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Thematic Investors: Hunters Moon Capital on Investing Across Europe

By Thematic Investors | April 29, 2025

As the fiscal brakes start to come off of Europe, how can investors begin to take advantage of investment opportunities that are on the horizon? Many viewed the early days of the Trump presidency as negative, but could that view shift as pressure increases to move Europe closer together? Early movements are pointing towards a union of capital markets and banking, which could result in the breaking of financial barriers that have frozen Europe’s growth in recent years.

In this episode, Kieran Cavanna, CIO, Old Farm Partners and host of the Thematic Investors podcast welcomes Johnny de la Hey, Founder, Hunters Moon Capital, to discuss how the stars are aligning for investors in the European banking system, and how the financial system is driving capital and risk-free returns for shareholders. Johnny, an industry veteran, returns to the financial markets this year, having developed his career at Tiger Management and then managing the well-known Toscafund.

His big new London launch is Hunters Moon Capital, which we will explore in terms of strategy and focus, along with the following:

how have rate adjustments have helped European banks outperform some of their US counterparts and why real estate credit losses never really fully materialized across Europe?
securitization levels across Europe and the US, and where each region stands coming out of the 2008 financial crisis.
how a weak-dollar policy could impact banking investment strategies for hedge funds like Hunters Moon Capital.
fintech start-ups and how to identify the right targets to invest in when it comes to regions or platforms.
what peripheral markets (Greece, Argentina, Portugal, Japan) are worth a look at when targeting bank investments.
where does he see insurance and reinsurance deals happening and are the promise of significant returns in this sector achievable.
And more.

Connect with Johnny de la Hey

Hunters Moon Capital is a newly launched investment firm founded by industry veterans Johnny de la Hey and Hugh Rance, formerly of Toscafund, with Johnny also having previously worked at Tiger Management. Headquartered in London, the 13-person team is focused on global financials and equity capital markets, drawing on the founders’ successful track records and predecessor strategies.

The firm officially launched its funds in February 2025, backed by substantial internal capital and supported by a select group of U.S. family offices and institutional investors.

Johnny de la Hey serves as Portfolio Manager of the Crescent Fund, one of the firm’s two flagship strategies. The Crescent Fund is a global long/short equity fund with a focus on financials, particularly across Europe and the UK.

Connect with Kieran Cavanna:

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Thematic Investors: Stuart Mitchell on the Investment Sale Across Europe

By Thematic Investors | January 29, 2024

When looking at European investments how will the UK, France, Germany, Spain, and Italy align on energy transition, innovative technology growth, financial services, and more? How can institutional investors capture this market when comparing them against more attractive U.S. opportunities?

In our latest episode of the Thematic Investors podcast, host, Kieran Cavanna, speaks with Stuart Mitchell, Managing Partner | CIO and Investment Manager, S.W. Mitchell Capital LLP. Learn more about Stuart’s background that took him from studying medieval history through the values of detaching emotions from investing, an appreciation of analytical research, and managing over $2bn AUM of European equity assets.

Stuart discusses:

His background in investing and how he shed the bureaucracy, controls, procedures, and politics of large organizations and created his own investment firm.
How the UK market differs in valuations, sectors, and discounts when compared to America and why this isn’t explained by profitability or growth rates.
The fanatic move to electric vehicles and other forms of energy in light of oil demand going up in the short term just to keep supply and production at stable levels.
Why is Europe having a Hamiltonian moment? What investments will be prioritized by a joining of European states in terms of infrastructure, energy, defense, and more?
How are investment opportunities in defense positioned across the UK and will it ever go above 2% in GDP? If extra spending does occur (due to geopolitical events) why would America get the investment?
Why are alternative investments (from BP, Chevron, Exxon, and others) in wind, solar, and hydrogen simply not covering their costs of capital and are predicted to lose money over the long term.
European banks appear stronger than those in the US when reviewed for capitalization, leveraged ratios, liquidity, and more.
how culture plays a role in hiring people at S.W. Capital, from year-long internships to individual specialized areas of expertise.
And more!

Please note that the information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Vidrio Financial and or our host, Kieran Cavanna. The content has been made available for informational and educational purposes only. The content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding investment planning.

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Connect with Stuart Mitchell:

About Stuart Mitchell:

Stuart is the Managing Partner and CIO of S. W. Mitchell Capital and the Investment Manager of the SWMC European Fund, as well as a number of managed accounts.

Prior to founding SWMC in 2005, Stuart was a Principal, Director, and Head of Specialist Equities at J O Hambro Investment Management (JOHIM, now Waverton Investment Management). At JOHIM he set up and managed the Charlemagne Fund, a long/short European fund, and the JOHIM European Fund, a long-only European fund. The JOHIM European Fund rose by 133%, from inception in December 1998 until March 2005, compared with 8% for the benchmark index. It was rated number one within its sector by Micropal as well as awarded three stars by Standard & Poor’s.

Upon leaving university in 1987, Stuart joined Morgan Grenfell Asset Management (MGAM) and soon afterward assumed responsibility for managing the continental European equity assets for MGAM’s British pension fund clients. Stuart was appointed a Director of MGAM in 1996. He subsequently took on the role of Head of European Equities and was responsible for $27 billion of equity assets. Whilst at MGAM he managed the Morgan Grenfell European Fund, which rose by 123% from January 1990 to June 1996, compared with 85% for the benchmark index. It was awarded first place in its sector in the Micropal Five Year Awards in 1996.

Stuart was born in Scotland and educated at the University of St. Andrews, where he read Medieval History. He is also a graduate of the Owner/President Management program at the Harvard Business School. Stuart speaks English and French.

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