Alex Roepers’ $171.7M Portfolio: Top 10 Holdings

Alex Roepers reported an equity portfolio valued at approximately $171.66 million in the latest reported quarter, continuing the concentrated value investing approach that has long characterized Atlantic Investment Management. Rather than holding a broad collection of positions, Roepers remains focused on a relatively small number of industrial, energy, consumer, and cyclical businesses where he believes the market is undervaluing long-term earnings power.

The latest filing highlights just how concentrated the portfolio remains. The top ten holdings account for 96.96% of reported assets, with nearly one-third of the portfolio invested in just the two largest positions. While several core holdings were maintained, the quarter also featured a number of meaningful additions, new positions, and complete exits.

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Portfolio Snapshot

Total Portfolio Value: ~$171.66M
Top 10 Weight: 96.96%
Turnover: Moderate

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Top Holdings & Weights

• Kirby Corp (KEX) — 19.89%
• American Axle & Manufacturing (AXL) — 13.27%
• Aptiv PLC (APTV) — 13.06%
• Weatherford International (WFRD) — 11.69%
• Oshkosh Corp (OSK) — 11.69%
• Nomad Foods (NOMD) — 7.46%
• Dole PLC (DOLE) — 5.63%
• PVH Corp (PVH) — 5.20%
• ABM Industries (ABM) — 4.94%
• Dentsply Sirona (XRAY) — 4.12%

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Key Takeaways

Kirby Corp remains Roepers’ largest reported investment, accounting for nearly one-fifth of the portfolio. The company has long been a core holding and reflects Atlantic Investment Management’s preference for high-quality industrial businesses trading below intrinsic value.

The portfolio also maintains significant exposure to cyclical manufacturers through American Axle, Aptiv, Oshkosh, and Weatherford International. Together, these positions represent more than 49% of reported assets, highlighting Roepers’ conviction in businesses that could benefit from improving industrial and automotive conditions.

Consumer-oriented investments also feature prominently. Nomad Foods, Dole, and PVH provide exposure to packaged foods, fresh produce, and apparel, while ABM Industries and Dentsply Sirona broaden the portfolio across business services and healthcare equipment.

Overall, the latest filing reflects Roepers’ disciplined, high-conviction approach, with capital concentrated in a relatively small group of businesses where management believes the gap between market price and intrinsic value remains attractive.

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Biggest Changes Last Quarter

Nomad Foods (NOMD)

Shares increased by 794,000 (+147.37%)

→ Roepers significantly expanded his position in Nomad Foods, making it one of the portfolio’s larger consumer holdings.

American Axle & Manufacturing (AXL)

Shares increased by 1,957,000 (+103.93%)

→ Atlantic more than doubled its investment in American Axle, making it the firm’s second-largest reported position.

Dole PLC (DOLE)

Shares increased by 675,948 (+100.00%)

→ Roepers initiated a sizeable new position in Dole during the quarter, immediately making it a top-ten holding.

Axalta Coating Systems (AXTA)

Shares decreased by 1,024,000 (-100.00%)

→ Roepers completely exited Axalta, previously one of the portfolio’s largest investments at approximately 18.63% of reported assets.