Trades of Note for the week ending July 20, 2025

A surprisingly busy week for what is typically a somnolent July has produced an unusually long issue. The summer torpor, it seems, can wait. The market has served up a full menu of activist agitations, insider affirmations, and intriguing new entries from across the continent and beyond.

Hong Kong’s Trafalgar Capital Management has taken a new 3.3% position in Oxford BioDynamics PLC. As a multi-strategy hedge fund, its entry into the biotech firm signals a belief in the impending commercial success of OBD’s genomic biomarker technology. This move follows recent stake-building by Sankofa Strategic Equity Fund and, most notably, existing shareholder Vulpes Investment Management. Vulpes’ founder, Stephen Diggle, also sits on the OBD board, creating a powerful convergence of institutional and insider conviction in the company’s prospects at these levels.

Portuguese alternative asset manager Oxy Capital, known for applying a private equity approach to public markets, has initiated a 3.5% stake in The Gym Group PLC. Their expertise in the European fitness sector implies a long-term view on the low-cost gym operator’s operational potential. This follows a recent 5.1% stake taken by Astaris Capital Management. Interestingly, the shares appear to have been acquired from Blantyre Capital, a special situations fund, suggesting a welcome rotation in the shareholder register towards more strategically aligned, patient capital.

Montreal-based activist Converium Capital has upped its stake in Foxtons Group Plc to 5.01%, reinforcing its campaign to force a sale of the London estate agent. Led by Michael Rapps, Converium has been vocal in its belief that a sale is the only path to unlock shareholder value. This move adds pressure just as Foxtons’ board, also nudged by activist Milkwood Capital, has appointed M&A advisers to explore strategic options. Converium’s increased conviction signals they believe a corporate event is not just possible, but increasingly probable.

In a classic case of a manager eating his own cooking, Charles Montanaro has increased his personal holding in the Montanaro UK Smaller Companies Investment Trust PLC to 4.00%. As the founder and lead manager, his decision to deploy more personal capital is a strong insider signal, demonstraing conviction in his quality-growth strategy and the underlying value of the trust’s portfolio, particularly given the recent underperformance of UK small-caps.

German family office Hauser Brothers GmbH has made its first significant foray into the UK market, taking a 3.05% stake in Macfarlane Group PLC. As a private vehicle with a value-oriented, long-term approach, their selection of the well-established packaging company for their UK debut is notable.

A personal investment from a senior private equity executive always warrants attention. Kambiz Nourbakhsh, a Senior Managing Director at the prominent firm Lone Star Europe, has acquired a new 3.4% personal stake in Strix Group Plc. Given his professional background in identifying deep value and operational turnarounds, his deployment of personal capital into the kettle controls and water filtration specialist suggests he perceives a compelling opportunity.

The activist pressure on US Solar Fund Plc has intensified, with Australian investor Staude Capital revealing a new 5.13% stake. Staude, which specialises in closing discounts to Net Asset Value, joins two other prominent activists, Asset Value Investors and Metage Capital, who have recently established or increased their own significant holdings. This convergence of three known activists creates a formidable shareholder bloc, significantly raising the probability that the board will be forced to take decisive action to close the fund’s persistent and sizable discount to its underlying asset value.

Finally, Pentwater Capital Management, an $11 billion US event-driven hedge fund, has disclosed a new 5.03% stake in Brave Bison Group PLC, held entirely through swaps. Pentwater does not invest for the long term; it invests for an "event." Their arrival on the shareholder register of the digital advertising group is a strong indication that they are anticipating a specific catalyst, most likely a takeover bid or other significant corporate transaction, that could deliver a rapid re-rating of the company’s shares.