Pirate Pension Fund +9% YTD

What's been sold/bought, top 10 positions, plus highlighting two interesting companies - an Italian microcap and a hidden gem on the LSE.

Jul 15 • ROE The Boat and Jon Kingston

6

Real Estate Arbitrage (high margins/recurring revenue)

Profitable, debt-free, founder-led business that has quietly compounded earnings at over 20% per year. P/E 11 with a 5% dividend yield.

Jul 8 • ROE The Boat and Jon Kingston

7

2

May 2026

A Flowing Royalty

Australian microcap with ownership of an irreplaceable resource

May 21 • ROE The Boat and Jon Kingston

5

1

A Hidden Champion in South Korea

Dominant in their niche, high insider ownership, PE 6, PB 0.7, dividend.

May 8 • ROE The Boat and Jon Kingston

23

1

5 Dirt Cheap Korean Small Caps

Decent companies at absurdly cheap prices 🇰🇷

May 4 • ROE The Boat and Jon Kingston

8

1

April 2026

Scarce Luxury Made In Italy

High returns on capital, high insider ownership, cheap valuation.

Apr 25 • ROE The Boat and Jon Kingston

8

2

March 2026

Literal Cash Machines (Another Cheap UK Small Cap) 💸

Share buybacks, large growing dividend, 25% operating margins, 34% ROCE, P/E 8.

Mar 6 • ROE The Boat and Jon Kingston

7

2

February 2026

Quality Asset Light Compounder

Recurring Revenue, 60% Operating Margins, 60% ROCE, PE 12.

Feb 21 • ROE The Boat and Jon Kingston

18

3

January 2026

Pirate Pension Fund +26% For 2025

Process, Risk, Performance, Top 10 Holdings, Big dividend-yields-on-cost...

Jan 9 • ROE The Boat and Jon Kingston

26

2

3

December 2025

UK Small Cap (prime real estate worth more than the market cap)

Growing dividends, share buy backs, 70-100% upside to fair value.

Dec 11, 2025 • ROE The Boat and Jon Kingston

20

3

November 2025

2 Dirt Cheap HK Stocks

With big chunky dividends.

Nov 13, 2025 • ROE The Boat and Jon Kingston

24

3

The Family Business

Family public companies (a list of 183 stocks)

Nov 1, 2025 • ROE The Boat and Jon Kingston

22

4

3