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East72

Dec 2024 → Sep 2026 · 4 funds

Our archive holds 11 letters from East72, behind 26 investment theses and positions in 62 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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11
Letters
62
Companies
24
Moves
26
Theses

4 strategies

East72 publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 24 moves

  • ExitedMFF Capital Investments
    September 2026
    “In the September quarter, we divested two long held securities – MFF Capital Investments and Viel et cie.”
    Read the letter
  • New positionPrada SpA
    September 2026
    “In October we have added four new holdings of which one will remain undisclosed for the time being.”
    Read the letter
  • TrimmedCompagnie de L’Odet
    September 2026
    “We did so with Compagnie de L’Odet which has fallen away after the payment and now trades at a significant discount to Bolloré.”
    Read the letter
  • New positionVopak
    September 2026
    “Before quarter end, we purchased the Dutch listed liquids storage business Vopak to which we already have an indirect exposure through its largest holder, HAL Trust.”
    Read the letter
  • New positionHeineken
    September 2026
    “In October we have added four new holdings of which one will remain undisclosed for the time being.”
    Read the letter
  • ExitedViel et Cie
    September 2026
    “In the September quarter, we divested two long held securities – MFF Capital Investments and Viel et cie.”
    Read the letter
  • AddedExor
    September 2026
    “In October, we repurchased Exor given the discount to NAV had reached the very high 50% area but moreover that the entity divested three meaningful unlisted assets and announced a further €500million equity retirement program1.”
    Read the letter
  • New positionCarlsberg A/S
    September 2026
    “In October we have added four new holdings of which one will remain undisclosed for the time being.”
    Read the letter
  • TrimmedNovo Nordisk
    June 2026

    Listed in East72’s reported holdings.

    Read the letter
  • AddedWise Group
    June 2026
    “The consensus expectation of May’s NASDAQ listing for Wise Group PLC facilitating a re-rating of the shares proved (as usual) fallacious – indeed the shares reached an eight-month high on the appointed day and promptly fell 32% in a month, to our benefit.”
    Read the letter
  • TrimmedExor NV
    June 2026

    Listed in East72’s reported holdings.

    Read the letter
  • TrimmedLagardère
    June 2026
    “Lagardère -71bp (-43) -10.9%”
    Read the letter
  • TrimmedAKER BP ASA
    June 2026

    Listed in East72’s reported holdings.

    Read the letter
  • AddedVirtu Financial
    June 2026
    “Higher levels of individual security volatility – to the benefit of our largest holding Virtu Financial – served up an opportunity to acquire an archetypal “Peter Lynch/Victor Kiam” business2 in the latest quarter.”
    Read the letter
  • TrimmedVivendi
    June 2026
    “Vivendi -93bp (-71) -23.9%”
    Read the letter
  • ExitedDouglas Group
    March 2026
    “Consequently, in February, Carlyle Group, Vivendi, Nelnet, Tetragon Financial, Douglas Group and First Pacific were amongst stocks divested.”
    Read the letter
  • ExitedFirst Pacific
    March 2026
    “Consequently, in February, Carlyle Group, Vivendi, Nelnet, Tetragon Financial, Douglas Group and First Pacific were amongst stocks divested.”
    Read the letter
  • ExitedTetragon Financial
    March 2026
    “Consequently, in February, Carlyle Group, Vivendi, Nelnet, Tetragon Financial, Douglas Group and First Pacific were amongst stocks divested.”
    Read the letter
  • ExitedHong Kong and Shanghai Hotels
    March 2026
    “We also exited Hong Kong and Shanghai Hotels after a singularly disappointing “strategic review” announced in mid-March with minimal detail and actions we believe require significant capital spend.”
    Read the letter
  • ExitedNelnet
    March 2026
    “Consequently, in February, Carlyle Group, Vivendi, Nelnet, Tetragon Financial, Douglas Group and First Pacific were amongst stocks divested.”
    Read the letter
  • ExitedVivendi
    March 2026
    “Consequently, in February, Carlyle Group, Vivendi, Nelnet, Tetragon Financial, Douglas Group and First Pacific were amongst stocks divested.”
    Read the letter
  • ExitedCarlyle Group
    March 2026
    “Consequently, in February, Carlyle Group, Vivendi, Nelnet, Tetragon Financial, Douglas Group and First Pacific were amongst stocks divested.”
    Read the letter
  • ExitedHavas
    December 2024
    “Aside from some loss harvesting, we were not especially active over the quarter apart from rearrangement of the ex-Vivendi exposures to eliminate Havas and re-emphasise “Vivendi RemainCo” and Canal+.”
    Read the letter
  • ExitedLouis Hachette Group
    December 2024
    “We also sold the Louis Hachette Group holding, despite its NAV discount to Lagardère; we believe being in the “parent” is more advantageous given the other major shareholders and likely corporate possibilities in 2025, previously enunciated.”
    Read the letter

Companies held · 62

Every company East72 has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 26

  • Vopak
    September 2026

    Vopak operates 76 liquid storage terminals in 21 countries, a business with about 59% EBITDA margins and monopolistic characteristics that trades near 7.6x 2026 EV/EBITDA, which the manager considers cheap given capital discipline and barriers to building new capacity.

    Read the full thesis
  • Exor
    September 2026

    Exor was repurchased after its discount to NAV reached roughly 50%, helped by the sale of three unlisted assets and a new €500 million buyback, with the manager pushing for more disclosure and further trimming of unlisted holdings.

    Read the full thesis
  • Carlsberg
    September 2026

    Carlsberg is a family-controlled brewer whose Britvic soft drinks acquisition is delivering above-expected synergies, with Pepsi bottling expansion and a Sapporo joint venture lifting operating profit growth to about 5% this year.

    Read the full thesis
  • Heineken
    September 2026

    Heineken is a family-controlled brewer focused on 18 growth markets, cost cuts and share buybacks, offering a 5.7% equity free cash flow yield with about 4% operating profit growth, which the manager finds attractive at current prices.

    Read the full thesis
  • Prada SpA
    September 2026

    Prada is a family-controlled luxury house whose brands rank high on Lyst heat indices, trades near 14x forward earnings with 2027 estimates still below 2024, and has a Versace turnaround plus a possible European relisting as catalysts.

    Read the full thesis
  • Bolloré
    September 2026

    Bolloré is a family-controlled holding company whose value rests on a compounding Universal Music stake and simplification of its cascade structure, and the manager values the shares at €10.76 with the self-control loop collapsed versus a market price well below that.

    Read the full thesis
  • Compagnie du Cambodge
    September 2026

    Compagnie du Cambodge holds 19.2% of Odet, 23.3% of Financière V and over €1.1 billion of cash, giving the manager a cheap route into the Bolloré cascade.

    Read the full thesis
  • Lagardère
    September 2026

    Lagardère combines the world's second-largest book publisher with a leading airport travel retail network, trades below 9.5x 2026 earnings against an assessed value near €31.80 per share, and has improved sharply under Bolloré's stewardship.

    Read the full thesis
  • Avolta
    September 2026

    Avolta is the global leader in travel retail with roughly 12% operating margins and scale advantages over Lagardère, and its shares trade at low valuations on short-term passenger growth fears that the manager sees as a time arbitrage opportunity.

    Read the full thesis
  • Universal Music Group
    September 2026

    Universal Music Group is a music catalogue business whose recurring catalogue spending the manager treats as capex, implying a fair value near €12 per share, and it is held only indirectly through Bolloré at an effective cost of about €11.

    Read the full thesis
  • EVT Limited
    June 2026

    EVT Limited is an asset-rich travel and leisure company where the thesis is growth in asset value and narrowing discount to NAV.

    Read the full thesis
  • Wise Group PLC
    June 2026

    Wise Group PLC is a cross-border payments business with strong growth, a scalable economics model, and a competitive advantage versus banks.

    Read the full thesis

Letter archive · 11

2026

2025

2024

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