The Steppe Eagle OEIC Ltd on Nextracker Inc.
Thesis
Nextracker is pitched as a US-focused solar tracking systems manufacturer whose technology can increase solar energy output by allowing panels to follow the sun. The business continued growing when many solar peers struggled, and the fund cites expected 20-30% growth for the next several years, double-digit profit margins and very low debt relative to assets. The manager's only stated reason for hesitating to own more than 5% is the company's short public-market history. The average entry point in 2024-2025 was $40.5. P(1) Harry Qelm Baabsman Steppe…
“We prefer 10+ years of history.”
Key risks
- The shares have only a few years of public trading history