Ginebra San Miguel Inc

• 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
• Palm Harbour Capital Q3 2024 Letter ↗ Palm Harbour Capital sold Everi, PAX and Unieuro following takeover developments and deteriorating fundamentals, while building a position in M Dias Branco around operational reforms and margin recovery. The portfolio argues that OCI asset sales, IGT’s Apollo transaction and Ocean Wilson’s strategic review can unlock substantial value. third quarter 0ROF delistedDNIYY $4.2BEVRI delistedGBSMF delisted
• Palm Harbour Capital Letter 2024 Q2 | 542 KB ↗ Palm Harbour Capital maintained a contrarian value stance against megacap AI enthusiasm and pressed SK Kaken to improve capital allocation and investor relations. The fund introduced Piraeus Port Authority as a competitively advantaged, cash-rich port operator nearing the end of its investment programme, with scope for larger dividends. second quarter 0FHO delisted0OIY $1.7BDLTTF delistedGBSMF delisted

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