Thai Union Frozen Products. This is a canned tuna and frozen fish company, with production/processing largely based in Thailand and with almost 50% of sales to the US. Their prime branded product is tinned tuna with the brand name of Chicken of the Sea. This brand generates 30% of sales. In total, 35% of sales are consumer branded, 15% wholesale and 50% OEM. The company is cheap and a good bet against falling oil prices. If the oil price falls, then the price of fish falls less than its costs. Thus margins have been boosted this year while end demand remains relatively resilient. Following conversations with management, we took a small holding in the company.
