Atlantic Investment

Q4 2015 13F · by Alex Roepers, CIO

Picture100.0% US stock

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

+19.2 pp in · −19.2 pp out

Very concentrated · behaves like 7 equal-sized positions

High turnover · 75% a year, about 1.3 years per position


OIO-I Glass, Inc.	20.96%	11,643,238	$203M	added+9%	−0.16 pp	11 q
GTGoodyear Tire & Rubber	16.93%	5,013,328	$164M	trimmed−11%	+1.17 pp	11 q
unresolvedIngram Micro Inc	14.18%	4,516,941	$137M	added+9%	+3.40 pp	4 q
FMCFMC Corporation	13.96%	3,452,427	$135M	trimmed−35%	−3.27 pp	5 q
TG7Triumph Group Inc	12.19%	2,967,903	$118M	trimmed−21%	−2.83 pp	10 q
EMNEastman Chemical Company	11.93%	1,710,713	$115M	new	+11.93 pp	new
OSKOshkosh Corp.	1.34%	332,431	$13M	trimmed−0%	+0.19 pp	2 q
HPEHewlett Packard Enterprise Company	1.21%	773,250	$12M	new	+1.21 pp	new
DCHDauch Corporation	1.15%	586,477	$11M	trimmed−6%	−0.03 pp	8 q
unresolvedKlx Inc	0.97%	303,922	$9M	new	+0.97 pp	new
LEALear Corporation	0.93%	72,953	$9M	trimmed−43%	−0.39 pp	5 q
FLOWSpx Flow Inc	0.82%	285,241	$8M	new	+0.82 pp	new
CSXCSX Corporation	0.81%	302,463	$8M	trimmed−33%	−0.35 pp	2 q
CXTCrane NXT, Co.	0.81%	164,839	$8M	trimmed−30%	−0.24 pp	2 q
MGAMagna International	0.78%	186,174	$8M	trimmed−24%	−0.33 pp	4 q
KEXKirby Corporation	0.57%	105,301	$6M	new	+0.57 pp	new
UNFUnifirst Corp	0.45%	41,464	$4M	new	+0.45 pp	new
WCCWesco International Inc.	—	−2,085,610	—	exited	−9.23 pp	—
NSCNorfolk Southern Corp.	—	−161,989	—	exited	−1.18 pp	—
AXEAnixter International Inc	—	−208,282	—	exited	−1.15 pp	—
HIIHuntington Ingalls Industries, Inc.	—	−88,836	—	exited	−0.91 pp	—
FLEXFlex Ltd.	—	−416,747	—	exited	−0.42 pp	—
TTMTata Motors Limited	—	−90,000	—	exited	−0.19 pp	—
CHADDeFi Development Corp. Variable Rate Series C Perpetual Preferred Stock	—	−14,000	—	exited	−0.07 pp	—