Atlantic Investment

Q3 2019 13F · by Alex Roepers, CIO

Picture100.0% US stock

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

+22.5 pp in · −22.5 pp out

Very concentrated · behaves like 6 equal-sized positions

High turnover · 124% a year, about 0.8 years per position


OIO-I Glass, Inc.	26.12%	7,245,010	$74M	added+43%	+2.64 pp	26 q
DXCDXC Technology Company	16.90%	1,631,927	$48M	added×2.3	+6.25 pp	4 q
TKRThe Timken Company	13.39%	876,540	$38M	trimmed−4%	+0.73 pp	5 q
EMNEastman Chemical Company	13.03%	502,694	$37M	trimmed−35%	−3.08 pp	16 q
OSKOshkosh Corp.	11.35%	426,788	$32M	trimmed−9%	+0.83 pp	6 q
CPRICapri Holdings Limited	11.28%	969,461	$32M	new	+11.28 pp	new
HUNHuntsman Corporation	5.03%	616,488	$14M	trimmed−67%	−5.12 pp	10 q
VCVisteon Corporation	0.46%	15,969	$1M	new	+0.46 pp	new
RLRalph Lauren Corporation	0.44%	13,000	$1M	new	+0.44 pp	new
GRAW.R. Grace & Co.	0.42%	18,000	$1M	new	+0.42 pp	new
MHKMohawk Industries, Inc.	0.39%	9,033	$1M	new	+0.39 pp	new
CTBCooper Tire & Rubber Co.	0.32%	35,000	$914,000	new	+0.32 pp	new
0LW9Westrock Co	0.30%	23,084	$841,000	trimmed−39%	−0.07 pp	3 q
LEALear Corporation	0.29%	7,000	$825,000	trimmed−37%	−0.13 pp	5 q
DANDana Incorporated	0.28%	56,000	$809,000	new	+0.28 pp	new
AVTAvnet, Inc.	—	−914,980	—	exited	−11.15 pp	—
CAGConagra Brands, Inc.	—	−85,000	—	exited	−0.61 pp	—
KMTKennametal Inc.	—	−61,591	—	exited	−0.61 pp	—
MWAMueller Water Products, Inc.	—	−209,486	—	exited	−0.55 pp	—
AXEAnixter International Inc	—	−30,395	—	exited	−0.49 pp	—
CBTCabot Corporation	—	−36,520	—	exited	−0.47 pp	—
KFYKorn Ferry	—	−42,000	—	exited	−0.45 pp	—
AYIAcuity Inc.	—	−11,830	—	exited	−0.44 pp	—
MOSThe Mosaic Company	—	−65,431	—	exited	−0.44 pp	—
TIFTiffany & Co.	—	−16,329	—	exited	−0.41 pp	—