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Palm Harbour Capital

Dec 2024 → Sep 2026 · Publishes quarterly

Our archive holds 7 letters from Palm Harbour Capital, behind 19 investment theses and positions in 28 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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7
Letters
28
Companies
11
Moves
19
Theses

Performance

as of Sep 30, 2026 · net of fees · EUR

  • 1Y
    +13.2%
  • 5Y · /yr
    +11.9%
  • Inception · total
    +112%
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.

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What they bought and sold · 11 moves

  • AddedOriental Watch
    September 2026
    “We redeployed some of the proceeds into Oriental Watch, a Chinese Rolex retailer offering a c. 10% dividend yield and upside from any recovery in Chinese luxury demand and with more than half of its market capitalization in cash.”
    Read the letter
  • New positionHanyang ENG
    September 2026
    “That combination led us to invest in Hanyang ENG.”
    Read the letter
  • ExitedWatches of Switzerland
    September 2026
    “We sold our position in Watches of Switzerland after a strong return (108% and 334 basis points contribution) following the market dislocation triggered by Trump’s Liberation Day tariffs, with takeover speculation subsequently bringing the shares close to our fair value.”
    Read the letter
  • AddedCirsa
    September 2026
    “We like the combination and while we trimmed some gains, our combined Cirsa and Lottomatica position make it the largest in the fund.”
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  • New positionCTS Eventim
    September 2026
    “In the quarter, we initiated a new position in CTS Eventim, Europe’s leading ticketing and live entertainment group.”
    Read the letter
  • TrimmedDanieli
    September 2026
    “While we had reduced our position significantly at higher share price levels, we kept a small position as we were hoping for a conversion of the Saver (preferred) shares with the full year results.”
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  • ExitedPiraeus Port Authority
    September 2026
    “We also exited Piraeus Port Authority, after a gain of 113% which contributed 332 basis points to the fund, as the share price approached our estimated fair value.”
    Read the letter
  • AddedBW Offshore
    March 2026
    “We purchased shares and await the outcome of the review.”
    Read the letter
  • TrimmedMagnum
    March 2026
    “Likewise, we sold our small position in Unilever’s spin-off Magnum’s as the spin did not decline as much as we would have hoped.”
    Read the letter
  • TrimmedDanieli & C Officine Meccaniche S.p.A.
    March 2026
    “Since the start of 2025, Danieli has appeared in four of our five top contributors’ lists, generating a ~1.5x return. While the stock continues to look undervalued, we are taking partial profits, cognisant of rising energy and inflation risks.”
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  • ExitedSolvay
    March 2026
    “During the quarter we sold our position in Solvay, the soda ash producer, as we were concerned that ongoing expansion projects in Wyoming and China would mean more lower- cost capacity than Solvay’s European synthetic product at a time when slow automotive and construction markets are impacting demand.”
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Companies held · 28

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

Theses · 19

  • Bolloré SE
    September 2026

    Bolloré SE's exceptional dividend was largely an internal cash reallocation within the Bolloré group, so the post-dividend share price fall is unwarranted and the intrinsic value has not fallen much.

    Read the full thesis
  • Odet (Compagnie de l'Odet)
    September 2026

    Odet's discount to NAV has widened after the exceptional dividend reallocation, making the holding company even more attractive.

    Read the full thesis
  • Cirsa Gaming Corporation
    September 2026

    Cirsa, the Spanish gaming operator, is being acquired by Lottomatica in an all-share deal at a premium, creating the second-largest listed gaming operator globally with significant upside and shareholder returns.

    Read the full thesis
  • Lottomatica Group S.p.A.
    September 2026

    Lottomatica's all-share acquisition of Cirsa creates the second-largest listed gaming operator globally with expected online EBITDA synergies and significant capital return capacity.

    Read the full thesis
  • Vår Energi ASA
    September 2026

    Vår Energi's combination with BlueNord transforms it into a larger, diversified North Sea producer with accretive synergies, record cash flow, and compelling valuation.

    Read the full thesis
  • Atalaya Mining Plc
    September 2026

    Atalaya Mining benefits from strong copper prices, record EBITDA, a net cash balance sheet, and structural supply constraints that limit new production for years.

    Read the full thesis
  • Samyung Trading Co., Ltd.
    September 2026

    Samyung Trading's market capitalization is fully explained by its 49.8% stake in the Essilor Korea JV at 9.5x look-through earnings, ignoring parent cash and trading operations.

    Read the full thesis
  • Ginebra San Miguel, Inc.
    September 2026

    Ginebra San Miguel trades at 6-7x trailing free cash flow with a net cash position, a decade of double-digit sales and EBIT growth, and a sizable dividend while awaiting Philippine macro recovery.

    Read the full thesis
  • Danieli & C. Officine Meccaniche S.p.A.
    September 2026

    Danieli's shares weakened on a postponed major project, broker downgrade, and worse-than-expected full-year results, though the fund kept a small position hoping for a Saver share conversion.

    Read the full thesis
  • Vivendi SE
    September 2026

    Vivendi trades at a 49% discount to NAV, and its c.10% stake in Universal Music Group looks increasingly interesting after recent weakness.

    Read the full thesis
  • GCC, S.A.B. de C.V.
    September 2026

    GCC is liked for its strong net-cash balance sheet, low production cost, and disciplined capital allocation, with a free cash flow inflection point near as Odessa capex is largely done.

    Read the full thesis
  • LNA Santé SA
    September 2026

    LNA Santé reported solid 8% revenue growth and raised its organic growth target, with margin upside expected as restructuring beds return to full capacity.

    Read the full thesis

Letter archive · 7

2026

2025

2024

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