Hosking Partners is a London boutique founded in 2013 by Jeremy Hosking, a portfolio manager at Marathon Asset Management for over 25 years. It runs a single global equity strategy built on the capital-cycle, supply-side approach — contrarian, long-term, and unusually diversified (350+ holdings) under a multi-counsellor model, managing around $5.5bn.
This report shows how a fund uses voting and buying to back its beliefs. In 2025 it bought Studsvik, a Swedish nuclear services firm, betting nuclear power is key for clean energy and security, though it admits the industry has long cycles and little recent investment. It also twice voted with company management against proxy advisor ISS, with mixed results. Key holdings: Studsvik (bought, long-term bet); Synthomer (supported management, outcome unclear); Kyoto Financial (also backed management, different result).
One-sentence summary: The author built a position in nuclear services company Studsvik in 2025 and, on two rare occasions, voted against ISS recommendations to support management, demonstrating an active ownership and contrarian strategy. [Cautiously optimistic]
The author emphasizes that long-term investors should closely integrate voting with engagement activities, citing Synthomer and Kyoto Financial as rare examples where they voted against ISS recommendations to support management, with differing outcomes. The article notes that after another dynamic quarter dominated by trillion-dollar IPOs and ongoing geopolitical turmoil, they adopted a different approach in the Active Ownership Report, highlighting "stewardship examples that explore how closely linked voting and engagement activities can be as long-term investors." The author's original words: "Both examples where, unusually, we voted against the recommendation of ISS and instead with management to varying outcomes."
The author established a position in Swedish nuclear services company Studsvik AB in 2025, arguing that while nuclear energy is controversial, it is critical for long-term decarbonization and energy security, despite its long capital cycle and limited investment in recent decades. The article continues to analyze this company under the "Hidden ESG" series. The author's original words: "Despite being one of the cleanest energy sources available, nuclear continues to have a globally conflicting reputation. It is one which we deem could be integral to long-term decarbonisation plans and energy security." The author also acknowledges: "The capital cycle for Nuclear is long, and one that has had limited investment in recent decades."
| Position | Action | Author's Stance | Key Data |
|---|---|---|---|
| Studsvik AB | Position built in 2025 | Bullish on long-term value | Nuclear is one of the cleanest energy sources; long capital cycle, limited investment in recent decades |
Through voting cases and a nuclear position, the author demonstrates an active ownership strategy: not blindly following proxy voting recommendations and daring to take contrarian positions in controversial areas. Readers should note this is from a holder's perspective—the author's optimistic view on nuclear energy may underestimate political and regulatory risks, and as a small nuclear services company, Studsvik's liquidity risk warrants additional attention.
| Ticker | Direction | Author's One-Sentence View | Key Data |
|---|---|---|---|
| Studsvik AB | New Position | Bullish on long-term decarbonization and energy security value | Nuclear energy is one of the cleanest energy sources; capital cycles are long, with limited investment in recent decades |
| Synthomer | Hold & Observe | Voted in favor of management, no explicit position action disclosed | No specific result data provided |
| Kyoto Financial | Hold & Observe | Voted in favor of management, outcome differs from Synthomer | No specific result data provided |