Youngone

• Palm Harbour Capital Letter 2026 Q2 | 687 KB ↗ Palm Harbour Capital sold BW Energy and M Dias Branco, added a Mexican cement company and smaller Asian positions, and plans to trade Norma’s buyback rights. It argues that leveraged products and passive flows are distorting Asian markets, while Louis Hachette and Lagardère offer restructuring and ownership-simplification catalysts. second quarter 2026 ALHG $1.9B082920 $961M0NFS +8
• Palm Harbour Capital Letter 2025 Q4 | 244 KB ↗ Palm Harbour Capital exited Playtech, RHI Magnesita, Aichi, Aberdeen European Logistics Income and Kri-Kri after governance concerns, cyclical risks, liquidation and fuller valuations changed the risk-reward balance. The fund added Converge ICT, arguing that Philippine fiber-network monetization, easing capital expenditure and broadband penetration growth can drive free cash flow. fourth quarter 2025 111770 $2.3B284740 $408MAICXF $574M +7
• Palm Harbour Capital Fund Commentary July 2026 ↗ Palm Harbour Global Value Fund benefited from a rotation away from mega-cap technology, with Youngone, Vår Energi and Samyung Trading among the strongest holdings. Vitzrocell faced profit-taking after margin pressure, FNGuide fell in a South Korean leverage washout, and Vivendi declined after a court ruling and weaker UMG subscription growth. July 2026 064850 $178M082920 $961MVVVNF $1.6B

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