VVVNF - Quercus Fund 2025 First Letter To Shareholders
2025-02-10 01:25:00 ET
Summary
- The Fund had an exceptional year in 2024, driven by favorable global markets, but such performance is rare, so temper expectations.
- Core positions include Tianjin Development, First Pacific, Sanjiang Chemicals, Halyk Bank, and Compagnie de l’Odet, with Sanjiang Chemicals, First Pacific, and Halyk Bank performing well.
- Vivendi's split into four entities did not lead to the expected re-rating, but Bolloré Group's high liquidity suggests potential for strategic investments.
- Bolloré Group's significant cash reserves and ongoing buybacks indicate potential for leveraging mispriced assets or new ventures.
Dear partners,
The Fund had an exceptional performance last year - helped in no small part by benign global markets....
Quercus Fund 2025 First Letter To Shareholders