market folly

Ross Turner’s hedge fund, Pelham Capital, has disclosed a new position in London listed Vesuvius (LON: VSVS). Turner, previously the youngest partner at London hedge fund Lansdowne Partners, established his long/short fund in 2007, raising $500m. 

Due to trading on December 19th, Pelham now holds 5.9% of VSVS’s voting rights.  Vesuvius and Alent , both FTSE 250 midcap companies, were formed by a de-merger of Cookson Group in December last year. 

Per FT.com – “Vesuvius PLC is engaged in metal flow engineering, developing, manufacturing and marketing ceramic consumable products and systems to the global steel and foundry industries and in industries that require refractory materials for high temperature, abrasion resistant and corrosion resistant applications such as the aluminium, cement, glass and solar industries. It has three business segments: the Steel and Foundry businesses, both of which are providers of engineered ceramics, and Precious Metals Processing business. Its products are specialised ceramics, including shrouds, stoppers, nozzles, slide gates, lining refractories and fluxes for the steel production industry and filters, feeding systems, coatings and binders for the foundry industry. On May 1, 2012, the Company disposed the United States business of the Precious Metals Processing business to Richline Group Inc. In November 2011, SERT was acquired by the Company. On March 29, 2012, it acquired Metallurgica.”