Letters by company
Leonardo S.p.a
6 letters discussing FINMF. Everything written about it on this site is on its ticker page.
- GreenWood Investors Year End 2024 Letter GreenWood sold down Texas Pacific Land after index-inclusion optimism pulled forward expectations, while concentrating its active ownership efforts on Leonardo and CTT. It backs Leonardo’s rapid defense ventures and aerostructures review, CTT’s DHL partnership and Iberian logistics expansion, and PDD Holdings’ reinvestment-led growth strategy. 2024 CTTOF $686MFINMF $34BPDD $112B
- GreenWood Investors First Half 2026 Letter to Investors GreenWood Investors avoided the late-stage AI investment cycle while recycling capital from Leonardo after its valuation rose beyond the expected earnings outlook. It added materially to Jack in the Box following its refinancing and leadership change, and is pressing Swatch Group through Swiss court actions over board accountability. CTT remains a core transformation case, centered on a potential BancoCTT monetization and redeployment into logistics or buybacks. First Half 2026 CTTOF $686MJACK $270MUHR $12B
- GreenWood Investors First Half 2025 Letter: Durability & Balance GreenWood Investors argues that board-level ownership and durable industry tailwinds are driving value creation at Leonardo and CTT, while management teams expand defense systems, e-commerce logistics and banking opportunities. The firm launched a Swatch coinvestment, pressed for governance reform, and repositioned MEI Pharma around a Litecoin treasury strategy after its clinical assets failed to meet the board’s threshold. First Half 2025 CTTOF $686MFINMF $34BSWGAF $11B
- GreenWood Investors First Half 2024 Letter GreenWood Investors centered its coinvestment work on Leonardo, MEI Pharma and CTT, emphasizing board-level engagement, capital allocation and operational transformation. It added to Rentokil and Compagnie de L’Odet amid election-driven volatility, while seeking further collaborative governance opportunities with owner-minded managers. First Half 2024 CTTOF $686M0JW9 FINMF $34B
- GreenWood Investors Fundamental Momentum GreenWood centers its activist portfolio on owner-minded management at Leonardo, CTT and MEI Pharma, arguing that governance work can improve capital allocation and operating execution. It added PDD and Rentokil after market dislocations, while backing NexGen Energy and Bolloré’s indirect exposure to Universal Music Group. 2023 BOIVF $11BCTTOF $686MFINMF $34B
- GreenWood Investors Builders with a Sense of Urgency GreenWood Investors backs owner-managed businesses using aggressive repurchases and long-term investment to compound per-share value, focusing on RH, Bolloré and CTT. The firm added to CTT and International Petroleum, won four Leonardo board seats, and added index hedges while avoiding large-cap technology fads. First Half 2023 BOIVF $11BCTTOF $686MFINMF $34B
