting point of the story.

Source: Polar Capital LLP, Professional Investor Fact Sheet – Polar Capital Funds plc – Global Insurance Fund (R Acc GBP), 30 January 2026 (data provided by Polar Capital & RSMR; MSCI index data for comparison).

This visual is crucial. It shows a structurally rising curve since 1998. It is not linear, and it does not avoid drawdowns. However, the key observation is the persistence of the upward trend over more than two decades. That persistence reflects something fundamental: insurance book value has compounded across multiple market regimes.

On the other hand, the annual data shows variability, which is normal. Insurance is not immune to cycles, however, what matters is that no single difficult year has broken the long-term compounding path.

Source: Polar Capital LLP, Professional Investor Fact Sheet – Polar Capital Funds plc – Global Insurance Fund (R Acc GBP), 30 January 2026 (Performance data provided by Polar Capital; MSCI index data for comparison).

The historical section therefore establishes two ideas: long-term compounding exists, and the return pattern is structurally distinct from broad equity sectors.

The strategy is designed to survive cycles, not avoid them. 📈⏳

Source: Polar Capital LLP, Professional Investor Fact Sheet – Polar Capital Funds plc – Global Insurance Fund (R Acc GBP), 30 January 2026 (Data provided by Polar Capital & RSMR; IA sector data source: RSMR).

Accordingly with what I mentioned, I like this performance comparison between the fund’s performance pattern vs broader IA sectors. At times it leads, at times it lags, but importantly, it does not simply replicate global equity behaviour. That is the key structural value of a 100% insurance strategy. It offers potential decorrelation through different economic drivers.

Investment Philosophy

The philosophy of the fund begins with a clear conviction: risk in the world is rising, not falling. 🌍⚖️

Insurance is not discretionary consumption. It is a structural necessity embedded in the functioning of modern economies.

Accidents, natural catastrophes, cyber threats and geopolitical tensions will continue to occur. Because risk itself does not disappear, the demand for protection does not disappear either. For that reason, the fund concentrates on non-life property and casualty insurers, a segment whose demand remains resilient and far less dependent on short-term economic growth.

However, the real differentiator lies not only in demand stability, but in how insurers generate returns.

These companies assume inherently risk while maintaining conservative balance sheets. Capital is largely invested in short-duration, liquid assets so claims can be paid at any moment. In a higher interest rate environment, that liquidity is no longer idle. The shift from near-zero yields to materially higher reinvestment rates has transformed the sector’s earnings profile. What was once a low double-digit return on capital has, in many cases, moved into the mid to high teens. 📈💰

At the same time, rising catastrophe frequency has led to a broad repricing of risk. Crucially, in insurance, volatility does not automatically erode profitability. When risks increase, premiums adjust accordingly. This built-in pricing flexibility reinforces the sector’s ability to protect margins across cycles.

Ultimately, this is not a strategy reliant on predicting macro outcomes. It is grounded in the structural economics of risk transfer, underwriting discipline and capital resilience. 🏛️📘

Subscribe now

Portfolio Snapshot

The portfolio composition reflects that philosophy directly.

Source: Polar Capital LLP, Professional Investor Fact Sheet – Polar Capital Funds plc – Global Insurance Fund (R Acc GBP), 30 January 2026, Portfolio Exposure (Sector Exposure % as at 30 January 2026).

Commercial insurance dominates the portfolio. Specialist commercial lines tend to reward pricing discipline, technical expertise and risk selection capability. Retail exposure is present but remains measured. Reinsurance is also included, though carefully balanced to limit excessive exposure to catastrophe volatility and earnings swings.

Source: Polar Capital LLP, Professional Investor Fact Sheet – Polar Capital Funds plc – Global Insurance Fund (R Acc GBP), 30 January 2026, Geographic Exposure by Listing (% as at 30 January 2026).

On the other hand, as you can see the United States is the deepest insurance market globally, with strong disclosure standards and developed regulatory frameworks.

Now look at concentration and conviction.

Source: Polar Capital LLP, Professional Investor Fact Sheet – Polar Capital Funds plc – Global Insurance Fund (R Acc GBP), 30 January 2026, Top 10 Positions, Total Number of Positions and Active Share (as at 30 January 2026).

The top ten positions represent a significant share of the portfolio, and Active Share is high. This confirms that the strategy is genuinely active. In a specialist sector, concentration can reflect analytical edge rather than excess risk.

Finally, market capitalisation balance adds texture.

Source: Polar Capital LLP, Professional Investor Fact Sheet – Polar Capital Funds plc – Global Insurance Fund, 31 July 2025 (Market Cap breakdown; data provided by Polar Capital & RSMR).

With over half of the portfolio allocated to large-cap insurers, the fund anchors itself in established franchises with scale, diversified books of business and proven capital discipline. At the same time, meaningful exposure to mid-cap specialists introduces growth potential and operational agility.

This balance is deliberate. It reflects a strategy that combines stability with selective upside, rather than leaning entirely toward defensive giants or niche small-cap volatility.

In other words, the portfolio structure mirrors the philosophy: core resilience supported by targeted specialist exposure. 📊🧭

Fund Managers

The analytical depth behind the strategy is fundamental. 🧠📊

Nick Martin and Dominic Evans bring extensive experience in analysing insurance companies, a sector where small details can have major long-term consequences.

Insurance accounting can be complex, and pricing mistakes may take years to become visible. That is precisely why specialist expertise matters.

Their experience allows the fund to assess risk selection discipline, balance sheet resilience and management alignment with precision. In a sector where errors may remain hidden before surfacing suddenly, rigorous analysis becomes a structural advantage.

Why Consider Polar Capital Global Insurance

The global risk environment is becoming increasingly complex. Climate volatility, cyber threats and geopolitical fragmentation are not temporary headlines, but structural forces reshaping the demand for protection. 🌍⚡

Against this backdrop, the fund may appeal to investors seeking long-term compounding, structural diversification and exposure to a sector with disciplined capital allocation. It offers a differentiated way to participate in global equity markets through the economics of risk transfer rather than traditional macro growth drivers. 🛡️📈

To conclude, below are a couple of interviews with Nick Martin, which provide deeper insight into the fund’s investment approach and the principles that underpin portfolio construction.

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Market Research Spain

𝐌𝐀𝐆𝐍𝐎 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓𝐒 RESEARCH — Mon, 02 Mar 2026 11:32:16 GMT

We’re starting a new research series focused on small-cap markets across different countries.🌍📊

Small caps have traditionally received limited attention from institutional investors. Fewer analysts, lower coverage and less liquidity often mean fewer eyes following these businesses. And where there are fewer eyes, inefficiencies tend to emerge.🧠

Spain is no exception. Within its small-cap universe, business quality varies significantly: some companies fail to earn adequate returns on capital, while others quietly build strong economics and reinvest with discipline, positioning themselves to compound over time. ⚖️📈

The challenge lies in telling them apart. This report is our attempt to bring structure and clarity to that landscape.

In this report, you will find:

🏛️A structured overview of the Spanish small-cap landscape

🚀 Four high-conviction investment ideas

📥 Download the report.

Market Research Spain

4.54MB ∙ PDF file

Download

If you enjoy this type of structured market research and in-depth small-cap analysis, make sure to support our work.

👍 Like the post
🔁 Share it with investors with business-owner mindset.
📩 Subscribe to receive upcoming country reports in this series

Subscribe now

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

Magno Investments Research

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

📨 Weekly Investment Newsletter – Nº9

Sun, 01 Mar 2026 09:14:07 GMT

1️⃣Investment idea of the week

2️⃣Charts of the Week

This week, markets have turned markedly volatile, trading with a clear risk-off bias as investors assess the implications of the recent escalation involving Israel, the United States and Iran. The geopolitical backdrop has injected a new layer of uncertainty into an already fragile macro environment.⚠️🛢️

Against this backdrop, broader structural signals are also flashing caution as two signals point in the same direction: record concern over excessive corporate capex and elevated financial leverage. The combination suggests we may be operating in a mature phase of the cycle, where optimism has already been largely priced in. 🌍📉

The BofA Fund Manager Survey shows a sharp rise in the net percentage of investors who believe companies are “overinvesting”. Historically, this shift occurs when confidence is high, financing is easy, and boards feel comfortable accelerating expansion. However, aggressive capital expenditure at cycle peaks often precedes periods of earnings normalization and multiple compression. 🏭📊

At the same time, margin debt remains structurally elevated relative to history and closely tracks equity market peaks (2000, 2007, 2021). Rising asset prices tend to encourage leverage; leverage, in turn, amplifies both gains and fragility. When valuations are extended and borrowing is high, the system becomes more sensitive to negative surprises.

Viewed together, these charts describe the same dynamic: corporations are expanding balance sheets through capex, while investors are expanding risk through leverage. That dual expansion typically characterizes late-cycle phases rather than early bull markets. 🤝📉

The market’s uneasy tone this week reflects that reality, more than ever we face a reduced margin for error in an tough environment.

3️⃣Articles of the Week

As always, here are a couple of articles I found this week particularly interesting and constructive.

| @citrini

This article has gained massive traction this week across financial and macro circles.🔥

• The piece outlines a 2028 scenario where rapid AI adoption leads to large-scale white-collar job displacement, collapsing consumer demand, corporate earnings, and ultimately financial markets.

• It argues that extreme productivity gains from AI could destabilize the economy, as machine output replaces human income, triggering a negative feedback loop of layoffs, weaker demand, and systemic financial stress.

Citrini Research

THE 2028 GLOBAL INTELLIGENCE CRISIS

Preface…

2 months ago · 5838 likes · 83 comments · Citrini and Alap Shah

| @4interestingideas

• The piece presents a structured “multi-bagger checklist” applied to OLN (Olin Corporation), arguing that deeply cyclical companies can generate outsized returns when bought at cycle trough valuations with improving fundamentals.

• It highlights cost leadership, industry consolidation, balance sheet resilience, and cash flow normalization potential, suggesting asymmetric upside if earnings revert toward mid-cycle levels.

Interesting Ideas

$OLN Multi-bagger Checklist for a High-Quality Cyclical

Investing in cyclicals is very hard and calling bottoms is impossible. I usually don’t bother, unless everything lines up on my checklist…

3 months ago · 19 likes · 2 comments · Interesting Ideas

I hope you find the content useful.😀

May the investment be with you.

Magno Investments Research

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

R-co Valor Fund

𝐌𝐀𝐆𝐍𝐎 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓𝐒 RESEARCH — Tue, 24 Feb 2026 18:04:34 GMT

Fund Overview

R-co Valor C EUR is a flexible global multi-asset SICAV managed by Rothschild & Co Asset Management. Its defining characteristic is the ability to dynamically adjust exposure between equities and fixed income, rather than relying on a static allocation model. The fund is not benchmark-constrained, which means performance is driven by discretionary positioning and capital allocation decisions rather than index replication. 🌍📊

The strategy seeks performance over a five-year investment horizon, combining bottom-up issuer analysis with an active macro framework. In practical terms, equity exposure can range from 0% to 100%, fixed income exposure can also vary between 0% and 100%, and interest-rate sensitivity may fluctuate between –1 and 9. This structural flexibility is central to understanding the fund: it is designed to reallocate risk depending on inflation trends, rate cycles and relative valuation across asset classes. 🔄📈

ISIN: FR0011253624
Structure: UCITS – SICAV (France-domiciled)
Investment Manager: Rothschild & Co Asset Management
Asset Class: Flexible Mixed (Global Equity & Fixed Income)
Currency: EUR
Fund inception: 03/10/2012
Share class inception: 08/04/1994

The share class is accumulation and fully exposed to market movements, with no capital guarantee. ⏳💶

Historical Performance

The 10-year chart shows a clear structural upward trend, despite temporary drawdowns along the way. Over the last decade, cumulative performance reaches +173.63%, illustrating the compounding effect of flexible allocation across very different market regimes. 📈⏱️

Source: Rothschild & Co Asset Management – R-co Valor C EUR Factsheet

January 202Over five years, cumulative performance stands at +60.45%, while three-year performance reaches +40.94%. The trajectory reflects the ability of the fund to participate in bullish phases while maintaining enough flexibility to reposition during stress environments. 📊🔁

Source: Rothschild & Co Asset Management – R-co Valor C EUR Factsheet

The annual breakdown reinforces this reading. After delivering +12.72% in 2021, the fund declined −8.06% in 2022 as global bonds and equities repriced simultaneously. The recovery in 2023, 2024 and 2025 confirms that the strategy’s value lies in reallocation capability, not in static diversification.

What this performance history ultimately shows is that R-co Valor behaves as a cycle manager rather than a market timer.

Portfolio Snapshot

Equities represent 71.7% of assets, while 28.3% is allocated to cash and other instruments. This is not just a positioning statistic; it defines the fund’s current risk budget. A 70% equity exposure signals constructive conviction, yet the nearly 30% held outside equities preserves optionality. In a flexible strategy, liquidity is not idle capital, it is strategic capacity.⚖️💼

Source: Rothschild & Co Asset Management – R-co Valor C EUR Factsheet

While equities represent the core driver of performance, the remaining allocation plays a stabilising role. The fixed income and liquidity component provides defensive ballast, allowing the managers to adjust duration and credit exposure according to macro conditions. This segment enhances flexibility and supports drawdown management during periods of market stress. 🛡️📉

Within the fixed income universe, the rating distribution shows a meaningful presence in A and AA categories, alongside exposure to BBB and selective lower-rated segments. This balanced credit profile indicates a controlled approach to yield enhancement without excessive concentration in high-risk issuers. 📊🏦

Source: Rothschild & Co Asset Management – R-co Valor C EUR Factsheet

On the equity side, style exposure shows a tilt toward large-cap blend and value, with meaningful weight in established companies. Mid and small caps remain marginal, reinforcing liquidity and balance sheet strength within the equity segment.

Source: Morningstar Direct – R-co Valor C EUR, Equity Style Box (Weight view), data as of January 2026.

Regarding, the sector allocation is led by Technology at 29%, followed by Mining, Industrials, Financials and Health Care. This mix blends structural growth themes with cyclical and commodity exposure, creating diversification across economic drivers. 💻⛏️

Source: Rothschild & Co Asset Management – R-co Valor C EUR Factsheet

Geographically, the portfolio is globally diversified. The United States accounts for 37.7%, Asia ex-Japan 22.4%, Canada 12.9% and France 12.4%. The allocation therefore combines US leadership, Asian growth dynamics and European exposure within a single framework. 🌎🌐

Source: Rothschild & Co Asset Management – R-co Valor C EUR Factsheet

The portfolio holds 51 securities, reflecting selective diversification. Alphabet is the largest position at 3.2%, followed by Freeport-McMoRan, Alibaba, Ivanhoe Mines, Agnico Eagle Mines, Airbus and LVMH.

Source: Rothschild & Co Asset Management – R-co Valor C EUR Factsheet

Finally, the combination of equity leadership and diversified credit exposure reflects the fund’s multi-asset identity. Equities provide long-term growth potential, while fixed income and liquidity contribute to risk management and capital preservation, particularly in volatile macro environments. 🔄🧭

Risk Profile

R-co Valor is classified as Risk Level 4 out of 7, indicating a medium risk profile. This reflects its discretionary exposure to global equity and bond markets. ⚠️📊

Source: Rothschild & Co Asset Management – Key Information Document (KID), R-co Valor C EUR, Risk Indicator (SRRI 4/7).

The strategy does not provide capital protection. Investors may experience drawdowns during adverse market phases, and the recommended five-year holding period aligns with the fund’s cyclical allocation profile. 🧭⏳

Fund Managers

The lead portfolio managers are Yoann Ignatiew, Charles-Edouard Bilbault, and Henri Captier.

Together, they contribute to portfolio construction, asset allocation decisions and security selection, ensuring consistency between strategic views and implementation.

Their complementary skill sets create a cohesive and disciplined investment team, capable of navigating different market environments while maintaining a structured investment framework. 🤝

Why Consider R-co Valor

As a conclusion we can say that R-co Valor stands out for its structural flexibility. The fund is built to adjust equity exposure, duration and credit risk as macro conditions evolve, rather than remain anchored to a fixed allocation model. 🔄🌍

It may suit investors seeking a core multi-asset strategy capable of navigating different market regimes without relying on a single asset class for returns, while aiming for growth with moderated volatility over the medium to long term. 🏆📈

Here is a recent interview with Yoann Ignatiew, which may help provide deeper insight into the philosophy and thinking behind the fund.

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

📨 Weekly Investment Newsletter – Nº8

𝐌𝐀𝐆𝐍𝐎 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓𝐒 RESEARCH — Sun, 22 Feb 2026 10:18:05 GMT

1️⃣Investment idea of the week

2️⃣Charts of the Week

This week, markets once again reminded investors that uncertainty remains the only constant. Heightened geopolitical tensions between the United States and Iran have added a fresh layer of risk to an already fragile macro environment, specially in oil 🛢️📈. WTI futures are trading at $66.48 per barrel , a level that suggests the market is pricing a moderate geopolitical risk premium, but not a full-blown supply shock. Brent is also holding at higher levels than WTI, consistent with a cautious risk backdrop tied to Middle East friction 🌍⚠️.

Source: markets.businessinsider.com

Redarding the economic data, it continues to send mixed signals and valuations remain demanding, the internal structure of the market tells a much clearer story. The real driver right now is the divergence inside the AI trade. 🔎📊

The first image shows a clear parabolic move in AI Hardware relative to AI Services since 2025. Hardware suppliers, chips and equipment are outperforming sharply, driven by massive capex from hyperscalers. Meanwhile, AI Services lag because monetization is not keeping pace with investment. There is heavy capital expenditure, but revenue realization is slower. 💰⚙️

The second image connects this to history. In the late 1990s, Internet Hardware also surged relative to Internet Services. That relative outperformance peaked around 2000, before the collapse. The pattern was the same: infrastructure rallied first, services lagged, and the broader index followed the hardware boom higher before reversing. 📈📉

Today, we see a similar structure. The chart explicitly highlights a “parabolic move” in AI Hardware versus Services and even questions whether 2025 to 2026 could mirror 2000. The key element is the timing gap. Infrastructure spending accelerates immediately, but monetization takes longer. That lag creates distortions in valuations and expectations. ⏳⚠️

In short, both images tell one coherent story. First comes the buildout phase. Hardware leads. Services absorb costs. Then the market demands proof of returns. In 2000, that gap closed abruptly. Today, the same dynamic is forming again. The risk is the mismatch between capex and monetization.

3️⃣Articles of the Week

As usual, here are a couple of articles I found particularly interesting and constructive.

| @tridentopportunities

• Strategic reset thesis. The article argues Ampco-Pittsburgh has transformed itself by exiting loss-making businesses, simplifying operations and positioning for much improved profitability as EBITDA removes major drags.

• Catalysts ahead. It highlights that the remaining core segments, especially engineered products and Air & Liquid Processing, are structurally resilient and stand to benefit from industry dynamics and higher utilization, suggesting upside not yet priced in.

Trident Opportunities

Ampco-Pittsburgh Corporation ($AP): A good business bad business setup with catalysts ahead

First of all, the disclaimer: I am invested in Ampco-Pittsburgh ($AP). Nothing I write should be considered investment advice. I bought my first shares at USD 4.05…

4 months ago · 39 likes · Christian Schmidt

| @robinresearch

The article: presents CTT Systems as a small-cap aviation supplier mispriced by the market, arguing that temporary weakness masks a structurally attractive long-term setup.
Earnings setup: It walks through how recent softness was driven by short-term factors, while production ramp-ups and recurring revenue could drive a meaningful earnings rebound over the next two years.

Robin’s Substack SME

CTT Systems AB (SE:CTT)

3 months ago · 11 likes · 2 comments · Robin Research

I hope you find the content useful.😀

May the investment be with you.

Magno Investments Research

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

INVESTMENT THESIS | FUCHS SE (FPE)

Company Introduction

Source: FUCHS SE – Investor Presentation

Sector Analysis: Industrial Lubricants Market

Source: Polaris Market Research – Lubricants Market Size, By Region (2020–2034)

Source: Polaris Market Research – Lubricants Market Size, By Region (2020–2034)

Core Business, Segments and Geographic Footprint

Source: FUCHS SE – Investor Presentation

Source: FUCHS SE – Investor Presentation

Growth Drivers and Strategic Positioning

Source: FUCHS SE – Investor Presentation

Source: FUCHS SE – Investor Presentation

Key Financials and Business Quality

Source: TIKR.com

Source: FUCHS SE – Investor Presentation

Source: FUCHS SE – Investor Presentation

Source: FUCHS SE – Investor Presentation

Management and Ownership Structure

Source: FUCHS SE – Investor Presentation

Valuation

📨 Weekly Investment Newsletter – Nº17

1️⃣Investment idea of the week

2️⃣Charts of the Week

3️⃣Articles of the Week

📨 Weekly Investment Newsletter – Nº16

1️⃣Investment idea of the week

2️⃣Charts of the Week

3️⃣Articles of the Week

📨 Weekly Investment Newsletter – Nº15

1️⃣Investment idea of the week

2️⃣Charts of the Week

3️⃣Articles of the Week

📨 Weekly Investment Newsletter – Nº14

1️⃣Investment idea of the week

2️⃣Charts of the Week

3️⃣Articles of the Week

Evli Emerging Frontier Fund

Fund Overview

Source: Evli Emerging Frontier Fund – Monthly Factsheet (February 2026)

Investment Philosophy

Source: Evli Emerging Frontier Fund – Monthly Factsheet (February 2026)

Source: Evli Emerging Frontier Fund – Monthly Factsheet (February 2026)

Portfolio Analysis

Source: Evli Emerging Frontier Fund – Monthly Factsheet (February 2026)

Source: Morningstar

Source: Morningstar

Fund Managers

Why to Invest

📨 Weekly Investment Newsletter – Nº13

1️⃣Investment idea of the week

2️⃣Charts of the Week

Source: Geopolitical Futures Graphic / Decision Tree

3️⃣Articles of the Week

Invesco Global Founders & Owners Fund

1. Fund overview

2. Investment philosophy

3. Performance

Source: Invesco – Fund Factsheet / KIID

Source: Invesco – Official performance report / factsheet

Source: Invesco – Factsheet / Monthly report

4. Portfolio Construction

Source: Morningstar (style box)

Source: Invesco – Fund Factsheet

Source: Invesco – Fund Factsheet

Source: Invesco – Fund Factsheet

Source: Morningstar Fund Data

5. Management

6. Why this fund?

📨 Weekly Investment Newsletter – Nº12

1️⃣Investment idea of the week

2️⃣Charts of the Week

Articles of the Week

Market Research UK

Valentum FI

1. Overview of the fund

ISIN: ES0182769002

Structure: UCITS (Spain-domiciled investment fund)

Investment Manager: Valentum Asset Management, SGIIC, S.A.

Depositary: CACEIS Bank Spain S.A.