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Thought I’d post for screening inspiration because most portfolios I see are either very US-heavy or concentrated in the same handful of large caps.
I pick stocks globally without strict target country-allocation and am mainly looking for profitable businesses where I think there is some combination of:
* earnings/margin improvement
* structural growth
* better capital allocation
* temporary problems being priced as permanent
* or simply a valuation that looks too low
I also spend quite a lot of time screening in small/mid caps and special situation turn-arounds.
My current portfolio consists of 28 holdings with a ROE of 17-18%, P/E 17-18 and Forward P/E of \~12x.
The underlying revenue growth is \~8%, with forward EPS growth roughly low-20s to high-20s. Raw earnings-growth figure is higher, but I normalise it because a few holdings are coming off depressed earnings and SK Hynix is obviously in an unusually strong memory cycle.
Below are my current holdings in order of position size, what price I initially bought at and my thesis. "Fair value" is roughly where, based on what I know today, I’d consider most of the obvious valuation gap closed and reassess whether the capital could be better used elsewhere.
>1. Open House Group (3288.T), Japan, 9.84% NAV
**Bought:** Nov 2025 at \~¥9,174 | **Return:** \-17% | **Fair value:** \~¥11,000
Japanese residential developer focused mainly on major urban areas.
**Thesis:** Trades below 8x earnings, good balance sheet, significant buybacks and better economics than I think the valuation implies. Construction-cost inflation also hasn’t been as bad as feared. I think it’s priced too much like a generic homebuilder.
>2. Scout24 (G24.DE), Germany, 8.86% NAV
**Bought:** Nov 2025 at \~€88 | **Return:** \-14% | **Fair value:** \~€95
Owns ImmoScout24, the dominant German online property marketplace.
**Thesis:** Strong network effect, recurring revenues, high margins and pricing power. Agents need to be where the buyers/renters are. There’s also a long runway from subscriptions, advertising, mortgages and other services.
One of the highest-quality businesses I own.
>3. BAM (BAMNB.AS), The Netherlands, 8.01% NAV
**Bought:** Feb 2026 at \~€9.54 | **Return:** \+20% | **Fair value:** \~€13.50
Large Dutch/UK construction and infrastructure company.
**Thesis:** Years of restructuring and stricter project selection have turned what used to be a pretty mediocre contractor into a much better business. Margins, cash generation and the balance sheet have all improved, while more capital can now be returned to shareholders.
>4. TD SYNNEX (SNX), USA, 7.91% NAV
**Bought:** Apr 2026 at \~US$198 | **Return:** \+32% | **Fair value:** \~US$315
One of the world’s largest IT distributors.
**Thesis:** Large-scale distribution business with good cash generation, benefiting from both the normal IT refresh cycle and AI/data-centre investment. Hyve is particularly interesting because it supplies infrastructure directly to hyperscalers.
>5. Kandenko (1942.T), JAPAN, 7.17% NAV
**Bought:** Oct 2025 at \~¥4,717 | **Return:** \+18% | **Fair value:** \~¥6,500
Japanese electrical contractor working on factories, offices, data centres and energy projects.
**Thesis:** Labour shortages and tighter overtime rules have improved industry economics. Contractors can be more selective and increasingly pass cost inflation through. I think margins can stay structurally above historical levels.
>6. ICON (ICLR), Ireland, 6.62%
**Bought:** Apr 2026 at \~US$118 | **Return:** \+39% | **Fair value:** \~US$200
One of the largest clinical research organisations globally.
**Thesis:** The stock collapsed after accounting/backlog problems that I thought were much smaller than the market reaction. The underlying CRO franchise remained intact and bookings have since improved. If those bookings turn into revenue/earnings, there should still be further normalisation.
>7. flatexDEGIRO (FTK.DE), Germany, 6.32% NAV
**Bought:** Nov 2024 at \~€13.58 | **Return:** \+166% | **Fair value:** \~€42
Large European online broker.
**Thesis:** Direct investing is still underpenetrated in much of Europe. flatex has significant operating leverage, so customer/trading growth translates quickly into earnings. Obviously nowhere near as cheap as when I bought it, but earnings have continued to surprise positively.
>8. Takasago Thermal Engineering (1969.T), Japan, 5.54% NAV
**Bought:** Nov 2025 at \~¥4,542 | **Return:** \-5% | **Fair value:** \~¥5,200
Japanese HVAC/building-services contractor.
**Thesis:** Similar industry setup to Kandenko: labour scarcity, better contract terms and greater bidding discipline. Takasago also has attractive semiconductor-fab and data-centre exposure.
>9. Palomar Holdings (PLMR), USA, 5.48% NAV
**Bought:** Oct 2024 at \~US$89.77 | **Return:** \+52% | **Fair value:** \~US$180
Specialist insurer covering things such as earthquake and other niche risks.
**Thesis:** Probably one of the best businesses in the portfolio. Strong underwriting, high ROE and unusually high growth for an insurer. I still don’t think the valuation fully reflects the quality/growth combination.
>10. Sinch (SINCH.ST), Sweden, 5.14% NAV
**Bought:** May 2026 at \~SEK39.58 | **Return:** \+13% | **Fair value:** \~SEK55
Provides messaging, email and voice infrastructure to businesses.
**Thesis:** Previous management went acquisition-crazy and integration was poor. New management is much more focused on margins, cash generation, debt and buybacks. I think the underlying assets are better than the share-price history suggests.
>11. Warsaw Stock Exchange (GPW.WA), Poland, 5.09% NAV
**Bought:** Nov 2025 at \~PLN64 | **Return:** \+47% | **Fair value:** \~PLN105
Runs Poland’s main stock exchange and related financial-market infrastructure.
**Thesis:** Basically a toll road on Polish capital markets. Household participation and stock-market capitalisation remain low relative to Western Europe, so there’s plenty of room for structural growth without requiring much incremental capital.
>12. SK Hynix (000660.KS), South Korea, 4.96% NAV
**Bought:** Feb 2026 at \~₩1.06m | **Return:** \+57% | **Fair value:** \~₩2.05m
One of the major global memory producers and a leader in HBM used for AI accelerators.
**Thesis:** Huge HBM demand, tight memory supply and a strong competitive position. Longer customer contracts may also make parts of the business less cyclical than in previous memory cycles.
The obvious risk is that current earnings are simply close to a cycle peak.
>13. Coca-Cola Bottlers Japan (2579.T), Japan, 4.88% NAV
**Bought:** Mar 2026 at \~¥3,600 | **Return:** \+5% | **Fair value:** \~¥4,300
Main Coca-Cola bottler in Japan.
**Thesis:** Japan is finally accepting meaningful consumer price increases after decades of very little inflation. Even modest pricing changes can have a large impact on profits in a bottling business, especially alongside cost savings.
>14. Kyocera (6971.T), Japan, 4.54% NAV
**Bought:** Nov 2025 at \~¥2,137 | **Return:** \+65% | **Fair value:** \~¥4,000
Japanese conglomerate spanning ceramics, electronics and semiconductor-related components.
**Thesis:** Historically too sprawling with poor capital allocation, which was also the opportunity. Management is restructuring weak businesses, focusing more on returns and buying back shares. A lot of the easy rerating has happened now.
>15. Bank Pekao (PEO.WA), Poland, 4.29% NAV
**Bought:** Nov 2025 at \~PLN200 | **Return:** \+32% | **Fair value:** \~PLN310
One of Poland’s largest banks.
**Thesis:** Good bank, inexpensive earnings multiple, strong capital position and a high dividend. Poland still has plenty of room for financial penetration to catch up with Western European markets.
Pretty uncomplicated value thesis.
>16. TFI International (TFII.TO), Canada, 4.13% NAV
**Bought:** Jun 2026 at \~C$204 | **Return:** \-7% | **Fair value:** \~C$230
North American trucking/logistics company.
**Thesis:** Freight has been in a prolonged downturn and capacity is gradually leaving the market. Eventually lower capacity plus recovering demand should improve freight rates and margins. TFI also has a long history of decent acquisition execution.
Main risk: being early.
>17. BuySell Technologies (7685.T), Japan, 4.13% NAV
**Bought:** Jun 2026 at \~¥3,565 | **Return:** \-10% | **Fair value:** \~¥4,000
Japanese second-hand/recommerce company.
**Thesis:** Japan’s ageing population is sitting on huge quantities of jewellery, watches, luxury products and other valuable goods which eventually get sold. BuySell has been growing very quickly with good unit economics.
Higher-risk because rapid growth leaves more room for execution mistakes.
>18. BNP Paribas (BNP.PA), France 3.66% NAV
**Bought:** Jul 2026 at \~€109.66 | **Return:** \-5% | **Fair value:** \~€125
One of Europe’s largest banks.
**Thesis:** Cheap, profitable, diversified and returning a lot of capital. Trades below several comparable European banks. Doesn’t require a dramatic rerating to produce a reasonable return.
>19. Yonex (7906.T), Japan, 3.30% NAV
**Bought:** Jul 2026 at \~¥2,603 | **Return:** \-1% | **Fair value:** \~¥3,400
Japanese sports-equipment company, particularly dominant in badminton and increasingly important in tennis.
**Thesis:** Demand has actually been constrained by manufacturing capacity. New factory capacity should allow substantially higher volumes. Strong brand and genuine demand-led growth rather than relying on multiple expansion.
>20. Brink’s (BCO), USA, 3.28% NAV
**Bought:** Apr 2026 at \~US$106.75 | **Return:** \+2% | **Fair value:** \~US$140
World’s largest cash-management company.
**Thesis:** Physical cash is obviously declining, but Brink’s has still managed to grow because of route density, scale and outsourcing. The market disliked a recent acquisition; I think the economics and synergies are better than the initial reaction suggested.
>21. UNFI (UNFI), USA, 3.09% NAV
**Bought:** Jul 2025 at \~US$27.64 | **Return:** \+59% | **Fair value:** \~US$52
Large US grocery distributor.
**Thesis:** Turnaround rather than compounder. A poor acquisition left the company with too much debt and weak margins. New management is fixing contracts, warehouses and costs while deleveraging.
I originally bought around the cyberattack sell-off because I thought the damage was temporary.
>22. Limbach Holdings (LMB), USA, 3.00% NAV
**Bought:** Aug 2026 at \~US$44.77 | **Return:** \+11% | **Fair value:** \~US$70
US mechanical/electrical contractor focused mainly on hospitals, universities and industrial customers.
**Thesis:** Moving away from lower-margin subcontracting and towards direct relationships with building owners. That should mean better margins, cash conversion, working-capital requirements and repeat business.
I bought after the large share-price drop.
>23. Wesco (WCC), USA, 2.82% NAV
**Bought:** Mar 2026 at \~US$274 | **Return:** \+28% | **Fair value:** \~US$380
Large distributor of electrical, utility and communications equipment.
**Thesis:** Exposure to grid investment, electrification, factory automation and data centres without having to choose a single AI winner. Good business, although the valuation gap has mostly closed now.
>24. IDT (IDT), USA, 2.76% NAV
**Bought:** Feb 2024 at \~US$37.21 | **Return:** \+85% | **Fair value:** \~US$90
Odd little telecom conglomerate that uses cash from mature businesses to build new ones.
**Thesis:** Legacy telecom generates cash which management uses to develop faster-growing payments/remittance businesses. They also have a history of spinning businesses out. I think consolidated headline numbers hide a lot of the value.
>25. Sdiptech (SDIP-B.ST), Sweden, 2.67% NAV
**Bought:** Dec 2025 at \~SEK192 | **Return:** \+33% | **Fair value:** \~SEK320
Swedish serial acquirer of niche infrastructure businesses.
**Thesis:** Previous management pushed acquisitions and leverage too aggressively. New management is focusing more on ROIC, cash flow and the balance sheet. If they can still grow around the mid-teens while maintaining discipline, I think the multiple has room to recover.
>26. Renew Holdings (RNWH.L), UK, 2.56%
**Bought:** Mar 2026 at \~850p | **Return:** \+11% | **Fair value:** \~1,100p
UK engineering company working on rail, roads, water and energy infrastructure.
**Thesis:** Lots of recurring/framework work rather than giant one-off projects. Capital-light, strong cash conversion and often able to pass inflation through contractual pricing. Also uses excess cash for bolt-on acquisitions.
>27. Allegro (ALE.WA), Poland, 2.48% NAV
**Bought:** May 2025 at \~PLN34.44 | **Return:** \+33% | **Fair value:** \~PLN55
Dominant Polish e-commerce marketplace.
**Thesis:** Massive buyer/merchant network and still plenty of growth. Advertising, payments and logistics should keep increasing monetisation. Core Polish operation is very strong.
The question is whether international expansion becomes profitable rather than continuing to absorb capital.
>28. PORR (POS.VI), Austria, 1.29%
**Bought:** Mar 2025 at \~€26.25 | **Return:** \+41% | **Fair value:** \~€44
Austrian construction/infrastructure company with significant Central/Eastern European exposure.
**Thesis:** Europe needs enormous investment in rail, roads, utilities and energy infrastructure. Industry pricing has also improved and margins still have room to rise.
Kept small because I already have plenty of exposure to the construction/infrastructure theme.