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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | May 18, 2024 | Massif Capital | 2.4% | 12.0% | AES, COPX, ENR.DE, ENVX, EQX.TO, LIT, OCI.AS, PLL | energy, Fertilizers, gold, materials, Mining, real assets | Gold has rallied 25% since October 2023 despite traditional models suggesting otherwise, driven by fear-based buying from central banks, Asian retail, and US retail rather than wealth-driven consumption. Central banks have accelerated gold accumulation due to USD system concerns and geopolitical instability. The manager expects continued bullish momentum given low probability of fear-reducing events. | OCI.AS |
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| 2023 Q3 | Oct 30, 2023 | Palm Harbour Capital | - | - | 6966.T, AVID, DAN.MI, DHG.L, LNA.PA, OCI.AS, OCN.L, OVS.MI, PCAR3.SA, PORT3.SA, PRT.MI, STEAV.HE, TKA.VI, VRLA.PA | Europe, free cash flow, rates, small caps, Spin-Offs, value | Manager emphasizes buying companies at 10% free cash flow yields with strong balance sheets and cash flows. Portfolio trades at weighted average P/E of 7.5x and FCF/EV yield of 18%. Believes current environment creates great setup for value investing performance in coming years. | OCN.L |
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| 2024 Q3 | Oct 16, 2024 | Palm Harbour Capital | 5.1% | 13.5% | CLNX.MC, DAL.L, DAN.MI, GSMI.PS, IBST.L, JST.DE, KRIKRI.AT, MDIA3.SA, OCI.AS, PORT3.SA, SYENS.BR, UNIR.MI, VAR.OL, VRLA.PA | Cash Generation, Cyclical, Europe, small cap, takeovers, value | Portfolio trades at weighted average P/E of 8.9x with 97% upside to estimated NAV. Manager emphasizes buying quality businesses at cyclical lows, citing examples like Unieuro receiving lowball takeover bid during downturn. Focus on cash-generative businesses trading below historical multiples. | MDIA3.SA |
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| 2023 Q1 | Apr 23, 2023 | Palm Harbour Capital | 5.1% | 13.5% | CAL.MI, CIR.MI, DAN.MI, GSMI.PS, IGT, IHRT, OCI.AS, PRT.MI, TESB.BR, TKA.VI, VAR.OL | Banking, dividends, Europe, portfolio, Steel, Telecommunications, value | Portfolio trades at weighted average P/E of 8.5x, FCF/EV yield of 19% and return on tangible capital of 30%. Manager believes this is a great time to be a value investor and sees more than 105% upside to estimated NAV. | TKA.VI |
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| 2023 Q4 | Jan 31, 2024 | Palm Harbour Capital | 5.1% | 13.5% | BAYN.DE, IGT, MLCO, OCI.AS, RHIM.L, SOLB.BR, SYENS.BR, TKA.VI | Chemicals, Europe, Japan, special situations, value | Japan has been one of the cheapest markets in recent years due to poor corporate governance and capital allocation. The new CEO of the Japanese Stock Exchange has openly criticized companies trading below book value and demanded improved capital efficiency. This has created a potential multi-year bull market for value stocks in Japan as companies begin using cash piles for investment and shareholder returns. | SOLB.BR |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Massif Capital | OCI N.V. | Materials | Fertilizers & Agricultural Chemicals | Bull | Euronext Amsterdam | activist investor, Ammonia, Asset Sale, capital return, EBITDA multiple, Europe, Family Business, Fertilizer, MENA, Nitrogen, Special dividend, Sum-of-parts, Value | View Pitch |
| Feb 18, 2026 | Substack | Triples Investing | OCI Global | Chemicals | Fertilizers & Agricultural Chemicals | Bull | Euronext Amsterdam | activist investor, Dutch law, liquidation value, merger, minority shareholders, Nassef Sawiris, Norbury Capital, OCI Global, Orascom Construction, valuation | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||