Letters by company
Vivendi SE
10 letters discussing VVVNF. Everything written about it on this site is on its ticker page.
- 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
- 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
- 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
- Palm Harbour Capital Letter 2026 Q2 | 687 KB Palm Harbour Capital sold BW Energy and M Dias Branco, added a Mexican cement company and smaller Asian positions, and plans to trade Norma’s buyback rights. It argues that leveraged products and passive flows are distorting Asian markets, while Louis Hachette and Lagardère offer restructuring and ownership-simplification catalysts. second quarter 2026 ALHG $1.9B082920 $961M0NFS
- 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
- Palm Harbour Capital Letter 2025 Q4 | 244 KB Palm Harbour Capital exited Playtech, RHI Magnesita, Aichi, Aberdeen European Logistics Income and Kri-Kri after governance concerns, cyclical risks, liquidation and fuller valuations changed the risk-reward balance. The fund added Converge ICT, arguing that Philippine fiber-network monetization, easing capital expenditure and broadband penetration growth can drive free cash flow. fourth quarter 2025 111770 $2.3B284740 $408MAICXF $574M
- 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
- 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 $976M
- 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
- Palm Harbour Capital Letter 2025 Q3 | 553 KB Palm Harbour Capital exited Ocean Wilsons, Syensqo and The Italian Sea Group, and added Cirsa, Converge ICT, Indofood and Vivendi in favour of cyclical businesses with stronger cash-flow prospects. The portfolio avoids US mega-cap AI momentum and argues that Youngone’s premium apparel OEM franchise and a recovery in SCOTT Sports offer an attractive turnaround opportunity. third quarter 2025 0NFS 0OIY $1.5BAMZN $2.7T
