Investor Letters

Letters through December 31, 2019

1 letter reporting on the period ending December 31, 2019, in each firm's own reckoning.

Palm Harbour Capital Letter 2019 Q4 | 276 KB Palm Harbour Capital added positions and introduced Esprinet, Jost Werke, CIR and Aryzta as undervalued businesses with resilient economics or turnaround potential. It tendered Gamenet after Apollo secured control, while arguing that OCI’s operational disruption should ease and that CIR’s merger and asset sales could narrow its holding-company discount. fourth quarter of 2019 0NFS ARZTF $1.1BGMNNF delisted