Investor Letters

Letters through December 27, 2024

1 letter reporting on the period ending December 27, 2024, in each firm's own reckoning.

Palm Harbour Capital Q4 2024 Letter Palm Harbour Capital added Compagnie de l’Odet, a Spanish copper miner and a Korean rice-cooker maker, while exiting H&T, OVS and DNO. The portfolio argues that Odet’s convoluted Bolloré cross-holding structure materially understates its underlying assets and that simplification could unlock value, while warning that US speculation and fiscal-policy risk have raised the cost of risk. fourth quarter FCODF $6.5B0FHO delisted0NFS BOIVF $12B