Esprinet

• Palm Harbour Capital Letter 2026 Q2 | 687 KB ↗ Palm Harbour Capital criticized leveraged single-stock ETFs and passive flows while retaining a value discipline focused on inexpensive cash-generative businesses. It outlined Norma’s capital return, exited BW Energy and M Dias Branco, and argued that Louis Hachette and Lagardère offer material value through a simpler ownership structure. second quarter +4.7% ALHG $2.1B082920 $997M0NFS 0OIY $1.7B
• Palm Harbour Capital Q4 2024 Letter ↗ Palm Harbour Capital added Compagnie de l’Odet, a Spanish copper miner and a Korean rice-cooker maker, while exiting H&T, OVS and DNO. The portfolio argues that Odet’s convoluted Bolloré cross-holding structure materially understates its underlying assets and that simplification could unlock value, while warning that US speculation and fiscal-policy risk have raised the cost of risk. fourth quarter — FCODF $6.5B0FHO delisted0NFS BOIVF $12B
• Palm Harbour Capital Q3 2023 Letter ↗ Palm Harbour Capital sold Avid Technology after its private-equity acquisition and exited Stora Enso over a weaker pulp outlook, while reducing C. Uyemura and Verallia after strength. It backs Telekom Austria’s tower spin-off, OCI’s fertilizer assets and Ocean Wilsons’ strategic review as routes to value realization. third quarter — OCWSF delisted0NFS 0R5R 4966 $2B

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