03/26: Something Rotten in the Strait of Denmark?
Portfolio Update. Navigating the O&G Price Trap + Our Move to Stage Two of the Fund
Want more context? Track the journey so far here.
Index
Briefing
We’re shaking things up for our 22nd edition. Given the ‘rocking and rolling’ we saw throughout March, we’re putting the most critical updates front and center.
Here is a short roadmap for this post:
Not-So-Small Reveal: We’re starting with a major announcement and a deep dive into our latest portfolio changes.
Quarterly Review: A year-over-year look at our lessons learned, key objectives, and an overview of where we’re headed.
Company Updates: A look at the key news and earnings for our holdings.
Macro: Our take on the big-picture economic trends and what they mean for us moving forward, mostly with regard to Oil and Gas.
Also, two announcements:
As with every quarter, we will be having a live discussion for Inner Circle members only next Monday at 18:00 GMT / 13:00 EST. Expect a 1–1.5h chat digesting all the opportunities we see for Q2 and beyond.
Note that at the end of this month (Apr), we will be traveling to Shanghai, China, for a summit and will stay a few extra days to check out companies in the area.
We will, of course, post a summary if we find something we both understand and like. We’re confident you’ll appreciate that.
Please note that this update accurately reflects the portfolio changes within Equity Focus FIL, our regulated European hedge fund.
This publication is confidential and intended solely for the use of the person or entity to whom it is given or sent. It may not be reproduced, distributed, or transmitted without the author's prior written consent.
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None of the following should be construed as investment advice. Please consult a financial advisor before making any investment decision. You will find a full disclaimer at the end of this post.
📊 Portfolio Overview
YTD Performance Summary
Equity Focus* [A Shares] ➤ +4.52%
Equity Focus* [Y Shares] ➤ +4.38%
All-Weather Portfolio** ➤ +0.00%
* Equity Focus FIL was approved in April 2025 and started operating in June 2025. Figures are net of fees.
** The All-Weather Portfolio, introduced in July 2025, serves as a BENCHMARK reference.
Equity Focus FIL
Updated on April 1st, 2025.