Youngone

• Palm Harbour Capital Fund Commentary July 2026 ↗ Palm Harbour Global Value Fund benefited from Youngone's activist pressure, Vår Energi's merger with BlueNord, and a rotation toward stable, high-yield businesses that supported Samyung Trading. Vitzrocell faced margin pressure and profit-taking, while FNGuide fell amid a Korean leverage washout. Vivendi declined after a court ruling and weaker UMG subscription growth. July 2026 +2.7% 002810 064850 $135M082920 $997M111770 $2.4B
• 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

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