Concentrated, judgment-led, amplified by AI.
The Norbury Capital Fund is a long-only fund investing in European small and mid-cap equities — combining a long-term view of businesses with an assertive focus on near-term stock dynamics.
names in the portfolio, sized on downside risk across five scenarios.
ideas on the bench — every holding has to keep earning its place.
analysts' output from a two-person team, through AI agents. Judgment stays with us.
upside and a minimum 20% IRR before a name qualifies for the portfolio.
Track record
| Net return | 2024 | 2025 | 2026 YTD | Since inception |
|---|---|---|---|---|
| Norbury Capital Fund | 5.3% | 30.0% | 10.8% | 51.5% |
| MSCI Europe Small Cap ETF | −4.3% | 17.1% | 11.0% | 24.5% |
| 2026 | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | FY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Norbury | 1.6% | 0.1% | −3.6% | 6.7% | 2.7% | 0.8% | 0.5% | 1.8% | – | – | – | – | 10.8% |
| Index | 3.6% | 2.2% | −8.7% | 7.4% | 4.3% | −2.9% | 3.0% | 2.4% | – | – | – | – | 11.0% |
| 2025 | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | FY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Norbury | 4.8% | 1.0% | −3.9% | 1.4% | 5.3% | 1.5% | 5.7% | 3.2% | 3.5% | 4.0% | 0.6% | −0.2% | 30.0% |
| Index | 4.0% | 0.8% | −3.4% | 1.9% | 7.7% | 0.9% | 1.4% | −0.8% | 0.0% | 1.3% | −0.3% | 2.7% | 17.1% |
| 2024 | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | FY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Norbury | – | – | – | – | – | – | – | 4.7% | −1.0% | −6.2% | 7.1% | 1.1% | 5.3% |
| Index | – | – | – | – | – | – | – | −0.7% | 0.4% | −4.7% | 1.0% | −0.3% | −4.3% |
Monthly returns net of fees, in %. Index: SPDR MSCI Europe Small Cap ETF (IE00BKWQ0M75). Past performance is no guarantee of future results.
Terms at a glance
| Term | Detail |
|---|---|
| Structure | Fund for joint account (fonds voor gemene rekening), AIFMD registration regime, AFM-registered |
| Currency | Euro |
| Liquidity | Monthly subscriptions and redemptions, one month's notice, no lock-up |
| Minimum investment | €250,000 |
| Fees | 1.25% management fee · 10% performance fee over a 7% hurdle |
| Administrator | Apex Fund Services (Netherlands) B.V. |
| Legal owner | Stichting Legal Owner Norbury Capital Fund |
How to invest
Get in touch
Call us, or visit us on the Prinsengracht. You receive the presentation, the prospectus and our latest letters.
Review
Read the prospectus and the terms — and ask us anything. We would rather lose a subscription than surprise an investor.
Subscribe
Complete the subscription form and KYC with Apex Group, our administrator.
Invested
Your subscription enters at the next monthly NAV. Statements from Apex; the monthly letter from us.
Geconcentreerd, gedreven door oordeel, versterkt door AI.
Het Norbury Capital Fund is een long-only fonds dat belegt in Europese small- en mid-cap aandelen — een langetermijnvisie op bedrijven, gecombineerd met een assertieve focus op de koersdynamiek op korte termijn.
namen in de portefeuille, gewogen op neerwaarts risico in vijf scenario’s.
ideeën op de bank — elke positie moet zijn plek blijven verdienen.
analisten aan output met een tweemansteam, dankzij AI-agents. Het oordeel blijft bij ons.
opwaarts potentieel en minimaal 20% IRR voordat een naam de portefeuille in mag.
Track record
| Nettorendement | 2024 | 2025 | 2026 YTD | Sinds start |
|---|---|---|---|---|
| Norbury Capital Fund | 5,3% | 30,0% | 10,8% | 51,5% |
| MSCI Europe Small Cap ETF | −4,3% | 17,1% | 11,0% | 24,5% |
| 2026 | Jan | Feb | Mrt | Apr | Mei | Jun | Jul | Aug | Sep | Okt | Nov | Dec | FY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Norbury | 1,6% | 0,1% | −3,6% | 6,7% | 2,7% | 0,8% | 0,5% | 1,8% | – | – | – | – | 10,8% |
| Index | 3,6% | 2,2% | −8,7% | 7,4% | 4,3% | −2,9% | 3,0% | 2,4% | – | – | – | – | 11,0% |
| 2025 | Jan | Feb | Mrt | Apr | Mei | Jun | Jul | Aug | Sep | Okt | Nov | Dec | FY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Norbury | 4,8% | 1,0% | −3,9% | 1,4% | 5,3% | 1,5% | 5,7% | 3,2% | 3,5% | 4,0% | 0,6% | −0,2% | 30,0% |
| Index | 4,0% | 0,8% | −3,4% | 1,9% | 7,7% | 0,9% | 1,4% | −0,8% | 0,0% | 1,3% | −0,3% | 2,7% | 17,1% |
| 2024 | Jan | Feb | Mrt | Apr | Mei | Jun | Jul | Aug | Sep | Okt | Nov | Dec | FY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Norbury | – | – | – | – | – | – | – | 4,7% | −1,0% | −6,2% | 7,1% | 1,1% | 5,3% |
| Index | – | – | – | – | – | – | – | −0,7% | 0,4% | −4,7% | 1,0% | −0,3% | −4,3% |
Maandrendementen na aftrek van kosten, in %. Index: SPDR MSCI Europe Small Cap ETF (IE00BKWQ0M75). In het verleden behaalde resultaten bieden geen garantie voor de toekomst.
Voorwaarden in het kort
| Kenmerk | Toelichting |
|---|---|
| Structuur | Fonds voor gemene rekening, AIFMD-registratieregime, geregistreerd bij de AFM |
| Valuta | Euro |
| Liquiditeit | Maandelijkse toe- en uittreding, één maand opzegtermijn, geen lock-up |
| Minimale inleg | €250.000 |
| Kosten | 1,25% beheervergoeding · 10% prestatievergoeding boven een hurdle van 7% |
| Administrateur | Apex Fund Services (Netherlands) B.V. |
| Juridisch eigenaar | Stichting Legal Owner Norbury Capital Fund |
Zo investeert u
Neem contact op
Bel ons, of kom langs aan de Prinsengracht. U ontvangt de presentatie, het prospectus en onze recentste brieven.
Beoordeel
Lees het prospectus en de voorwaarden — en vraag ons alles. Wij verliezen liever een inschrijving dan dat we een belegger verrassen.
Schrijf in
Vul het inschrijfformulier en de KYC in bij Apex Group, onze administrateur.
Belegd
Uw inleg stapt in op de eerstvolgende maandelijkse NAV. Overzichten van Apex; de maandbrief van ons.