Christopher C. Liu, Portfolio Manager
June 4, 2018
Compass Minerals International (CMP) is a commodity miner that chiefly sells salt, a commodity whose price tends to be relatively stable. After two consecutive warm winter seasons, its main Midwestern US market finally experienced a harsh 2017-18 winter, which we expect will lead to greater profits and ultimately higher total returns. With a 4.4% current yield and 8% annual dividend growth over the past 10 years, we view CMP as an attractive stock within the materials sector.