"I spent 17 years in private equity ... and our private equity approach to investing is very much a friendly, collaborative way of investing," Robbins said. "So, if we don't like the management team, if we don't think they're smart and hard-working ... we won't invest."
AGCO focuses on Europe, where there are smaller farms that have equipment in need of an upgrade, and is doing "all the right things," Robbins said. It has reliable dealers and improving margins, and it's in what Robbins said is a "trough" period, with shares up about 8 percent over the past year.
Shares of AGCO popped 3.5 percent mid-day Tuesday, on a day markets struggled for gains.
"First, we like the industry structure. It's an oligopoly — only three players, principally, around the globe — so the companies can take price, even in weaker markets. And we also just like the industry dynamics. The population's growing around the world, but the world's not making any more arable land. Protein consumption is increasing. So agricultural equipment is a good business to be in."