Dresser-Rand Group, Inc. (DRC) also declined slightly during the period, causing a drag on overall performance. Dresser–Rand reported weak third quarter results due to the more volatile “new unit” segment and negative free cash flow due to higher working capital investments. We continue to like the investment given the consistent performance from its aftermarket segment and believe that the company has opportunities driven by new products and continued oil service investment.
From Meridian Funds's semi-annual report ended December 31, 2013.
