Undervalued Small Cap with a Deep Moat, Outsider CEO, 120%+ potential upside.

Many respectable funds have been quietly building positions in this neglected UK small cap. It could be another takeover target.

5 hrs ago • ROE The Boat and Jon Kingston

6

September 2026

2 GARP, 1 Deep Value, and 1 Oddball.

Turning over the rocks once again.

Sep 15 • ROE The Boat and Jon Kingston

11

2

August 2026

A high quality founder-led Japanese microcap

Sticky recurring revenue, and a CEO/founder with an incentive to send cash straight to shareholders instead of sitting on it.

Aug 21 • ROE The Boat and Jon Kingston

11

2

July 2026

4 Bargain Basement Korean Small Caps

Deeply undervalued companies that should be worth 2 to 3 times their current market cap.

Jul 28 • ROE The Boat and Jon Kingston

8

2

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

7

Rent to Rent (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

8

2

May 2026

A Flowing Royalty

Australian microcap with ownership of an irreplaceable resource

May 21 • ROE The Boat and Jon Kingston

6

1

A Hidden Champion in South Korea

Dominant in their niche, high insider ownership, PE 6, DY 5%.

May 8 • ROE The Boat and Jon Kingston

24

1

5 Dirt Cheap Korean Small Caps

Decent companies at absurdly cheap prices 🇰🇷

May 4 • ROE The Boat and Jon Kingston

9

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

9

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

8

2

February 2026

Quality Asset Light Compounder

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

Feb 21 • ROE The Boat and Jon Kingston

19

3