Looking at individual stock returns in shorter periods often provides little real insight. While Bolloré (XPAR:BOL, Financial) was the leading decliner in the fourth quarter, it was the biggest contributor to results for 2021 and remains one of the most exciting opportunities in the Fund.
Bolloré’s strong performance last year was partially a result of the successful public offering and spinoff of Universal Music Group’s (UMG) shares, which gave Bolloré direct ownership of approximately 18% of UMG’s stock and helped simplify a complex ownership structure that many investors have probably avoided because tracking it required too much effort. 2022 could be an even more transformative year for Bolloré, especially if it closes on an announced agreement with MSC to sell the African Logistics business for $6.4 billion.
From the Yacktman Fund (Trades, Portfolio)'s fourth-quarter 2021 commentary.
