This Fund Just Took a $5.5 Million Stake in a Turnaround Stock Up 143% This Past Year
Key Points
Miami-based Vision One Management Partners acquired 436,911 shares of Enviri Corporation in an estimated $5.5 million transaction during the third quarter.
The transaction value represents a 3.5% position relative to reportable 13F assets under management as of quarter-end.
Despite the sale, the fund reported holding 436,911 NVRI shares worth $5.5 million as of September 30.
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On November 14, Miami-based Vision One Management Partners disclosed a new stake in Enviri Corporation (NYSE:NVRI), adding 436,911 shares valued at approximately $5.5 million.
What Happened
According to a filing with the Securities and Exchange Commission dated November 14, Vision One Management Partners initiated a new position in Enviri Corporation (NYSE:NVRI) during the third quarter. The fund acquired 436,911 shares, bringing the value of its stake to $5.5 million at quarter-end. This new holding accounted for 3.5% of the fund’s $158.9 million in reportable U.S. equity assets.
What Else to Know
Top holdings after the filing:
- NYSE:TNC: $46.2 million (25.4% of AUM)
- NYSE:HXL: $27.6 million (15.1% of AUM)
- NYSE:CC: $27.3 million (15% of AUM)
- NYSE:NGVT: $25.3 million (13.9% of AUM)
- NASDAQ:CZR: $17.9 million (9.9% of AUM)
As of Friday's market close, Enviri shares were priced at $17.40, up 143% over the past year and well outperforming the S&P 500, which is up 11% in the same period.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $2.2 billion |
| Net Income (TTM) | ($162.8 million) |
| Price (as of market close Friday) | $17.40 |
| One-Year Price Change | 143% |
Company Snapshot
Enviri Corporation is a leading provider of environmental solutions for industrial waste streams. The company leverages a dual-segment model to deliver integrated services and value-added products to metals manufacturers and waste generators. Its strategy centers on long-term contracts and resource recovery, positioning Enviri as a key player in sustainable waste management and recycling. The company serves iron, steel, and metals manufacturers, as well as customers requiring hazardous and non-hazardous waste processing and recycling in the United States and internationally.
Foolish Take
The appearance of Enviri in Vision One’s portfolio is notable because it fits the fund’s pattern of taking concentrated positions in companies undergoing meaningful operational or strategic transitions. Enviri is in the middle of one: Third-quarter results showed steady revenue at $575 million but continued GAAP losses and tightening margins, while management works through divestitures, contract exits, and a strategic alternatives process that could reshape the portfolio. The entry from a hedge fund known for activist moves signals a willingness to underwrite near-term volatility in exchange for potential upside tied to the company’s margin recovery plan and improving free-cash-flow trajectory.
To be clear, Enviri’s latest earnings reveal a mixed picture—record performance at Clean Earth offset by weaker results at Harsco Environmental and continued losses at Harsco Rail. Adjusted EBITDA fell to $74 million from $85 million a year earlier, and full-year guidance was lowered to a $268 million to $278 million range. Still, management emphasized improving cash generation, a more flexible credit agreement, and progress toward concluding its strategic review.
Against those fundamentals, Vision One’s $5.5 million position is modest relative to core holdings like Tennant, Hexcel, and Chemours—but it marks a meaningful, high-conviction addition for the fund during a pivotal time for Enviri, whose shares have rallied in the past year but are still over 70% below highs before the Great Recession.
Glossary
13F assets under management: The total value of U.S. equity securities a fund must report quarterly to the SEC.
Position: The amount of a particular security or investment held by an investor or fund.
Top holdings: The largest investments in a fund's portfolio by value.
Trailing twelve months (TTM): TTM – The 12-month period ending with the most recent quarterly report.
Resource recovery: The process of extracting useful materials or energy from waste streams for reuse or resale.
Long-term service contracts: Agreements to provide services over several years, often ensuring stable, recurring revenue.
Value-added products: Goods enhanced through processing or transformation, increasing their market value compared to raw materials.
Reportable U.S. equity assets: U.S. stocks and related securities a fund must disclose in regulatory filings.
Environmental solutions: Services or technologies that help manage, reduce, or recycle industrial waste and minimize environmental impact.
Industrial abrasives: Hard materials used for grinding, cleaning, or finishing industrial surfaces.
Waste streams: The continuous flow of waste materials generated by industrial or commercial processes.
Hazardous and non-hazardous waste: Waste classified by its potential risk to health or the environment; hazardous is dangerous, non-hazardous is not.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Hexcel and Tennant. The Motley Fool has a disclosure policy.
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