Acerinox (XMAD:ACX, Financial) is a company we have had in the portfolio on many occasions over the last 18 years, and where we have always generated good returns. It is one of the world leaders in the production of stainless steel, a cyclical business, but with a solid long-term growth rate. Acerinox has a good corporate culture, a great management team and a strong balance sheet. We purchased after a 40% drop since the beginning of the year.
From azValor Asset Management's second-quarter 2020 letter.
