A Japanese manufacturer primarily of bicycle components, Shimano (TSE:7309, Financial) in the third quarter continued to benefit from pandemic-related demand for bicycles across the market, from professional to recreational. While it remains to be seen whether the Covid bump has legs, we’ve been impressed by the company’s recent efforts to adapt to the growing and likely durable popularity of e-bikes.
From the First Eagle Investment (Trades, Portfolio) Global Value Team's third-quarter 2021 commentary.
