Subsea 7 S.A.
Thesis
Subsea 7 is currently the largest position held, trading at $25 per share with earnings projected between $1.00-1.20 per share. Despite its high valuation, the company has strong management and a solid financial position, including significant net cash, which supports its growth potential.
Did it work?
The long thesis on Subsea 7 has been directionally validated, with the stock delivering a +24% gain from the $25 entry price, consistent with the bull case built on strong management, a net cash balance sheet, and growth potential. However, the pitch stated no explicit price target or time horizon, and the elapsed time is unknown, so we cannot confirm whether the fundamental drivers (earnings reaching $1.00-1.20/share) fully materialized. The favorable price move supports the thesis, but the lack of horizon context tempers certainty.