NPTVF - Palm Harbour Capital Q1 2024 Investor Letter
2024-06-09 06:00:00 ET
Summary
- Palm Harbour Capital LLP is a United Kingdom Limited Liability Partnership based in London. We scour the globe seeking undervalued securities in order to build a unique portfolio.
- The fund gained 4.6% gross of fees in the first quarter, with a compound annual return of 9.5% since inception.
- The portfolio has more than 101% upside to estimated NAV and is trading at attractive valuation multiples.
- Top contributors include Ocean Wilson, Nippon Television Holdings, and Senshu Electric, while International Games Technology was the top detractor.
Dear fellow investors and friends,
During the first quarter the fund gained 4.6% gross of fees [1] . We do not have a stated benchmark in our Key Investor Information Document ('KIID') and therefore cannot comment on relative performance. We leave it up to you to decide. We note the above number appears lower than European and global benchmarks. Inception to quarter end return was 57.3% or 9.5% compounded annual return. Our last reported NAV at quarter end was 15.73 (28/03/2024), +4.9% from the closest reported NAV at the fourth quarter end of 15.00 (28/12/2024). We are extremely optimistic about our portfolio's prospects and believe we will reach our compound return aspiration over time. Our fund's composition is unlike any index, and we are unlikely to perform in a similar manner.
Before we comment on the first quarter, we would like to note the five-year anniversary of the fund launch. While technically in the second quarter, we reached this milestone on the 4th of April 2024....
Palm Harbour Capital Q1 2024 Investor Letter