Garrett Motion Inc.

• Alluvial Capital Management Q2 2026 Letter to Limited Partners ↗ Alluvial Fund added to Zegona Communications after trimming the position to control concentration, arguing that its telecom turnaround, refinancing and future capital returns remain undervalued. The fund plans to fully exercise McDermott International rights, viewing the financing as a balance-sheet repair that enables larger contract bids. It also retained long-term holdings while trading Talen Energy options around AI-driven volatility. Second Quarter 2026 ZEG $5BDGXX $395MDIG $366M +7
• Alluvial Capital Management Letter to Limited Partners Fourth Quarter 2025 ↗ Zegona Communications monetized fiber assets, cut debt and repurchased shares following its Vodafone Spain acquisition, while Alluvial retained the position despite its rerating. The fund added Sylvamo, Itafos and McDermott International, citing temporary paper-market pressure, structurally tight phosphate supply and McDermott’s operational recovery. Crawford United agreed to sell to SPX Technologies, a deal Alluvial views as undervaluing parts of the business. Fourth Quarter 2025 ZEG $5BCRAWA delistedGTX $5B +5

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