Investor Letters

Letters through December 31, 2022

1 letter reporting on the period ending December 31, 2022, in each firm's own reckoning.

Palm Harbour Capital Q4 2022 Letter Palm Harbour Capital added LNA Santé, arguing that its nursing-home business has stronger regulation, lower operating leverage and a different property model than Orpea or Korian. The fund sold Ringmetall on peak-cycle earnings concerns and remains positioned for valuation-driven opportunities amid inflation and rate volatility. fourth quarter LNA $403M0NEX IBST $475M