Half-Year Investor Letter – July 2025: Newest Addition - Ashtead Technology Holdings Plc
AT.L (new position): Specialist in subsea equipment rental/services for offshore energy - oil, gas & increasingly wind. Capital-light business with mission-critical offerings & strong secular tailwinds from offshore infrastructure growth. Management excels at bolt-on M&A, delivering excellent ROIC. One-stop shop moat strengthening in growing niche.
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