The following segment was excerpted from this fund letter.
Calumet Specialty Products (CLMT) – This specialty chemical manufacturer is a distressed special situation investment for us. It is a specialty chemical company placed inside a Master Limited Partnership and covered by fuel refining analysts. The leverage and oddball nature results in an orphaned stock with no obvious best owner shareholder base.
Q2 2019 Updates – At the end of Q2, Calumet bonds traded between 96 to 100 cents on the dollar. This is a strong recovery from the high 70s to low 80s that