The Fund eliminated its position in industrial goods/infra- structure company Aegion Corp. (AEGN), after we lost confidence in company management and its ability to effectively implement a clear, consistent strategy. We were initially attracted by the company’s prospects, approximately three years ago, as it transitioned from a company whose earnings were dominated by municipal sewer servicing to being a well-rounded pipeline service provider with increased exposure to energy and mining and structural and construction businesses. During the recent stages of this transition, however, management has continued to provide excuses for underperforming business segments and overall poor company performance without articulating a clear strategy for moving forward.
From Robert Olstein (Trades, Portfolio)’s The Olstein Strategic Opportunities Fund’s Q4 2014 Letter to Shareholders.
