Alex Roepers - Atlantic Investment Management Portfolio Q2'2025: Top Holdings & Recent Changes
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Alex Roepers, founder and president of Atlantic Investment Management, continues to demonstrate his activist value investing approach with a Q2 2025 portfolio that is both concentrated and dynamic. The $196 million portfolio is a masterclass in high-conviction, sector-focused investing, with nearly 97% of assets in just 10 positions—a clear signal of Roepers’ belief in “fewer, better” bets. This quarter, Atlantic’s moves were especially bold: massive additions to Chart Industries and Ashland, significant reductions in Aptiv and Eastman Chemical, and a new position in PVH Corp.. These shifts reflect a disciplined response to valuation and a willingness to act decisively when opportunities arise.
Portfolio Overview: Ultra-Concentrated, High-Conviction Activism
Portfolio Highlights (Q2 2025): - Market Value: $196.0 million - Top 10 Holdings: 96.9% of portfolio - Portfolio Size: 11 positions (+1 from prior quarter) - Average Holding Period: 4 quarters - Turnover: 27.3%
Atlantic Investment Management’s portfolio is a textbook example of concentrated investing, with the top three positions accounting for over half of assets. This level of focus is rare even among activist funds and underscores Roepers’ confidence in his research and engagement strategy. The portfolio’s turnover rate of 27.3% signals active management, with Roepers not afraid to trim winners and double down on new opportunities. The average holding period of four quarters suggests a medium-term horizon, balancing the patience of value investing with the agility to capitalize on mispricings.
Holdings Overview: Industrials in the Spotlight
Atlantic’s portfolio is anchored by a trio of industrial and materials names, reflecting Roepers’ long-standing preference for businesses with tangible assets, turnaround potential, and activist engagement opportunities. Chart Industries surged to the top spot at 23.1% of the portfolio after a 33.74% increase in position size, signaling strong conviction in the cryogenic equipment maker’s growth prospects. Weatherford International 16.6% also saw a meaningful 13% boost, reinforcing Atlantic’s bet on energy services. In contrast, Aptiv 12.2% and Oshkosh Corporation 12.1% were both reduced, by 47.92% and 11.36% respectively, likely reflecting profit-taking or reassessment of near-term outlooks.
The most dramatic move was in Ashland, where Atlantic more than doubled its stake (up 137.06%) to 7.6% of the portfolio, suggesting a new high-conviction idea in specialty chemicals. Builders FirstSource 7.1% also received a 19% boost, while Eastman Chemical 5.1% and Goodyear Tire 4.8% saw significant reductions. The portfolio rounded out with a new position in PVH Corp. 4.6%, the apparel giant behind Calvin Klein and Tommy Hilfiger, marking a rare foray into consumer discretionary.
What the Portfolio Reveals About Current Strategy
- Sector Focus: Industrials, materials, and energy services dominate, with little exposure to tech or healthcare. This reflects Roepers’ preference for businesses with hard assets and turnaround potential.
- Activist Edge: The concentrated, high-turnover approach is consistent with an activist strategy, where engagement and catalyst realization are key drivers of returns.
- Valuation Sensitivity: Large position changes in Aptiv, Ashland, and Eastman Chemical suggest a disciplined approach to valuation, with Roepers willing to exit or reduce positions that no longer meet his criteria.
- New Opportunities: The addition of PVH Corp. and the aggressive build in Ashland indicate Roepers is finding value in overlooked segments of the market.
- Risk Management: Despite the high concentration, the portfolio is diversified across subsectors (equipment, chemicals, building products, apparel), mitigating single-company risk.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Chart Industries, Inc. (GTLS) | $45.2M | 23.1% | Add 33.74% |
| Weatherford International plc (WFRD) | $32.6M | 16.6% | Add 13.00% |
| Aptiv PLC (APTV) | $23.9M | 12.2% | Reduce 47.92% |
| Oshkosh Corporation (OSK) | $23.7M | 12.1% | Reduce 11.36% |
| Ashland Inc. (ASH) | $14.9M | 7.6% | Add 137.06% |
| Builders FirstSource, Inc. (BLDR) | $13.9M | 7.1% | Add 19.00% |
| Eastman Chemical Company (EMN) | $10.1M | 5.1% | Reduce 46.46% |
| The Goodyear Tire & Rubber Company (GT) | $9.5M | 4.8% | Reduce 30.23% |
| PVH Corp. (PVH) | $8.9M | 4.6% | Buy |
This table underscores the extreme concentration in Atlantic’s portfolio, with the top five positions accounting for over 70% of assets. The willingness to make large, decisive moves—both additions and reductions—highlights Roepers’ active management style and his focus on absolute, rather than relative, returns.
Investment Lessons from Alex Roepers’ Activist Approach
- Concentration is a Choice: Roepers’ portfolio demonstrates that true conviction comes from deep research and engagement, not diversification for its own sake.
- Valuation Discipline: Large position changes signal a willingness to act when valuations shift, avoiding the “hold forever” trap of some value investors.
- Catalyst-Driven Investing: The activist edge means Roepers seeks not just undervalued stocks, but those where engagement can unlock value.
- Sector Agnosticism: While industrials dominate, the addition of PVH shows flexibility to pursue value wherever it appears.
- Risk Awareness: Despite concentration, subsector diversification helps manage company-specific risk.
Looking Ahead: What Comes Next for Atlantic?
With a turnover rate near 30%, Atlantic’s portfolio is likely to continue evolving. The cash generated from reductions in Aptiv, Eastman Chemical, and Goodyear could fund new ideas or further builds in existing positions. The new stake in PVH and the aggressive addition to Ashland suggest Roepers sees compelling opportunities in consumer discretionary and specialty chemicals. Given the fund’s activist history, investors should watch for public letters, proxy fights, or other engagement activities, especially in Chart Industries and Ashland. Market conditions favoring industrials and materials could further benefit this concentrated portfolio.
FAQ about Alex Roepers’ Atlantic Investment Management Portfolio
Q: How often does Atlantic Investment Management report its holdings?
A: Like all U.S. investment managers with over $100 million in assets, Atlantic files a 13F report quarterly with the SEC, typically about 45 days after quarter-end.
Q: Why is Atlantic’s portfolio so concentrated?
A: Alex Roepers is a classic activist value investor who believes in putting meaningful capital behind his highest-conviction ideas. This approach allows for deeper engagement and, potentially, higher returns if the thesis plays out.
Q: What sectors does Atlantic favor?
A: Industrials, materials, and energy services dominate, but the portfolio is not strictly limited to these areas—witness the new position in PVH Corp.
Q: How can I track Atlantic’s portfolio changes?
A: ValueSense provides up-to-date analysis of Atlantic’s 13F filings, including position changes, portfolio concentration, and intrinsic value metrics for each holding.
Q: What is the average holding period for Atlantic’s stocks?
A: About four quarters, though this can vary significantly depending on how quickly catalysts are realized.
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