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....

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