Letters by company
Universal Music Group N.V./ADR
13 letters discussing UNVGY. Everything written about it on this site is on its ticker page.
- Asset Value Investors Ltd AVI Global Special Situations Fund July 2026 AGSS reduced GABIA after Macquarie's tender offer lifted the shares, while retaining a stake because it considers the proposal inadequate. The fund retained Vivendi despite UMG's weak results, added selectively to Korean holdings after the AI and memory sell-off, and said AVI's Pacific partnership will preserve its investment autonomy. July 2026 079940 $390MUNVGY $26BVVVNF $1.6B
- Asset Value Investors Ltd AVI Global Trust AVI Global Trust trimmed News Corp after its recovery from the AI-driven sell-off and maintained Vivendi despite Universal Music Group’s weak results, citing deep underlying value but limited confidence in management’s margin discipline. The trust added selectively to Korean holdings after the AI and memory sell-off, while AVI agreed to join Pacific Asset Management without changing its investment teams or process. July 2026 VVVNF $1.6BUNVGY $26B
- Palm Harbour Capital Q1 2026 Letter Palm Harbour Capital sold Solvay and Magnum’s, reallocating capital to a Portuguese logistics business and a Korean eyecare company. It argues that Odet’s control structure and Bolloré dividend could enable further consolidation, and makes the case for Cirsa’s regulated gaming franchises, online expansion and acquisition-led growth. first quarter 2026 CIRSA $3.4B082920 $961M0NFS
- Sequoia Fund Year-End 2025 Sequoia Fund Letter Sequoia Fund trimmed Rolls-Royce and Alphabet after their weightings and valuations rose, while retaining both as its largest holdings. It added to Elevance and built new positions in MSA Safety, Accenture, and Align Technology, arguing that each combines a durable franchise with a temporary source of market concern or a favorable valuation. 2025 GOOGL $4.2TRLLCF $87BACN $118B
- Pershing Square Holdings Letter to Shareholders Howard Hughes Holdings is being remade into a diversified holding company, starting with a property-and-casualty insurer whose assets Pershing Square would manage without charge. Pershing Square added Amazon and Hertz, trimmed Universal Music Group, Hilton and Chipotle, and exited Canadian Pacific to reduce tariff-related risk. Six-month period ended June 30, 2025 HHH $4.3BAMZN $2.7TBN $81B
- Bireme Capital 3Q21 FV Quarterly Report Bireme Fundamental Value warned that persistent inflation and a more hawkish Federal Reserve could puncture an everything bubble across equities and bonds. The portfolio added Imperial Brands and Old Republic while maintaining longs in RCI Hospitality and Bollore, and short positions in GameStop, Skillz, FuboTV and GOTU on weak economics or unsustainable valuations. 3Q21 GME $13BBOL $12BFUBO $962M
- Quercus Fund 2026 Second Letter to Shareholders Quercus Fund retained Sanjiang Chemicals as its largest holding, arguing that feedstock flexibility, MTBE expansion and ethane logistics have strengthened its cost position despite erratic trading. It sold Compagnie de l’Odet and Braskem Idesa bonds for better-priced opportunities, then bought First Philippine Holdings and Lopez Holdings for their discounted control of Philippine power assets and Meralco stake. 2026 (Jan-Aug) FCODF $4.7B
- Palm Harbour Capital Fund Commentary July 2026 Palm Harbour Global Value Fund benefited from a rotation away from mega-cap technology, with Youngone, Vår Energi and Samyung Trading among the strongest holdings. Vitzrocell faced profit-taking after margin pressure, FNGuide fell in a South Korean leverage washout, and Vivendi declined after a court ruling and weaker UMG subscription growth. July 2026 064850 $178M082920 $961MVVVNF $1.6B
- Sequoia Fund Q1 2026 Sequoia Fund Letter Sequoia Fund added modestly to SAP and Universal Music Group while building several undisclosed new positions. The fund financed the purchases through tax-efficient trims in Amentum Holdings, Credit Acceptance, Liberty Broadband, Meta, Rolls-Royce and TSMC. first quarter of 2026 —
- 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 $12BBORR $1.3B
- Sequoia Fund Q2 2025 Sequoia Fund Letter Sequoia Fund added to ICON and Universal Music Group while trimming Credit Acceptance, Liberty Broadband, Jacobs, Meta and UnitedHealth. The sales funded new investments that will be disclosed after purchases are complete. second quarter of 2025 —
- Palm Harbour Capital Q4 2024 Letter Palm Harbour Capital bought Compagnie de l’Odet, arguing that its cross-holding structure obscures asset value and that Bolloré family simplification could unlock it. The fund sold H&T, OVS and DNO, while warning that political disruption, tariffs and speculative US valuations may raise the cost of risk. Q4 2024 FCODF $4.7B0NFS BOIVF $12B
- Quercus Fund 2024 Third Letter to Shareholders Asia Cement (China) was sold after its controlling shareholder made a lowball privatization offer, despite the company holding substantial net cash. Quercus Fund made no additions during the year, retaining concentrated holdings it considers deeply undervalued and recycling dividends toward the most attractive existing positions. 2024 (Jan-Sep) AMNTF $317MACWI
