In short: Position closed — the prior aluminum winner, exited rather than re-recommended. In July's Semi-Annual Portfolio Update "we closed Constellium (CSTM), the aluminum fabricator, at a more than double return in our model portfolio in just eight months, as the physical supply squeeze we forecast set in." It is now used as the value-chain contrast: "Constellium was selected because it buys aluminum and fabricates it into aircraft parts, car panels, and cans," whereas the new recommendation "is one of the few companies that still smelt primary aluminum on American soil" — and a fabricator keeps less of the domestic premium than a smelter does, since it pays the inflated U.S. price on its own input.
Constellium is the position Prinsights just sold, not one it is recommending. It sits downstream of Century in the aluminum chain: it buys finished aluminum and shapes it into aircraft parts, car body panels and drink cans. Prinsights bought it in late 2025 on the view that aluminum would get physically scarce, and closed it in July 2026 for more than double the money in about eight months.
It appears in this issue as the contrast that explains the new pick. A fabricator has to pay the inflated American aluminum price for its raw material and then try to pass it on to customers, so it keeps only a slice of the tariff-driven premium. A smelter is on the other side of that same transaction — it collects the inflated price and pays no import tax. When the premium itself is the opportunity, you want to own the seller, not the buyer. That is the entire logic of moving from Constellium to Century within the same commodity.
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