Protector Forsikring/ADR

• SI Symmetry Invest Newsletter ↗ Symmetry used market volatility to build positions in McBride, Horizon Kinetics, Freetrailer and SoftwareOne. It argues that short investor attention spans create bargains in durable businesses outside the AI theme, while AI can strengthen SoftwareOne’s advisory role. The portfolio was sharpened through additions to high-conviction ideas and exits from weakened theses. H1 2026 FREETR HKHC $358MMCB $414M +2
• HV Highwood Value Partners Highwood Value Partners H2 2025 Letter to Investors – Download PDF ↗ Highwood Value Partners sold Protector, Ryanair and Alimak after their valuation cases matured, then redeployed capital into discounted existing holdings. The portfolio is concentrated around Burford, Borr Drilling, GetBusy, Fever-Tree, Bolloré and Compagnie de L’Odet, where improving fundamentals and corporate catalysts are expected to narrow valuation discounts. second half of 2025 0R8W BOIVF $11BBORR $1B +6

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