Stock Gobbets

We have been invested in Volkswagen for almost ten years now. The ‘Dieselgate’ emissions scandal, which broke in September 2015, led us to carefully reassess the share. Our conclusions led us to increase significantly our investment at the then current price of €95. We were convinced that the mar...

Universal Music Group (UMG) the is the world’s leading music company, with a 31% market share in recorded music, and 23% in music publishing; UMG artists generated 4 trillion minutes of watch time on YouTube in 2020.

We have always been impressed by the quality of the Total group. The business is more broadly diversified than the other majors with 2019 profits splitting: 51% upstream, 21% refining and chemicals, 12% marketing and services and 16%, the rapidly developing, integrated gas, renewables and power a...

We are invested in Temenos, the world leading provider of banking and insurance software. The company was founded in 1993 to build a standardised back office banking system. This evolved into its core T24 banking platform, which has been further broadened through a number of important acquisition...

We made an investment in Soitec in February 2017 at €37. The share price has since performed spectacularly well, reaching almost €200 at the start of 2021.  This is what we wrote about the company at the time: The company employs proprietary Smart Cut technology for the manufacture of silicon on ...

We have owned SAP for over ten years. We had a rare opportunity to invest in the aftermath of the Great Financial Crisis when the share price was languishing under €50. We assessed at the time that the transition to the cloud from on-premises would create rather than destroy value, which was what...

In a wider restructuring of the Maersk group, Maersk Drilling was spun out in August 2018 as a standalone specialist harsh- and deep-water rig operator. The Maersk group and the family retain 50.5% of the business. Maersk Drilling have an unusually young rig fleet, 22 strong (average age 8 years)...

We invested in Maersk back in January 2017. We have since then roughly doubled the value of our investment: the share price has risen by over 50%; the company has demerged Maersk Drilling; and it has paid out special dividends following the sale of their energy assets. This is what we wrote at th...

Lloyds has been a frustrating investment for us. We first purchased the shares in the depths of the Great Financial Crisis at £22 with a price target of £100. The shares briefly rose above £80 before falling back to £45 today. We still, however, believe that shares are worth well over £100. Lloyd...

We have been invested in Legrand for fifteen years now, first buying shares in December 2006 at €20. The share price his since risen by over four times and stands at €83 at the time of writing. Legrand is a classic example of the market failing to appreciate the long term growth potential of a co...

We invested in the luxury goods group Kering back in December 2017 at €387 a share. The share price reached €650 at the start of 2021. This is what we wrote when we first invested: The group boasts a number of leading brands including Gucci (52% of sales), Bottega Veneta (15%) and Saint Laurent (...