East72
East72 Dynasty Trust
International Large-cap
Jun 2025 → Sep 2026
Our archive holds 4 letters from this strategy, behind 13 investment theses and positions in 43 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in 2 years · follow all of East72 for every strategy.
Performance
as of Sep 30, 2026 · net of fees · AUD
- 1Y−2.7%
- 3Y · /yr+10.3%
- Inception · total+36.1%
| 1Y | 3Yper year | Since inceptiontotal | |
|---|---|---|---|
| East72 Dynasty Trust | −2.7% | +10.3% | +36.1% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
In the September quarter, we divested two long held securities – MFF Capital Investments and Viel et cie.
In October we have added four new holdings of which one will remain undisclosed for the time being.
We did so with Compagnie de L’Odet which has fallen away after the payment and now trades at a significant discount to Bolloré.
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.
In October we have added four new holdings of which one will remain undisclosed for the time being.
In the September quarter, we divested two long held securities – MFF Capital Investments and Viel et cie.
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.
In October we have added four new holdings of which one will remain undisclosed for the time being.
- TrimmedNovo NordiskJun 2026
Novo Nordisk -79bp (-74) -28.3%
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.
Exor NV -65bp (-43) -21.7%
Lagardère -71bp (-43) -10.9%
AKER BP ASA -106bp -16.0%
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.
Vivendi -93bp (-71) -23.9%
Also held
Its investment theses
- VopakSep 2026Vopak 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.
- ExorSep 2026Exor 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.
- CarlsbergSep 2026Carlsberg 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.
- HeinekenSep 2026Heineken 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.
- Prada SpASep 2026Prada 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.
- BolloréSep 2026Bolloré 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.
- LagardèreSep 2026Lagardère 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.
- AvoltaSep 2026Avolta 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.
- Universal Music GroupSep 2026Universal 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.
- EVT LimitedJun 2026EVT Limited is an asset-rich travel and leisure company where the thesis is growth in asset value and narrowing discount to NAV.