The 2025 Sohn London Conference takes place on Wednesday, 19th November 2025, at the London Marriott Grosvenor Square. Now in its 12th year, the Sohn London conference brings together Europe’s top hedge fund managers and institutional investors to share their high-conviction (mostly) equity investment strategies. All proceeds from the conference go to help pediatric cancer research: In short, a great event for a great cause!
Couldn't make it to the the event ? Stay tuned for our in-depth coverage of the conference.
The speaker list and agenda for the 12th Annual Sohn London Investment Conference is detailed below, followed by links to each pitch.
UPDATE: The full coverage of the conference in PDF for those readers who prefer it can be found below at the bottom of the post.
Also see - Sohn London Conference 2024 In-depth Coverage
The 2025 Sohn London Conference - Agenda
11.30am - Lunch, sponsored by AlphaSense
WELCOME AND INTRODUCTION
Piers Butler & Dina Geha – Co-chairs, Sohn Foundation London
12.15pm - 2025 Sohn London Conference Presentations - Part I
Avi Fruchter, Vinrta Capital
Introduced by Lawrence Oberleith (Marex)
Fruchter presented a long thesis on an Amsterdam-listed logistics company specializing in automated parcel machines (APMs). The company operates a fully integrated "last mile" delivery network, primarily in Poland, with aggressive expansion underway in the UK and other European markets. The main advantages the company has rests on the company’s network density, which creates a formidable moat and high barriers to entry for competitors.
Despite its dominance and a network that has processed 1.4 billion parcels, the stock has dropped a lot recently due to perceived competitive risks from a major regional e-commerce marketplace. Fruchter argues this risk is overstated, as the marketplace remains dependent on the company’s strategic locker locations. With the stock trading at a large discount to its intrinsic value and the potential to pivot volume to other global retail giants if necessary, Vintra sees a highly attractive entry point for a business compounding capital at high rates.
See: Vintra’s Avi Fruchter Likes This Polish Mid-cap Which Is A Major Amazon Supplier Amazon
Alyx Wood, Kernow Asset Management
Introduced by Piers Butler (Sohn Foundation London)
Wood pitched a UK small-cap company focused on the "silver pound" - consumers aged 50 and over. The business is a conglomerate of seemingly disparate units, including insurance, financial services, and cruise holidays, which Wood argues has led to a deep misunderstanding by the market. Analysts largely categorize it as a commercial service firm rather than a consumer brand, causing a significant valuation gap.
A demographic tailwind will lead to the target age group controlling 60% of consumer spending by 2030. Following a period of "catastrophically bad" strategic decisions and high leverage, a new management team is transforming the balance sheet, selling off underwriting units to focus on a capital-light broker model. Wood believes the company is transitioning from a distressed asset to a high-quality compounder. With leverage expected to drop significantly by 2029 and the stock trading near 4x earnings, he sees potential upside of over 400%.
See: Kernow's Alyx Wood Makes Big Bet On This UK Insurer Which Could 5x
Also see - Hidden Value Stocks Q2 2025 Issue: Kernow Asset Management and Plough Penny Partners
Igor Kryca, Lombardi Capital
Introduced by Morgaine Conway-Grim (Hawks & Doves)
Kryca presented a long idea involving an industrial company that dominates the global market for braking systems. The business is split between two divisions: a highly durable, high-margin passenger rail segment and a more cyclical commercial vehicle (truck) segment. The rail division acts as the "crown jewel," operating on a "razor-blade" model where aftermarket services account for 80% of profits and installed systems are locked in for decades.
The opportunity exists because the market has penalized the stock for its exposure to the cyclical truck downturn and previous management turmoil. However, a new CEO has implemented a transformation plan focused on efficiency and capital allocation. Kryca argues investors are getting a best-in-class rail franchise at a discount, with a cyclical rebound in trucks and infrastructure spending in Germany being additional catalysts. Hus target price is more than double the current level.
See: Ex-Soros/Rentech PM Igor Kryca Likes This German Manufacturer
Christian Putz, ARR Investment Partners
Introduced by Kim Shapiro (HSBC Global Investment Research)
Putz pitched a large bank in central Asia, describing it as an "extreme opportunity" characterized by high growth and a massive valuation discount. The bank dominates its domestic market and has successfully diversified into a "super app" ecosystem, offering government payments and lifestyle services that reduce its reliance on traditional lending.
Financially, the company boasts a 34% return on equity and a cost-to-income ratio below 20 - far better than Western peers. Despite these fundamentals and a supportive local economy growing at nearly 6% annually, the stock trades at less than 4x earnings due to geopolitical fears surrounding the region. Putz argues that the market has overly discounted these risks. With a dividend yield that has reached as high as 15% and net profit growth expected to continue, he views this as a long-term hold with significant upside if sentiment normalizes.
See: ARR’s Christian Putz – This Strong & Large Kazakh Bank Has A 15% Dividend Yield
Katie Moran, CIE Partners
Introduced by Alexandra Thelis (BNP Paribas)
Morgan’s best idea is a US-based digital brokerage firm, characterizing it as a "rare gem" and a high-quality compounder. The company's position as the industry's lowest-cost producer, achieved through relentless automation of trading and risk management processes makes it a high quality business. This efficiency allows the firm to offer superior pricing to customers while generating higher profit margins than both traditional incumbents and fintech challengers.
The business generates significant revenue from net interest income on customer cash, which Moran argues is sustainable even if interest rates decline, due to rapid account growth. With a "fortress" balance sheet holding $14 billion in excess capital and a founder who retains 74% ownership, the company is aligned for long-term value creation. Moran believes the company has a clear runway to expand its user base from millions to potentially 80 million accounts globally.
See: CIE's Katie Moran Likes Stock Of This Dominant Brokerage
Priya Kodeeswaran, Katamaran Capital LLP
Introduced by Ender Onzam (HSBC Global Banking and Markets)
Kodeeswaran pitched a short idea targeting a US consumer application known for family location tracking. The company has benefited from the "monetizing anxiety" model, charging parents for safety features. However, the fund manager believes that the bullish sentiment ignores the rising threat of free competition from operating system giants like Apple and Google, which have integrated similar tracking features directly into their ecosystems.
KPIs suggest the company is hitting a wall. Growth in monthly active users is decelerating, and international expansion efforts are facing lower conversion rates and pricing power compared to the US market. Furthermore, the company is transitioning its business model towards advertising, a shift that introduces valuation risks as it moves away from recurring subscription revenue. With insiders selling stock and the valuation heavily dependent on terminal growth, Kodeeswaran sees significant downside.
See: Ex-Millennium Group Senior PM Priya Kodeeswaran Is Short This Mid-cap Tech Stock
13:45 - AFTERNOON TEA
2.15pm - 2025 Sohn London Conference Presentations - Part II
Charles L. Heenan, Kennox Asset Management
Introduced by Bryan O’Carroll (Sohn Foundation London)
Heenan pitched a long idea in the unloved apparel manufacturing sector, noting his philosophy of avoiding the "cool kids" in tech. The company is a dominant global manufacturer of athletic footwear, supplying top brands like Nike and Adidas. It is family-controlled and currently trades at a distressed valuation of just 8x earnings and half its replacement value.
The catalyst for the trade is a shift in the capital cycle. After years of declining profits and high capital expenditures, the trend is reversing: profits are rebounding to near-record levels while capex is falling. This change has led to the company generating substantial free cash flow, supporting a sustainable dividend yield of around 9%. Heenan views this as a classic value play where headwinds are turning into tailwinds.
See: Kennox’s Charles Heenan – This Great International Apparel Stock Is Trading At 8x PE
Also see - Interview With Kennox Strategic Value Fund Manager
John White, Calibrate Partners
Introduced by Dina Geha (Sohn Foundation London)
White presented a macro-driven long thesis on a UK company that dominates the kitchen and joinery market. He expects a cyclical recovery in the UK housing market, which he describes as currently "frozen" due to high stamp duty taxes. White expects upcoming government policy changes, specifically a cut in stamp duty, to unlock housing transactions, creating a multiplier effect for renovation spending.
The specific company is a "quality compounder" with a vertically integrated model and a 10-year track record of growth. It is currently trading at a discount to its historical average due to the macro gloom. White argues that falling inflation and potential rate cuts will further stimulate demand. With management heavily aligned through share ownership and a clear runway for depot expansion, he sees ~60% upside as the housing cycle normalizes.
See: Ex-GLG Partner John White Likes This Mid-cap UK Builder
Also see - 2023 Sohn London Conference: Calibrate Partners on Lloyds
Mattias Thärn, Brummer & Partners
Introduced by Martin Cristiansson (BNP Paribas)
Tharn pitched a short thesis targeting a Swedish medical technology company specializing in bone graft substitutes. The stock trades at a high valuation multiple based on the success of its primary product for bone voids. However, Tharn argues the market narrative is built on biased promotional data and selective clinical study disclosures. He highlighted instances where the company allegedly omitted negative trial results or excluded patients to artificially boost reported efficacy rates.
The short thesis is reinforced by forensic analysis of trade data. Tharn’s team found discrepancies between the company’s reported revenue growth and the physical volume of product exported to its key US market, suggesting potential channel stuffing or accounting anomalies. Combined with audit qualifications at a subsidiary and misalignments in sales commissions, Brummer & Partners expects the company to miss future revenue targets and face potential regulatory scrutiny.
See: Brummer & Partners’ Mattias Tharn Is Short This Swedish Midcap
Boaz Weinstein, Saba Capital
Introduced by Ksenia Galouchko (Greenbrook)
Weinstein focused on the structural opportunity in closed-end funds and investment trusts trading at deep discounts to their Net Asset Value (NAV). He argued that a "storm is brewing" particularly in the UK market, where trusts holding assets ranging from private equity to real estate are trading at historically wide discounts, totaling nearly £20 billion in value dislocation.
Saba Capital’s strategy involves taking stakes in these discounted vehicles and using activist pressure to force capital returns, tender offers, or liquidations. Weinstein cited examples of UK REITs and private equity trusts where management could unlock immediate shareholder value by selling assets at slight discounts to buy back their own shares at massive discounts. He urged investors to look past theoretical models and buy actual dollars for 60 or 70 cents, describing the sector as offering "super normal" returns with a margin of safety.
See: Boaz Weinstein “Storm Is Brewing” In REITs, BDCs; Pitches REIT & Trust Idea
Also See - Boaz Weinstein Explains Why Activist Investors Avoid Closed-End Funds
Daniel Yu & Cyrus de Weck, Gotham City Research
Introduced by Chris Elliott (Marex)
Yu and de Weck pitched a short thesis on a large US Real Estate Investment Trust (REIT) specializing in paper document storage. They described the company’s core business as a "melting ice cube" in structural decline. To counter this, management has aggressively pivoted into data centers - a move the speakers characterized as a value-destructive "Hail Mary" financed by spiraling debt.
According to their research, company’s returns on these new investments are below its cost of capital, yet management is incentivized to pursue growth over value. Gotham alleges the company uses aggressive non-GAAP accounting to mask its true leverage, which they estimate is closer to 9x versus the reported 5x. Additionally, the speakers claim the company has alienated customers with predatory price hikes to maintain revenue targets. They foresee a potential 70-90% downside as the valuation multiple compresses to reflect the business's true quality.
See - The "Hail Mary Pass of A Dying Business" - Gotham Short Thesis on A Debt-Fueled Frenzy
Also see - Gotham Research Founder Fears For Safety After Article Published
Evan Sohn, Sohn Foundation
15:30 - COFFEE BREAK & NETWORKING
4pm - 2025 Sohn London Conference Presentations - Part III
Macro Panel - Nouriel Roubini & Jason Cuttler, Hudson Bay Capital
Introduced by Armenio Keusseyan (Sohn Foundation London)
Cuttler and Roubini provided a macro perspective on the long-term implications of the Artificial Intelligence boom. While acknowledging that equity valuations are high relative to bonds, they argued this is justified by the transformative potential of AI and a "technological optimism" that pervades the US market. They suggested that the S&P 500 could reach significantly higher levels, driven by these structural shifts rather than a traditional bubble.
The presentation also highlighted a massive demographic tailwind: the transfer of trillions of dollars in wealth to a younger generation (aged 34-55), should support equity inflows. However, they tempered this optimism with warnings about short-term risks, specifically the potential for "technological unemployment" in the tech sector itself and the sustainability of public debt.
See: Hudson Bay’s Jason Cuttler – AI Could Drive S&P 500 To 9000
James Smith, Palliser Capital
Introduced by Conor Davis (BNP Paribas)
Smith disclosed his stake in a major Japanese conglomerate that operates across logistics, banking, insurance, and real estate. The stock trades at roughly half of its intrinsic Net Asset Value (NAV), creating a large valuation discount. Smith believes hat the market is essentially valuing the company’s core listed stakes at a discount while assigning zero or negative value to its massive real estate portfolio.
Palliser estimates the company’s real estate assets alone - comprising over 100 properties, many in central Tokyo - are worth over $20 billion. The thesis relies on the company capitalizing on Tokyo Stock Exchange reforms to improve capital efficiency. By setting clear ROE targets, optimizing its balance sheet, and potentially spinning off or monetizing its real estate, Smith argues investors can capture a 9.3% shareholder yield while waiting for a 60%+ upside re-rating.
See: Palliser Capital Is Long This Japanese Stock Trading At 50% Of NAV
Also see 2025 Sohn Hong Kong: Palliser’s James Smith – This High-Quality Japanese Manufacturer Has 90% Upside
Nicholas Firth, Xantium Group (Tudor Investment Corporation)
Introduced by Ksenia Galouchko (Greenbrook)
Firth pitched a long idea in the biotechnology sector, focusing on a company developing treatments for neurological disorders. The primary value driver is a late-stage asset targeting focal onset seizures, with a critical Phase 3 data readout expected in early 2026. Firth argues the program is safer following strong Phase 2 data that showed clear efficacy and a clean safety profile.
The investment case suggests the current share price is supported almost entirely by this lead asset, offering a "free option" on the company’s secondary pipeline program for neurodegenerative diseases. Furthermore, Firth sees the company as an acquisition target for large pharmaceutical firms looking to bolster their neuroscience portfolios, noting that the company lacks the commercial infrastructure to launch the drug alone.
See: Targeting 100,000 Patients: Tudor’s Firth Details Valuation of Company’s Neuroscience Pipeline
Carson Block, Muddy Waters Capital
Introduced by Sami Lopez-Geha (Sohn Foundation London)
Known primarily for short selling, Block presented a rare long idea in the junior mining sector. He argued that the major gold producers are suffering from a lack of new discoveries and are forced to acquire junior miners to replenish depleting reserves. His pick is a Canadian-listed company exploring in the Yukon, which he believes has made a "Tier 1" greenfield discovery - a scarcity in the current market.
The specific deposits the company owns contain high-grade gold near the surface, which lead to low extraction costs and a high Net Present Value (NPV). Block argues the company is trading at a fraction of its net asset value compared to historical acquisition multiples. With the stock currently listed on a venture exchange and lacking broad promotional coverage, he sees a window for investors to enter before a likely acquisition by a major producer generates a potential 5x return.
See: Muddy Waters’ Carson Block – This Gold Miner Could 5x On a “Tier One Freak Discovery”
Also see - Sohn London Investment Conference 2023: Muddy Waters’ Short Idea
17:00 - CLOSE AND COCKTAIL HOUR
Subscribers can access the full 2025 Sohn London Conference PDF Report here.
About Sohn London:
The Sohn Foundation London Board of Directors comprises of Piers Butler (HSBC), Dina Geha (BNP Paribas), Armenio Keusseyan (Hudson Bay Capital), Manuel Stotz (Kingsway Capital), Evan Sohn (Aura Intelligence), and Rob White (Greenbrook).
@SohnConferenceFoundation, #Sohn2025 and #SohnLDN2025 – for meeting updates, news, and highlights.
Sohn Conferences include Sohn Australia, Sohn Hong Kong, Sohn London, Sohn Monaco, Sohn Montreal, Sohn New York, Sohn San Francisco, and Sohn Tel Aviv.
To date, the Foundation has raised in excess of $150 million.
More information on the Sohn Investment Conference is available at www.sohnconference.org
Paid subscribers can see the full in-depth 2025 Sohn London Conference PDF report below.
See the 2025 Sohn London Conference PDF Report here.
