Investor Letters
Letters through July 31, 2026
2 letters reporting on the period ending July 31, 2026, in each firm's own reckoning.
- 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
- Protean Funds Wide Confidence Intervals Protean Funds argues that disciplined position sizing must account for the risk of being confidently wrong after RaySearch and Devyser issued profit warnings. Small Cap added to Devyser and rebuilt MT Hojgaard while increasing real-estate exposure, while Select traded Evolution and increased its Novo Nordisk short after a pipeline setback. July 2026 +5.4% DVYSR $107MEVGGF $17BIDTVF delistedNVO $204B
