ALEX ROEPERS – ATLANTIC INVESTMENT MANAGEMENT Q2 2025 PORTFOLIO

Atlantic Investment Management, a hedge fund managed by Alex Roepers, disclosed 11 security holdings in its Q2 2025 13F filing, with a total portfolio value of $195,983,030.

Alex Roepers’ Portfolio

Q2 2025 Holdings and Strategic Analysis

As of Q2 2025, Alex Roepers’ Atlantic Investment Management portfolio showcases a concentrated, value-oriented approach focused on industrial and cyclical companies. With a total portfolio value of $196 million across just 11 positions, Roepers demonstrates high conviction investing with significant position sizing in undervalued industrial businesses. The portfolio reflects a strategic emphasis on companies positioned to benefit from economic recovery and industrial strength.

Top Holdings

GTLS

Chart Industries Inc.

Added 33.74%

Portfolio: 23.08%

Shares: 274,699

Reported Price: $164.65

Value: $45,229,190

Chart Industries represents the largest position at nearly a quarter of the portfolio. The significant 69,300 share addition demonstrates strong conviction in this engineered equipment manufacturer, particularly their exposure to clean energy infrastructure and industrial gas markets.

WFRD

Weatherford International PL

Added 13.00%

Portfolio: 16.62%

Shares: 647,274

Reported Price: $50.31

Value: $32,564,355

Weatherford International is the second-largest holding with continued buying activity of 74,465 shares. This oilfield services company benefits from increased drilling activity and represents a value play on energy sector recovery with improving operational efficiency.

APTV

Aptiv PLC

Reduced 47.92%

Portfolio: 12.22%

Shares: 350,971

Reported Price: $68.22

$23,943,242

Aptiv saw significant trimming with 323,000 shares sold, representing profit-taking in the automotive technology supplier. Despite the reduction, it remains a substantial position, indicating continued belief in the company’s electric vehicle and autonomous driving technologies.

OSK

Oshkosh Corp.

Reduced 11.36%

Portfolio: 12.11%

Shares: 209,100

Reported Price: $113.54

Value: $23,741,214

Oshkosh remains a core holding despite moderate trimming of 26,800 shares. The specialty vehicle manufacturer benefits from infrastructure spending and defense contracts, representing a play on industrial strength and government spending priorities.

ASH

Ashland Global Holdings Inc.

Added 137.06%

Portfolio: 7.60%

Shares: 296,320

Reported Price: $50.28

Value: $14,898,970

Ashland Global saw the most dramatic increase with 171,320 shares added, more than doubling the position. This specialty chemicals company offers exposure to pharmaceutical, personal care, and construction markets with improving margins and operational focus.

BLDR

Builders FirstSource Inc.

New Position

Portfolio: 7.09%

Shares: 119,000

Reported Price: $116.69

Value: $13,886,110

Builders FirstSource is a significant new addition representing a direct play on housing market recovery. As a leading supplier of building materials, the company benefits from both residential construction and home improvement spending trends.

EMN

Eastman Chemical Co.

Reduced 46.46%

Portfolio: 5.13%

Shares: 134,710

Reported Price: $74.66

Value: $10,057,449

Eastman Chemical saw significant reduction with 116,873 shares sold, indicating profit-taking or reallocation. Despite the trimming, the position remains meaningful, suggesting selective rather than wholesale exit from the specialty materials company.

Goodyear Tire & Rubber Co.

New Position

Portfolio: 4.84%

Shares: 915,000

Reported Price: $10.37

Value: $9,488,550

Goodyear represents a new contrarian bet on the tire manufacturer. With a large 915,000 share position at attractive valuations, this reflects confidence in cyclical recovery potential and operational turnaround efforts in the automotive supplier sector.

PVH

PVH Corp.

New Position

Portfolio: 4.55%

Shares: 130,000

Reported Price: $68.60

Value: $8,918,000

PVH Corp is a new position in the apparel sector, owner of brands like Calvin Klein and Tommy Hilfiger. This represents a value play on consumer discretionary recovery and brand portfolio optimization in the fashion industry.

TEX

Terex Corp.

No Change in Shares

Portfolio: 3.69%

Shares: 155,000

Reported Price: $46.69

Value: $7,236,950

Terex Corp remained unchanged, representing a steady position in the construction and infrastructure equipment sector. The company benefits from global infrastructure spending and construction market recovery trends.

WCC

Wesco International Inc.

No Change in Shares

Portfolio: 3.07%

Shares: 32,500

Reported Price: $185.20

Value: $6,019,000

Wesco International rounds out the portfolio as an electrical and industrial distribution play. The position reflects exposure to industrial maintenance, infrastructure upgrades, and electrical equipment demand across various end markets.

Portfolio Strategy Analysis

Concentrated Industrial Value Strategy

With just 11 positions totaling $196 million, Roepers demonstrates high-conviction investing focused on industrial and cyclical companies. The top 5 holdings comprise over 71% of the portfolio, indicating strong confidence in core positions and deep fundamental research driving position sizing decisions.

Chart Industries Dominance Reflects Clean Energy Conviction

Chart Industries represents nearly a quarter of the portfolio with significant additional buying of 69,300 shares. This engineered equipment manufacturer benefits from clean energy infrastructure buildout, particularly in hydrogen and LNG markets, aligning with long-term energy transition trends.

Energy Services Recovery Play Through Weatherford

Weatherford International increased to 16.62% of the portfolio with continued buying, representing a value-oriented bet on oilfield services recovery. The position reflects confidence in operational turnaround and benefit from increased drilling activity and energy sector capital spending.

Strategic Profit-Taking in Automotive Technology

Significant reductions in Aptiv (-47.92%) and Eastman Chemical (-46.46%) indicate disciplined profit-taking after strong performance. Despite trimming, meaningful positions remain, suggesting selective rebalancing rather than fundamental thesis changes.

New Positions Target Recovery Themes

Three new significant positions in Builders FirstSource, Goodyear, and PVH Corp represent targeted bets on housing recovery, automotive cyclicals, and consumer discretionary normalization. These additions demonstrate opportunistic value investing across different recovery narratives.

Sector Concentration Analysis

The portfolio demonstrates clear sector concentration reflecting Roepers’ value-oriented, cyclical investment approach:

Industrial Equipment & Materials (45%+) – Chart Industries, Oshkosh, Terex, and Ashland Global represent the core of the portfolio, benefiting from infrastructure spending and industrial recovery.

Energy & Energy Services (17%+) – Weatherford International provides direct exposure to oilfield services recovery and energy sector capital spending normalization.

Automotive & Transportation (17%+) – Aptiv and Goodyear offer exposure to automotive technology and tire replacement cycles, with different risk/return profiles.

Construction & Housing (7%) – Builders FirstSource provides direct exposure to housing market recovery and construction activity.

This sector allocation reflects a concentrated bet on industrial recovery, energy sector normalization, and selective cyclical opportunities across different time horizons.

Conclusion

Alex Roepers’ Q2 2025 portfolio exemplifies concentrated value investing with a clear industrial and cyclical focus. The significant position in Chart Industries represents conviction in clean energy infrastructure, while Weatherford International provides energy services recovery exposure. The portfolio’s 11-position structure allows for meaningful position sizing based on deep fundamental analysis.

Strategic profit-taking in Aptiv and Eastman Chemical, combined with new positions in housing, automotive, and consumer sectors, demonstrates disciplined portfolio management and opportunistic value investing. The dramatic increase in Ashland Global suggests emerging conviction in specialty chemicals recovery.

With $196 million concentrated across industrial, energy, and cyclical sectors, the portfolio is positioned for economic recovery themes while maintaining focus on fundamentally undervalued companies. This approach reflects Roepers’ expertise in identifying value opportunities in industrial businesses during cyclical downturns, with patient capital allocation for long-term recovery.

Alex Roepers Portfolio Analysis

Atlantic Investment Management – Based on 13F filing for reporting period: Q2, 2025

Portfolio Manager

Alex Roepers

Filing Date

August 14, 2025

Total Value

$195.98M

Number of Positions

Portfolio Allocation

Holdings Breakdown

Rank	Company Name	% of Portfolio	Q2 Activity	Ticker	Shares	Market Value ($)