Family Holding Companies
This week's topics: We sold the position in Indutrade earlier this year to reinvest in the superior performing sector peers Addtech and Lifco, which score significantly better on profitability and return on invested capital. The AI revolution manifests itself in various ways: from the pragmatic, decentralized innovation at
Deep Dives
The rise of artificial intelligence (AI) dominates conversations in boardrooms and at investor forums. The technological advancement is undeniable, and the potential impact on various sectors is immense. For investors in the software sector, and particularly in vertical market software (VMS), this raises a crucial question: does AI pose a
Family Holding Companies
This week's topics: Asseco Poland, a Polish software 'serial acquirer', offers latent potential through the recent entry of Topicus.com, which now has a controlling interest together with the founder. The implementation of the proven 'Constellation playbook' should drastically increase profitability, as successfully
Economy & Markets
This week's topics: The US seems to be heading towards interest rate cuts due to falling oil prices and productivity gains from AI, while China and Europe are struggling economically. Dutch households leave €516 billion unused in savings accounts, missing out on wealth growth, unlike countries with a stock market culture. Cheap-looking small- and mid-cap stocks
Media
This week, Tresor Capital partner and co-owner Michael Gielkens was a guest on the Jong Beleggen podcast by Milou Brand and Pim Verlaan. They discussed the unique characteristics of family businesses, and holding companies in particular. This was part one of a two-part series; the second will be in two weeks.
Deep Dives
In the world of investing, much attention is paid to balance sheets, profit and loss accounts, and macroeconomic trends. Essential, without a doubt. But one of the most critical factors for long-term success is often underemphasized: the quality and motivations of management. The term "skin in
Family Holding Companies
This week's topics: Alphabet's potential investment in the crucial AI infrastructure company Vast Data is a direct example of their broader 'moonshot' strategy, aimed at financing the fundamental building blocks of future technology. Prosus reallocates capital by selling its stake in competitor Meituan to
Economy & Markets
This week's topics: The stock markets are turbulent due to Trump's unpredictable trade policy and increasing political pressure on the Fed, an uncertainty that is amplified by a weak US jobs report. At the same time, the economic policies and corporate profits between the market-driven, strong-performing US and the more collective, mixed Europe
Deep Dives
Earlier this month, we traveled to Hamburg for the annual Capital Markets Day and shareholders meeting of Chapters Group (Frankfurt: CHG). As Tresor Capital, we consider it of utmost importance to closely monitor the companies in our portfolio. We can confidently report that this day