Spy

• QF 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 $330MACWI

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