Atlantic Investment

Q4 2025 13F · by Alex Roepers, CIO

As of: Dec 31, 2025
Filed: Feb 17, 2026
US stock: $178M · prev $174M
Positions: 10 · prev 11
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%

Moves15 since the prior filing

+43.5 pp in · −43.6 pp out

New 4 +37.65 pp
Added 2 +5.89 pp
Trimmed 4 −9.78 pp
Exited 5 −33.79 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 171% a year, about 0.6 years per position

Low
Moderate
High

Top 5 positions67% of US stock

AXTA Axalta Coating Systems Ltd. added+6.07 pp added+6.0718.6%
KEX Kirby Corporation new+13.83 pp new+13.8313.8%
FLS Flowserve Corporation new+12.26 pp new+12.2612.3%
APTV Aptiv PLC trimmed−3.30 pp trimmed−3.3011.8%
OSK Oshkosh Corp. added−0.18 pp added−0.1810.9%

Positions10 in this filing · 5 exited


AXTAAxalta Coating Systems Ltd.	18.63%	1,024,000	$33M	added+34%	+6.07 pp	2 q
KEXKirby Corporation	13.83%	223,000	$25M	new	+13.83 pp	new
FLSFlowserve Corporation	12.26%	314,000	$22M	new	+12.26 pp	new
APTVAptiv PLC	11.82%	275,971	$21M	trimmed−10%	−3.30 pp	4 q
OSKOshkosh Corp.	10.93%	154,600	$19M	added+4%	−0.18 pp	5 q
WFRDWeatherford International plc	10.13%	229,988	$18M	trimmed−36%	−4.04 pp	11 q
ASHAshland Inc.	7.03%	212,977	$12M	trimmed−25%	−0.78 pp	4 q
DCHDauch Corporation	6.80%	1,883,000	$12M	new	+6.80 pp	new
ABMABM Industries, Inc.	4.76%	200,000	$8M	new	+4.76 pp	new
NOMDNomad Foods Limited	3.79%	538,772	$7M	trimmed−25%	−1.66 pp	2 q
GTLSChart Inds Inc	—	−147,499	—	exited	−16.95 pp	—
GPKGraphic Packaging Holding Company	—	−645,584	—	exited	−7.26 pp	—
PVHPVH Corp.	—	−100,000	—	exited	−4.81 pp	—
DOLEDole plc	—	−330,000	—	exited	−2.55 pp	—
BBWIBath & Body Works, Inc.	—	−150,000	—	exited	−2.22 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001493152-26-007089
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet