Investor Letters

Letters through December 28, 2023

1 letter reporting on the period ending December 28, 2023, in each firm's own reckoning.

Palm Harbour Capital Q4 2023 Letter Palm Harbour Capital increased its Japanese allocation on expectations that stock-exchange pressure will improve capital allocation and shareholder engagement. The fund exited C Uyemura, Bayer and several other positions, while retaining both Solvay and Syensqo after their separation and building exposure to OCI’s asset-sale-driven value realization. fourth quarter SHBBF $9.4BSVYSF $3.1B4966 $1.9B