Toyota Industries Corporation

• OP Oldfield Partners Overstone World All Cap Equity Fund 2Q 2025 Commentary ↗ Overstone World All Cap Equity Fund benefited from value reratings in SK Inc, Lloyds Banking Group and Aberdeen Group, while Toyota Industries received an inadequate intra-group bid. The fund added Ayala Corporation for its asset-value discount and Trainline following profit growth and buybacks, judging proposed UK rail-ticketing competition to be distant and uncertain. 2Q 2025 AYYLF $5.2BESYJY $5.2BLYG $79B +3
• OP Oldfield Partners March 2025 Commentary ↗ Overstone World All Cap Equity Fund increased Barrick Gold and added RIT, Stellantis and several Japanese holdings, arguing that depressed valuations outweigh tariff risks and private-equity concerns. It backs ArcelorMittal for infrastructure-led capital spending and sees Japan’s inflation, wage growth and corporate-governance shift supporting a revival. first quarter 2025 MT $48BSTLA $13B
• Palm Harbour Capital Letter 2025 Q1 | 284 KB ↗ Palm Harbour Capital argues that tariff-driven selling has created opportunities in overlooked global small caps with limited direct US trade exposure. It discusses corporate actions at Verallia, Aichi and Ocean Wilson, reviews contributors and detractors, and introduces Sun International as a cash-generative South African gaming and resorts investment. first quarter 2025 DNIYY $4BENOG $1.8BFCODF $4.8B +4

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