Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Macroeconomics

<ul>
<li>2023 was a challenging year, there was a lot of volatility in both long and short books.</li>
<li>We reserve the bulk of the letter for an extended discussion of our investments in lithium and the outlook for the sector in the coming years.</li>
<li>Despite dire headlines related to EVs, we remain optimistic about a lithium rebound and skeptical that supply can grow as robustly as projected.</li>
</ul>


2023 was a challenging year, there was a lot of volatility in both long and short books.
We reserve the bulk of the letter for an extended discussion of our investments in lithium and the outlook for the sector in the coming years.
Despite dire headlines related to EVs, we remain optimistic about a lithium rebound and skeptical that supply can grow as robustly as projected.


2023 4th Qtr Letter to Investors: A Deep Dive into Lithium

United States

Gold Resource Corporation explores for gold and other precious metals. The Company currently holds interest in properties in Mexico.

Tredegar Corporation manufactures plastic films and aluminum extrusions. The Company also has interests in a variety of technology-based businesses. Tredegar's customers include the disposables, packaging, agriculture, building and construction, transportation, electrical, and consumer durables markets, among others.

FutureFuel Corporation produces biobased products, including biofuels, (biodiesel, bioethanol and lignin/biomass solid fuels) and biobased specialty products (biobased lubricants, solvents and intermediates). FutureFuel also has a chemicals and lithium ion business.

Compass Minerals International, Inc. produces highway deicing salt in North America and the United Kingdom.  The Company also produces general trade salt and sulfate of potash.  Compass Minerals sells its highway deicing salt primarily to state, provincial, county, and municipal highway departments for deicing applications.

Compass Minerals International, Inc (CMP US)

Schnitzer Steel Industries, Inc. operates a steel scrap recycling business in the western United States.  The Company supplies ferrous scrap to export and domestic steel producers through its scrap collection, processing, and deep water facilities.  Schnitzer also operates collection and processing facilities, as well as manages other facilities through joint ventures.

Codexis, Inc. develops biocatalysts for the pharmaceutical and fine chemicals industries. The Company's technology allows scale-up and implementation of biocatalytic solutions for customers manufacturing process.

Olympic Steel, Inc. processes and distributes flat-rolled carbon, stainless steel, and tubular steel products. The Company operates as an intermediary between steel producers and manufacturers that require processed steel for their operations. Olympic purchases steel from producers and processes it according to customer specifications.

American Vanguard Corporation develops and markets products for agricultural and commercial uses.  The Company manufactures and formulates chemicals for crops, human, and animal health protection.  Chemicals include insecticides, fungicides, molluscicides, growth regulators, and soil fumigants.

AgroFresh Solutions, Inc. provides proprietary technologies for the horticultural market. The Company develops and markets ethylene management systems for growers, packers, shippers, exporters, and importers to maintain and deliver fruits, vegetables, and flowers. AgroFresh Solutions serves customers worldwide.

Flotek Industries, Inc. is a specialty chemistry and data company that serves industrial, commercial and consumer markets. The company's Chemistry Technologies segment develops and manufactures sanitizers and disinfectants. Flotek Industries also offers the energy industry real-time data platforms and chemistry technologies.

Jiin Yeeh Ding Enterprise Co., Ltd sells precious and single metals, and processes mixed waste hardware. The Company offers gold, silver, platinum, palladium and copper powder for electronic, automobile, chemical, petrochemical products.

Sayona Mining Ltd is a diamond exploration and production company whose primary exploration tenements are located in the Republic of Botswana.

Meteoric Resources NL is a gold and copper-gold exploration company.  The Company's primary exploration activities are situated in the Tennant Creek gold field in the Northern Territory and in the Peak Hill and Yilgarn regions of Western Australia.

Syrah Resources Limited is a mineral exploration company. The Company's projects provide exposure to graphite, vanadium, mineral sands, copper, coal and uranium.

Monnet Ispat Limited manufactures a range of steel products, ferro alloys and sponge iron.  The Company also produces power for captive consumption.

Base Resources Limited is a resources developer. The Company develops and produces mineral sand. Base Resources serves customers in Africa and Australia.

Yunnan Luoping Zinc & Electricity Co., Ltd. mines, extracts, and refines lead and zinc products. The company also generates, transmits, and distributes electricity.

Husteel Co., Ltd. manufactures and markets a variety of steel pipes such as line pipes, structural pipes, PFP pipes, and polyethylene-coated steel pipes.  The Company's products apply to convey liquid, gas, or vapor, and to complement buildings.  Husteel supplies its products mainly to automobile, and construction industries.

Shanghai Prosolar Resources Development Company Ltd. is an industrial investment company. The Company is also engaged in iron ore mining, production, and sales.

Shandong Lipeng Co., Ltd. manufactures and provides integrated service in producing and sales of aluminum plate, aluminum plate coating printing, various anti-fake and anti-theft aluminum cap, plastic cap and aluminum plastic cap, and producing full or semi-automatic production line, NC punching, computer carving designing, cold-punching mould, and injected mould.

Piedmont Lithium Inc operates as a mineral exploration company. The Company explores and develops lithium projects, as well as manages drill, land expansion, and sampling programs. Piedmont Lithium serves customers worldwide.

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Piedmont Lithium (PLL US)

2023 4th Qtr Letter to Investors: A Deep Dive into Lithium

2023 was a challenging year, there was a lot of volatility in both long and short books. We reserve the bulk of the letter for an extended...

Massif Capital Research

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