Overstone International Value Fund on Trigano S.A.
Thesis
The managers added to their Trigano holding during the quarter. The recreational vehicle producer is valued at only about eight times earnings. The fund explicitly identifies that multiple as attractive, making valuation the stated rationale for increasing its exposure. No additional company-specific earnings catalyst or holding period is given in this commentary.
“we added to the fund's position in Trigano, the recreational vehicle producer, which continues to trade at an attractive valuation of just 8x earnings.”
Key risks
- The shares declined 7.4% during the quarter.