Logista (XMAD:LOG, Financial) is a quasi-monopoly in the wholesale distribution of tobacco in Spain, France, and Italy. It is a solid business with strong barriers to entry, a renewed (and excellent) management team, and which we already bought in the second quarter after it fell by almost 40%. We have increased our position from 3.3% to 4.9% of the fund during this quarter, as its stock price has fallen by a further 10%.
From azValor Asset Management's third-quarter 2020 letter.
