Core Points - The European Union's antitrust authority has fined Gucci, Chloe, and Loewe a total of 157 million euros ($182 million) for fixing resale prices of their retail partners [1] - Kering, which owns Gucci, was fined 119.7 million euros, Chloe 19.7 million euros, and Loewe 18 million euros, indicating increased regulatory scrutiny on luxury brands [1][2] - The companies imposed restrictions on retailers, including adherence to recommended retail prices, maximum discount rates, and specific sales periods, which limited retailers' pricing independence and reduced competition [2][3] Company Responses - Kering stated that the EU investigation was resolved through a cooperation procedure and that the financial impact was accounted for in the group's 2025 first-half results [2] - LVMH's Loewe confirmed compliance with antitrust laws following the EU deal and is expected to report third-quarter sales soon [3] - Richemont, owner of Chloe, has not yet commented on the EU fine [3] Industry Context - Other luxury brands such as Armani, Dior, Loro Piana, and Tod's are facing scrutiny from Italian authorities regarding alleged worker abuse in their supply chains [4] - Recent incidents of data breaches at some companies have compounded regulatory challenges within the luxury sector [4]

The recent rally in the shares of luxury goods makers will be put to the test this earnings season, as valuations are already back at demanding levels https://t.co/46QhKweZFM ...

Market Overview - European stocks are expected to open mostly higher, with the U.K.'s FTSE index seen opening just below the flatline, Germany's DAX up 0.3%, France's CAC 40 up 0.26%, and Italy's FTSE MIB up 0.54% [1] - The positive start follows a negative close for regional bourses last week due to U.S. President Trump's threats of new tariffs against China in response to China's export controls on rare earth minerals [2] Trade Relations - Trump suggested in a social media post that he might not follow through on his tariff threats, stating that trade relations with China "will all be fine" [3] - China responded by asserting that it is "not afraid of" a trade war and accused the U.S. of a "double standard" regarding Trump's promise of additional 100% tariffs on Chinese imports [3] Market Reactions - Asia-Pacific markets fell overnight amid concerns over renewed trade tensions, while U.S. stock futures rose, rebounding from a previous sell-off after Trump's reassurances [4] - Investors are anticipating financial reports from companies such as ASML, LVMH, and Nestle as the third quarter earnings season begins [4] Upcoming Events - Investors will be monitoring news from the IMF and World Bank annual meeting in Washington this week [5]

Core Insights - The Fund underperformed the MSCI World ex USA Index for the quarter but has outperformed the benchmark since inception [5] - Consumer discretionary and materials sectors were the largest contributors to performance, while industrials and communication services were the largest detractors [5] - Geographically, the portfolio is heavily weighted towards Europe ex U.K. (68.4%), followed by the U.K. (11.5%) and Asia ex Japan (9.3%) [5] Performance Analysis - Kering was the top contributor during the quarter, driven by leadership changes and improving revenue trends [7] - CNH Industrial was the top detractor, facing weak results and soft demand, particularly in the U.S., but management expects a rebound in 2025 [8] Portfolio Activity - Six new positions were added to the Fund, while nine were exited during the quarter [9] - New purchases included Bunzl, which is expected to return to stable growth despite recent execution issues [10] - Dassault Systèmes, a leader in virtual twin technology, is viewed as a high-quality investment opportunity despite a nearly 40% decline in share price [11] Company Highlights - FEMSA, a diversified Latin American conglomerate, is well-positioned for growth through strategic divestments and share buybacks [12] - Hexagon has upgraded its management team and is expected to see improvements in return on capital employed and cash flow [13] - Siemens Healthineers is positioned for profitable growth in medical technology, with a favorable product cycle and turnaround in its diagnostics business [16] Investment Returns - The Fund's average annualized total returns show strong performance across various time frames, with the Institutional Class returning 26.51% year-to-date [18]

Core Insights - The article emphasizes the importance of identifying underpriced equities with strong upside potential and overappreciated companies with inflated valuations in investment strategies [1] - It highlights the significance of analyzing Free Cash Flow and Return on Capital for deeper investment insights beyond basic profit and sales analysis [1] - The author acknowledges that while some growth stocks may deserve premium valuations, it is crucial for investors to investigate whether the market's current opinions are accurate [1] Industry Focus - The research primarily concentrates on the energy sector, including oil & gas supermajors, mid-cap, and small-cap exploration & production companies, as well as oilfield services firms [1] - The analysis also extends to various other industries such as mining, chemicals, and luxury goods [1]

Industry Concerns - Luxury-goods supply chains probes by Milan prosecutors threaten the "Made in Italy" brand [1] Company Stance - Tod's Chairman Diego Della Valle pushed back against Milan prosecutors [1]

Rare Patek Philippe Watches In $4-Million Collection At Sotheby’s https://t.co/gh0yggW8kE ...

[Music] Hello and welcome to Morning Brief Market Sunrise. I'm Raman Karamali live from Yahoo Finance Studios in London. It's Thursday 9th October.Coming up on the show, Nvidia gets the green light to sell chips to the UAE. Gold prices stutter after President Trump hells a peace deal in the Middle East. And do you want to drive a car with a,000 brake horsepower.Well, Ferrari has the car for you and it's electric. So, grab your coffee and let's own the morning. [Music] Well, the first thing you need to know ...

Core Points - Hermès International publishes the total number of voting rights and shares comprising its share capital monthly, in accordance with French regulations [2] - The data includes the total number of shares, theoretical voting rights, and effective voting rights, which are reported for the end of each month [3][4] Summary by Category Voting Rights and Shares - As of September 30, 2025, the total number of shares is 105,569,412, with 543,052 theoretical voting rights and 810,005 effective voting rights [3] - The effective voting rights have shown fluctuations over the months, with a peak of 818,530 on June 30, 2025, and a low of 216,740 on March 31, 2023 [3][4] Monthly Reporting - The company reports these figures before the 15th day of the following month, ensuring timely updates for stakeholders [2] - Historical data shows a consistent reporting pattern, with the latest figures being published on October 8, 2025, for the month ending September 30, 2025 [3]

Core Insights - The article discusses the investment position in LVMH and PUGBY, indicating a beneficial long position in these shares [1]. Group 1 - The author expresses personal opinions on the investment landscape without receiving compensation from the companies mentioned [1]. - The article emphasizes the importance of conducting due diligence and research prior to any investment decisions [2]. - It highlights that past performance does not guarantee future results, and no specific investment recommendations are provided [3].