Pandora A/S / ADR

• SC 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 $4.9BBCS $82B +12

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