Small Cap, Big Impact

Good morning. I am here, looking out at the Baltimore harbor. Behind me is what we call a hopper dredge, which is a really interesting piece of equipment that essentially scoops out the bottom of the harbor, and carries the silt and sand way out into the deep water and deposits there. This is critical for the functioning of harbors like Baltimore here, where you’re maintaining the depth of the harbor so that larger ships can come and go.

This is an interesting business we’ve actually invested in the past, in the publicly traded comparable to this company. And I think it’s a great example of a really unique business and unique stock that you typically don’t find within the large-cap space. It’s pretty unique to small cap. And we found really interesting opportunities.

The other thing that I think is interesting in a business like this is it’s a great example of what we’re trying to find, not only cyclical opportunities, but secular ones as well, that are really less beholden to factors like interest rates or other macros and really have an opportunity to do well regardless.

Filmed March 2026

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