Letters by company

Admiral Group plc

2 letters discussing AMIGF. Everything written about it on this site is on its ticker page.

Castlebay Investment Partners Quarterly investor letter December 2025 Castlebay UK Equity Fund frames durable competitive advantages as cornered resources, citing British American Tobacco, Diageo and Compass Group. The fund cut Admiral after its valuation recovery, opened Greggs and AJ Bell, reduced NEXT and Compass Group, and exited AutoZone while arguing that portfolio companies retain stronger profitability and lower debt than the market. 2025 AMIGF $14BBTI $138BCMPGF $57B
Castlebay Investment Partners Quarterly investor letter June 2025 Castlebay argues that rising government debt could lead to financial repression, favouring quality businesses with pricing power and durable switching costs. The portfolio added Greggs and AJ Bell, reduced NEXT after its rerating, and examines the competitive moats of RELX, Intertek and Croda. Quarterly investor letter June 2025 AJB $3BCOIHF $6.8BGGGSF $3.3B