Vivendi (VIVHY) has spent the past few years shedding unwanted and unprofitable assets. Matthew Fine, Portfolio Manager for the Third Avenue International Value fund, said the Paris-based media giant is now poised to benefit from its streamlined operations, most notably in its Universal Music Group. ‘As the world shifts from music distribution via downloads to streaming, the distribution chains are becoming increasingly fragmented and the demand for content – which Universal Music Group has in spades – is increasing, so the world is really coming their way,’ said Fine. Shares of Vivendi are down 2.6% year-to-date. The Third Avenue International Value fund is down 9.7% so far in 2015, according to fund-tracker Morningstar. Fine is also positive on Global Logistic Properties Limited (GBTZY), which has seen its shares drop 23% this year. He said the Singapore-based owner of warehouses and ports is being unduly affected by negative sentiment over a Chinese economic slowdown dragging down the global economy. Another company Fine remains bullish on is CNH Industrial (CNHI), down 8% thus far in 2015, saying shares of the London-based agricultural equipment-maker will turn once grain prices start to rise.
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