Digest for the week ending June 8, 2025

Another week, another set of breadcrumbs left by those who move capital with intent. While the broader market frets over indices, the real stories are told in the disclosure notices. This week, we saw players of all stripes—from activists and arbitrageurs to visionaries and industrialists—placing their bets on the UK board. Each move tells a tale.

First, we note a new arrival in Motorpoint Group PLC. Mudita Advisors, a discreet fund run by Tom Hardy and Peter Scott with a mandate to hunt for 'mispricing patterns', has surfaced with a 5.03% stake. It is one thing to add to a position, but quite another to allocate significant capital to a new one. In the world of used car retail, where margins are tight and sentiment fickle, such a move suggests a belief that the market has missed something fundamental in its valuation of the omnichannel retailer.

Elsewhere, the art of self-belief was on full display. Notorious activist Edward Bramson and his Sherborne Investors vehicle continued their relentless accumulation in Sherborne Investors Guernsey C Ltd, pushing their holding past 30%. Given the fund’s sole meaningful asset is a stake in US firm Navient, this is a particularly pure signal. Bramson is, in effect, buying his own cooking at a discount to what he believes it is truly worth. It is a powerful, if somewhat circular, vote of confidence in his own long-running activist campaign.

A fascinating pairing of investors appeared on the shareholder register of Gelion PLC, a developer of advanced battery systems. First, John Bolitho, a Senior Equity Analyst at the UK’s energy regulator Ofgem, emerged with a 5.31% stake. When a man whose day job involves scrutinising the energy market’s intricate plumbing decides to invest his own money into a next-generation battery firm, it warrants attention. This is a clear signal from an exceptionally well-informed source on the potential alignment of Gelion’s technology with the future of the grid.

At the same time, Thomas Reginald Dodd, the industrialist behind the Dodd Group property maintenance empire, took a near-5% stake in Gelion. The synchronicity is the result of mutual participation in a recent fundraising. Here we have a convergence of informed capital: the regulatory expert sees strategic value, while the man running a large-scale property services business presumably sees a practical, commercial application for Gelion's energy storage. Such dual validation from both theoretical and practical standpoints is a rare and potent combination for an emerging technology company.

The global search for green technology brought new money to London. Artha Global Opportunities Fund, an investment arm of an Indian alternative asset manager, made its first foray into the UK public markets by taking a 3.91% stake in Invinity Energy Systems PLC. For a firm that provides 'strategic capital' to make its UK debut with a manufacturer of vanadium flow batteries is telling. It signals a conviction not only in the long-duration energy storage theme but that Invinity, specifically, is a horse worth backing for the long race.

In the speculative world of junior miners, actions speak louder than drill results. Kuala Lumpur-based AIMS Asset Management has nearly doubled its stake in Empire Metals Limited to 5.92% by cornerstoning a £4.5m capital raise.

Finally, where there is corporate action, the specialists are never far behind. New York’s Glazer Capital, a firm that largely makes its living from merger arbitrage, has appeared with a 5.23% stake in Urban Logistics REIT PLC. This is no endorsement of last-mile logistics as a theme, but rather a cold, calculated bet. With Urban Logistics publicly in takeover talks with LondonMetric Property, Glazer’s arrival signals a strong belief from an expert practitioner that a deal will complete, and that there is a profitable spread to be captured before it does.

The most inexorable stake-building on the market continues at Oxford Nanopore Technologies plc. EIT Oxford Holdings, the investment vehicle of Oracle co-founder Larry Ellison, has once again increased its holding, now past 14%. This methodical, almost monthly accumulation is far from a simple portfolio allocation; it is a strategic advance. Ellison’s deep pockets and affiliated research institute hint at a grander design, though what exactly his intentions are remains unclear.