Cambiar International Equity Fund on MTU Aero Engines AG
Thesis
Cambiar purchased MTU Aero Engines as another addition to its Industrials exposure. MTU has a duopolistic market-share position in the narrow-body aerospace engine market and a multi-year order backlog. Cambiar views that backlog as providing a high degree of revenue visibility while the company's competitive position supports the quality side of its investment framework.
“MTU is an aerospace engine manufacturer; the company has a duopolistic market share position in the narrow body market.”