Monitoring Alex Roepers’ Atlantic Funding Administration Portfolio – Q1 2022 Replace

This text is a part of a sequence that gives an ongoing evaluation of the modifications made to Alex Roepers’ 13F portfolio on a quarterly foundation. It’s primarily based on Roepers’ regulatory 13F Kind filed on 5/16/2022. Please go to our Monitoring Alex Roepers’ Atlantic Funding Administration Portfolio article for an thought on his funding philosophy and our final replace for the fund’s strikes throughout This autumn 2021.

This quarter, Roepers’ 13F portfolio worth decreased from ~$358M to ~$310M. The variety of holdings elevated from 10 to 11. The highest three holdings are at ~46% whereas the highest 5 are at ~70% of the 13F belongings: Westrock Firm, Huntsman Corp, Eastman Chemical, Univar Options, and Timken.

Atlantic Funding Administration’s annualized returns for the reason that flagship fund’s inception in 1992 by means of 2017 was spectacular at ~16%. Final 4 years, the fund has underperformed the S&P 500 Index. To know extra about activist investing, try Deep Worth: Why Activist Traders and Different Contrarians Battle for Management of Shedding Firms.

New Stakes:

Ralph Lauren (RL): RL is an 8.23% of the portfolio stake established this quarter at costs between ~$101 and ~$134 and the inventory at present trades at ~$106.

Stake Disposals:

None.

Stake Will increase:

Timken Firm (TKR): TKR is a ~10% of the portfolio place established final quarter at costs between ~$64 and ~$77. This quarter noticed a one-third stake improve at costs between ~$59 and ~$75. The inventory at present trades at $63.14.

Goodyear Tire & Rubber (GT): GT is a big ~9% of the portfolio place bought in Q3 2021 at costs between ~$14.50 and ~$18.75. Final quarter noticed a ~5% trimming whereas this quarter there was a ~13% improve. The inventory at present trades at $13.69.

Lear Corp. (LEA): LEA is a big ~8% of the portfolio place established in This autumn 2020 at costs between ~$113 and ~$165 and the inventory at present trades at ~$141. There was a ~12% trimming final quarter at costs between ~$146 and ~$188 whereas this quarter there was minor ~5% improve.

Stake Decreases:

WestRock Co. (WRK): WRK is at present the biggest 13F place at 14.55% of the portfolio. It was inbuilt This autumn 2019 at costs between $33.50 and $43.25. Q1 2020 noticed a ~17% promoting whereas subsequent quarter there was a two-thirds improve at costs between $24 and $34. This autumn 2020 noticed a ~10% trimming whereas subsequent quarter there was a ~20% stake improve at costs between ~$41 and ~$54. The 2 quarters by means of Q3 2021 had seen a ~22% promoting at costs between ~$48 and ~$62. The inventory is at present at $48.59. Final quarter noticed a ~15% stake improve whereas this quarter there was comparable trimming.

Huntsman Corp. (HUN): HUN is at present the second-largest place at 13.46% of the portfolio. It was established in Q1 2021 at costs between ~$25 and ~$29.50. The stake was greater than doubled subsequent quarter at costs between ~$25 and ~$31.60. This quarter noticed a ~36% discount at costs between ~$35 and ~$41. The inventory at present trades at $36.21.

Notice: Huntsman is a often traded choose within the portfolio. Particulars of the most recent roundtrip comply with: It was a ~5% of the portfolio stake established in Q2 2017 at costs between $23 and $27. The 5 quarters by means of Q2 2019 had seen a mixed ~50% promoting at costs between $17.35 and $35.30. That was adopted with one other two-thirds promoting subsequent quarter at costs between $18.25 and $23.50. This autumn 2019 noticed the place nearly eradicated at costs between $21.50 and $25. The rest stake was disposed in H1 2020.

Eastman Chemical (EMN): EMN was a big stake established in This autumn 2015 at costs between $65 and $74. The place has wavered. Latest exercise follows: H2 2019 and Q1 2020 had seen the place bought down at costs between $38 and $83.90. It was re-built final quarter at costs between ~$101 and ~$121. There was a ~25% promoting this quarter at costs between ~$105 and ~$128. The inventory is now at ~$111 and the stake is at 11.36% of the portfolio.

Univar Options (UNVR): The big (prime 5) ~11% of the portfolio stake in UNVR was established in Q2 2020 at costs between $9.60 and $18.15. The 2 quarters by means of Q1 2021 had seen a one-third stake improve at costs between ~$16.50 and ~$22. This quarter noticed a ~45% promoting at costs between ~$26.50 and ~$34. The inventory at present trades at $32.21.

Avnet, Inc. (AVT): The big ~10% AVT stake was bought in This autumn 2020 at costs between ~$24.50 and ~$35.25. There was a ~30% stake improve subsequent quarter at costs between ~$35 and ~$41.50. Final quarter noticed a ~11% stake improve whereas this quarter there was a ~17% trimming. The inventory is now at $48.96.

Nomad Meals (NOMD): NOMD is a 1.31% place established during the last two quarters at costs between ~$24 and ~$29 and the inventory at present trades effectively under that vary at $20.73. There was a ~25% discount this quarter at costs between ~$20 and ~$27.

Notice: Nomad Meals is again within the portfolio after 1 / 4’s hole. The same stake was established in This autumn 2020 at costs between ~$22.60 and ~$26.15. It was eradicated subsequent quarter at costs between ~$27.50 and ~$31.50.

Saved Regular:

O-I Glass (OI), beforehand Owens Illinois: OI is a really long-term stake. In 2008, the place was minutely small and was constructed to 11.2M shares by 2012 by means of constant shopping for. Latest exercise follows: This autumn 2020 noticed a ~45% promoting at costs between ~$9.40 and ~$13. The 2 quarters by means of Q2 2021 had seen one other ~75% promoting at costs between $11.50 and $19.30. The inventory at present trades at $16.68, and the stake is now small at 2.79% of the portfolio.

The spreadsheet under highlights modifications to Roepers’ 13F inventory holdings in Q1 2022: