Yara International (OSL:YAR), purchased in the first quarter of 2014, was the top performer in the materials sector. The Norwegian fertilizer maker reported first quarter results with record deliveries of value-added products at premium pricing. Yara detailed solid European and Latin American order books for the remainder of the year, and alluded to better operating margins on declining European natural gas prices.
From Bernard Horn (Trades, Portfolio)’s Polaris Global Value Fund Second Quarter 2014 Shareholder Letter.
