https://opulion.com/en/journal Opulion's articles and news on listed investment companies, in English and French. Sourced, dated, never advice. en Tue, 27 Oct 2026 19:48:38 GMT https://opulion.com/en/journal/wendel-of-the-8-1-per-share-of-net-asset-value-gained-in-the-third-quarter-5-8 https://opulion.com/en/journal/wendel-of-the-8-1-per-share-of-net-asset-value-gained-in-the-third-quarter-5-8 Tue, 27 Oct 2026 19:48:38 GMT The net asset value bridge from 30 June to 30 September shows a holding company still driven by its direct investments. Asset management, the new engine, contributes €0.3, with fees up 41.3% over nine months as reported but 10% at constant scope and exchange rates. https://opulion.com/en/journal/scottish-mortgage-cut-its-spacex-holding-by-21-6-in-august-the-month-its https://opulion.com/en/journal/scottish-mortgage-cut-its-spacex-holding-by-21-6-in-august-the-month-its Tue, 27 Oct 2026 19:48:38 GMT A video of 13 October says the trust is recycling capital from SpaceX. Its monthly valuations make it possible to measure: 8,067,368 fewer SpaceX shares in August, the first month part of the shares could be sold after the listing, and gearing cut from 10% to 6% of shareholders' funds. https://opulion.com/en/journal/scottish-mortgage-spacex-commits-to-leasing-40bn-of-gpus-2-4-quarters-of-its-ai https://opulion.com/en/journal/scottish-mortgage-spacex-commits-to-leasing-40bn-of-gpus-2-4-quarters-of-its-ai Tue, 27 Oct 2026 19:43:13 GMT SpaceX, Scottish Mortgage's largest holding, commits to leasing $40bn of GPUs from an Apollo-managed entity: 2.4 quarters of AI investment at the Q3 pace. https://opulion.com/en/journal/investor-at-atlas-copco-the-vacuum-division-makes-sek-4-402m-of-the-sek-4-418m https://opulion.com/en/journal/investor-at-atlas-copco-the-vacuum-division-makes-sek-4-402m-of-the-sek-4-418m Tue, 27 Oct 2026 19:43:13 GMT In Q3 2026, Atlas Copco's orders exceeded its revenues by SEK 4,418m, SEK 4,402m of it in vacuum. The stake is 13% of Investor's total assets. https://opulion.com/en/journal/gbl-the-recordati-offer-is-secured-at-74-58-but-tenders-alone-make-up-only-62-15 https://opulion.com/en/journal/gbl-the-recordati-offer-is-secured-at-74-58-but-tenders-alone-make-up-only-62-15 Tue, 27 Oct 2026 19:43:13 GMT Final results: the CVC and GBL bidder holds 74.58% of Recordati, including 62.15% tendered. CVC bought a further 2.46% on 26 October. https://opulion.com/en/journal/exor-125m-bought-back-in-23-of-49-possible-sessions-and-half-of-the-500m-has https://opulion.com/en/journal/exor-125m-bought-back-in-23-of-49-possible-sessions-and-half-of-the-500m-has Tue, 27 Oct 2026 19:43:13 GMT Exor bought back €125m of shares in 23 of 49 possible sessions. The second tranche, launched on 26 October, brings the amount launched to €250m of €500m. https://opulion.com/en/journal/exor-iveco-provisionally-clears-the-threshold-1-057m-expected-for-35m-more-than https://opulion.com/en/journal/exor-iveco-provisionally-clears-the-threshold-1-057m-expected-for-35m-more-than Tue, 27 Oct 2026 19:43:13 GMT Provisional results: 87.81% of Iveco tendered. Exor would receive €1,057m on 30 October, about €35m more than the value of its stake at 30 June. https://opulion.com/en/journal/investor-at-saab-8-of-its-total-assets-the-naval-business-makes-up-88-of-q3 https://opulion.com/en/journal/investor-at-saab-8-of-its-total-assets-the-naval-business-makes-up-88-of-q3 Tue, 27 Oct 2026 19:43:13 GMT Saab's operational cash flow reached SEK 6.8bn in Q3, including SEK 5,981m from its Naval business. The stake is 8% of Investor's total assets. https://opulion.com/en/journal/pantheon-of-the-11-7p-of-nav-per-share-gained-in-september-currency-made-8-4p https://opulion.com/en/journal/pantheon-of-the-11-7p-of-nav-per-share-gained-in-september-currency-made-8-4p Tue, 27 Oct 2026 19:43:13 GMT At 30 September, Pantheon's NAV reached 546.3p per share, 11.7p more in a month, of which 8.4p came from currency and 0.6p from valuations. https://opulion.com/en/journal/investor-after-sek-1-9bn-in-nine-months-sebs-buyback-pause-caps-its-sales-of https://opulion.com/en/journal/investor-after-sek-1-9bn-in-nine-months-sebs-buyback-pause-caps-its-sales-of Fri, 23 Oct 2026 07:40:11 GMT SEB pauses buybacks as its capital buffer faces a 120-point cut. Investor, which sells SEB shares to keep 22.0%, raised SEK 1.9bn this way in nine months. https://opulion.com/en/journal/share-buybacks-pantheon-lifts-nav-per-share-by-1-78-the-other-four-by-less-than https://opulion.com/en/journal/share-buybacks-pantheon-lifts-nav-per-share-by-1-78-the-other-four-by-less-than Thu, 22 Oct 2026 09:56:56 GMT Between 1 July and 9 October, GBL, Exor, Prosus, Scottish Mortgage and Pantheon International bought back their own shares below NAV. For the shareholder who stays, everything turns on two numbers: how much of the capital was bought back, and at what discount. https://opulion.com/en/journal/scottish-mortgage-in-q3-ai-was-52-of-revenue-and-84-of-capital-spending-at https://opulion.com/en/journal/scottish-mortgage-in-q3-ai-was-52-of-revenue-and-84-of-capital-spending-at Thu, 22 Oct 2026 09:53:24 GMT SpaceX, 15.0% of Scottish Mortgage's total assets on 30/09, drew 52% of Q3 revenue from AI and put 84% of its Q3 capital expenditure there. https://opulion.com/en/journal/exor-87-of-the-first-buyback-tranche-spent-in-18-sessions-with-no-second https://opulion.com/en/journal/exor-87-of-the-first-buyback-tranche-spent-in-18-sessions-with-no-second Thu, 22 Oct 2026 09:53:24 GMT Exor has bought back €109.2m of shares in 18 sessions, 87% of its first tranche. At last week's pace, the balance amounts to fewer than three sessions. https://opulion.com/en/journal/latour-at-hms-orders-exceed-sales-by-sek-80m-about-sek-70m-of-which-was-placed https://opulion.com/en/journal/latour-at-hms-orders-exceed-sales-by-sek-80m-about-sek-70m-of-which-was-placed Thu, 22 Oct 2026 09:53:24 GMT At HMS, 9.2% of Latour's listed portfolio, Q3 orders exceeded sales by SEK 80m, about SEK 70m of which was placed early by some customers. https://opulion.com/en/journal/wendel-stahl-cuts-net-debt-to-183m-but-adjusted-net-debt-under-s-ps-method https://opulion.com/en/journal/wendel-stahl-cuts-net-debt-to-183m-but-adjusted-net-debt-under-s-ps-method Thu, 22 Oct 2026 09:53:24 GMT Wendel counts Stahl in its 30 September cash: net debt of €183m. Under S&P's method, adjusted net debt rises from €551m to €714m, the ratio from 7.8% to 9.5%. https://opulion.com/en/journal/exor-the-threshold-for-the-iveco-offer-falls-to-80-and-52-94-of-acceptances-are https://opulion.com/en/journal/exor-the-threshold-for-the-iveco-offer-falls-to-80-and-52-94-of-acceptances-are Thu, 22 Oct 2026 09:53:24 GMT Iveco's meeting cut the threshold of Tata's offer to 80%. Beyond Exor's 27.06%, 52.94% of acceptances are needed. If the offer succeeds, Exor will get €1,057m. https://opulion.com/en/journal/investor-at-abb-20-of-its-total-assets-ebita-rises-24-while-rotork-and-robotics https://opulion.com/en/journal/investor-at-abb-20-of-its-total-assets-ebita-rises-24-while-rotork-and-robotics Thu, 22 Oct 2026 09:53:24 GMT In Q3 2026, ABB's Operational EBITA rose 24% and net income fell 2%, held back by Rotork and Robotics. ABB is 20% of Investor's total assets. https://opulion.com/en/journal/sofina-the-companies-behind-ai-that-gets-to-work https://opulion.com/en/journal/sofina-the-companies-behind-ai-that-gets-to-work Wed, 21 Oct 2026 06:24:22 GMT Supabase stores the data, Cyera governs access, Primer manages payments. Three direct holdings illuminate a crucial question: who gets paid when AI moves from answering to acting? https://opulion.com/en/journal/gbl-a-cvc-block-makes-up-60-of-the-progress-on-recordati-10-98-of-the-capital https://opulion.com/en/journal/gbl-a-cvc-block-makes-up-60-of-the-progress-on-recordati-10-98-of-the-capital Tue, 20 Oct 2026 13:49:06 GMT GBL and CVC advance in the Recordati offer. How the 66.67% threshold, signed block, Rossini stake and remaining conditions fit together. https://opulion.com/en/journal/avh-van-moer-improving-margins-investment https://opulion.com/en/journal/avh-van-moer-improving-margins-investment Mon, 19 Oct 2026 15:19:53 GMT Its stake would rise to 39.77%. The more revealing development is inside the business: earnings before depreciation have grown faster than sales over five years. https://opulion.com/en/journal/softbank-allied-universal-robotics-customers-capital https://opulion.com/en/journal/softbank-allied-universal-robotics-customers-capital Mon, 19 Oct 2026 15:19:53 GMT Reported early-stage talks raise a practical question for shareholders: how much capital would it take to transform an existing service business? https://opulion.com/en/journal/investor-78-of-the-quarters-rise-comes-from-patricia-industries-valued-on-its https://opulion.com/en/journal/investor-78-of-the-quarters-rise-comes-from-patricia-industries-valued-on-its Fri, 16 Oct 2026 09:23:30 GMT In Q3 2026, Investor's adjusted NAV rose SEK 43.3bn, SEK 33.8bn of it, or 78%, from Patricia Industries, valued on listed peers' stock market multiples. https://opulion.com/en/journal/investor-a-sek-3-5bn-purchase-that-undoes-the-coller-dilution-at-eqt-from-14-02 https://opulion.com/en/journal/investor-a-sek-3-5bn-purchase-that-undoes-the-coller-dilution-at-eqt-from-14-02 Fri, 16 Oct 2026 09:23:14 GMT Investor buys 12.5 million EQT shares from Wallenberg Investments. Its stake rises to 14.98%, just above the 14.94% it held before EQT issued shares for Coller. https://opulion.com/en/journal/investor-eqts-key-funds-gain-5-but-the-16-october-statement-will-still-show-its https://opulion.com/en/journal/investor-eqts-key-funds-gain-5-but-the-16-october-statement-will-still-show-its Fri, 16 Oct 2026 09:22:50 GMT Investor reports its EQT funds at SEK 42,110m, up 9%, on 30 June values. The quarter of EQT's 5% rise will enter its accounts on 22 January 2027. https://opulion.com/en/journal/exor-stellantis-expeditions-t3-2026-10-13 https://opulion.com/en/journal/exor-stellantis-expeditions-t3-2026-10-13 Fri, 16 Oct 2026 09:22:31 GMT In Q3 Stellantis sold almost as many vehicles in the US but, by its estimates, shipped 12% fewer in North America. The gap matters for the cash reaching Exor. https://opulion.com/en/journal/hal-fin-du-trust-cotation-directe-2026-10-14 https://opulion.com/en/journal/hal-fin-du-trust-cotation-directe-2026-10-14 Fri, 16 Oct 2026 09:22:12 GMT HAL proposes to wind up its Bermuda trust and list HAL Holding directly, one share per trust share, with the share count unchanged. Holders vote on 26 November. https://opulion.com/en/journal/latour-portefeuille-cote-trimestre-2026-09-30 https://opulion.com/en/journal/latour-portefeuille-cote-trimestre-2026-09-30 Fri, 16 Oct 2026 09:21:41 GMT From end-June to end-September, three holdings made up 95% of the rise in Latour's listed portfolio. Excluding Fagerhult, the price effect is about 2.2% of NAV. https://opulion.com/en/journal/pantheon-11-62-of-votes-against-almost-exactly-the-weight-of-sabas-declared https://opulion.com/en/journal/pantheon-11-62-of-votes-against-almost-exactly-the-weight-of-sabas-declared Fri, 16 Oct 2026 09:21:24 GMT At least 11.62% of votes cast went against 15 resolutions, the equivalent of Saba's shares (11.60%). With its swap's shares, opposition would have passed 20%. https://opulion.com/en/journal/avh-sipef-expects-more-cash-with-replanting-that-may-have-to-wait https://opulion.com/en/journal/avh-sipef-expects-more-cash-with-replanting-that-may-have-to-wait Fri, 16 Oct 2026 08:26:51 GMT Agricultural profits are growing. But the cash outlook also reflects an investment timetable being reshaped by dry weather. https://opulion.com/en/journal/scottish-mortgage-asml-and-tsmc-sell-more-but-their-margins-move-in-opposite https://opulion.com/en/journal/scottish-mortgage-asml-and-tsmc-sell-more-but-their-margins-move-in-opposite Fri, 16 Oct 2026 08:26:51 GMT The trust owns both the equipment supplier and the chipmaker using its machines. Their results show how one investment cycle produces different economics. https://opulion.com/en/journal/avh-deme-adds-zeevonk-turbines-to-its-offshore-schedule https://opulion.com/en/journal/avh-deme-adds-zeevonk-turbines-to-its-offshore-schedule Fri, 16 Oct 2026 06:59:31 GMT The contract announced on 14 October is worth €50m to €150m, subject to the project’s final investment decision. Work is planned for 2028 and 2029. https://opulion.com/en/journal/prosus-jet-order-growth https://opulion.com/en/journal/prosus-jet-order-growth Mon, 12 Oct 2026 19:57:53 GMT JET orders returned to growth in September. Prosus is investing more in JET and iFood, accepting pressure on short-term profitability. https://opulion.com/en/journal/pantheon-buyback-value-per-share https://opulion.com/en/journal/pantheon-buyback-value-per-share Sat, 10 Oct 2026 12:39:54 GMT Selling funds, buying back shares and keeping capital for new investments are three decisions that belong in the same picture. https://opulion.com/en/journal/pantheon-private-fund-or-listed-share https://opulion.com/en/journal/pantheon-private-fund-or-listed-share Sat, 10 Oct 2026 12:39:54 GMT In a private fund, you commit capital. On the stock market, you buy a stake in an existing portfolio. The structure changes the timing, costs and exit. https://opulion.com/en/journal/brederode-samsung-record-portfolio-weight https://opulion.com/en/journal/brederode-samsung-record-portfolio-weight Thu, 08 Oct 2026 21:18:21 GMT The Korean group is heading for another record quarter. For Brederode shareholders, the effect depends on Samsung’s share price and the position’s weight in the portfolio. https://opulion.com/en/journal/gbl-recordati-persuading-sellers https://opulion.com/en/journal/gbl-recordati-persuading-sellers Thu, 08 Oct 2026 21:18:21 GMT The offer seeks all available shares at €53. A 12 October dashboard separates acceptances, physical holdings and conditional delivery under CVC’s contract. https://opulion.com/en/journal/prosus-share-buyback-2026-10-06 https://opulion.com/en/journal/prosus-share-buyback-2026-10-06 Thu, 08 Oct 2026 21:18:21 GMT Prosus bought 2.24 million of its shares from 28 September to 2 October for €79.84m, continuing its ongoing repurchase programme. https://opulion.com/en/journal/exor-stellantis-recovery-volumes-margins-cash https://opulion.com/en/journal/exor-stellantis-recovery-volumes-margins-cash Mon, 05 Oct 2026 07:11:44 GMT Second-quarter profits improve while third-quarter US sales stagnate. Repair at the manufacturer has not yet restored distributions to Exor. https://opulion.com/en/journal/softbank-openai-64-6-billion-conviction-funding https://opulion.com/en/journal/softbank-openai-64-6-billion-conviction-funding Mon, 05 Oct 2026 07:11:44 GMT September’s bonds give the holding company time. They create payments that portfolio revaluations alone cannot finance. https://opulion.com/en/journal/wendel-stahl-sale-cash-reallocation https://opulion.com/en/journal/wendel-stahl-sale-cash-reallocation Mon, 05 Oct 2026 07:11:44 GMT Closing confirms value already recorded. The next use of capital must replace the asset sold and the earnings it supplied. https://opulion.com/en/journal/brederode-discount-private-equity-asset-prices https://opulion.com/en/journal/brederode-discount-private-equity-asset-prices Sun, 04 Oct 2026 13:33:06 GMT Asset values rise while the share price falls. Behind the discount lies a simple question: when will private fund values turn into available cash? https://opulion.com/en/journal/softbank-digitalbridge-infrastructure-manager https://opulion.com/en/journal/softbank-digitalbridge-infrastructure-manager Thu, 01 Oct 2026 14:59:06 GMT A digital infrastructure manager joins the group. Its clients' assets do not thereby become SoftBank's own wealth. https://opulion.com/en/journal/gbl-private-capital-debt-recordati https://opulion.com/en/journal/gbl-private-capital-debt-recordati Tue, 29 Sep 2026 10:22:17 GMT A 4% bond at the holding company and a separate acquisition financing plan for Recordati are two different layers of leverage. https://opulion.com/en/journal/latour-bolt-nut-nord-lock-acquisition https://opulion.com/en/journal/latour-bolt-nut-nord-lock-acquisition Mon, 28 Sep 2026 11:46:16 GMT The price is undisclosed. The deal shows how a targeted purchase could strengthen a highly profitable subsidiary while making only a modest difference to the holding company's debt. https://opulion.com/en/journal/prosus-despegar-ifood-cross-revenue https://opulion.com/en/journal/prosus-despegar-ifood-cross-revenue Sat, 26 Sep 2026 08:05:57 GMT The travel platform offers a tangible measure of Prosus's ecosystem strategy. It tracks sales linked to iFood, not yet incremental profit for the holding company. https://opulion.com/en/journal/gimv-150m-borrowing-leverage-strategy https://opulion.com/en/journal/gimv-150m-borrowing-leverage-strategy Fri, 25 Sep 2026 19:33:15 GMT Net debt was 9.4% of assets at the last published balance-sheet date. The meaningful test begins when the new capital is invested in less liquid holdings. https://opulion.com/en/journal/scottish-mortgage-change-drives-growth https://opulion.com/en/journal/scottish-mortgage-change-drives-growth Wed, 23 Sep 2026 20:33:37 GMT At its 23 September conference, the Baillie Gifford trust showed where its performance comes from: a few very large winners, and companies that adapt faster than the rest. From SpaceX to Chinese batteries, the same rule keeps coming back. https://opulion.com/en/journal/exor-stellantis-value-cash-h1-2026 https://opulion.com/en/journal/exor-stellantis-value-cash-h1-2026 Wed, 23 Sep 2026 20:25:58 GMT The half-year report separates two movements hidden in a single net result: the value loss on one holding and a larger cash balance at the parent company. https://opulion.com/en/journal/softbank-bonds-openai-bridge https://opulion.com/en/journal/softbank-bonds-openai-bridge Mon, 21 Sep 2026 10:06:28 GMT The 24 September issuer statement changes the financing picture: the remaining bridge capacity was undrawn, and bond coupons are now known. https://opulion.com/en/journal/wendel-hybrid-model-asset-management https://opulion.com/en/journal/wendel-hybrid-model-asset-management Mon, 21 Sep 2026 10:06:28 GMT IK Partners, Monroe Capital and Committed Advisors have transformed the portfolio. Assets have shifted quickly; profits, cash and risk have not yet completed the same transition.