Buzzi Unicem S.p.A.

• Third Avenue Management Value Fund Q226 ↗ Third Avenue Value Fund added thyssenkrupp, exited Ayala and Compañía Sud Americana de Vapores, and argues that its restructuring can surface value from standalone businesses. The fund links takeover approaches for easyJet and Paltac to tangible assets, net cash and hard-to-replicate operating networks, while maintaining its offshore-energy thesis. Q226 +1.3% 8283 $2.5BESYJY $5.1BTKAMY $9B6856 $6.2B

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