Patient, evidence-first ownership.

We take long-term stakes in listed small and micro-cap companies, especially businesses going through a transformation or a special situation. Every holding is funded from the company’s own capital.

We engage with boards, management and other shareholders on governance and capital allocation, and we publish some of the analysis behind our views.

Good decisions come from reading everything, modelling it ourselves and acting like owners. That means primary sources over opinion, explicit assumptions over confident narratives, and as much attention to what could go wrong as to what could go right.

We prefer to be specific and occasionally wrong in public than vague and never accountable. When the facts change, we update the work and say so.

VCR Holdings invests only its own capital. It does not manage money for third parties, accept subscriptions or solicit investors.

It is not an investment firm, asset manager or broker, and it is not authorised or registered with the CNMV or any other regulator. Our research is not personalised investment advice and does not contain price targets presented as recommendations.