Welcome to another edition of the Capital Employed Newsletter.
If you’ve not done so already make sure to check out the Q2 2026 Fund Letters Round-Up - 164 letters have been added so far. It’s a treasure trove of insights and ideas.
Some interesting stats from the letters…
Average YTD return +6.84%
Best performing fund +66%
Worst performing fund -28%
Most mentioned stocks -
TSMC, Constellation Software, Halma, Games Workshop, Cerillion, ASML, Netflix, Marex, Petrobras, Topicus, Warrior Met Coal, Vistance Networks.
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Latest interviews with fund managers/private investors sharing their best ideas…
#138 - Seb Krog (Treasure Hunting)📗
#137 - Colin King (Value Don’t Lie) 📗
#136 - Dan Rupp (Parkway Capital) 📗
BEST IDEA AWARD FOR THIS ISSUE 🏆
Emeth Value Capital on Shift4 Payments 🇺🇸
Shift4 Payments is a vertically integrated payments company with leading positions across restaurants, hotels, stadiums, entertainment venues, and luxury retail. In particular, Shift4 owns the second-largest restaurant POS platform in the US, behind only Toast.
162% upside to intrinsic value.A round-up of the best ‘fresh-off-the-press’ stock pitches…
North America
Emeth Value Capital on Shift4 Payments 🇺🇸
A vertically integrated payments company.
Rijnberk InvestInsights on S&P Global 🇺🇸
AI disruption fears are wildly overblown, creating a great investment opportunity for long-term-oriented investors.
Six Sigma Capital on Cerebras Systems 🇺🇸
AI infrastructure company that designs and manufactures an AI compute platform comprised of proprietary systems and software.
Max Dividends on Alliant Energy 🇺🇸
Utility holding company supplying electricity and natural gas to customers across Iowa and Wisconsin.
Sylence Capital on Transoceanic Investments 🇺🇸
A holdco trading at a third of NAV.
Hated Moats on AppLovin 🇺🇸
An advertising tech company, now powered by AI.
Aurelion Research on Boston Scientific 🇺🇸
Developer, manufacturer and marketer of medical devices that are used in a range of interventional medical specialties.
White Willow Research on Miami International 🇺🇸
Operating leverage in full swing as fixed-cost tollbooth economics deliver record revenue, expanding EBITDA margins, and a structural runway in financial futures.
Andvari Associates on Rollins 🇺🇸
A 125-year-old pest control business with generations of runway still left.
Hidden Rock Capital on Entravision 🇺🇸
Dying legacy radio & TV company hiding an ad tech business growing at 100%+ per year.
Open Insights on Planet Fitness 🇺🇸
Franchisor and operator of fitness centers in the world.
Fundamental Value on Legacy Education 🇺🇸
California-focused for-profit post-secondary education company that has quietly assembled a network of nationally accredited campuses specializing in allied healthcare, nursing, and related vocational programs.
Dirt Cheap Stocks on Mobility Global 🇺🇸 🔒
A recent spin off of S&P Global Inc. It’s a business that is reminiscent of Moody’s or FICO. I believe it’s for sale at the wrong price.
The Oak Bloke on Norwegian Cruise Line 🇺🇸
A global cruise company.
Fugazi Research on Aeva Technologies 🇺🇸
Short thesis. Spent nearly a decade announcing lidar partnerships, hemorrhaging capital, and selling stock; the latest hyperscaler optics narrative does not change the maths.
Undiscovered Compounders on Innovative Solutions and Support 🇺🇸 🔒
A $50M contract, a customer whose order book is 83% non-binding, and a pro forma table that doesn’t add up.
RedFlagHunter on Capricor Therapeutics 🇺🇸
The FDA did not approve Deramiocel. Instead, this comes after an FDA advisory committee voted 9–3 against the effectiveness evidence supporting the drug.
Capitalist Letters on META 🇺🇸
Meta is now underperforming S&P 500 and other Mag7. Is it an opportunity?
The Curious Compounder on Intercontinental Exchange 🇺🇸
How liquidity, regulation and technology have driven 25 years of compounding.
Guardian Research on Applied Aerospace & Defense 🇺🇸
Small-cap defense manufacturer just lost a fifth of its value on a charge that cost the company nothing.
Lewistown Capital on Veeva Systems 🇺🇸
Evaluating Veeva’s AI vision, compass opportunity and valuation.
The Oak Bloke on Verra Mobility 🇺🇸
Operates what looks, at first glance, like a remarkably dull collection of tolling, traffic-enforcement and parking businesses.
Triple S Special Situations on Jumia 🇺🇸
A 7x return bet on African e-Commerce.
Kairos Research on ContextLogic 🇺🇸
ContextLogic is building a portfolio of high quality niche businesses and there is a good case to be made that this is just the first inning of a long game.
Deep Value Insights on Table Trac 🇺🇸
Their main product is a “casino management system” called CasinoTrac. It’s installed in more than 300 casinos and helps them track their money flows. 8.2x earnings. 4.7x EV/EBIT. No debt.
The International Investor on Ralph Lauren 🇺🇸
Design, marketing, and distribution of luxury lifestyle products, including apparel, footwear and accessories, home, fragrances and hospitality.
Nugget Capital Partner on GO Residential 🇨🇦
The Lantower spinout into the portfolio creates a powerhouse of a REIT.
Sylence Capital on Summit Royalties 🇨🇦
Fast growing royalty company trading near half of NAV.
Underlying Value on Parex Resources 🇨🇦 🔒
Colombian oil producer of onshore barrels that recently announced a farm-in deal with Ecopetrol and bought the assets of Frontera, a mature producer.
Europe
Real Assets Real Value on Alternative Income REIT 🇬🇧
Inside the takeover fight with an interesting spread.
Corfe Capital on Henderson Far East Income 🇬🇧
Eighteen years of rising dividends, a near 10% yield, and a discount that has quietly turned into a premium.
Wizard's Winners on Andrada Mining 🇬🇧
Critical raw materials producer with mining and exploration assets in Namibia.
Compound with René on Ashtead Technology 🇬🇧 🔒
Subsea technology solutions provider to the global offshore energy sector.
Crack The Market on Siltronic 🇩🇪
Only five companies on earth make the wafers beneath every AI chip, and Siltronic is the cheapest.
Arar Fund on Deutsche Rohstoff AG 🇩🇪
Production of crude oil and natural gas in the USA, and mining and exploration of metals such as lithium and tungsten.
Calm Capital on CEWE Stiftung & Co KGaA 🇩🇪
The European market leader in photofinishing. They sell photo books, calendars and other customized photo products.
Value & Opportunity on Fielmann Group 🇩🇪
Manufacturer of glasses, contact lenses and related eyewear products.
Business Model Mastery on Marimekko Oyj 🇫🇮
Engaged in the textile and clothing sector.
Dual Edge Invest on Dino Polska 🇵🇱
Revisiting a former finfluencer favorite, and the difference between scaling a footprint and compounding value.
Thank You Mr Market on Asseco South Eastern Europe 🇵🇱
A textbook quarter exemplifying management’s focus on profits and cash generation over revenue growth, with significant identified improvement potential yet untapped.
Goldman Won’t Cover This on Nova Ljubljanska Banka 🇸🇮
Slovenian bank, offers a wide range of financial services, including retail banking, commercial banking, investment banking, private banking, asset management, and insurance.
Asia
JPARCVUE on Hirata Corporation 🇯🇵
Since its founding in 1951, the company has designed, manufactured, and installed custom production equipment across three business segments.
Overlooked Alpha on Thecoo 🇯🇵 🔒
Engages in digital marketing services and the operation of a fan community platform in Japan called Fanicon. Profits just grew 642% and the stock still looks cheap.
ROE The Boat on Temairazu 🇯🇵 🔒
A quality microcap whose software assists hotels with bookings.
Terton Capital on Golfzon Holdings 🇰🇷
A second letter to the board regarding the extremely low tender offer.
Global Equities on Nice Information Service Co 🇰🇷
The top credit bureau in South Korea.
Fairlight Alpha Fund LP on Dong A Eltek 🇰🇷
A manufacturer of the equipment that deposits organic molecules on OLED and OLEDoS screens. Even for a Korean holding company discount this is extreme.
Demystified Value on Cuckoo Holdings 🇰🇷
A blue chip rice cooker duopoly at a discount. 5.7x P/E, 6% dividend for a growing business with 70% Korean market share and excellent brand power.
Price to Tangible Bruce on JW Life Science 🇰🇷
A manufacturer of essential IV fluids and nutrition.
Tailwind Holdings on Baguio Green Group 🇭🇰
The government’s garbage man trades for 3.9x earnings. 0.78x tangible book, 23% ROIC, a 7.5% dividend.
Asia Century Stocks on Trip. com 🇭🇰
China's largest online travel agent, now expanding internationally.
Australasia
Raper Capital on Ausgold Limited 🇦🇺
A letter to the board about the recent offer which undervalues the company.
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Disclaimer
This article is for informational and educational purposes only, and should not be seen as investment advice. Please do your own research before investing in any company mentioned.