We added a new position in Samsung C&T Corporation (C&T) (XKRX:028260, Financial) during the quarter. C&T is another example of a conglomerate that sells at a significant discount to the value of its holdings. In this case, the main asset includes a 5% ownership position in Samsung Electronics, our largest holding, so the investment gives us a discount on a security we already love. The Samsung Electronics holding alone is worth more than C&T’s entire market cap, as is the 43% ownership position in Samsung Biologics that C&T holds. We do not like the Biologics position remotely as much as the Samsung Electronics holdings, but since it is free we are happy to have it. Additionally, C&T operates a construction and trading operation and owns a variety of other public and private investments.
From the Yacktman Fund (Trades, Portfolio)'s fourth-quarter 2021 commentary.
