GreensKeeper Value Fund Q1 2026 Letter
The GreensKeeper Value Fund declined 8.1% in Q1 2026 amid geopolitical turmoil and market sell-offs, but maintained focus on long-term value investing. The fund increased positions in Berkshire Hathaway, ICON Plc, and Visa, while initiating a new holding in Amadeus IT Group. Despite short-term underperformance, the manager emphasized discipline and conviction in undervalued, high-quality businesses. Portfolio highlights included strong gains in TVA Group and Automatic Bank Services, offset by losses in ICON Plc and Visa.
- ▪GreensKeeper Value Fund returned -8.1% in Q1 2026, underperforming due to Middle East geopolitical tensions and broad market declines.
- ▪The fund views Berkshire Hathaway as undervalued, noting its $370 billion cash pile and resumed share buybacks as value-enhancing actions.
- ▪A new position was initiated in Amadeus IT Group, seen as a dominant player in global airline IT and distribution systems.
- ▪Despite a 39.3% drop, GreensKeeper increased its stake in ICON Plc, believing the market overreacted to a minor revenue restatement of less than 2%.
- ▪TVA Group surged 103.8% due to a retroactive revenue adjustment, eliminating debt and reinforcing its restructuring progress.
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