3 new positions
One Chinese and 2 US ones
I have bought a 2% position in Sturm, Ruger & co (RGR) a US gun brand. Reason for this is fairly simple and 3 fold:
Beretta has purchased a 10% stake and seems intent on buying the whole company (a poison pill has been adopted if they go over 10%).
It seems operational optimizations have been made that will hopefully improve margins and revenue in 2026.
This is a cyclical stock trading near 16 year low going into likely some very contentious elections in the next 2 years.
Up until recently this company was regularly printing around $100m of EBIT/year but it seems now with Trump as president and a lot of Americans probably owning a lot of guns already sales have slumped:
Market cap is $500m with $80m of net cash and the main reason I am interested is