Mansard
Q3 2026
L-26-03
Q3 2026 letter: Nothing happened, and we were busy
Markets were calm this summer. Our five funds were not idle: twenty-eight company visits, two sales, three new holdings and one profit warning we saw coming.
Camille Roussel
6 min
Dear investors,
Very little happened in markets this summer, and we would like to report that we used the calm. The investment team made twenty-eight company visits, eleven of them in French small companies, sold two holdings, bought three and wrote down why for each of them. You will find the reasons in the monthly commentaries of each fund.
What we sold
We sold a Dutch payments company from European Quality after its third profit warning in two years. Our rule is simple: if we cannot explain a holding in two minutes, we sell it. We could no longer explain this one. We also sold a French staffing company from France Small & Mid when its new chief executive announced an acquisition we did not understand.
What we bought
A Swedish maker of compressors we have followed since 2019, a French fragrance supplier Yanis visited in Grasse in July, and two short bonds from companies Short-Term Credit already lends to. None of them is exciting. All of them earn good returns on the capital they use.
What did not change
No fund pays a performance fee. The partners added to their own holdings in every fund this quarter, on the same terms as you. As always, we will answer any question about this letter: write to Olivia, on the ground floor.
Camille Roussel, Chief Investment Officer
Past performance is not a reliable indicator of future results. This letter expresses the views of its author at the date of writing and is not investment advice.
