Curreen Capital Q2 2022 Investor Letter

Quarterly Letter, April–June 2022

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Expensive Companion,

Our fund was down 27.4% within the second quarter. We made no vital adjustments to our positions.

Q2 was a difficult quarter. The inventory market fell, and our ugly ducklings fell extra. Mis-underestimated companies finally rise as their qualities are acknowledged, however in a bear market they’re extra more likely to get thrown out than reevaluated.

Whether or not the inventory market is up or down, we comply with our funding technique: we seek for enticing ugly ducklings, and handle our portfolio by watering the flowers and slicing the weeds. Through the quarter, none of our investments had been weeds that I needed to promote, and whereas I discovered a number of new alternatives accessible at enticing costs, our present holdings had been much more enticing. So we remained totally invested in our (now even-less-expensive) portfolio of enticing ugly ducklings.

Thanks in your dedication to Curreen Capital, I’m grateful that we’re making this journey collectively. I’ll write you once more in October to debate our exercise within the third quarter. Within the meantime, I get pleasure from chatting with present or potential companions – please attain out.

Sincerely,

Christian Ryther | 646-535-8573 | [email protected]

Curreen Capital Investments

Appendix

Synthetic Options (OTC:ASAIF)

Synthetic Options is a Swedish firm that develops and sells a SaaS platform that enables (enterprise) clients to make use of an automatic chat/voice-bot to work together with their very own clients. The enterprise is making an attempt a turnaround that might place it for worthwhile progress.

GetBusy (OTCPK:GETBF)

GetBusy supplies on-line doc change programs—primarily for accountants within the U.Ok.—and its Australian/New Zealand and U.S. enterprise are rising properly. GetBusy spun out of Reckon in August 2017, and has continued to develop since then. GetBusy doesn’t earn cash, investing by increased bills to develop its present companies and making an attempt to launch new merchandise. The underlying companies are worthwhile and sustainable within the U.Ok., and doubtlessly within the U.S. and Australia/New Zealand.

Jackson Monetary (JXN)

Jackson is the most important vendor of retail annuities within the U.S. The corporate focuses on variable annuities, and advantages from a powerful distribution community and economies of scale in customer support. Jackson spun out of Prudential Plc in September 2021. The corporate makes use of extra capital to develop the enterprise, repurchase inventory, and pay a dividend. Jackson trades at a particularly enticing upside-to-downside ratio.

Nilörn Group

Nilorn designs and delivers tags and labels for European clothes manufacturers. The corporate combines just-in-time supply with high quality design that may elevate the shopper’s merchandise within the eyes of the top shopper. Administration makes use of free money stream to develop the enterprise and pay a dividend. The corporate’s returns on capital are about 30%.

Truecaller

Truecaller is a software program firm that provides a cellular app that’s primarily used for caller ID. The corporate’s fundamental market is India, and it has traditionally centered on rising its buyer base in rising markets. The corporate IPO’d in October 2021 and is led by considered one of its founders. The fast-growing firm is worthwhile.

Wickes

Wickes is a U.Ok. retail chain centered on house restore and transforming. The corporate spun out of Travis Perkins (OTCPK:TVPKF) in April 2021 with extra money and no monetary debt. Administration makes use of free money stream to develop the enterprise and pay a dividend. Wickes trades at a particularly enticing upside-to-downside ratio.

Unique Publish

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