Hosking Partners
Hosking Partners Global Equity Strategy
Jun 2026 → Jun 2026
Our archive holds 1 letter from this strategy and positions in 15 companies. Every quote below is copied verbatim from the letter it came from.
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What it bought and sold
The pullback in PGM basket prices gave us an opportunity to refocus our basket of miners, with increased investment into Sibanye Stillwater, funded by taking profits at its more highly rated peers.
We also increased our positions in other deep-value opportunities that we believe will benefit from the corporate reform underway in Japan, such as Tokyo Steel, Iwatani, Asahi Group, Ezaki Glico, and Tosei.
We also increased our positions in other deep-value opportunities that we believe will benefit from the corporate reform underway in Japan, such as Tokyo Steel, Iwatani, Asahi Group, Ezaki Glico, and Tosei.
We cautiously maintain exposure in specific stocks, as the companies continue to benefit from their essential role in the AI arms race and their ability to add capacity to meet demand remains constrained in the short term.
This included adding to our largest Japanese holding, Hikari Tsushin, which is owned by all five multi-counsellors and whose shares have derated back to levels seen at the time of our initial purchase in late 2022.
At the same time, we took profits in longer held positions, such as Kyocera and Mitsubishi, which have performed strongly.
We also increased our positions in other deep-value opportunities that we believe will benefit from the corporate reform underway in Japan, such as Tokyo Steel, Iwatani, Asahi Group, Ezaki Glico, and Tosei.
We also increased our positions in other deep-value opportunities that we believe will benefit from the corporate reform underway in Japan, such as Tokyo Steel, Iwatani, Asahi Group, Ezaki Glico, and Tosei.
We meaningfully increased the strategy’s more recent position in New York real estate investment trusts (REITs) SL Green and Vornado, reflecting a growing scarcity of prime office space, which is exerting upward pressure on rents following a decade-plus build cycle that halted with COVID.
We also increased our positions in other deep-value opportunities that we believe will benefit from the corporate reform underway in Japan, such as Tokyo Steel, Iwatani, Asahi Group, Ezaki Glico, and Tosei.
At the same time, we took profits in longer held positions, such as Kyocera and Mitsubishi, which have performed strongly.
We meaningfully increased the strategy’s more recent position in New York real estate investment trusts (REITs) SL Green and Vornado, reflecting a growing scarcity of prime office space, which is exerting upward pressure on rents following a decade-plus build cycle that halted with COVID.