Wendel SE
Long book
$518.3M
Q1 2026
Positions
1
Top-10 weight
100%
concentration
Last quarter
-0.1%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsWendel SE is a diversified fundamental manager, specialised in communications (100% of the long book), running a $518.3M US long book across 1 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: IHS HOLDING LTD.
Over the last 5 quarters its long book ran on average 3.3pp per quarter ahead of the S&P 500, beating the index in 3 of 5 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2025
+6.5%
Q2 2025
+22.7%
Q3 2025
+9.4%
Q4 2025
+10.3%
Q1 2026
-0.1%
Sector allocation
Communications 100%
Long book by quarter
What does Wendel SE own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| IHS IHS HOLDING LTD | Communications | 63.0M | $518.3M | 100.0% | Held |
13F filing history
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