Detracting from industrial returns was Italian engineering firm Trevi Finanziaria (MIL:TFI), as it reported lackluster earnings and lower profit margins for the first quarter of 2014, while increasing spending for new rigs. Although short-term performance looks weak, Trevi announced a 24% increase in new orders during the quarter, which bodes well for further business development.
From Bernard Horn (Trades, Portfolio)’s Polaris Global Value Fund Second Quarter 2014 Shareholder Letter.
