MAB Quarterly Review Q1 2025 - Adventurous - Flipbook - Page 11
Facts behind the fund
Lansdowne Partners (Lansdowne) was established in 1998, with the business originally focused on managing
UK and European hedge fund strategies. Over time, the 昀椀rm started offering long-only European equity
strategies, primarily for institutional clients.
Having already enjoyed success with a 5-year stint as a Pan-European telecoms equities analyst at Dresdner
Kleinwort Wasserstein, Daniel Avigad joined Lansdowne as a European equity analyst in April 2006. In 2013,
Daniel was promoted to co-portfolio manager for Lansdowne’s European long only equity strategies and
became the sole portfolio manager in January 2014. He has been a Partner of Lansdowne since 2011.
For most of Daniel’s tenure, Lansdowne have only managed assets for large institutional clients. However, in
June 2022, Lansdowne launched a UCITS version of the European inc-UK long-only strategy and, after an indepth due diligence process, including multiple meetings with Daniel and us analysing his historical portfolio
management activities, the MAB Funds invested in December 2022. Unfortunately, due to insurmountable
platform onboarding hurdles, the Active MPS was unable to invest. However, almost a year later Lansdowne
acquired Crux Asset Management and, in September 2023, Daniel took over management of an existing
Crux European ex-UK fund that was already on many platforms, creating what is now called the Lansdowne
European Special Situations Fund. In October 2023, the MAB Funds switched their investment into this fund
and the Active MPS was also subsequently able to invest.
From our regular interactions with Daniel and his team, we have consistently been impressed by the depth
and independence of their company analysis, which is focused on identifying idiosyncratic opportunities
where the demand or supply side of a company or the industry it operates within has been substantially
misunderstood by the market. The manager also seeks to enhance value by actively engaging with company
management, often presenting their internal reports and ESG analysis to company boards and conveying
how they believe additional long-term value can be created. We like that the return pro昀椀le they generate is
relatively consistent and not overly reliant upon whichever investment style is in favour at that time. We also
like that the manager can do this by constructing a relatively concentrated portfolio of 20-40 of their best
investment ideas, primarily in mid to large-cap companies, withholding periods typically in excess of 3 years.
Since Daniel took over the Lansdowne European Special Situations Fund in September 2023, he has delivered
a net return of +21.5% compared to +18.5% for the MSCI Europe ex-UK Index.
Daniel’s longer-term track record for the Lansdowne European Long Only Fund is below.
Note: Returns are gross of fees as this fund and share class was subject to a performance fee that YOU’s
investment does not pay. Fund returns sourced from Lansdowne. Index returns sourced from Re昀椀nitiv.
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