KBC Securities - Holdings Report - September 2025 Changing recommendation Financiere de Tubize and HAL Trust and discussing Ackermans Van Haaren recent investments.

Report

KBC Securities

Livio Luyten

Holdings Report - September 2025 Changing recommendation Financiere de Tubize and HAL Trust and discussing Ackermans & Van Haaren recent investments.

Performance:
Best performers were Financiere de Tubize, Gimv, and HAL Trust
Worst performers were D'Ieteren, Solvac and Brederode

Discount:
Contracted the most for Sofina, Gimv, HAL Trust
Widened the most for Brederode, D'Ieteren and Whitestone Group

06/10/2025 1 EN

Provider

KBC Securities

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Analysts

Livio Luyten

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Morning Notes : ASRNL NA, FAGR BB, HAL NA, TESB BB

: ASRNL NA, FAGR BB, HAL NA, TESB BB

10h / 4m 10h / 4m 1 EN

Livio Luyten

Livio Luyten

Hal Trust Top tier investment firm with a fading appeal

HAL Trust, a prestige investment firm, has delivered over 100x returns to shareholders since 1977 with a small, talented team. Its portfolio stands out with maritime assets like Boskalis (33% of NAV), Vopak (14.3%), SBM Offshore (5%), and well-known names like Coolblue and Siltronic. Despite this, HAL's share price is down 20% from its peak in 2016 and the stock is trading at a 24% discount to book value. Apart from sluggish portfolio performance, we see four reasons for fading investor interest: a €2bn cash drag, a complex Bermuda-Dutch structure and new tax burdens. In addition, transparenc...

10h / 16m 10h / 16m 1 EN

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Holdings Report - September 2025 Changing recommendation Financiere de Tubize and HAL Trust and discussing Ackermans & Van Haaren recent investments.

We are a financial services provider for several types of professional clients, each with distinct needs.

Morning Notes : ASRNL NA, FAGR BB, HAL NA, TESB BB

Hal Trust Top tier investment firm with a fading appeal

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