Jumbo investors are called to answer the agonizing question of who is deceiving whom and how, as they observe a web of contradictions forming around the company while its share price tumbles to lower levels.
Like Pythia
Apostolos Vakakis maintains the myth of Pythia; he has spent years wagging his finger and appearing as an unconventional rebel without, however, providing sufficient answers regarding past issues—such as the shared aircraft he reportedly had with Koutsolioutsos. As is well known, no one could truly make sense of Pythia, because no matter how you read the oracles, their ambiguity allowed for no challenge. In the case of Jumbo, reality also exists. If one observes what has been happening with the stock recently, they will have, at the very least, massive questions.
The dumping and Fidelity’s unusual practice
The thread of this story begins in late last summer when it appears that two portfolios, Fidelity and Capital, began liquidating Jumbo shares. The case of Fidelity is particularly interesting as it appeared to hold a position in the share capital for many years. This raises a reasonable question: how can such a position be held for so long by a fund unless there are natural persons behind the portfolio who were actually managing it, rather than the firm itself? It is common knowledge that such firms often serve individuals who wish to ensure their anonymity, knowing that Greece is an "open field" with no substantial oversight from the Capital Market Commission. These are hypothetical scenarios, but it would be interesting for Fidelity to explain the exact nature of its investment in Jumbo.
The peak and the "nonsense"
It is worth noting that the sales began when the stock was at approximately €32, namely at historical highs, while the "nonsense" from Greek and foreign analysts regarding price targets was in full swing. It is a devilish coincidence for someone to catch the peak of a stock that constantly distributes cash and shows no signs of trouble. It is also very interesting that Apostolos Vakakis appears to be the absolute master of the company despite holding a stake of only 16.42% according to financial statements. Even more intriguing is that the trail of Vakakis's company, Tanocerian, leads to Panama, a known tax haven, and the unknown Karpathia Foundation.
Devilish coincidences
There are other coincidences as well. In March 2025, Apostolos Vakakis stated: "My expressed position is that at the next general meeting, whatever has been purchased in treasury shares will be canceled. For as long as there is market turmoil, we prefer the model of share buybacks instead of dividends." Three months later, the tune changed, and Jumbo declared it was stopping buybacks because "In the peculiar tug-of-war between markets and the new US administration, hope for a 'golden compromise' seems to prevail, though it is not yet visible." Of course, distributions continue even today amidst the Middle East crisis and the group's mediocre performance, with sales in Romania appearing to decline significantly. The stock, however, moves lower, closing recently at €22.1 from the €32 levels of last September. Paradoxically, buybacks have frozen even though the supposed purchase cap is €27.2.
Interesting figures
Studying the 2025 financial statements, one cannot overlook the reduction of the group's personnel by 100 people, or the fact that there were 58 work accidents in 2025 compared to 50 the previous year. This comes despite a target to reduce accidents by 10% by 2028. Furthermore, the value of fixed assets—land, buildings, and machinery—is striking, with an acquisition cost of €1.28 billion and a book value of €780 million. What might the average cost per square meter be? While the group provides monthly sales data, it offers no indication of profits. It was recently announced that the group saw a 4% sales increase in the four-month period, down from 7.3% in the quarter. Romania's trajectory is negative, with a 7% drop in the four-month period and a 15% plunge in April. Nevertheless, the company insists it will meet this year's target of a 5% increase in group sales.
Sales
Meanwhile, data on foreign fund positions provided by Morningstar shows significant sales over the last two months by American Funds New World A, Capital Group New Geography Equity Comp, and American Funds SMALLCAP World A. Some small portfolios with negligible positions have appeared. The logical question is: who is absorbing this supply and remaining invisible? It certainly cannot be retail shareholders.
Nikos Karoutzos
nkaroutzos@gmail.com
www.bankingnews.gr
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