Venture Global Inc

We participated in the January IPO of Venture Global, a liquefied natural gas (LNG) exporter, although the stock failed to garner investor enthusiasm. Its inaugural earnings report also disappointed, showing weaker margins, lighter volumes and higher operating costs, as global LNG prices declined. While Venture Global still has the potential to become a leading LNG player, given its fast, low-cost, modular approach to LNG facility construction, recent macro and geopolitical uncertainties, which appear to only have grown in recent days, create an increasingly more challenging backdrop for the company, and we are actively re-evaluating our position.

We participated in the January IPO of Venture Global, a liquefied natural gas (LNG) exporter, although the stock failed to garner investor enthusiasm. Its inaugural earnings report also disappointed, showing weaker margins, lighter volumes and higher operating costs, as global LNG prices declined. While Venture Global still has the potential to become a leading LNG player, given its fast, low-cost, modular approach to LNG facility construction, recent macro and geopolitical uncertainties, which appear to only have grown in recent days, create an increasingly more challenging backdrop for the company, and we are actively re-evaluating our position.

We participated in the January IPO of Venture Global, a liquefied natural gas (LNG) exporter, although the stock failed to garner investor enthusiasm. Its inaugural earnings report also disappointed, showing weaker margins, lighter volumes and higher operating costs, as global LNG prices declined. While Venture Global still has the potential to become a leading LNG player, given its fast, low-cost, modular approach to LNG facility construction, recent macro and geopolitical uncertainties, which appear to only have grown in recent days, create an increasingly more challenging backdrop for the company, and we are actively re-evaluating our position.