๐ ๐ฃ๐ผ๐ฟ๐๐ณ๐ผ๐น๐ถ๐ผ ๐จ๐ฝ๐ฑ๐ฎ๐๐ฒ: ๐๐ฒ๐ ๐ฆ๐๐ผ๐ฐ๐ธ ๐ก๐ฒ๐๐ ๐ข๐ณ ๐ง๐ต๐ถ๐ ๐ฃ๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ (๐ฏ๐ฒ) ๐
๐ฟ๐๐๐ง ๐พ๐ค๐ฅ๐๐๐ง๐จ ๐ค๐ ๐๐๐ฉ๐ค๐ผ๐๐ช๐๐ฉ๐๐๐ค'๐จ ๐ช๐ ๐๐๐๐๐ผ ๐๐๐๐ ๐ฟ๐๐๐๐ฟ๐๐๐ฟ ๐๐๐๐๐๐๐๐๐ ๐๐ช
Below are five holdings and/or thematic exposures that saw meaningful activity this past week, relevant to our ongoing portfolio strategy:
๐ญ. ๐๐๐ฉ๐ ($BBVA.MC (BBVA))
๐๐ข๐ถ๐ฏ๐ค๐ฉ๐ฆ๐ด โฌ๐ฃ๐ฆ.๐ช ๐ฃ๐ช๐ญ๐ญ๐ช๐ฐ๐ฏ ๐ฉ๐ฐ๐ด๐ต๐ช๐ญ๐ฆ ๐ต๐ข๐ฌ๐ฆ๐ฐ๐ท๐ฆ๐ณ ๐ฃ๐ช๐ฅ ๐ง๐ฐ๐ณ ๐๐ข๐ฏ๐ค๐ฐ ๐๐ข๐ฃ๐ข๐ฅ๐ฆ๐ญ๐ญ
- BBVA formally announced a โฌ14.8 billion offer for Sabadell, offering one new BBVA share plus โฌ0.70 cash for every 5.5483 Sabadell shares.
- The deal would create Spainโs second-largest domestic bank, though analysts suggest BBVA may need to sweeten terms to secure approval.
๐ฃ๐ผ๐ฟ๐๐ณ๐ผ๐น๐ถ๐ผ ๐๐บ๐ฝ๐น๐ถ๐ฐ๐ฎ๐๐ถ๐ผ๐ป: Potential for scale and revenue upside, but elevated execution and regulatory risk. Monitor the approval process and integration outlook.
๐ฎ. ๐๐บ๐ฏ๐ฒ๐ ($ABEV (Ambev ADR))
๐๐ค ๐ฆ๐ข๐ณ๐ฏ๐ช๐ฏ๐จ๐ด ๐ฃ๐ฆ๐ข๐ต ๐ธ๐ช๐ต๐ฉ ๐ฎ๐ข๐ณ๐จ๐ช๐ฏ ๐ฆ๐น๐ฑ๐ข๐ฏ๐ด๐ช๐ฐ๐ฏ ๐ข๐ฏ๐ฅ ๐ฅ๐ช๐ท๐ช๐ฅ๐ฆ๐ฏ๐ฅ ๐ฃ๐ฐ๐ฐ๐ด๐ต
- Reported 15% year-over-year net income growth (BRL 2.8B), EBITDA up high single digits, and margins expanding by 110 bps.
- Declared an interim dividend of BRL 2B, lifting total 2025 payouts to BRL 6B.
๐ฃ๐ผ๐ฟ๐๐ณ๐ผ๐น๐ถ๐ผ ๐๐บ๐ฝ๐น๐ถ๐ฐ๐ฎ๐๐ถ๐ผ๐ป: Strong fundamentals and reliable income story. Supports holding as a defensive consumer play with yield upside.
๐ฏ. ๐ฉ๐ผ๐ฑ๐ฎ๐ณ๐ผ๐ป๐ฒ ($VOD.L ( Vodafone Group PLC))
๐๐-๐ฅ๐ณ๐ช๐ท๐ฆ๐ฏ ๐ข๐ฅ ๐ค๐ข๐ฎ๐ฑ๐ข๐ช๐จ๐ฏ ๐จ๐ข๐ช๐ฏ๐ด ๐ต๐ณ๐ข๐ค๐ต๐ช๐ฐ๐ฏ; ๐ฃ๐ถ๐บ๐ฃ๐ข๐ค๐ฌ ๐ช๐ฏ ๐ฑ๐ณ๐ฐ๐จ๐ณ๐ฆ๐ด๐ด
- Vodafone Germany ran a TikTok ad featuring an AI-generated presenter, sparking conversation about cost-saving digital marketing.
- Simultaneously repurchased 3.8 million shares from Goldman Sachs, continuing its capital return program.
๐ฃ๐ผ๐ฟ๐๐ณ๐ผ๐น๐ถ๐ผ ๐๐บ๐ฝ๐น๐ถ๐ฐ๐ฎ๐๐ถ๐ผ๐ป: Innovation in marketing plus active buybacks support sentiment. Retain exposure for both branding momentum and shareholder returns.
๐ฐ. ๐ง๐ผ๐๐ฎ๐น๐๐ป๐ฒ๐ฟ๐ด๐ถ๐ฒ๐ ($TTE.PA (TotalEnergies SE))
๐๐ฆ๐ค๐ถ๐ณ๐ฆ๐ด ๐ฏ๐ฆ๐ธ ๐ฐ๐ง๐ง๐ด๐ฉ๐ฐ๐ณ๐ฆ ๐ฆ๐น๐ฑ๐ญ๐ฐ๐ณ๐ข๐ต๐ช๐ฐ๐ฏ ๐ฑ๐ฆ๐ณ๐ฎ๐ช๐ต๐ด ๐ช๐ฏ ๐๐ช๐จ๐ฆ๐ณ๐ช๐ข ๐ข๐ฏ๐ฅ ๐๐ฐ๐ฏ๐จ๐ฐ
- The company won licenses for oil and gas exploration offshore Nigeria and the Republic of the Congo, expanding its African upstream footprint.
- Part of the strategy to strengthen reserves and rebalance portfolio amid the energy transition.
๐ฃ๐ผ๐ฟ๐๐ณ๐ผ๐น๐ถ๐ผ ๐๐บ๐ฝ๐น๐ถ๐ฐ๐ฎ๐๐ถ๐ผ๐ป: Supports long-term reserve replacement and optionality. Positive catalyst for growth and diversification in upstream assets.
๐ฑ. ๐๐๐ผ๐ป๐ฑ๐ฒ๐น๐น๐๐ฎ๐๐ฒ๐น๐น ๐๐ป๐ฑ๐๐๐๐ฟ๐ถ๐ฒ๐ ($LYB (LyondellBasell Industries NV))
๐๐ค ๐ฎ๐ช๐ด๐ด ๐ฑ๐ณ๐ฐ๐ฎ๐ฑ๐ต๐ด ๐ข๐ฏ๐ข๐ญ๐บ๐ด๐ต ๐ฅ๐ฐ๐ธ๐ฏ๐จ๐ณ๐ข๐ฅ๐ฆ ๐ข๐ฎ๐ช๐ฅ ๐ฎ๐ข๐ณ๐จ๐ช๐ฏ ๐ฑ๐ณ๐ฆ๐ด๐ด๐ถ๐ณ๐ฆ
- The company reported weaker-than-expected Q2 earnings as higher energy costs and soft demand squeezed margins.
- UBS cut its rating and lowered the price target, citing near-term cyclical headwinds.
๐ฃ๐ผ๐ฟ๐๐ณ๐ผ๐น๐ถ๐ผ ๐๐บ๐ฝ๐น๐ถ๐ฐ๐ฎ๐๐ถ๐ผ๐ป: Reflects cyclical challenges; maintain cautiously. Potential entry point if margin recovery signs emerge later this year.
๐๐๐ฅ๐ฅ๐ฎ ๐ฉ๐ง๐๐๐๐ฃ๐!
๐๐๐จ๐๐ ๐... Show More
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Mon Nov 17 2025 04:04:29 GMT+0000 (Coordinated Universal Time)
