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Watches of Switzerland Group PLC (LSE:WOSG)'s trading remained encouraging during the 17 weeks to 30 August 2026, with strong US demand and further signs of improvement in the UK supporting confidence in its full-year guidance. The luxury watch retailer's performance remained consistent with the positive trends reported alongside its full-year results, with broad-based demand across key brands.

At quarter-end our portfolio had more than 106% upside to our estimated NAV and was trading at a weighted average P/E of 6.6x (net of cash), FCF/EV yield of 17% and a return on tangible capital of 29%. The top contributor during the quarter was Watches of Switzerland (+59.2% +113 bps), the British dealer of luxury watches and Rolex's most important authorized dealer. The top detractor was Vår Energi (VNRNF) (-18%, -57 bps), the Norwegian oil and gas operator.