Brennan **** et Management recently released its Q2 2026 investor letter. The letter can be downloaded here. Investors were optimistic about a potential truce with Iran, highlighted by a mid-June memorandum for negotiations on regional security and sanctions, causing oil prices to drop and the market to rally. Despite geopolitical uncertainties, investors remain focused on a surge in AI infrastructure spending, which is expected to heavily influence the global economy, although questions about the returns from this investment loom. Overall, the S&P 500 remains at high valuations, seemingly unfazed by these challenges, while there are few pockets of value left, mostly outside the U.S. market. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Brennan **** et Management highlighted Millicom International Cellular S.A. (NASDAQ:TIGO) as a notable contributor. Millicom International Cellular S.A. (NASDAQ:TIGO) is a telecommunications and media company that provides cable and mobile services in Latin America. On August 28, 2026, Millicom International Cellular S.A. (NASDAQ:TIGO) stock closed at $93.38 per share. The one-month return of Millicom International Cellular S.A. (NASDAQ:TIGO) was -1.10%, and its shares gained 93.04% over the past 52 weeks. Millicom International Cellular S.A. (NASDAQ:TIGO) has a market capitalization of $15.64 billion.
Brennan **** et Management stated the following regarding Millicom International Cellular S.A. (NASDAQ:TIGO) in its Q2 2026 investor letter:
"Millicom International Cellular S.A. (NASDAQ:TIGO) and GTX operate in vastly different businesses, but our investment journey with each shares some similarities. We believe that both are good businesses. TIGO is an oligopoly of an essential service (broadband and cell phone). Meanwhile, GTX is an oligopoly provider of turbochargers to the automotive industry with a potentially valuable new product portfolio focused on industrial and electric vehicle (EV) markets. At the time of purchase, both stocks were hated and exceptionally cheap. TIGO operated in riskier Central and South American markets and had a mixed operating history (to be kind). The prior management team executed a fantastic acquisition (buyout of minority partner in Guatemala) but funded it via a rights offering at stock prices ~60% below where the deal was announced. GTX was a post bankruptcy special situation name, and we initially bought preferred shares that ultimately were forcefully converted to common stock. As EV sales expanded across the world, there was understandable concern that GTX's core turbocharger business was at risk and huge uncertainty arose about whether the company could ever crack the EV market. At the time of purchase TIGO traded for ~17% forward free cash flow yield (post rights offering) while GTX sported valuations only slightly higher…." (Click here to read the full text)
#tigo #asset #letter #market
In its second-quarter 2026 investor letter, Brennan **** et Management highlighted Millicom International Cellular S.A. (NASDAQ:TIGO) as a notable contributor. Millicom International Cellular S.A. (NASDAQ:TIGO) is a telecommunications and media company that provides cable and mobile services in Latin America. On August 28, 2026, Millicom International Cellular S.A. (NASDAQ:TIGO) stock closed at $93.38 per share. The one-month return of Millicom International Cellular S.A. (NASDAQ:TIGO) was -1.10%, and its shares gained 93.04% over the past 52 weeks. Millicom International Cellular S.A. (NASDAQ:TIGO) has a market capitalization of $15.64 billion.
Brennan **** et Management stated the following regarding Millicom International Cellular S.A. (NASDAQ:TIGO) in its Q2 2026 investor letter:
"Millicom International Cellular S.A. (NASDAQ:TIGO) and GTX operate in vastly different businesses, but our investment journey with each shares some similarities. We believe that both are good businesses. TIGO is an oligopoly of an essential service (broadband and cell phone). Meanwhile, GTX is an oligopoly provider of turbochargers to the automotive industry with a potentially valuable new product portfolio focused on industrial and electric vehicle (EV) markets. At the time of purchase, both stocks were hated and exceptionally cheap. TIGO operated in riskier Central and South American markets and had a mixed operating history (to be kind). The prior management team executed a fantastic acquisition (buyout of minority partner in Guatemala) but funded it via a rights offering at stock prices ~60% below where the deal was announced. GTX was a post bankruptcy special situation name, and we initially bought preferred shares that ultimately were forcefully converted to common stock. As EV sales expanded across the world, there was understandable concern that GTX's core turbocharger business was at risk and huge uncertainty arose about whether the company could ever crack the EV market. At the time of purchase TIGO traded for ~17% forward free cash flow yield (post rights offering) while GTX sported valuations only slightly higher…." (Click here to read the full text)
#tigo #asset #letter #market
2 months ago
