Metropolis Capital LTD
Metropolis Capital Limited is an independent UK-based investment management firm specializing in high conviction, unconstrained, long-only global equity strategies. Founded by Simon Denison-Smith and Jonathan Mills, who bring decades of entrepreneurial and investment experience, the firm manages approximately $5 billion in assets for institutional and individual investors, offering access through pooled vehicles and segregated mandates. The firm maintains a small team with deep business and strategy expertise.
Investment Strategy
Metropolis Capital uses a long-only, value-based global equity investment approach focused on developed markets. Their strategy is highly concentrated (15-25 holdings) and unconstrained by company size or geography, drawing on value investing principles—identifying undervalued businesses with strong franchises and high-quality management. The managers adopt a private equity approach to public markets with rigorous due diligence, favoring founder-led companies with a substantial 'moat.' Investments are held typically for 5+ years, and portfolio turnover is low. Their philosophy ignores short-term volatility, aiming for long-term appreciation and dividend returns.
Latest 13F Filing Activity
Metropolis Capital LTD filed their most recent 13F report on Sep 30, 2025 disclosing 16 equity positions with a total 13F market value of $3B. The fund increased holdings in TD Synnex, Hca Healthcare Inc., State STR Corp. among other positions. Metropolis Capital LTD reduced exposure to Microsoft Corp., Oracle Corp., Booking HLDGS Inc. among others.
Top Holdings
Equity Positions (16)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
S STT | STATE STR CORP | 14.40% | $457.9M | 3,947,139 | $69.16 | $116.01 | +$33.4M |
M MSFT | MICROSOFT CORP | 10.28% | $326.8M | 630,855 | $384.30 | $517.95 | -$66.4M |
H HCA | HCA HEALTHCARE INC | 9.06% | $288.0M | 675,750 | $368.77 | $426.20 | +$57.0M |
| RYANAIR HOLDINGS PLC | 8.87% | $281.9M | 4,681,834 | $47.64 | $60.22 | +$5.7M | |
T TXN | TEXAS INSTRS INC | 8.84% | $281.0M | 1,529,537 | $172.54 | $183.73 | -$1.2M |