📊 The Pond Tracker | H1'26

Flat H1. Starting again in H2.

Jul 3

13

1

June 2026

Bayer AG (ETR: BAYN) - Update

Capital prefers a known, pricey ticket over an uncertain meal.

Jun 29 • Juan - The Value Pond

12

4

Associated British Foods (LON: ABF) - Full thesis

Primark alone may already be worth the entire group market cap. Everything else, Grocery, Ingredients, Sugar and Agriculture, comes free

Jun 18 • Juan - The Value Pond

9

3

May 2026

Wizz Air and other live thesis

A collection of live investment thesis on Youtube: Grifols, Bayer, Forvia and Wizz Air.

May 25 • Juan - The Value Pond

12

1

Semapa (LSI: SEM) — ~50% discount and a potential catalyst

Net cash, listed assets a ~50% discount and a potential takeover.

May 18 • Juan - The Value Pond

14

2

📊 The Pond Tracker | Apr '26

Investing is sometimes about facing discomfort.

May 1

10

1

April 2026

Wizz Air✈️ (LON: WIZZ) — Thesis Update

Short-term shocks are long-term opportunities. Here is why WizzAir still holds despite the drop.

Apr 24 • Juan - The Value Pond

9

2

Dunelm (LON: DNLM) - Full thesis

20 years of uninterrupted growth, 8-10% dividend yield, and a structural question about urban stores that determines whether this is a stalwart or a…

Apr 16 • Juan - The Value Pond

10

3

Dunelm

A first look

Apr 1 • Juan - The Value Pond

9

1

March 2026

Going Serious

Track Record, Proof of Work & What Comes Next

Mar 30 • Juan - The Value Pond

10

1

Going paid

Flight to the quiet Pond.

Mar 26 • Juan - The Value Pond

11

1

📊 The Pond Tracker | Mar '26

War invoice.

Mar 10

11

3