Investor Letters

Letters through December 31, 2022

1 letter reporting on the period ending December 31, 2022, in each firm's own reckoning.

Palm Harbour Capital Letter 2022 Q4 Palm Harbour Capital added LNA Santé, arguing that its regulated care-home franchise, temporary real-estate debt and staff reputation distinguish it from troubled peers Orpea and Korian. The fund sold Ringmetall near peak-cycle earnings, retained confidence in several industrial and gaming holdings, and remains skeptical that inflation will quickly recede. 2022 Q4 LNA $424M0NEX IBST $464MIGT delisted