Bollore SA

• BC Bireme Capital May 2023 Investor Letter ↗ Bireme Capital increased its community-bank basket, initiated Airtel Africa, retained Bollore through its tender and logistics-sale developments, and added a Sunrun short. It argues for conservatively financed businesses with pricing power as higher rates expose refinancing assumptions and pressure commercial real estate. the first five months of 2023 AAFRF $15BBOL $12BCGECF $317M +2
• BC Bireme Capital 3Q21 FV Quarterly Report ↗ Bireme Fundamental Value warned that persistent inflation and a more hawkish Federal Reserve could puncture an everything bubble across equities and bonds. The portfolio added Imperial Brands and Old Republic while maintaining longs in RCI Hospitality and Bollore, and short positions in GameStop, Skillz, FuboTV and GOTU on weak economics or unsustainable valuations. 3Q21 GME $13BBOL $12BFUBO $976M +5
• BC Bireme Capital 4Q21 Quarterly Report ↗ Bireme Capital argues that inflation and eventual monetary tightening will end the speculative equity boom and favor value-conscious investors. The portfolio added a long position in Tencent Music while shorting Affirm, EV charging companies and speculative EV names, and it sees Bollore's African-operations bid as validating a much higher sum-of-the-parts value. 4Q21 TME $13BAFRM $25BARKK +4

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