Lion-Cubs | Small-Cap Stocks
@LionCubsFund
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Small-Cap Specialist | Investing/Stocks | Quality | Growth | Value | 100-Bagger Hunter | Not Investment Advice | @Stockopedia 25% off discount code ‘LCS25’
London, England
Joined February 2022
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My full portfolio as of today:
🇸🇪 - Teqnion $TEQ - 6.67%
🇸🇪 - Momentum Group $MMGR - 5.72%
🇸🇪 - Lifco $LIFCO - 5.52%
🇸🇪 - Lagerkrantz $LAGR - 5.19%
🇨🇦 - TerraVest Industries $TVK - 4.91%
🇸🇪 - MedCap $MCAP - 4.87%
🇨🇦 - Lumine Group $LMN - 4.83%
🇨🇦 - Topicus $TOI - 4.70%
🇬🇧 -
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The culture in Sweden for creating shareholder value is unlike anywhere else, even the US. Over 40% of my entire portfolio is Swedish companies:
🇸🇪- Lifco
🇸🇪- HMS Networks
🇸🇪- Lagercrantz
🇸🇪- Fortnox
🇸🇪- Addtech
🇸🇪- Teqnion
🇸🇪- Prevas
Do you hold any of these?
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The culture in Sweden for creating shareholder value is unlike anywhere else in the world, including the US. So much so that over 40% of my entire portfolio is invested in Swedish businesses.
🇸🇪- Teqnion
🇸🇪- Vitec Software
🇸🇪- Lagercrantz
🇸🇪- HMS Networks
🇸🇪- Lifco
🇸🇪- Lime
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A market-cap of roughly $500m/£392m is seen as the sweet-spot for multi-baggers.
🇨🇦- Terravest £463m
🇸🇪- Lime Technologies £313m
🇩🇪- Amadeus Fire £552m
🇩🇰- cBrain £481m
🇬🇧- Cerillion £473m
🇳🇴- Medistim £305m
🇫🇷- Infotel £291m
🇸🇪- Teqnion £330m
Small - but not too small. 🎯
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The sector I am most bullish on, within which nearly half the entire fund’s assets are invested in, is serial acquirers:
🇸🇪- Teqnion
🇬🇧- Judges Scientific
🇸🇪- Addtech
🇸🇪- HMS Networks
🇬🇧- SDI Group
🇸🇪- Lagercrantz
🇸🇪- Lifco
Are you invested in any serial acquirers?
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The 5-year CAGR of the real Magnificent Seven:
🇸🇪- Vitec - 46.2%
🇸🇪- Teqnion - 42.1%
🇸🇪- Addtech - 38.9%
🇸🇪- Lagercrantz - 35.8%
🇸🇪- Lifco - 31.5%
🇸🇪- Indutrade - 27.3%
🇸🇪- HMS Networks - 24.7%
The ‘invincible’ NASDAQ $QQQ did 21.5% over the same period.
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Here are some of the highest quality companies I have found in Sweden:
🇸🇪 Prevas
🇸🇪 HMS Networks
🇸🇪 Lagercrantz
🇸🇪 Fortnox
🇸🇪 Teqnion
🇸🇪 Lifco
🇸🇪 Addtech
🇸🇪 Indutrade
🇸🇪 Momentum Group
🇸🇪 Vitec Software
🇸🇪 Evolution
🇸🇪 Atlas Copco
Do you hold any Swedish stocks?
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The Magnificent Seven:
🇸🇪- Teqnion
🇸🇪- Lifco
🇸🇪- Addtech
🇸🇪- Lagercrantz
🇸🇪- HMS Networks
🇸🇪- Indutrade
🇸🇪- Vitec Software
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X-Ray of Magnificent Seven
🇸🇪- Teqnion $TEQ
🇸🇪- HMS Networks $HMS
🇸🇪- Lifco $LIFCO
🇸🇪- Addtech $ADDT
🇸🇪- Lagercrantz $LAGR
🇸🇪- Vitec Software $VIT
🇸🇪- Indutrade $INDT
FCF Yld: 2.58%
Rev CAGR 5yr: 19.36%
EPS CAGR 5yr: 20.04%
ROCE 5y: 19.11%
Op Margin: 16.88%
Gross Margin: 44.34%
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Here is my full portfolio breakdown as of 31 Jan 2024:
🇬🇧- Cerillion - 5.62%
🇸🇪- Teqnion - 5.08%
🇸🇪- Fortnox - 5.03%
🇸🇪- HMS Networks - 4.95%
🇸🇪- Lagercrantz - 4.95%
🇬🇧- Calnex Solutions - 4.90%
🇸🇪- Addtech - 4.85%
🇸🇪- Lifco - 4.81%
🇩🇰- ChemoMetec - 4.23%
🇬🇧- YouGov - 4.13%
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The bombed-out UK market is now being tipped to out-perform its peers over the next 10-15 years. Here are some quality under-the-radar UK small-caps:
🇬🇧- Calnex Solutions
🇬🇧- SDI Group
🇬🇧- MacFarlane
🇬🇧- James Halstead
🇬🇧- Focusrite
🇬🇧- Kainos
🇬🇧- Tatton Asset Mgmt
🇬🇧- Cerillion
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Here are my top 10-positions as of now:
🇸🇪 Fortnox - 6.47%
🇬🇧 Cerillion - 5.22%
🇸🇪 Lagercrantz - 5.19%
🇸🇪 Addtech - 5.10%
🇸🇪 Lifco - 5.07%
🇬🇧 Calnex Solutions - 4.95%
🇸🇪 Teqnion - 4.87%
🇩🇰 ChemoMetec - 4.77%
🇸🇪 HMS Networks - 4.11%
🇬🇧 YouGov - 3.98%
Do you hold any of these?
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My top-10 holdings:
🇸🇪- Lagercrantz $LAGR 5.54%
🇬🇧- Cerillion $CER.L 5.19%
🇸🇪- AddTech $ADDT 5.12%
🇸🇪- Lifco $LIFCO 4.99%
🇸🇪- Teqnion $TEQ 4.68%
🇸🇪- Fortnox $FNOX 4.61%
🇩🇰- ChemoMetec $CHEMM.CO 4.53%
🇸🇪- HMS Networks $HMS 4.20%
🇨🇦- Topicus $TOI.V 3.63%
🇬🇧- Calnex $CLX.L 3.55%
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Italy also has some high-quality small/mid-caps, some of which are not well known:
🇮🇹- Carel Industries
🇮🇹- Sesa
🇮🇹- Davide Campari
🇮🇹- Technoprobe
🇮🇹- Diasorin
🇮🇹- Recordati
🇮🇹- Moncler
🇮🇹- Cembre
Do you hold any of these?
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Here are my 10 largest holdings. They make up over half the funds assets:
🇬🇧- Cerillion 6.52%
🇸🇪- HMS Networks 6.52%
🇸🇪- Lagercrantz 6.39%
🇸🇪- Lifco 6.05%
🇬🇧- Calnex Solutions 5.91%
🇸🇪- Teqnion 5.91%
🇸🇪- Addtech 5.60%
🇩🇰- ChemoMetec 4.79%
🇸🇪- Fortnox 4.75%
🇸🇪- Prevas 4.20%
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My favourite German Small/Mid-caps:
🇩🇪- Atoss Software $AOF
🇩🇪- Mensch und Maschine $MUM
🇩🇪- Amadeus Fire $AAD
🇩🇪- Nemetschek $NEM
🇩🇪- Rational $RAA
🇩🇪- Ringmetall $HP3A
🇩🇪- Elmos Semiconductor $ELG
Any others I am missing?
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Switzerland is known for large-cap giants like Nestle and Richemont. Yet few people know about its high-quality small/mid caps:
🇨🇭- Sensirion
🇨🇭- Interroll
🇨🇭- LEM Holdings
🇨🇭- Comet Holdings
🇨🇭- SFS Group
Do you hold any Swiss small/mid-caps?
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Germany has some ultra high-quality small/mid caps, some of which are not well-known. Here are 7 from my investable universe.
🇩🇪- Nemetschek
🇩🇪- Rational
🇩🇪- Atoss Software
🇩🇪- Elmos Semiconductor
🇩🇪- Mensch und Maschine
🇩🇪- Amadeus Fire
🇩🇪- Fabasoft
Do you hold any of these?
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Here are some high-quality small-caps I’m researching:
🇬🇧- Alpha Group $ALPH
🇩🇪- Elmos Semiconductor $ELG
🇬🇧- Fevertree Drinks $FEVR
🇳🇴- Norbit $NORBT
🇺🇸- Franklin Electric $FELE
🇮🇹- Italian Sea Group $TISG
🇫🇮- QT Group $QTGPF
🇺🇸- National Research $NRC
🇳🇱- BE Semiconductor $BSI
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My 🇸🇪 holdings:
🇸🇪- Lime Technologies $LIME
🇸🇪- Bufab $BUFAB
🇸🇪- Momentum Group $MMGR
🇸🇪- MedCap $MCAP
🇸🇪- Prevas $PREV
🇸🇪- Teqnion $TEQ
🇸🇪- HMS Networks $HMS
🇸🇪- Lifco $LIFCO
🇸🇪- Lagercrantz $LAGR
🇸🇪- Addtech $ADDT
🇸🇪- Fortnox $FNOX
🇸🇪- Indutrade $INDT
🇸🇪- Vitec Software $VIT
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Hey. Great list btw
Here’s a few small/mid-caps missing that you may like based on your other high quality picks:
🇨🇭- Sensirion
🇸🇪- Indutrade
🇩🇰- cBrain
🇮🇹- Carel Industries
🇸🇪- Lime Technologies
🇺🇸- Napco Security Technologies
🇮🇱- Nova
🇳🇴- Europris
🇺🇸- Lattice Semiconductor
🇫🇷-
UPDATED: Here's our latest list of global quality compounders.
Thanks to everyone who commented on the previous versions.
Any obvious ones missing or need removing?
Recent adds: Meta, Qualys, Interpump, Tencent, Pro Medicus, Xero
Recent removals: Teleperformance
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Here are my top-10 holdings as of now:
🇬🇧 Cerillion - 7.56%
🇸🇪 Prevas - 6.81%
🇸🇪 Teqnion - 6.66%
🇸🇪 HMS Networks - 6.58%
🇸🇪 Lagercrantz - 6.31%
🇸🇪 Lifco - 6.16%
🇸🇪 Addtech - 5.97%
🇬🇧 Calnex Solutions - 5.75%
🇸🇪 Fortnox - 5.66%
🇬🇧 SDI Group - 5.23%
Do you hold any of these?
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Merry Christmas Everybody. To celebrate, here is a list of under-the-radar small/mid caps I have in my investable universe:
🇺🇸 Applied Industrial Technologies
🇸🇪 Indutrade
🇺🇸 SPS Commerce
🇮🇹 Sesa
🇬🇧 Bytes Tech
🇸🇪 Bufab
🇺🇸 Kinsale Capital
🇩🇪 Rational
🇳🇱 Alfen
🇺🇸 Franklin Electric
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Small/Mid-Cap Magnificent Seven
🇺🇸- Hawkins $HWKN
🇺🇸- CorVel $CRVL
🇺🇸- MedPace $MEDP
🇺🇸- SPS Commerce $SPSC
🇺🇸- Franklin Electric $FELE
🇺🇸- Applied Industrial Technologies $AIT
🇺🇸- Universal Forest Products $UFPI
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When fishing for high-quality small/mid caps, the fishing is great in Europe. Here are some I am researching atm:
🇳🇴 Nordic Semiconductor
🇫🇷 Esker
🇮🇹 Diasorin
🇫🇮 Boreo
🇳🇴 Europris
🇩🇪 Elmos Semiconductor
🇵🇱 Dino Polska
🇳🇴 Medistim
🇳🇱 Alfen
🇸🇪 Addvise
Do you hold any of these?
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An under-the-radar sector for high-quality small/mid-caps is consultancy:
🇦🇺 Technology One
🇬🇧 Softcat
🇫🇷 Wavestone
🇩🇪 Mensch und Maschine
🇬🇧 Kainos
🇫🇷 SII
🇸🇪 Prevas
🇬🇧 Keystone Law
🇺🇸 Exponent
🇬🇧 Next 15
🇫🇷 Neurones
🇬🇧 Bytes Technology
Do you hold any of these?
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European IT small-caps vs NASDAQ - 10 yr CAGR.
🇩🇪 Mensch und Maschine $MUM.DE - 28.7%
🇳🇴 Bouvet $BOUV.OL - 26.9%
🇮🇹 Sesa $SES.IT - 25.1%
🇬🇧 Softcat $SCT.L - 21.6%
🇫🇷 Wavestone $WAVE.PA - 21.3%
🇬🇧 Kainos $KNOS.L - 20.9%
🇺🇸 Nasdaq $QQQ - 18.6%
Picks, shovels and consultants!
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‘If it tastes good, it’s probably a good investment’ - Nick Train
🇺🇸 Dominos Pizza $DPZ
🇬🇧 Diageo $DGE.L
🇨🇭 Lindt $LISP.SW
🇮🇹 Davide Campari $CRP.MI
🇺🇸 PepsiCo $PEP
🇳🇱 Heineken $HKHHF
🇬🇧 Greggs $GRG.L
🇫🇷 Remy Cointreau $RCO.PA
🇺🇸 Chipotle MG $CMG
Does Nick have a point? 🤔
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Here is my full portfolio breakdown as of today.
Weighted Averages:
Market Cap = $3,292m
5-yr Rev CAGR = 18.77%
5-yr EPS CAGR = 27.35%
ROCE = 26.32%
Gross Margin = 55.51%
Op Margin = 20.07%
FCF Yield = 3.35%
Cash Conversion Cycle = 138.5%
Current Ratio = 2.37
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Roughly 10% of my entire net-worth is invested in the healthcare sector, mainly medical devices. An aging population, high barriers-to-entry, high gross margins and high returns on capital - boom or bust, people still need healthcare.
So, here are some of my favourite
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My favourite Italian small/mid-caps:
🇮🇹- Carel Industries $CRLM
🇮🇹- Brunello Cucinelli $BCUCY
🇮🇹- The Italian Sea Group $TISG
🇮🇹- Sesa $SES
🇮🇹- Recordati $REC
🇮🇹- Moncler $MONC
🇮🇹- San Lorenzo $SL
🇮🇹- Campari $CPR
🇮🇹- Cembre $CMB
🇮🇹- Technoprobe $TPRO
Do you hold any of these?
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My top 10 holdings:
🇸🇪- Lagercrantz $LAGR 5.66%
🇬🇧- Cerillion $CER 5.11%
🇸🇪- Lifco $LIFCO 5.08%
🇸🇪- Addtech $ADDT 5.02%
🇸🇪- Teqnion $TEQ 4.57%
🇸🇪- Fortnox $FNOX 4.56%
🇩🇰- ChemoMetec $CHEMM 4.16%
🇸🇪- HMS Networks $HMS 4.05%
🇨🇦- Topicus $TOI 3.74%
🇬🇧- Judges Scientific $JDG 3.38%
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Here are some more high-quality small/mid caps I am researching at the moment:
🇦🇺- Mader Group
🇬🇧- Mortgage Advice Bureau
🇺🇸- National Research Corp
🇩🇪- Ringmetall
🇸🇪- MedCap
🇮🇹- Moncler
🇵🇱- Dino Polska
🇮🇱- Nova Measuring Instruments
🇺🇸- XPel
Do you hold any of these?
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Looking for high-quality small-caps that don’t get talked about?
Here are some of my favs:
🇪🇸- Altia Consultores
🇬🇧- Spectra Systems
🇸🇪- Prevas
🇩🇪- Amadeus Fire
🇬🇧- Calnex Solutions
🇫🇮- Revenio
🇫🇷- Neurones
🇬🇧- Bytes Technology Group
🇪🇸- Clinica Baviera
🇸🇪- Lime Technologies
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Here is my full portfolio breakdown as of today.
Weighted average metrics:
Market Cap: $3.39bn
ROCE: 25.08%
ROIC: 22.67%
Gross Margin: 53.94%
Op Margin: 19.77%
FCF Yield: 3.16%
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Here’s some under-the-radar UK Small-caps with high ROCE.
🇬🇧 Bytes Technology $BYIT.L 78.25%
🇬🇧 Kainos $KNOS.L 41.55%
🇬🇧 Tatton Asset Mgmt $TAM.L 37.73%
🇬🇧 Cerillion $CER.L 35.12%
🇬🇧 James Halstead $JHD.L 28.85%
🇬🇧 Focusrite $TUNE.L 23.25%
🇬🇧 Calnex Solutions $CLX.L 22.85%
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The battered UK market is widely tipped to outperform in 2024. Here’s some UK mid-caps with high ROCE:
🇬🇧 Rightmove $RMV 317.08%
🇬🇧 Games Workshop $GAW.L 61.56%
🇬🇧 Auto Trader $AUTO.L 49.01%
🇬🇧 Croda International $CRDA.L 25.79%
🇬🇧 Burberry $BRBY.L 23.49%
🇬🇧 Greggs $GRG.L 21.33%
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My top 10-holdings:
🇸🇪 Lagercrantz $LAGR
🇬🇧 Cerillion $CER
🇸🇪 Addtech $ADDT
🇸🇪 Lifco $LIFCO
🇸🇪 Fortnox $FNOX
🇸🇪 Teqnion $TEQ
🇸🇪 HMS Networks $HMS
🇨🇦 Topicus $TOI
🇬🇧 Calnex Solutions $CLX
🇬🇧 Judges Scientific $JDG
44.64% of total assets.
What would you change, if anything?
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Microsoft is nearly $3T in size. If it were to 10x it would be larger than the US economy ($28T).
Trees don’t grow to the sky. Here are some high-quality small-caps I’ve been researching:
🇬🇧- Next 15 Group
🇺🇸- Comfort Systems
🇸🇪- Sectra
🇩🇪- Ringmetall
🇬🇧- Spectra Systems
🇺🇸-
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France has several high-quality small-caps. Here are some of my favs:
🇫🇷- Wavestone $WAVE.PA
🇫🇷- Neurones $NRO.PA
🇫🇷- Infotel $INF.PA
🇫🇷- Equasens $EQS.PA
🇫🇷- Esker $ALESK.PA
🇫🇷- Remy Cointreau $RCO.PA
Any others I am missing?
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Another UK stock under the cosh is Burberry $BRBY.L. The only globally relevant UK luxury stock that’s listed. Currently available for its 2011 price, also very near its covid crash price.
ROCE >23%
Op Margin >20%
PE TTM <12
Div yield now >4%
Surely a takeover target?
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Everyone knows US Megacaps. But here are some high-quality under-the-radar smaller businesses I’ve found:
🇺🇸 - Hawkins
🇺🇸 - Aehr Test Systems
🇺🇸 - National Research
🇺🇸 - CorVel
🇺🇸 - Diodes Inc
🇺🇸 - Camtek
🇺🇸 - Kinsale Capital
🇺🇸 - Axcelis Technologies
Do you hold any of these?
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Looking for quality companies in huge drawdowns?
Here are some of my favs:
🇬🇧- YouGov -65%
🇫🇷- Remy Cointreau -68%
🇺🇸- Lattice Semiconductor -49%
🇮🇹- Carel Industries -39%
🇫🇷- Sartorius Stedim -68%
🇬🇧- Spirax Group -56%
🇩🇪- Amadeus Fire -53%
🇬🇧- Croda Int -62.18%
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If you had to invest you and your family’s entire net worth in a single stock for the rest of your lives, what would it be and why?
Mine would be 🇸🇪 Lifco. A high-quality serial acquirer with a winning strategy that can run and run.
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Canada has some of the highest quality compounders in the world.
🇨🇦- Constellation Software
🇨🇦- LuluLemon
🇨🇦- Boyd Group
🇨🇦- TerraVest
🇨🇦- Topicus
🇨🇦- Canadian Pacific Railway
🇨🇦- Canadian National Railway
🇨🇦- Lumine Group
🇨🇦- Waste Connections
Do you hold any of these?
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The sector I am most bullish on, within which I have invested over 40% of my entire assets, is Serial Acquirers:
🇸🇪- Teqnion
🇨🇦- Topicus
🇬🇧- Judges Scientific
🇺🇸- Comfort Systems
🇨🇦- Lumine Group
🇸🇪- Lifco
🇩🇪- Nemetschek
🇸🇪- Lagercrantz
🇨🇦- Terravest
Do you hold any of these?
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My 10 Holdings as of today:
🇸🇪 Lifco $LIFCO 5.17%
🇸🇪 AddTech $ADDT 4.74%
🇸🇪 Lagercrantz $LAGR 4.59%
🇬🇧 Cerillion $CER 4.49%
🇸🇪 Fortnox $FNOX 4.42%
🇸🇪 Teqnion $TEQ 3.95%
🇩🇰 ChemoMetec $CHEMM 3.82%
🇸🇪 HMS Networks $HMS 3.26%
🇨🇦 Topicus $TOI 3.17%
🇬🇧 Judges Scientific $JDG 3.00%
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Why would anyone invest in Nordic Serial Acquirers?
- High-quality metrics overall (ROIC, Gross & Operating Margin, Low debt, FCF).
- Intrinsic diversification (large pools of subsidiaries).
- Efficient decentralised governance.
- Repeatable winning acquisition strategies.
-
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France is known for luxury titans like $MC.PA and $RMS.PA. Yet in the small/mid-cap space, it is mainly IT companies that stand-out:
🇫🇷- Wavestone
🇫🇷- Infotel
🇫🇷- Neurones
🇫🇷- Esker
🇫🇷- Equasens
🇫🇷- Societe Pour L’Informatique Industrielle (Under-Offer)
🇫🇷- Ipsen
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Some potentially high-quality small/mid-caps I am currently researching:
🇬🇧 Greggs
🇺🇸 Catalyst Pharmaceuticals
🇩🇪 Nemetschek
🇮🇹 Sesa
🇬🇧 Games Workshop
🇺🇸 CorVel
🇸🇪 Vitec Software
🇺🇸 Wingstop
🇫🇷 Wavestone
🇬🇧 AG Barr
🇳🇴 Medistim
🇺🇸 Universal Forestry Products
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Here’s some high-quality small/mid-caps I don’t yet own but am currently researching:
🇺🇸- Franklin Electric
🇵🇱- Dino Polska
🇸🇪- Bufab
🇺🇸- TecnoGlass
🇳🇴- Medistim
🇬🇧- Dominos Pizza Group
🇺🇸- Hawkins
🇸🇪- Momentum Group
🇺🇸- Applied Industrial Technologies
Do you hold any of these?
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The bombed-out UK market is now being tipped to out-perform its peers over the next 10 years. Here are some quality under-the-radar UK small-caps:
🇬🇧- Clarkson
🇬🇧- Calnex Solutions
🇬🇧- Bytes Technology
🇬🇧- Tatton Asset Mgmt
🇬🇧- Kainos
🇬🇧- Cerillion
🇬🇧- Keystone Law
🇬🇧- Cake Box
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Norway’s best kept secret is its impressive array of potential multibagger small-caps.
🇳🇴- Borregaard
🇳🇴- Nordic Semiconductor
🇳🇴- Bouvet
🇳🇴- Medistim
🇳🇴- Europris
🇳🇴- MultiConsult
🇳🇴- Hafnia
🇳🇴- Elkem
Do you hold any of these?
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The bombed-out UK market is tipped to out-perform over the next decade. Here’s some high-quality mid-caps I’m researching:
🇬🇧- Intertek
🇬🇧- Burberry
🇬🇧- IHG
🇬🇧- Greggs
🇬🇧- Croda International
🇬🇧- Games Workshop
🇬🇧- Halma
🇬🇧- Diploma
🇬🇧- Howden Joinery
Do you hold any of these?
13
8
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Here are some under-the-radar small-caps that I’m currently researching:
🇮🇹- The Italian Sea Group
🇳🇴- Norbit
🇸🇪- Hexatronic
🇬🇧- Clarkson
🇩🇪- Amadeus Fire
🇩🇰- cBrain
🇺🇸- CorVel
🇦🇹- Fabasoft
🇫🇷- Thermador Group
🇬🇧- Keystone Law
🇫🇮- GoFore
Do you hold any of these?
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Here is my full portfolio breakdown as of today:
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If you are interested in Nordic Serial Acquirers (and you should be!), I recommend checking out REQ Capital’s deep dive on the sector below.
Also pictured is a list of the Nordic Acquirers REQ tracked along with their 20-year performance (19.4% CAGR!):
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🇬🇧 Spectra Systems $SPSY.L
Spectra Systems is a UK small-cap in the niche-area of security technology. Products include software and advanced materials and verification devices for use in banknotes, product authentication, and gaming. Think ultra-high value physical documents
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Here are some of the highest quality small/mid-caps I’m researching currently:
🇮🇹- Cembre $CMB.IT
🇬🇧- Clarkson $CKN.L
🇧🇪- Lotus Bakeries $LOTB.BR
🇩🇰- cBrain $CBRAIN.CO
🇩🇪- Amadeus Fire $AAD.DE
🇸🇪- CellaVision $CEVI.ST
🇬🇧- Cake Box $CBOX.L
🇳🇴- Borregaard $BRG
🇫🇷- Equasens $EQS.PA
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My Top-10 portfolio holdings.
1.🇬🇧Calnex Solutions 14.6%
2.🇬🇧 SDI Group 11.66%
3.🇬🇧 Cerillion 10.98%
4.🇬🇧 YouGov 6.06%
5.🇬🇧 Judges Scientific 5.73%
6.🇸🇪 Lifco 5.73%
7.🇬🇧 Focusrite 5.59%
8.🇬🇧 Kainos 5.31%
9.🇨🇦 Topicus 5.31%
10.🇸🇪 Addtech 5.03%
#SmallCap
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The bombed-out UK market is tipped to outperform over the next 10 years. Here’s some quality small-caps that could stage a rebound:
🇬🇧- Kainos
🇬🇧- Tatton Asset Mgmt
🇬🇧- James Halstead
🇬🇧- Keystone Law
🇬🇧- Calnex Solutions
🇬🇧- SDI Group
🇬🇧- Focusrite
Do you hold any of these?
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The culture in Sweden for creating shareholder value is unlike anywhere else, including the US…
Norway: ‘hold my beer!’
🇳🇴- Medistim
🇳🇴- Europris
🇳🇴- MultiConsult
🇳🇴- Hafnia
🇳🇴- Elkem
🇳🇴- Borregaard
🇳🇴- Nordic Semiconductor
Do you hold any of these?
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My top 10-holdings:
🇸🇪 Addtech $ADDT 5.18%
🇸🇪 Lifco $LIFCO 4.84%
🇸🇪 Lagercrantz $LAGR 4.54%
🇸🇪 Teqnion $TEQ 4.51%
🇸🇪 Fortnox $FNOX 4.40%
🇬🇧 Cerillion $CER 4.05%
🇸🇪 HMS Networks $HMS 3.90%
🇩🇰 ChemoMetec $CHEMM 3.78%
🇬🇧 Judges Scientific $JDG 3.19%
🇨🇦 Topicus $TOI 3.13%
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YTD Performance of the Magnificent Seven:
🇸🇪- AddTech +50.93%
🇸🇪- Lagerkrantz +35.86%
🇸🇪- Lifco +30.76%
🇸🇪- Indutrade +19.48%
🇸🇪- Vitec Software -6.23%
🇸🇪- HMS Networks -11.38%
🇸🇪- Teqnion -19.83%
Do you hold any of these?
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Here are some of the highest quality small/mid-caps I have found in the UK:
🇬🇧 YouGov
🇬🇧 Greggs
🇬🇧 Calnex Solutions
🇬🇧 Games Workshop
🇬🇧 Judges Scientific
🇬🇧 Bytes Technologies
🇬🇧 Cerillion
🇬🇧 Kainos
🇬🇧 James Halstead
🇬🇧 MacFarlane
🇬🇧 Diploma
🇬🇧 Keystone Law
🇬🇧 Tatton Asset Mgmt
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Reports of insider buying at 🇩🇰 ChemoMetec $CHEMM.
Some remarkable metrics: 😳
Gross Margin: 88.19%
Op Margin: 44.94%
ROCE: 44.11%
ROIC: 53.18%
10-year Rev CAGR: 24.98%
10-year EPS CAGR: 78.15%
PE: 37.88
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Four Spanish compounders that nobody talks about.
🇪🇸- Altia Consultores $ALC
🇪🇸- Clinica Baviera $CBAV
🇪🇸- Proeduca Altus $PRO
🇪🇸- Laboratorios Farmaceuticos Rovi $ROVI
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100-bagger fishing is particularly good in Europe. Here’s some little-known quality small-caps:
🇪🇸- Laboratorios Farmaceuticos Rovi
🇸🇪- Sectra
🇳🇴- Elkem
🇫🇷- Neurones
🇳🇱- Alfen
🇮🇹- Cembre
🇬🇧- Bytes Technology
🇩🇰- cBrain
🇦🇹- Fabisoft
🇩🇪- Atoss Software
Do you hold any of these?
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🇳🇴- Europris $EPR.OL
Europris is a high-quality Norwegian discount retail chain business. It has achieved impressive 5-year total return of 238.99%. Can this continue?
Europris is a ‘Super Stock’ according to
@Stockopedia
, a rare example of a stock boasting high-quality, strong
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Here are some ‘Super Stocks’ according to
@Stockopedia
. This means they somehow have Quality, Value and Momentum simultaneously.
🇨🇦- Metro $MRU
🇺🇸- Atkore $ATKR
🇬🇧- MacFarlane $MACF
🇺🇸- Semler Scientific $SMLR
🇩🇪- Amadeus Fire $AAD
🇬🇧- Clarkson $CKN
🇺🇸- Williams-Sonoma $WSM
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I have 52 stocks in the Lion-Cubs fund, but there are still many other small-caps I like the look of:
🇪🇸 Altia Consultores
🇸🇪 Invisio
🇬🇧 Cake Box
🇺🇸 Choice Hotels
🇦🇺 Mader Group
🇮🇹 Sesa
🇳🇴 Norbit
🇩🇪 Amadeus Fire
🇫🇷 G.Perrier
🇬🇧 Clarkson
🇸🇪 Troax
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🇬🇧 SDI Group $SDI.L
SDI (Scientific Digital Imaging) Group is a UK micro-cap serial acquirer. Once a pandemania darling, the stock is now 71% off its all time high of 215p due to a perfect storm of bearish factors:
- an overpriced acquisition
- pandemic overstocking dampening
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Following recent consolidation activities, this is my full portfolio as of today:
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A study by MSCI found that small-cap stocks outperformed large firms over 15-year periods about 9 in 10 times. Here are some of my favs:
🇨🇦- Lumine Group
🇸🇪- Sectra
🇩🇪- Atoss Software
🇬🇧- Cerillion
🇫🇷- Equasens
🇮🇱- Camtek
🇺🇸- Kadant
🇨🇦- Terravest
Do you hold any of these?
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High-quality mid-caps can outperform large-caps over time.
Trees don’t grow to the sky - 🌴 ☁️ ❌
🇺🇸 Crox
🇬🇧 Intercontinental Hotel Group
🇸🇪 Lifco
🇩🇪 Nemetschek
🇺🇸 CorVel
🇨🇭 Geberit
🇬🇧 Intertek
🇮🇹 Diasorin
🇺🇸 Choice Hotels
🇫🇷 Remy Cointreau
Do you hold any of these?
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The culture in Sweden for creating shareholder value is unlike anywhere else, including the US.
Over 38% of my fund is invested in Swedish businesses:
🇸🇪- Fortnox
🇸🇪- Teqnion
🇸🇪- Addtech
🇸🇪- Lagercrantz
🇸🇪- HMS Networks
🇸🇪- Lifco
🇸🇪- Prevas
🇸🇪- Vitec
🇸🇪- Indutrade
🇸🇪- Lime Tech
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Germany has some of the greatest small/mid-caps in the world. Here are some within my investable universe:
🇩🇪- Mensch und Maschine
🇩🇪- Amadeus Fire
🇩🇪- Nemetschek
🇩🇪- Bechtle
🇩🇪- Atoss Software
🇩🇪- Elmos Semiconductor
🇩🇪- Rational
Do you hold any of these?
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I tend to invest in companies under £8bn in size, but here are some great companies slightly bigger:
🇺🇸- Pool Corp
🇺🇸- Rollins
🇫🇷- Sartorius Stedim
🇮🇹- Moncler
🇺🇸- Heico
🇺🇸- Williams Sonoma
🇺🇸- Advanced Drainage Systems
🇺🇸- TopBuild
🇺🇸- Brown & Brown
Do you hold any of these?
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When it comes to high-quality small-caps, Germany has some absolute belters. Here are some of my favs:
🇩🇪 Amadeus Fire $AAD.DU
🇩🇪 Atoss Software $AOF.DE
🇩🇪 Mensch und Maschine $MUM.DE
🇩🇪 Ringmetall $HP3A.DE
🇩🇪 Nemetschek $NEM.DE
🇩🇪 Elmos Semiconductor $ELG.DE
What else?
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Another new position has been initiated this morning:
🇬🇧 Burberry $BRBY joins the Lion-Cubs.
Burberry is a globally relevant fashion brand with a long and rich history that is currently available in a once-in-a-generation 67% drawdown.
Welcome to the cubs!
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People love the magnificent 7, but the US has some promising small/mid-caps which are largely overlooked:
🇺🇸- Advanced Drainage Systems
🇺🇸- Nova
🇺🇸- GMS Inc
🇺🇸- Installed Building Products
🇺🇸- Atkore International
🇺🇸- Skyline Corp
Do you hold any of these?
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For quality small/mid-caps, Europe is arguably ahead of the US!
Here are some of my favs:
🇩🇪- Atoss Software
🇬🇧- Cerillion
🇸🇪- Lagercrantz
🇮🇹- Carel Industries
🇳🇱- Alfen
🇪🇸- L F Rovi
🇨🇭- Sensirion
🇫🇮- Revenio
🇫🇷- Neurones
🇩🇰- ChemoMetec
🇧🇪- Melexis
🇳🇴- Medistim
🇵🇱- Dino Polska
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New-look top-10 as of today:
🇸🇪 - Lifco - 5.73%
🇸🇪 - Teqnion - 5.50%
🇬🇧 - Cerillion - 5.07%
🇸🇪 - Lagerkrantz - 5.00%
🇸🇪 - Addtech - 4.80%
🇨🇦 - Topicus - 4.76%
🇨🇦 - TerraVest - 4.72%
🇸🇪 - Momentum Group - 4.70%
🇸🇪 - MedCap - 4.70%
🇨🇦 - Lumine Group - 4.61%
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Italy is often overlooked by investors yet it has some of the most promising small/mid-caps:
🇮🇹- Diasorin
🇮🇹- Recordati
🇮🇹- Moncler
🇮🇹- Cembre
🇮🇹- Carel Industries
🇮🇹- Sesa
🇮🇹- Davide Campari
🇮🇹- Technoprobe
Do you hold any of these?
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Profitable, capital-light, installed base - hard to change… you can see why software is eating the world, especially small/mid-caps:
🇩🇰- cBrain
🇸🇪- Lime Technologies
🇩🇪- Atoss Software
🇬🇧- Cerillion
🇸🇪- Fortnox
🇨🇦- Topicus
🇸🇪- Vitec Software
🇩🇪- Nemetschek
🇫🇷- Esker
🇦🇹-
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Small-cap IT businesses have delivered high returns on capital, gross margins, growth and have long growth runways ahead:
🇬🇧- Bytes Technologies
🇬🇧- Kainos
🇬🇧- Softcat
🇫🇷- Infotel
🇫🇷- Neurones
🇫🇷- Wavestone
🇮🇹- Sesa
🇳🇴- MultiConsult
🇩🇪- Mensch und Maschine
🇦🇺- Technology One
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🇨🇦 Waste Connections is pretty boring $WCN.TO
What's the most unsexy, "boring" business you've ever seen that makes a ton of money?
(riches in niches)
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Finland is known for the likes of Nokia and Kone. But rarely discussed are its exciting small/mid-caps which have delivered impressive returns on capital over the past 5 years:
🇫🇮- Revenio
🇫🇮- Orion
🇫🇮- Vaisala
🇫🇮- eQ
Do you know any other hidden gems in Finland?
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Here are some high-quality under-the-radar small/mid-caps I am currently researching:
🇺🇸- Weatherford Int.
🇨🇦- Metro
🇦🇺- Mader
🇸🇪- Bufab
🇳🇴- Bouvet
🇬🇧- Cake Box
🇸🇪- MedCap
🇮🇹- Sesa
🇳🇿- Fisher & Paykel
🇫🇷- Equasens
🇩🇪- Amadeus Fire
🇸🇪- Momentum Group
Do you hold any of these?
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I’m pleased to share that 3 new holdings have been added to the fund:
🇮🇹- Carel Industries
🇺🇸- Napco Security Technologies
🇧🇪- Melexis
The companies are in the air conditioning, physical security devices and semiconductor industries respectively.
Welcome to the Lion-Cubs.
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Many say the Swedish market is expensive.
Another way of looking at it is that it’s highly rated:
🇸🇪- Addtech
🇸🇪- Lifco
🇸🇪- Fortnox
🇸🇪- Teqnion
🇸🇪- HMS Networks
🇸🇪- Vitec Software
🇸🇪- Indutrade
🇸🇪- Bufab
🇸🇪- Prevas
🇸🇪- Lime Technologies
🇸🇪- Sectra
Do you pay up for quality?
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My top-10 holdings as of today:
🇸🇪- Momentum Group - 6.13%
🇸🇪- Lifco - 5.90%
🇸🇪- Teqnion - 5.57%
🇸🇪- Lagerkrantz - 5.08%
🇨🇦- TerraVest - 4.88%
🇬🇧- Cerillion - 4.87%
🇸🇪- AddTech - 4.85%
🇨🇦- Topicus - 4.74%
🇸🇪- MedCap - 4.66%
🇨🇦- Lumine Group - 4.63%
Do you hold any of these?
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Sweden is known for its unfathomably successful serial acquirers. Yet its small/mid-cap space also shines in software and tech.
🇸🇪- Lifco
🇸🇪- Addtech
🇸🇪- HMS Networks
🇸🇪- Teqnion
🇸🇪- Indutrade
🇸🇪- Lagercrantz
🇸🇪- Fortnox
🇸🇪- Lime Technologies
🇸🇪- Sectra
🇸🇪- Prevas
🇸🇪- Hexpol
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Here are the Swedish stocks I hold big positions in, along with their Returns on Equity (RoE).
🇸🇪 HMS Networks - 36.44%
🇸🇪 Addtech - 32.80%
🇸🇪 Fortnox - 30.66%
🇸🇪 Lagercrantz - 28.95%
🇸🇪 Teqnion - 28.29%
🇸🇪 Prevas - 23.33%
🇸🇪 Lifco - 23.31%
What metrics/ratios do you value?
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Here are my top 5 performers YTD:
🇨🇦- TerraVest $TVK.TO +37.33%
🇨🇦- Topicus $TOI.V +34.6%
🇩🇪- Atoss Software $AOF.DE +33.99%
🇪🇸- Laboratorios Farmaceuticos Rovi $ROVI.MC +32.19%
🇮🇱- Camtek $CAMT +24.18%
Also shown is the 5-yr performance.
What will they do in the next 5 years?
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The UK market is still bombed-out. Here are some of my fav under-the-radar UK Small-Caps:
🇬🇧- Clarkson $CLK
🇬🇧- Calnex Solutions $CLX
🇬🇧- Cake Box $CBOX
🇬🇧- Spectra Systems $SPSY
🇬🇧- SDI Group $SDI
🇬🇧- Bytes Technology $BYIT
🇬🇧- Kainos $KNOS
🇬🇧- YouGov $YOU
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When fishing for potential 100-bagger stocks, the fishing is very good in Europe.
Here are some of my favourite European small/mid-caps:
🇪🇸- LF Rovi $ROVI
🇸🇪- Momentum Group $MMGR
🇩🇪- Atoss Software $AOF
🇫🇷- Wavestone $WAVE
🇩🇰- ChemoMetec $CHEMM
🇳🇱- BE Semiconductor $BESI
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My favourite French small/mid-caps:
🇫🇷- Neurones $NRO
🇫🇷- Wavestone $WAVE
🇫🇷- Infotel $INF
🇫🇷- Remy Cointreau $RCO
🇫🇷- Esker $ALESK
🇫🇷- Thermador Group $THEP
🇫🇷- Gerard Perrier $PERR
🇫🇷- Equasens $EQS
Any others I am missing?
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An aging global populations means healthcare spending is likely to rise through the next decades. Here’s some quality under-the-radar healthcare small/mid caps:
🇫🇮- Revenio
🇺🇸- Catalyst Pharmaceuticals
🇳🇴- Medistim
🇮🇹- Recordati
🇩🇰- ChemoMetec
🇺🇸- MedPace
🇳🇿- Fisher & Paykel
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