Letters by company
Imperial Oil LTD
5 letters discussing IMO. Everything written about it on this site is on its ticker page.
- Smead Capital Management 2Q26 International Value Strategy Newsletter: Stampeding Towards the Next Problem Smead Capital Management argues that strong refining margins and falling global inventories contradict claims of oil-demand destruction. It favors Canadian heavy-oil producers with long-life assets, disciplined capital allocation and buyback preferences, expecting constrained North American and OPEC+ supply to require higher oil prices over time. 2Q26 CVE $58BIMO $59BIPCO $20B
- First Eagle Investments Overseas Fund Commentary Overseas Fund repositioned into international stocks viewed as attractively valued while maintaining a strategic gold allocation against geopolitical and debt risks. Samsung Electronics, Samsung Life, Merck KGaA, Taiwan Semiconductor and Richemont benefited from memory-chip demand, insurance economics, life-science expansion, AI-chip scarcity and resilient luxury demand. second quarter 2026 032830 $41BBABA $270BCFRHF $122B
- First Eagle Investments Overseas Equity ETF Commentary Overseas Equity ETF repositioned into international stocks viewed as attractively valued while warning that AI infrastructure spending and US asset prices may be difficult to sustain. It favored Samsung, Merck, Richemont, TSMC and FANUC on earnings and durable franchises, while retaining Shell, Imperial Oil, Agnico Eagle, Jardine Matheson and Wheaton through commodity-price pressure. second quarter 2026 AEM $93BCFRHF $122BFANUF $36B
- Smead Capital Management 1Q26 International Value Strategy Newsletter: Succeeding Unconventionally Smead International Value Strategy concentrates in oil equities after the prior energy capital-spending boom left supply constrained and producers reluctant to expand. It argues that European banks’ cost discipline, buybacks and potential consolidation can sustain returns on capital, while reviewing recoveries in Burberry, Glencore, Frontline and Next. 1Q26 BAWAY $14BBBRYF $4.8BBCS $77B
- First Eagle Investments Overseas Fund Commentary Overseas Fund recycled capital from successful holdings into overlooked sectors and geographies as US valuations remained elevated relative to non-US markets. The portfolio backed gold as protection against monetary and fiscal risks, while citing Alibaba, Prosus, Imperial Oil and TSMC for AI, cash-return and operating catalysts. 3Q 2025 6273 $29B7309 $9.4BABEV $49B
