Letters by company
UniCredit SpA
4 letters discussing UNCFF. Everything written about it on this site is on its ticker page.
- Polaris Capital Management Second Quarter 2026 Global Equity Composite Commentary Polaris Global Equity Composite added Adobe, Fujifilm, UniCredit, Cytokinetics and Booking Holdings while exiting MKS, HD Hyundai Electric, SKF and Daicel. It favors AI-memory beneficiaries and discounted cash-generative businesses, arguing that concentrated growth leadership has created value opportunities across international markets. SECOND QUARTER 2026 ADBE $90BBABA $270BBKNG $118B
- 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 $4.8BBCS $77B
- Smead Capital Management 3Q25 International Value Strategy Newsletter: Scaling Old Industries Smead Capital Management argues that scale is creating value in mature European banking and Canadian oil. It backs Unicredit's technology-led consolidation strategy and favors an all-stock resolution to the MEG Energy bidding contest, where Strathcona Resources and Cenovus see large merger synergies. 3Q25 CVE $58BSTHRF $6BUNCFF $130B
- Polaris Capital Management Second Quarter 2026 International Equity Composite Commentary Polaris International Equity Composite sold HD Hyundai Electric and SKF, added Astor Transformator Enerji, Fujifilm Holdings and UniCredit, and attributed IT strength to demand for memory chips. The portfolio sees concentrated growth leadership, sticky inflation and the Iran truce creating valuation dislocations among cash-generative international businesses. Second Quarter 2026 ENI $85BHDIH IX $40B
