Teleios Capital Partners, a Swiss hedge fund, has seen its holding in Glenveagh Properties increase to over 23% this week amid an ongoing share buyback programme at the homebuilder, according to a report by the Irish Times.
Teleios first appeared on Glenveagh’s shareholder register in March 2020, crossing the 3% disclosure threshold. By October 2023, its stake had grown beyond 22%, fuelled by consistent share purchases and enhancements from Glenveagh’s multiple stock buyback initiatives.
Since 2021, Glenveagh has returned nearly €350m to shareholders through share repurchases, with €32m still available for buybacks as of 8 January, 2025, after the programme was expanded. These buybacks have not only reduced the share count but also bolstered the company’s return on equity, enhancing profitability.
Teleios Capital, founded 12 years ago, focuses on long-term investments in a concentrated portfolio of small to mid-sized European companies, aiming to create sustainable value for shareholders. While the hedge fund has sometimes voiced public criticisms of leadership at its portfolio companies, Glenveagh has avoided such scrutiny, likely aided by the appointment of Teleios partner Max Steinebach to its board in early 2024.
Under the leadership of CEO Stephen Garvey, Glenveagh has experienced substantial growth. The company’s stock has surged by more than 30% over the past year, making it one of the top performers on Dublin’s ISEQ index. This growth comes as Glenveagh scales operations in Ireland’s undersupplied housing market.
The company recently reported an 86% rise in operating profit for 2024, reaching €132m, driven by robust house sales and revenue growth. Earnings per share (EPS) more than doubled to €0.17, and Glenveagh projects further growth in 2025, forecasting an EPS of €0.195 — 4% above analysts’ expectations.
