Trades of Note for the week ending Aug. 10, 2025

While the indices drift through the late summer doldrums, the more discerning players continue to place their bets. This week’s disclosures reveal a series of high-conviction moves, from established value houses to sector specialists, each telling a distinct story of perceived opportunity. One notes that the most interesting action often happens away from the headline noise, in the meticulous positioning of those who have done their homework.

Lancaster Investment Management, a London partnership known for its concentrated, fundamental approach, has emerged with a 5.39% stake in reinsurer Conduit Holdings Ltd. Lancaster, which manages capital for institutions with a multi-year horizon and an eye for special situations, made its move following a reduction in Conduit's own return on equity guidance. This new position is particularly noteworthy when viewed alongside a flurry of substantial share purchases made by Conduit’s CEO and CFO just a few months prior, suggesting an alignment between external smart money and internal management conviction.

The energy sector saw a notable personal investment, with Jonathan Fitzpatrick taking a 4.44% stake in Challenger Energy Group PLC. Fitzpatrick is no mere dilettante; he is the founder of energy-focused corporate finance advisor Gneiss Energy and a respected serial investor in the space. His move into Challenger, a company with promising Uruguayan assets recently validated by a farm-out to Chevron and supported by a debt-free balance sheet, signals strong personal conviction from an industry insider that the market may be undervaluing the company’s potential.

Across the pond, Brightlight Capital Partners, a concentrated, value-oriented US hedge fund run by Vadim Rubinchik, has surfaced with a 9.04% holding in Manolete Partners PLC. This specialist financier of insolvency litigation presents a unique, niche business model. Brightlight’s investment, requiring a significant commitment from its relatively modest AUM, appears to coincide with the exit of Michael Faulkner (ex River and Mercantile) who had originally backed the business. Rather than a red flag, this suggests a baton pass of sophisticated capital, with one discerning investor seeing value where another may have simply met its objective.

Perhaps the most significant signal of the week came from Silchester International Investors, a firm whose reputation for disciplined, long-term value investing is matched only by its infrequency in making new disclosable investments. Silchester, which manages some $38 billion, has initiated a 3.03% stake in global nutrition company Glanbia plc. For a firm that seldom deviates from its core holdings, such a move is a powerful statement. It suggests that after extensive analysis, Silchester has identified what it believes to be profound and underappreciated intrinsic value in the business.