Portfolio Overview - The portfolio consists of 23 positions, with 17 carried over from the previous year and 6 new additions, reflecting a turnover driven by reviews and disappointing fundamentals [1] - A comprehensive performance review is expected in early January 2025 [1] Investment Strategy - The investment approach is bottom-up, focusing on 20-30 small to mid-cap stocks with a favorable return/risk profile over the next 3-5 years [2] - The selected stocks are often lesser-known and may not yield spectacular gains in a single year, aligning with a preference for stability and gradual growth [2] Individual Company Summaries 1. **TFF Group**: A leading oak barrel manufacturer facing challenges due to market weakness in aged wine and whisky; under review for potential long-term holding [4] 2. **G. Perrier**: A specialist in electric installations with growth in nuclear maintenance and new segments; potential for improvement in 2026 [5][6] 3. **Thermador**: A construction supply distributor experiencing economic challenges but maintaining decent margins; considered a long-term hold [7] 4. **Bouvet**: An IT consulting firm recovering from past declines, facing organic growth challenges; currently a hold [8] 5. **Partners Fund - MSA Capital**: A fund with a concentrated portfolio outperforming the main portfolio; classified as a long-term hold [9] 6. **Sixt AG**: A car rental company with a significant EPS increase but stagnant stock performance; viewed as a long-term hold [10] 7. **Chapters Group**: A company acquiring small businesses with a strong growth trajectory; classified as a long-term hold despite high current valuations [11] 8. **AOC Fund**: An activist fund with a mixed performance; currently under special review due to tax disadvantages and questionable investments [12][13] 9. **Alimentation Couche-Tard**: A large-cap investment facing challenges with failed bids; under review for potential re-evaluation [14] 10. **DCC Plc**: A distribution company with a strong track record but facing challenges in the energy sector; classified as hold and watch [15] 11. **SFS Group**: A precision parts manufacturer with a successful acquisition but increased exposure to a troubled sector; currently a hold [16] 12. **Italmobiliare**: A private equity investor in quality Italian companies with good growth prospects; classified as hold with potential for addition [17] 13. **Laurent Perrier**: A champagne company facing a tough market but maintaining brand strength; currently a hold [18] 14. **SAMSE Group**: A building materials distributor with growth potential but facing economic headwinds; classified as hold and review [19] 15. **Eurokai**: A container terminal operator with a low valuation and strong performance; classified as a long-term hold [20][21] 16. **EVS Broadcast**: A leader in live sports broadcasting equipment with strong market share growth; classified as a long-term hold [22] 17. **STEF SA**: A cold chain logistics company expanding in Europe despite economic challenges; classified as a long-term hold [23] 18. **Jensen Group**: A leader in automated laundry solutions with strong profit growth; classified as a long-term hold [24][25] 19. **Robertet**: A player in the flavor and fragrances market focused on natural ingredients; classified as a long-term hold with potential for addition [26] 20. **Bombardier**: An opportunistic investment in a turnaround situation; currently under review for potential profit-taking [27][28] 21. **Fraport**: An investment in Frankfurt Airport with potential for future cash flow improvements; classified as a mid-term hold [29][30] 22. **Wise**: A UK-based fintech with a strong growth trajectory and plans for a US listing; classified as a long-term hold [31][32] 23. **Compagnie Du Bois Sauvage**: A Belgian holding company with a focus on high-end chocolate brands and real estate; classified as a short-term special situation [33][34]