Alex Roepers Atlantic Investment Management
Alex Roepers is the founder of Atlantic Investment Management, a firm specializing in concentrated, often activist or engaged investments in undervalued companies. The approach typically involves deep operational analysis and a willingness to work with managements to improve capital allocation. Roepers’s filings are tracked by investors interested in small- and mid-cap special situations.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
DBD
Diebold Nixdorf Incorporated
DBD
|
+$10.3M |
| 2 |
Alaska Air
ALK
|
+$7.77M |
| 3 |
DCH
Dauch Corp
DCH
|
+$3.9M |
| 4 |
Babcock & Wilcox
BW
|
+$2.24M |
| 5 |
LKSD
LSC Communications, Inc.
LKSD
|
+$1.43M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
O-I Glass
OI
|
+$49.7M |
| 2 |
Eastman Chemical
EMN
|
+$41.2M |
| 3 |
Huntsman Corp
HUN
|
+$22.6M |
| 4 |
VISN
Vistance Networks Inc
VISN
|
+$20M |
| 5 |
ARRS
ARRIS International plc Ordinary Shares
ARRS
|
+$8.99M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 48.59% |
| 2 | Materials | 26.11% |
| 3 | Consumer Discretionary | 22.53% |
| 4 | Industrials | 2.77% |
| 5 | Consumer Staples | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
O-I Glass
OI
$1.1B
| $159M | 19.84% |
6,334,999
-2,046,361
| -24% | -$49.7M |
|
|
DBD
2
DELISTED
Diebold Nixdorf Incorporated
DBD
| $148M | 18.43% |
6,481,819
+481,819
| +8% | +$10.3M |
|
|
VISN
3
Vistance Networks Inc
VISN
$2.59B
| $122M | 15.21% |
3,680,441
-585,548
| -14% | -$20M |
|
|
ARRS
4
DELISTED
ARRIS International plc Ordinary Shares
ARRS
| $113M | 14.03% |
3,955,906
-324,853
| -8% | -$8.99M |
|
|
5
Eastman Chemical
EMN
$8.47B
| $110M | 13.72% |
1,217,837
-483,508
| -28% | -$41.2M |
|
|
6
Huntsman Corp
HUN
$1.75B
| $95.5M | 11.88% |
3,481,857
-848,843
| -20% | -$22.6M |
|
|
SCS
7
DELISTED
Steelcase
SCS
| $7.43M | 0.93% |
482,739
-4,904
| -1% | -$67.2K |
|
8
Avnet
AVT
$7.27B
| $7.39M | 0.92% |
188,000
+30,000
| +19% | +$1.15M |
|
|
9
Alaska Air
ALK
$4.51B
| $7.25M | 0.9% |
+95,000
| New | +$7.77M |
|
|
LKSD
10
DELISTED
LSC Communications, Inc.
LKSD
| $7.18M | 0.89% |
435,061
+79,673
| +22% | +$1.43M |
|
|
BRSL
11
Brightstar Lottery PLC
BRSL
$2.21B
| $7.12M | 0.89% |
290,000
-122,247
| -30% | -$2.5M |
|
|
DCH
12
Dauch Corp
DCH
$1.63B
| $7.09M | 0.88% |
403,600
+253,600
| +169% | +$3.9M |
|
|
TGI
13
DELISTED
Triumph Group
TGI
| $5.36M | 0.67% |
180,000
-53,993
| -23% | -$1.54M |
|
|
KS
14
DELISTED
KapStone Paper and Pack Corp.
KS
| $4.08M | 0.51% |
190,000
+40,000
| +27% | +$889K |
|
|
15
Babcock & Wilcox
BW
$1.23B
| $2.5M | 0.31% |
75,000
+36,394
| +94% | +$2.24M |
|
16
Adient
ADNT
$1.54B
| – | – |
-50,000
| Closed | -$3.27M |
|
17
DXC Technology
DXC
$1.73B
| – | – |
-70,651
| Closed | -$4.69M |
|
18
Magna International
MGA
$19.5B
| – | – |
-173,356
| Closed | -$8.03M |
|
19
Nomad Foods
NOMD
$1.65B
| – | – |
-312,368
| Closed | -$4.41M |
|
20
ZTO Express
ZTO
$16.2B
| – | – |
-127,400
| Closed | -$1.78M |
|
Similar funds
Alex Roepers's Q3 2017 Portfolio in Review
As of Q3 2017, Alex Roepers held 20 positions worth $804M, down 17% from $973M the previous quarter. Its ten largest holdings account for 97% of the portfolio.
Alex Roepers withdrew a net $141M in Q3 2017, closing 5 positions and reducing 8 holdings. Its most notable exit was Magna International, an estimated $8.03M position sold in full.
By sector, the portfolio is most concentrated in Technology at 49% of assets, up from 47% a quarter earlier, followed by Materials and Consumer Discretionary.
Against the trend, Alex Roepers opened a new position in Alaska Air worth $7.25M.
- Alex Roepers's largest Q3 2017 buy was Alaska Air: 95,000 shares worth $7.25M.
- Alex Roepers added most to Diebold Nixdorf Incorporated in Q3 2017, an estimated $10.3M increase.
- Alex Roepers's biggest Q3 2017 reduction was O-I Glass, cutting an estimated $49.7M.
- Alex Roepers fully exited Magna International in Q3 2017, selling an estimated $8.03M.
- Alex Roepers's ten largest holdings make up 97% of its $804M portfolio in Q3 2017.
- Alex Roepers opened 1 new position and closed 5 in Q3 2017.
- Alex Roepers's portfolio value fell 17% quarter-over-quarter to $804M.
Based on Atlantic Investment Management's 13F filing for Q3 2017, filed 14 Nov 2017.