The sector leader was Italian engineering and foundation driller, Trevi Finanziaria (MIL:TFI, Financial). This long-standing investment struggled in recent years due to weakness in end markets and an ill-fated venture into the oil drilling sector. The company underwent a complete financial and operational restructuring, in which Polaris played an instrumental role. With a recapitalized balance sheet and more disciplined management focus, the business may be better positioned for the current environment and well placed when demand improves.
From Bernard Horn (Trades, Portfolio)'s Polaris Global Value Fund second-quarter 2020 shareholder letter.
