Alex Roepers

Alex Roepers executed a significant portfolio overhaul at Atlantic Investment Management's $170M book, exiting three positions that previously anchored the fund — AXALTA (18.6%), FLS (12.3%), and ASH (7.0%) — while deploying fresh capital across five new names. The reshuffled portfolio retains KEX as the top position at 19.9% ($34M) and sees DCH nearly double (+104%) to 13.3% and NOMAD FOODS surge +147% to 7.5%, signaling conviction in consumer staples and non-US food brands. New additions — DOLE (5.6%), PVH (5.2%), XRAY (4.1%), and MHK (2.3%) — suggest a thematic pivot toward beaten-down consumer discretionary and industrial cyclicals trading at deep discounts, consistent with Roepers' value-in-unloved-cyclicals style. The exit of Axalta, a long-time core holding, is notable and may reflect a view that the specialty coatings story has played out. With APTIV (13.1%) and WEATHERFORD (11.7%) still held through EV/energy volatility, concentration remains extreme. Watch whether APTIV gets trimmed or exited in Q2 given ongoing EV supply chain headwinds.