Motor Oil (Hellas) Corinth Refineries S.A

• HP Hosking Partners Q3 2026 – Quarterly Report Commentary ↗ Hosking Partners argues that AI data-centre investment is creating a capital-heavy, potentially commoditised compute industry. It reduced oil-shipping, energy and memory-semiconductor exposure, while adding selected office-property positions and rotating Japanese gains into smaller deep-value companies. Q3 2026 DHT $4.1BHAFN $5.4BINSW $6.2B +3
• Palm Harbour Capital Letter 2022 Q3 | 244 KB ↗ Palm Harbour Capital sold Motor Oil after Greece imposed a retroactive windfall tax that it believes discourages refining and renewable-energy investment, and exited Boa Vista amid irrational below-cost pricing by a new competitor. It added two undisclosed positions, trimmed market beneficiaries and added to indiscriminately sold holdings. H&T Group was presented as a countercyclical pawnbroking investment benefiting from tighter high-cost lending regulation and rising household costs. third quarter 2022 BAYZF $49BMOHCF $8BOCINF $976M +2
• Palm Harbour Capital Q4 2022 Letter ↗ Palm Harbour Capital added LNA Santé, arguing that its nursing-home business has stronger regulation, lower operating leverage and a different property model than Orpea or Korian. The fund sold Ringmetall on peak-cycle earnings concerns and remains positioned for valuation-driven opportunities amid inflation and rate volatility. fourth quarter 2022 LNA $281M0NEX IBST $427M +5

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