The following segment was excerpted from this fund letter.
Constellium SE (CSTM), a downstream producer of value-added aluminum serving the packaging, automotive, and aerospace markets, was the third-largest detractor from Fund performance in the quarter, with shares falling by a whopping 69% during the period. Make no mistake, the market is spooked by Constellium’s leverage, which stood at 3.9x earnings before interest, taxes, depreciation and amortization (“EBITDA”) at year-end 2019. But it is important to note the company has no debt maturities until mid-2021 (€200 million) and not again until 2024, with essentially no