Trades of Note for the week ending Sept. 14, 2025

Having returned from a brief and necessary sabbatical, this week's edition is a consolidated review of the last three weeks' activity. Consider the backlog cleared on your behalf. Our regular weekly transmission resumes hereafter.

The long and patient pursuit of Palace Capital PLC by Swedish activist Peter Gyllenhammar AB continues apace. After a five-year campaign of persistent accumulation, his firm now holds 19.70% of the UK real estate company. Gyllenhammar is known for building stakes to exert influence and he is likely to have on going dialogue with the company's board, adding further weight to this vote of confidence in an asset he understands well.

Gyllenhammar is not the only Scandinavian investor shopping in the UK property aisle. Salt Value AS, the Norwegian investment firm of prominent financier Harald Espedal, has appeared on the register of Helical plc with a new 3.04% stake. Espedal, whose firm has a stated focus on real estate, is known for a measured, strategic approach rather than overt activism. His entry suggests a move based on a fundamental view of the value in Helical's property development and investment portfolio, a considered bet on a sector that many others have found challenging.

The UK small-cap sphere saw further movement as Heronbridge Investment Management, a value-biased specialist, initiated a 4.99% stake in floorcoverings distributor Headlam Group. The firm, which manages around $2.5 billion, is steered by the Citywire AAA-rated fund manager William Bevis Comer. When a top-performing specialist in undervalued UK equities takes a new position of this size, it indicates their exacting research process has uncovered what they believe to be a significant mispricing. It is a notable endorsement for a company exposed to the cyclical housing market.

Meanwhile, a name synonymous with corporate agitation has surfaced at Vodafone Group PLC. Legendary Swiss activist billionaire Martin Ebner has acquired a 3.00% holding through his vehicle, Patinex AG. Vodafone has long been a source of investor frustration, and Ebner’s reputation for transformative activism and challenging entrenched management precedes him. While 3% is not a controlling stake, his presence on the register alone signals a powerful new voice demanding strategic discipline and a renewed focus on shareholder returns from the telecommunications giant.

There is no signal quite so potent as that from a true insider. Russell Fryer, the founder and then-CEO of Critical Metals Plc, has substantially increased his holding from 15.75% to 27.04%. This act of deep conviction was executed via a recapitalisation at a depressed valuation, tightening his control and aligning his interests completely with shareholders. As the individual with unparalleled knowledge of the firm’s assets, particularly its Molulu copper-cobalt project in the DRC, his move to consolidate his position at a critical juncture is telling.

In the esoteric world of biotechnology, specialist expertise is paramount. Lucius Cary, founder of Oxford Technology Management and a veteran investor in early-stage science ventures, has taken a new 3.10% stake in Arecor Therapeutics PLC. Cary has built a career identifying high-risk, high-reward scientific businesses, and his investment implies that Arecor’s pipeline has passed the muster of a deeply knowledgeable backer.

Finally, one of the world’s most revered investors has made a significant move in the mining sector. Duquesne Family Office, the investment vehicle of macro legend Stanley Druckenmiller, acquired a 14.75% stake in Guardian Metal Resources PLC. Druckenmiller is renowned for making large, concentrated wagers based on his global economic theses. His substantial investment in a US-focused critical metals explorer is not merely an endorsement of its Pilot Mountain tungsten project, but a powerful thematic bet on the future of resource security and domestic supply chains.