Rob Rutten

3i Group ($III.L) is buying ~1.8% more of Action by issuing 21M shares at £31.31 NAV. This means share count is back to pre-buyback levels. Although it doesn't look ideal at first glance for the valuation model, keep the arbitrage in mind. With an average buyback price of £24.28 versus new issuance at £31.31, capturing that spread makes the deal value-accretive.

Many often cite Buffett, Munger or other greats with regards to portfolio concentration, but forget one essential thing: do you think you are as capable as some of the best investors in the world? Overconfidence bias is an important risk that many investors don't account for, resulting in people blowing up. Intelligence isn't even the most important characteristic, the ability to stand extreme volatility and periods of underperformance is. Not many people have the mental fortitude to hold on through severe drawdowns. Don't get me wrong, we concentrate to a certain degree in our in-house equity strategy, as the underlying businesses are already inherently diversified (e.g. Berkshire Hathaway), and when you own more than 100 stocks, you can just as well buy the index. But I think it is very risky that so many investors have portfolios of fewer than 10 stocks, when history shows it is extremely hard to pick the winners and hold on to them.

Dutch companies benefit from the participation exemption scheme when owning more than 5% of a company. So the Asseco dividends are tax free for Topicus. @RobRutten6 $TOI.V $ACP.WA

Preliminary results from Sygnity $SGN.WA Q2 revenues +30% y/y EBITDA +28% y/y Net income +37% y/y

$III.L 3i Group Q1'27: Action's LFL growth continues to accelerate. Based on previously disclosed figures and those released this morning for period P6 (up to and including the week of June 28, WK26), we can deduce that Action experienced exceptionally high LFL (like-for-like) growth in WK26 (approximately +11% Y/Y, assuming evenly distributed weekly sales). Specifically, this single WK26 drove a ~30 bps increase in total LFL growth over the past six months, rising from ~3.3% across weeks 1-25 to ~3.6% across weeks 1-26. Furthermore, it boosted LFL growth over the most recent weeks by ~80 bps, up from ~6.1% across weeks 20-25 to ~6.9% across weeks 20-26. > LFL growth WK 1-19: 2.4% Y/Y > LFL growth WK 1-25: 3.3% Y/Y > LFL growth WK 1-26: 3.6% Y/Y > LFL growth WK 20-25 (6 weeks): ~6.1% Y/Y > LFL growth WK 20-26 (7 weeks): ~6.9% Y/Y Source: 3i Group, Massive Moats estimates. Disclosure: I have a long position in $III.L Disclaimer: Not financial advice.

Sofina sharing their private funds underlying top positions for the first time: a hidden AI winner in Belgium. $SOF.BR

Very impressive results by $MBB.DE. Revenue is almost flat, but margin increased by 8.7ppts! Vorwerk still the main driver but DTS seems to be up next.

"With the help of Anthropic’s Claude AI tool, we compared the prices of 250 everyday products across food, toiletries, cleaning supplies and household essentials between Action and competing retailers in the Netherlands, Germany, France, Poland and Italy. On average, Action was approximately 48% cheaper, meaning a basket of goods costing roughly €100 elsewhere could be purchased for about €52 at Action." $III.L

$FFH.TO with a massive 500K share buyback in June. This is roughly 2.4% of the shares in a single month. I also believe this brings the buybacks for this year to around 1.14M shares, which is around 5% of the company.

$TVK.TO is not playing around with that NCIB

TerraVest with another one 👏 $TVK.TO " Dustin Haw, Chief Executive Officer of TerraVest, welcomes the employees of SPV and looks forward to their continuing commitment to the business and its customers. "SPV further enhances our manufacturing capabilities and competitiveness in our Compressed Gas Equipment division. I would like to welcome the owner of SPV, Byron Dyck, and all the employees of SPV to TerraVest." said Mr. Haw."

$SCU insider podcast Optimal Blue SVP Corporate Strategy tells the story of how product P&L ownership changed the way his teams think and operate post acquisition. open.spotify.com/show/033w3L…

$CSU $TOI.V TSS buys Operis, a specialist in digital urban planning authorization mgmt tools for local authorities in France. They enable fully paperless processing of planning permissions, & serves all stakeholders—citizens, professionals, permitting authorities, & consultants.

$ACP.WA with margin improvements across the board! Exactly what you want to see from $TOI.V's playbook.