Bolloré (XPAR:BOL), a recent addition to the Fund, was a detractor during the second quarter. The company is a French conglomerate whose main businesses include port and logistics management and media, largely through an ownership stake in Vivendi. Vincent Bolloré, who is the Chairman and CEO, is a capable leader, considered by many to be one of France’s best capital allocators. As he heads for retirement in 2022 when the company celebrates its 200th anniversary, we believe he will continue to take steps to simplify the complex corporate structure, which we think could unlock substantial value in the shares.
From Yacktman Fund (Trades, Portfolio)'s 2nd quarter 2018 shareholder letter.
