General Investing >> Money Manager Interviews >> March 11, 2026
KEY TAKEAWAY: $TDW, Tidewater’s "Uneconomic" Supply Gap is creating a massive tailwind as the company leverages a "long-term structural undersupply" of offshore vessels. Portfolio Manager Andrew Slay notes that Tidewater currently benefits from a "larger, newer fleet" while high construction costs make building new ships financially unviable for competitors. This supply-side "moat" allows Tidewater to command higher day rates than the market anticipates. As the stock approaches 52-week highs, Kennondale’s analysis suggests the firm is the primary beneficiary of a market where supply simply cannot catch up to rising offshore demand. Profile
Andrew Slay, CFA, is a Portfolio Manager at Kennondale Capital Management. Mr. Slay has 12 years of investment experience, including managing outside capital in a private fund. He is on the board of the Sheltering Arms Foundation and serves on the foundation’s investment committee. Mr. Slay graduated from the University of Virginia with an undergraduate degree in Economics and is a CFA charterholder. Profile
Matt Nicholson-Lewis, CFA, CPA, is an Analyst at Kennondale Capital Management. Mr. Nicholson-Lewis has a background in accounting and finance, graduating with a Master of Accounting from North Carolina State University. He has 10 years of experience in the financial sector, having worked at Ernst & Young in their New York and London offices, and Brink’s in their corporate headquarters in Richmond, Virginia. Mr. Nicholson-Lewis is a licensed CPA and a CFA charterholder. Profile
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TWST: Welcome back. For readers who may be new to Kennondale, give us a brief refresher on your philosophy and maybe how managing a small-cap value portfolio differs from
