Letters by company

Tenaris SA

1 letter discussing TS. Everything written about it on this site is on its ticker page.

Azvalor Asset Management Letter to investors 1H2026 Azvalor argues that speculative activity and leveraged products have created unusually fertile conditions for value investors, while broad equity indices look expensive relative to short-term government bills. The firm rotates out of appreciated holdings into deeply discounted ideas, added Yellow Cake and Borr Drilling, sold Tenaris, and cites a growing research team and idea pipeline as support for portfolio renewal. first half of 2026 —