Marcelo Lopes

Borr Drilling (BORR) remains a holding despite the stock's appreciation, because the world's demand for oil continues to rise, jackup rigs are the fastest and cheapest way to increase production, and the Iran conflict has shifted global focus to energy security, which should drive more jackup contracts. The stock was bought at much lower prices, and though the fund reduced its position from 30% to 10%, the thesis still holds.

Tronox (TROX) was bought when its stock was below $3, and has since risen nearly 300%, but the fund still holds a position. The thesis is that US chemical companies, especially TiO2 producers like Tronox, have a massive competitive advantage from cheap natural gas, while European and Chinese competitors have become unprofitable due to the Iran war. The narrative of overcapacity was wrong; demand for TiO2 continues to grow, and the US industry is benefiting disproportionately.