Arguably the richest family in Italy, the Benetton family is having a year to forget. However, with Autogrill SpA (AGL) having completed its internal corporate reorg, the willingness from the Benettons to get a deal done and a French foodservices company recently announcing a break-up, all scenarios are in play for 2019 and the chips are falling in-line for a deal to take place.
12 Dec 2018
Despite the headwinds in the automotive industry providing significant pressure to its peers, Daimler AG (DAI GY) is taking steps to adapt to this challenging environment. The company formalized its new operating structure (which creates prime conditions for a break-up) and has solidified plans for a Joint Venture with BMW AG (BMW GY) in Mobility Services. Our long-term Special Situations thesis for the German automaker remains intact.
21 Nov 2018
On November 12, 2018, EQT Corp. (EQT), one of the largest natural gas producers in the U.S., completed the much awaited Spinoff of its Midstream business, Equitrans Midstream Corp. (ETRN). The separation (announced in February 2018) creates an opportunity for shareholders to monetize on the relatively stable Midstream assets of the company.
20 Nov 2018
Recent selling pressure in the broader markets pushed Brighthouse Financial, Inc. (BHF) to new lows, but we saw this as a buying opportunity (having increased our Model Portfolio weighting at those levels). The stock has recovered alongside the market and has a new share buyback program in place, which is a positive for us looking to the stock's long-term prospects. Read on for more on their Q3FY18 earnings release.
08 Nov 2018
MetLife, Inc. (MET) beat its earnings estimates for the third consecutive time, further reflecting the improving fundamentals and demonstrating value creation through the Spinoff and 20% exchange offer of Brighthouse Financial, Inc. (BHF). We are also positive on the continued transformative efforts of CEO Steve Kandarian.
05 Nov 2018
Altra Industrial Motion Corp. (AIMC), Brighthouse Financial, Inc. (BHF), EQT Corp. (EQT) and Thyssenkrupp AG (TKA GY) all will have their weightings increased by +2.5% on the back of their strong fundamentals and upside opportunities.
01 Nov 2018