Penn Capital Dumps Entire Chart Industries Stake
Key Points
Penn Capital sold 108,881 shares of Chart Industries worth about $18 million.
The firm exited its entire position.
The position was previously a top 10 holding of the fund's AUM as of the prior quarter.
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What happened
According to a filing with the Securities and Exchange Commission on Nov. 24, 2025, Penn Capital Management Company reported selling all its shares in Chart Industries (NYSE:GTLS). The fund liquidated its entire 108,881-share position, corresponding to a net reported value change of $17.98 million compared with the previous quarter.
What else to know
Penn Capital sold out of Chart Industries, reducing its stake from 1.6% of AUM last quarter to zero in this filing.
Top holdings after the filing:
- Dycom (NYSE:DY): $25.1 million (1.9% of AUM)
- Amentum Holdings (NYSE:AMTM): $23 million (1.8% of AUM)
- Alphatec Holdings (NASDAQ:ATEC): $22.8 million (1.7% of AUM)
- Mirum Pharmaceuticals (NASDAQ:MIRM): $22.6 million(1.7% of AUM)
- Weatherford International (NASDAQ:WFRD): $22.3 million (1.7% of AUM)
As of Nov. 21, 2025, Chart Industries shares were priced at $203.50, up 15.6% over the past year, outperforming the total return of the S&P 500 by 3.1 percentage points
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $4.29 billion |
| Net Income (TTM) | $79.4 million |
| Price (as of market close 2025-11-21) | $203.50 |
| One-Year Price Change | 15.57% |
Company snapshot
Chart Industries manufactures engineered equipment for the energy and industrial gas sectors, including cryogenic storage tanks, heat exchangers, LNG transport systems, and specialty products for hydrogen, CO2 capture, and biogas applications.
The company generates revenue through the sale of capital equipment, aftermarket services, and leasing solutions, with a diversified offering across cryogenic and heat transfer technologies.
It serves industrial gas producers, energy companies, LNG operators, and specialty end-markets such as aerospace, food and beverage, and water treatment globally.
Chart Industries, Inc. is a leading provider of highly engineered cryogenic and heat transfer equipment, with a global footprint and a diversified customer base across energy and industrial sectors. The company leverages advanced manufacturing and process technology expertise to address complex applications in LNG, hydrogen, and specialty gas markets. Its broad product portfolio and focus on end-to-end solutions position it as a key supplier in both traditional and emerging clean energy value chains.
Foolish take
Chart Industries has had an eventful year. Penn Capital didn't exit its position for any underlying reason related to Chart's business. It is more likely that it simply closed out the position due to Chart's upcoming acquisition by Baker Hughes.
Chart had previously agreed to a merger with pump and valve maker Flowserve. On July 28 the company then entered into an agreement to be acquired by Baker Hughes for $210 per share. Baker Hughes also agreed to pay the majority of a merger termination fee to Flowserve to seal the deal.
Penn Capital and other Chart shareholders may not want the added oil exposure that will come with owning Baker Hughes stock. Chart has been more focused on the natural gas industry, particularly providing equipment and services to liquified natural gas (LNG) companies.
Investors shouldn't be afraid to reorganize a portfolio when companies are bought or sold. That seems to be what Penn Capital did last quarter.
Glossary
13F assets under management: The total value of securities a fund must report quarterly to the SEC on Form 13F.
AUM (Assets Under Management): The total market value of investments managed by a fund or investment firm.
Full exit: When an investor sells all shares of a particular security, closing out the position completely.
Liquidated: Sold off an investment position, converting it to cash or cash equivalents.
Engineered equipment: Specialized machinery or products designed for specific industrial applications, often customized for client needs.
Cryogenic: Relating to very low temperatures, often used in storage and transport of liquefied gases.
Aftermarket services: Support and maintenance provided after the initial sale of equipment, such as repairs or spare parts.
Leasing solutions: Arrangements where equipment is rented to customers for a fee instead of being sold outright.
End-markets: The final industries or sectors where a company's products or services are used.
Value chain: The full range of activities involved in creating and delivering a product or service, from raw materials to end user.
TTM: The 12-month period ending with the most recent quarterly report.
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Howard Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amentum and Chart Industries. The Motley Fool recommends Flowserve. The Motley Fool has a disclosure policy.
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