Atlantic Investment

Q1 2014 13F · by Alex Roepers, CIO

As of: Mar 31, 2014
Filed: May 15, 2014
US stock: $1.5B · prev $1.3B
Positions: 12 · prev 16
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves19 since the prior filing

+13.5 pp in · −13.5 pp out

New 3 +2.63 pp
Added 7 +10.90 pp
Trimmed 2 −1.12 pp
Exited 7 −12.40 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 48% a year, about 2.1 years per position

Low
Moderate
High

Top 5 positions84% of US stock

unresolved Baker Hughes Inc. trimmed−0.81 pp trimmed−0.8119.7%
unresolved Harman Intl Inds Inc added+2.29 pp added+2.2918.5%
OI O-I Glass, Inc. added−0.28 pp added−0.2818.3%
OIS Oil States International, Inc. added+1.17 pp added+1.1716.4%
unresolved Cameron International Corp added−0.74 pp added−0.7411.6%

Positions12 in this filing · 7 exited


unresolvedBaker Hughes Inc.	19.69%	4,515,195	$294M	trimmed−5%	−0.81 pp	4 q
unresolvedHarman Intl Inds Inc	18.54%	2,597,675	$276M	added+2%	+2.29 pp	4 q
OIO-I Glass, Inc.	18.32%	8,073,856	$273M	added+21%	−0.28 pp	4 q
OISOil States International, Inc.	16.37%	2,474,596	$244M	added+29%	+1.17 pp	4 q
unresolvedCameron International Corp	11.57%	2,793,683	$173M	added+5%	−0.74 pp	3 q
TG7Triumph Group Inc	9.44%	2,180,000	$141M	added×10.6	+8.23 pp	3 q
GTGoodyear Tire & Rubber	1.40%	797,363	$21M	trimmed−13%	−0.31 pp	4 q
unresolvedCytec Inds Inc	1.21%	184,867	$18M	added+42%	+0.27 pp	2 q
HA7Enviri Corp	0.97%	616,742	$14M	new	+0.97 pp	new
unresolvedGeneral Cable Corp	0.96%	559,257	$14M	new	+0.96 pp	new
unresolvedTaminco Corp	0.83%	587,283	$12M	added+7%	−0.04 pp	2 q
DCHDauch Corporation	0.70%	565,000	$10M	new	+0.70 pp	new
unresolvedAshland Inc New	—	−762,401	—	exited	−5.76 pp	—
CTBCooper Tire & Rubber Co.	—	−1,004,409	—	exited	−1.88 pp	—
AGCOAGCO Corporation	—	−300,000	—	exited	−1.38 pp	—
VYXNCR Voyix Corporation	—	−383,375	—	exited	−1.02 pp	—
NWSANews Corporation Class A	—	−608,986	—	exited	−0.85 pp	—
CWCurtiss-Wright Corp.	—	−155,865	—	exited	−0.76 pp	—
unresolvedAxiall Corp	—	−204,259	—	exited	−0.75 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 6 unresolved
Accession: 0000905718-14-000258
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet