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.

Dear Readers,

Welcome to another edition of ROE The Boat.

The Pirate Pension Fund has achieved a return of +9% so far this year.

Given the background of rising interest rates, geopolitical events, and volatile oil prices - this performance is satisfactory.

While nothing operates in a vacuum, for now let’s focus solely on the micro.

For this issue I will provide a brief update on the Pirate Pension Fund including…

• The 2 stocks I’ve sold

• The 2 stocks I’ve bought

• The current top 10 positions

• And briefly highlight two companies that have entered the top ten which I have not discussed in any previous updates or write-ups.

(Please note: this article should act as an introduction to the companies mentioned and is not a complete deep dive. Make sure you do your own research before investing in any company mentioned in this newsletter.)

Let’s dive in…