Robotti Value Investors, a boutique asset manager focused on value, published its fourth-quarter 2025 investor letter. You can download a copy here. The firm specializes in spotting opportunities in cyclical sectors where fundamentals are not yet recognized by the market. The letter mentioned that 2025 is proving Dornbusch’s theorem true, with several notable market developments. These include an increase in gold prices and a broader geographic leadership in markets. It also pointed out emerging opportunities in housing, offshore industries, and data storage, which exhibit misunderstood fundamentals, better economics, and narratives that lag behind actual market conditions. Please review the firm’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, Robotti Value Investors highlighted stocks like Tidewater Inc. (NYSE:TDW). Tidewater Inc. (NYSE:TDW) provides offshore support vessels and marine support services to the offshore energy industry. The one-month return for Tidewater Inc. (NYSE:TDW) was 21.72%, and its shares gained 28.57% over the last 52 weeks. On February 13, 2026, Tidewater Inc. (NYSE:TDW) stock closed at $69.93 per share, with a market capitalization of $3.47 billion.
Robotti Value Investors stated the following regarding Tidewater Inc. (NYSE:TDW) in its fourth quarter 2025 investor letter:
“In recent years, we experienced this firsthand during the rapid repricing in the offshore energy sector, when stocks such as Tidewater Inc. (NYSE:TDW) moved from deeply discounted levels to reflecting a large portion of expected earnings growth in a matter of months. The rapidity of the move surprised many, but the groundwork had been laid by years of underinvestment and consolidation.
