AMETEK (AME, Financial) (3.0% of net assets as of June 30, 2020) (AME – $89.37 – NYSE) is a diversified supplier of highly engineered equipment used in a broad array of industrial end markets. The company offers a diverse product portfolio including test and measurement, metrology, and precision motion control equipment in addition to specialty materials and aftermarket services. While total revenue declined 7% year-over-year in Q1 2020, AMETEK's medical, healthcare, and defense businesses (which collectively account for approximately $1.0 billion of sales, or 20% of total revenue) have remained resilient and are expected to record positive organic growth for full-year 2020. AMETEK finished March 2020 with $1.3 billion of cash and another $550 million of availability on its revolver that the company can deploy on attractive acquisition opportunities in the current environment.
From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund second-quarter 2020 shareholder commentary.
