Letters by company
Rentokil Initial PLC
9 letters discussing RTO. Everything written about it on this site is on its ticker page.
- Broyhill Asset Management The Broyhill Letter Broyhill trimmed IQVIA, exited Rentokil after weakening North American signals, added Valvoline, and initiated Alphabet after its post-earnings sell-off. It rotated out of Intuit, Honeywell, Midera and CACI to concentrate on higher-conviction holdings, while favoring Honeywell Aerospace and Microsoft amid concern that higher yields and AI capital spending are tightening capital. third quarter 2026 CACI $13BGOOGL $3.5THONA $50B
- White Falcon Capital Management Q3 2026 Partner update letter White Falcon sold Rentokil Initial and CoStar after AI-related customer-acquisition and platform risks weakened conviction, reallocating capital to higher-conviction ideas. It retains Rocket Companies and Real Matters as contrarian housing positions, and argues that Grifols and Canadian Solar can benefit from cash generation, deleveraging and operational progress. Q3 2026 CSGP $13BCSIQ $700MGRFS $5.9B
- Broyhill Asset Management The Broyhill Letter 2024.Q3 Broyhill initiated Rentokil Initial, Evolution AB and Nice Ltd, citing consolidation potential, online-gaming legalization, and AI-enabled cloud contact-center software. It exited Danone, PayPal and EPAM Systems over valuation, unclear product growth and changing labor-force risks, while maintaining its theses on Philip Morris and Baxter. Q3 2024 BAX $13BDANOY $48BDG $30B
- GreenWood Investors First Half 2024 Letter GreenWood Investors centered its coinvestment work on Leonardo, MEI Pharma and CTT, emphasizing board-level engagement, capital allocation and operational transformation. It added to Rentokil and Compagnie de L’Odet amid election-driven volatility, while seeking further collaborative governance opportunities with owner-minded managers. First Half 2024 CTTOF $566M0JW9 FINMF $32B
- GreenWood Investors Fundamental Momentum GreenWood centers its activist portfolio on owner-minded management at Leonardo, CTT and MEI Pharma, arguing that governance work can improve capital allocation and operating execution. It added PDD and Rentokil after market dislocations, while backing NexGen Energy and Bolloré’s indirect exposure to Universal Music Group. 2023 BOIVF $12BCTTOF $566MFINMF $32B
- GreenWood Investors First Half 2026 Letter to Investors GreenWood Investors avoided the late-stage AI investment cycle while recycling capital from Leonardo after its valuation rose beyond the expected earnings outlook. It added materially to Jack in the Box following its refinancing and leadership change, and is pressing Swatch Group through Swiss court actions over board accountability. CTT remains a core transformation case, centered on a potential BancoCTT monetization and redeployment into logistics or buybacks. First Half 2026 CTTOF $566MJACK $264MUHR $11B
- Broyhill Asset Management The Broyhill Letter 2026.Q2 Broyhill transfers ownership from Chris Pavese to Patrick Wells and Matt McLean while retaining its investment process and client relationships. The portfolio avoided direct semiconductor exposure, exited Accenture, HubSpot and Intuit, and added or expanded positions including ServiceNow, First Citizens BancShares, Nestlé, Masco, Sotera Health and IQVIA on company-specific catalysts. second quarter 2026 0QR4 ACN $156BFCNCA $26B
- Artisan Partners Artisan International Value Fund Quarterly Commentary Artisan International Value Fund added to Unilever after its McCormick transaction announcement and built new positions in Akzo Nobel, Axalta, Adidas and Coupang while selling Rentokil at estimated intrinsic value. The portfolio argues that Samsung’s AI-memory pricing and Coupang’s Korean cash generation support their valuations despite market volatility and company-specific setbacks. Q1 2026 ADDDF $35BAKZOY $12BAXTA $7.8B
- White Falcon Capital Management Q4 & FY 2025 Partner Update Letter White Falcon added to AMD during April volatility, built a small housing-recovery basket including Huntsman, and trimmed or exited positions whose valuations no longer offered sufficient margin of safety. The firm argues that EPAM, Nu Holdings, NFI and its precious-metals royalties retain favorable long-term setups while markets show increasingly speculative AI pockets. Q4 & FY 2025 HUN $1.8BAMD $660BATZ $11B
