Overstone Global All Cap Value Fund on Ally Financial Inc.

Ally's second-quarter results were satisfactory, although management expects a roughly flat third-quarter net interest margin. Stellantis recall lease losses of about $20 million and an additional Federal Reserve hike pressure a liability-sensitive balance sheet. The fund expects return on equity to improve toward the mid-teens from around 11% in 2026 and believes more rate hikes delay rather than destroy that recovery. At 0.9 times tangible book and six times earnings, the valuation does not reflect the potential improvement.