Trades of Note for the week ending June 22, 2025

While the commentariat frets over interest rates and geopolitical tea leaves, the real stories are, as ever, written in the small print of regulatory filings. This past week saw a flurry of activity from discerning investors, offering signals to those paying attention. From activists circling discounted funds to arbitrageurs placing their final bets, capital is moving with clear intent.

The closed-end fund space remains a fertile hunting ground. Metage Capital, a London activist known for its expertise in complex fund structures, has appeared with a 6% stake in Riverstone Energy Ltd. This move is strategically timed, coming just before a promised shareholder vote on winding down the energy investment trust. The presence of Metage, alongside fellow activist Almitas, signals a concerted effort to hold the board’s feet to the fire and ensure the persistent discount to net asset value is decisively closed for the benefit of all shareholders.

Elsewhere, a particularly telling insider purchase has emerged at TEAM plc. Kevin Allenby has raised his holding to over 10%, a significant move made more so by his history. Allenby was the principal of Omega Financial Services, a business TEAM acquired in 2022. For the seller of a core asset to be aggressively buying stock in the new, combined entity sends a profound message. It suggests the integration is proving more successful and valuable than the market currently appreciates, a strong affirmation from the one person with perfect visibility on the deal’s merits.

The activist carousel continues to turn at Domino’s Pizza Group PLC. Browning West, the Los Angeles firm that once placed its founder on the board, has cut its stake to below 5%. This move is significant as it formally relinquishes the influence held under their previous agreement. After a long campaign that successfully drove leadership changes, this steady disposal of shares suggests the activist believes its primary work is done, or that the remaining upside is no longer sufficient to warrant a concentrated position. Their capital is now likely seeking more compelling opportunities elsewhere.

In the specialist filtration sector, the slow, methodical accumulation of Porvair plc shares by G.G.G. S.p.A continues, with the stake now exceeding 21%. This is the personal investment vehicle of Giorgio Girondi, Chairman of industry giant UFI Filters. When a highly knowledgeable competitor relentlessly buys shares at rising prices, it is either an emphatic vote of confidence in Porvair’s unique technology and market position, or it is the prelude to a more formal strategic approach. A creeping takeover is never out of the question when an industry insider builds such a commanding position.

Some investors are willing to tread where others fear. New York-based Camac Partners has nearly doubled its holding in JPMorgan Emerging Europe Middle East & Africa Securities Plc to over 10%. Given the firm’s history of activism in mispriced assets, the target is clear. The fund, which holds a significant portfolio of now-inaccessible Russian equities, trades at a deep discount to its reported net asset value. Camac’s substantial bet signals a high-conviction play on narrowing that discount through engagement, or on the deep value of the underlying assets for the truly patient.

Finally, the week was marked by the clear-eyed work of the arbitrageurs. Sand Grove Capital Management, a London event-driven specialist, more than doubled its stake in pawnbroker H&T Group plc. The motivation is hardly a mystery: H&T is the subject of a recommended cash offer from FirstCash. Similarly, at Urban Logistics REIT PLC, New York’s Glazer Capital doubled its holding to over 10% on the very day shareholders approved the REIT’s acquisition by LondonMetric. In both cases, these are not long-term bets but calculated trades by specialists profiting from the near-certainty of deal completion.