The 5th annual Sohn Monaco Investment Conference was held on Thursday 12 June at the Monaco Yacht Club. The 2025 Sohn Monaco Conference featured Europe’s leading hedge fund managers presenting their most compelling stock ideas ideas with proceeds going to support pediatric cancer care and research; a great event and it supports a great cause, and Hedge Fund Alpha is proud to be a media sponsor of this wonderful cause.
UPDATE: 6/13/2025 12:15PM EST – Our entire 79 page report on the 2025 Sohn Monaco Conference can be found at the very bottom of this page in both plain vanilla and interactive PDF format. We hope you enjoy!
With the massive run up in US stocks, now could be a great time to be searching for undervalued European equities. And the speakers pitched many of those undervalued European stocks.
Can't make it to the event on the beautiful shores of Monaco? Hedge Fund Alpha will have full coverage of the event at this page, so you can check this back anytime, or check our dedicated hedge fund conferences page.
Also see Full 2024 Sohn Monaco Investment Conference Coverage
Highlights of the event include:
"As Sohn New York celebrates 30 years of impact, Sohn Monaco marks its 5th edition of uniting finance for a greater cause. We are proud to unveil a remarkable lineup of speakers, all joining us to invest in the future of children battling cancer," say Justin Hilbert and Florence Tournier, co-chairs of the Sohn Monaco Investment Conference.
The event took place at Yacht Club de Monaco, Quai Louis II,98000, Monaco Monaco.
See below for a summary of all the pitches, links to more in-depth articles on each pitch and a PDF report of all of our coverage from the event.
2025 Sohn Monaco Conference - Investment Speakers
- Ali Akay, CIO and Partner, Carrhae Capital - See: Carrhae Capital’s Ali Akay Sees This Brazilian Aircraft Maker Doubling
- Pedro De Noronha, Portfolio Manager and Managing Partner, Noster Capital - See: Nostra's Pedro De Noronha – "150%+ Return In 2 Yrs, Quasi Guaranteed"
- Per Johansson, Co-Chief Investment Officer, Origo Funds - See: Origo Funds' Per Johansson – This "One-of-a-Kind" $1B Spinoff Could Double
- Margaret Jones, Principal and Portfolio Manager, Taconic Capital pitched a merger arb tech play and a quality US large bank.
- Eric Knight, Founder and CEO, Knight Vinke Asset Management believes this large-cap UK company is poised to capitalize massively on European energy independence.
- Per Lekander, Partner, Portfolio Manager & CEO, Clean Energy Transition says that this solar company which trades at dirt-cheap valuations could gain as the US shifts from Chinese dependence.
- Oliver Scharping, Senior Portfolio Manager, Berenberg likes this well-known US retailer which he believes is misunderstood post a recent merger.
- Beniamino Sciacca, Managing Director, SSVL - See: SSVL's Beniamino Sciacca – This UK Midcap At "Inflection Point" Could Double
- James Smith, Founder & CIO, Palliser Capital - See: Palliser’s James Smith Bullish On This UK Stock – As It Pirvots From High Street to High Growth
- Nicola Trakos Wood, Managing Director, Asset Value Investors (AVI) - See: AVI's Nicola Trakos Wood – This Quality Japanese Stock Could 3X
2025 Sohn Monaco Conference Special Guests
- Pierre-Andre Chiappori, Minister of Finance, Government of Monaco
- Davina de Beauregard & Nathalie Chateau-Rodrigue, Co-Founders, DaMa MediaArt
- Pascal Gentil, Olympic Taekwondo Champion, Ambassador for Peace through Sport
- Jean-Francois Peyron, Research Director, CSM
The Sohn Monaco Investment Conference beneficiaries have included the Paediatric Haematology-Oncology Department of the University Hospital of Nice (INSERM/C3M), the Innovative Therapies for Children with Cancer (ITCC) in Paris and Monaco Scientific Center (CSM).
Check out the conference homepage for more details on the event or for any questions.
2025 Sohn Monaco Conference - Summary
Ali Akay, CIO and Partner, Carrhae Capital
Ali Akay, an expert in emerging markets, presented a Brazilian aircraft manufacturer as his top pick. Akay highlighted its geopolitical neutrality, allowing global business, a self-enclosed supply base that minimizes supply chain issues, and a cost-effective, competent labor force. The company benefits from a five-plus year backlog, particularly in high-margin MRO (Maintenance, Repair, and Overhaul) with 18% EBIT margins.
Significant long-term growth opportunities exist in regional aviation across the US, India, and China, alongside widespread acceptance for its military cargo aircraft. A notable new revenue stream is the high-margin, scalable third-party servicing of non-company fleets, projected to add $60 million in EBIT within five years. Akay sees substantial upside, noting the stock's undervaluation and the company's ownership of over 80% of a promising eVTOL business.
See: Carrhae Capital’s Ali Akay Sees This Brazilian Aircraft Maker Doubling
Pedro De Noronha, Portfolio Manager and Managing Partner, Noster Capital
At the 2025 Sohn Monaco Conference, Pedro De Noronha challenged the prevailing "peak oil" narrative, asserting continued demand growth and profound undervaluation in the oil sector due to ESG policies. His investment pitch was for a company providing non-discretionary services to oil platforms, primarily in the North Sea and Persian Gulf.
Despite a past marked by a failed IPO and high debt, this entity is now in recovery mode, with vessel utilization nearing 100% and projected net debt-to-EBITDA falling to less than one time this year, signifying a strong balance sheet. With 84% of future work contracted, De Noronha projects a "quasi guaranteed" 150% plus return over the next two years, driven by natural deleveraging and a modest re-rating.
See: Nostra's Pedro De Noronha – "150%+ Return In 2 Yrs, Quasi Guaranteed"
Per Johansson, Co-Chief Investment Officer, Origo Funds
Per Johansson championed a spin-off providing speech and language systems for individuals with disabilities. Johansson underscored its strong market share in the underpenetrated US market, its high gross margins, and accelerated revenue growth from 20% to 34%.
He rates its business model as "five out of five" (or "six out of five" for ESG), citing its complex insurance system management and recurring revenues that differentiate it from a commoditized hardware company. Despite a high current valuation, Johansson believes the market significantly underestimates its growth potential and margin expansion, with the CEO targeting operating margins reaching 20-25% in the near term and over 30% in five to six years, implying a 100% upside over the next 12-18 months.
See: Origo Funds' Per Johansson – This "One-of-a-Kind" $1B Spinoff Could Double
2025 Sohn Monaco Conference - Margaret Jones, Principal and Portfolio Manager, Taconic Capital
Margaret Jones presented a major US financial company, describing its transformation into "the Hulk". This transition is underpinned by its founder's vision and recent favorable regulatory shifts for US banks, including a bipartisan effort to potentially weaken a dominant payment network. The core of the transformation is a major acquisition of another financial network, which allows the company to "supercharge" the acquired network by routing its substantial purchase volumes through it, leading to 30% accretion in year one.
Post-transformation, Jones anticipates the company will trade at higher multiples, akin to other leading financial institutions, suggesting a 30-50% price increase and long-term potential from its network income. Jones also identified a low-risk short opportunity in a networking hardware company, given the weak DOJ case against its acquisition by a major tech firm.
See: Taconic's Margaret Jones Likes This "Hulk"-like Bank & Merger Arb Play
2025 Sohn Monaco Conference - Eric Knight, Founder and CEO, Knight Vinke Asset Management
Eric Knight focused on a UK-listed energy company with core divisions in offshore wind and energy transmission. He passionately highlighted the "very fast growing" offshore wind business and the immense potential of North Sea offshore wind, capable of providing "dispatchable power on demand" with "zero downtime," offering energy independence for Europe.
The regulated transmission business also grows rapidly, providing predictable value growth and downside protection. Knight argues the company is "significantly discounted," primarily due to a retail shareholder focus on dividend yield and a lack of international diversification synergy. He advocates for the company to exit non-core assets to refocus on North Sea offshore wind, potentially unlocking substantial capital and creating massive synergies, making it a "real dislocation" and a "unique opportunity".
See: Knight Vinke's Eric Knight – This UK Energy Company Could Surpass Aramco’s Valuation
2025 Sohn Monaco Conference - Oliver Scharping, Senior Portfolio Manager, Berenberg
Oliver Scharping identified a leading US sports retailer as a "category killer". Scharping believes the market's 15% stock drop following its $2 billion acquisition of another retailer was an overreaction rooted in behavioral biases and negative perceptions of retail M&A.
He characterized the company as a "high quality compounder trading at a discount," boasting consistent double-digit margins, significant digital sales (50% profitable), and "very sticky vendor relationships" with premium brands. Scharping views the acquisition as a "complementary channel" with global exposure and a distinct customer base, expecting market re-rating to yield a projected 50% upside with downside protection.
See: Berenberg’s Oliver Scharping – This "MVP" Retailer Is Trading At A 12 PE
Beniamino Sciacca, Managing Director, SSVL
Beniamino Sciacca presented a UK-listed engineering conglomerate as an undervalued opportunity. Its core business designs and manufactures mission-critical components for the aerospace sector, holding design IP that creates high barriers to entry and makes its products essential for major aircraft manufacturers.
Sciacca asserted that the company is at an "inflection point" due to strong commercial aerospace market recovery and inevitable margin upside. SSVL's core thesis revolves around advocating for the sale of the non-core "built to print structural parts" business, which has limited IP and burns cash. This disposal, for which management has an ongoing sale process, is expected to reveal the "hidden quality" of the core business and lead to a "substantial remaining multiple re-rating," as the core is currently valued well below peers and M&A transactions.
See: SSVL's Beniamino Sciacca – This UK Midcap At "Inflection Point" Could Double
2025 Sohn Monaco Conference - James Smith, Founder & CIO, Palliser Capital
James Smith focused on a UK-listed retailer, highlighting its successful transformation from a legacy High Street business to a focused, high-growth Travel retail business (airports and railways). Travel now accounts for 75% of revenue and 86% of EBIT, indicating a significant improvement in growth and margins.
Key strengths include 36% Return on Capital Employed in its UK travel operations and an "excellent growth" platform in the US, where airport infrastructure spending and retail focus are increasing. Smith argued the stock's current PE ratio (excluding High Street) is "significantly too low" compared to its pre-COVID PE (which included the weaker High Street business), implying an 87% upside if it re-rates.
See: Palliser’s James Smith Bullish On This UK Stock – As It Pirvots From High Street to High Growth
Nicola Trakos Wood, Managing Director, Asset Value Investors
Nicola Trakos Wood highlighted opportunities in the Japanese market, where AVI leverages a "once in a generation shift in corporate governance". Her focus was on Japan's leading skincare and eye care company, despite its misleading name. While it boasts impressive ROIC and EBIT margins, its "extreme undervaluation" stems from an "unclear story" and a "black hole of investment" in non-performing regenerative medicine. AVI is actively engaging with management on 17 key points, including pricing its best-selling brands more competitively, minimizing the regenerative medicine investment, and improving shareholder dialogue. Wood expressed confidence in AVI's ability to unlock value, citing the "unprecedentedly constructive environment" for activism in Japan, projecting an "over 200% return" from the current share price.
See: AVI's Nicola Trakos Wood – This Quality Japanese Stock Could 3X
Per Lekander, Partner, Portfolio Manager & CEO, Clean Energy Transition
Per Lekander presented an American solar company at the 2025 Sohn Monaco Conference which he believes can "make America great stock again". Despite being the only non-Chinese solar company with strong financials (over 50% EBITDA margin, rapid growth) and responsible for 70% of new American power generation, its share price fell 50% due to market fear that future political shifts will "kill solar" – a belief Lekander dismisses as "totally ridiculous".
He challenged market misconceptions, asserting continued US solar demand from AI and industrialization, effective US anti-dumping measures against China, and the company's unique, cheaper thin-film technology. Lekander sees a "real dislocation, real unique opportunity," projecting a 104% upside even if the stock maintains its depressed PE, and 200% to 300% upside with buybacks and a return to historic PE levels.
See: Per Lekander – Make America Great Stock Again
Related: Check out the top Alternative Investment Fund Conferences — don’t miss the best events of 2025!
Subscriber only PDF report of the 2025 Sohn Monaco Conference can be found below.
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