ARYZTA AG (fka IAWS GROUP PLC)

• Palm Harbour Capital Letter 2020 Q3 | 246 KB ↗ Palm Harbour Global Value Fund retained its value strategy amid pandemic uncertainty and expectations of eventual mean reversion in expensive growth assets. It backed Esprinet after insider buying and strong trading, opposed Danieli’s savings-share conversion terms, and argued that Unieuro’s omnichannel progress and Bayer’s crop-science outlook were underappreciated. third quarter of 2020 0NFS ARZTF $1.3BBAYZF $49B
• Palm Harbour Capital Letter 2019 Q4 | 276 KB ↗ Palm Harbour Capital added positions and introduced Esprinet, Jost Werke, CIR and Aryzta as undervalued businesses with resilient economics or turnaround potential. It tendered Gamenet after Apollo secured control, while arguing that OCI’s operational disruption should ease and that CIR’s merger and asset sales could narrow its holding-company discount. fourth quarter of 2019 0NFS ARZTF $1.3BJST $1.2B +1

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