Emeria delivered solid operating performance, but very much underwhelmed with undiminished WC and thus lower liquidity than we had

We are excited to introduce a new feature to more readily deliver to you our top ideas at any time. We are not YouTubers, but we are now recording our ideas in short 2-5 minute videos, which you can find on our website right on top of the landing page. 

We are closing out our position in Emeria. Having lost two points and some carry, we are unwinding this position in line with timing originally outlined in our

Across the board, Q2 results were slightly stronger than expected, but not by a long way. We continue to see the company requiring fresh

Please find our initiation of Emeria here.

Sometimes the equity story is better than the credit story and so it is with Emeria. The roll-up strategy makes sense and from a shareholder’s view should