Parthenos Capital

Long-term investor focused on reflexivity within global equities.

[Parthenos Capital @ParthenosCap]

@OdinBryant2 @OdinBryant2 DM me would love to chat but your DMs are closed

[Parthenos Capital @ParthenosCap]

@BerkelKip It does but you’re not paying for that at $9 a share. It’s a nascent brand in their new markets and Chicago unit economics are absolutely insane - Dallas restaurant shows how successful they can be outside IL & NPS best in class. It’s heads you win, tails you don’t lose much

[Parthenos Capital @ParthenosCap]

We recently initiated 2 new positions in $BFIT.AS & $PTLO. We believe both possess strong unit economics and AUVs, a long runway for growth at attractive incremental returns and trade at extremely reasonable valuations.

[Parthenos Capital @ParthenosCap]

@Pabloblancop Happy new year! Can answer on DM but yes would like to be able to share again publicly in the future

[Parthenos Capital @ParthenosCap]

@Aksel465 Thank you, New year’s resolution was to engage again more on here! Struggled to find the right balance before

[Parthenos Capital @ParthenosCap]

@Riccardino999 Long runway to grow unit count 15%+ in core and new markets, inflection of profitability from ramp of mature locations & lower attrition rates post covid, opp to grow with underpenetrated EU fitness market vs US & well aligned capable management

[Parthenos Capital @ParthenosCap]

More encouraging news from $WOSG today with an even clearer path to strong forward returns from here - now makes up just shy of 30% of the partnership’s assets and we don’t intend to sell a share.

[Parthenos Capital @ParthenosCap]

@impassinvestor This is a huge call option that an investor in $WOSG today gets for absolutely free, may or may not happen but a lot of upside if it does

[Parthenos Capital @ParthenosCap]

Roaring Kitty has potentially gone from virtually nothing to $500m+ from $GME in a little over 3 years…are there any other examples in history of an individual doing this so quickly solely from investing/speculating?

[Parthenos Capital @ParthenosCap]

Encouraging and pleasing results from $WOSG today, as of this morning the position now makes up just shy of 28% of the partnership’s assets. Excited to see the continued positive developments despite the tough environment

[Parthenos Capital @ParthenosCap]

@Jave_t23 Nothing to do with not meeting guidance they have reiterated many times and issuing weak future guidance

[Parthenos Capital @ParthenosCap]

@FirstG_Holdings We don’t own it anymore

[Parthenos Capital @ParthenosCap]

@impassinvestor Also looking to initiate a position in the 750-800 range

[Parthenos Capital @ParthenosCap]

@DeepMoatSociety We have held since 2020, I like the portfolio composition and proven downside protection in turbulent times. Plus we bought this at 30% discount to NAV so happy for them to keep buying shares back and expect a liquidity event at some point (not soon) to realise this value

[Parthenos Capital @ParthenosCap]

@YankyBanash First 3 yrs I used a lot of leverage and spent a lot of time on macro due to the environment - ‘growth at distressed prices’ strategy became fully formed in 2022 and since then have used very little leverage and much happier with the sustainability of that given positions we hold

[Parthenos Capital @ParthenosCap]

@alexbossert This is a great find, how regularly is it updated?

[Parthenos Capital @ParthenosCap]

@InvestRoiss @Tintincapital That is reasonable, don’t want the asia exposure and I think US market has multi-year secular growth in watches. US market only 1.8x the size of UK market despite having over 5x population. Growing significantly faster and WOSG best positioned to take advantage of this tailwind

[Parthenos Capital @ParthenosCap]

@InvestRoiss @Tintincapital has significantly outpaced the increase in production and there’s been a clear trend of this consolidation and WOSG being a beneficiary of this. They have a huge runway to improve existing stores or pursue M&A strategy which Rolex are in favour of to improve the product offering.

[Parthenos Capital @ParthenosCap]

@InvestRoiss @Tintincapital improvement from their retail partners and reward those who invest in their stores with significantly better allocations and higher sales per store (which has been the case with WOSG and is partly why revenue is up 2x and EBIT 4x in 5 years. Allocations for largest ADs and WOSG