“Stelrad represents 3.7% of the portfolio with £191m market cap (£168m at purchase) and £55m net debt. Rockwood/Harwood holds a 3.5% stake. The company is the No.1 radiator manufacturer in 10 countries”
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
