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Glenn Krevlin Finds Buying Opportunity In This Company Down Over 50% In 2015

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In a recent 13G filing with the SEC, Glenn J. Krevlin’s Glenhill Advisors disclosed its ownership of nearly 6.24 million shares of UTi Worldwide Inc. (NASDAQ:UTIW). This marks an increase of 1.45 million shares from the stake disclosed in the firm’s latest 13F filing for the June 30 reporting period. The freshly-updated passive stake accounts for 5.9% of the company’s outstanding common shares.

Glenn Krevlin

Prior to providing a more thorough analysis on UTi Worldwide, let’s introduce the investment firm that has become more bullish on it. Glenhill Capital is a New York-based fundamental hedge fund co-established by Glenn J. Krevlin and Michael A. Pollack in 2001. The firm employs a long/short strategy in making its investments and primarily invests in small-cap equities in global public equity markets. Furthermore, Glenhill Capital utilizes a bottom-up stock picking approach, while its large bets might be followed by activist stances in some cases. Earlier this month, Glenhill Advisors disclosed a 5.3% ownership stake in Allscripts Healthcare Solutions Inc. (NASDAQ:MDRX).

Glenn J. Krevlin
Glenn J. Krevlin
Glenhill Advisors

Glenhill Advisors is just one of more than 700 hedge funds that we have in our database, whose equity portfolios we collate quarterly as part of our small-cap strategy. Even though most smaller investors believe that tracking 13F filings is a fruitless endeavor because they are filed with a delay of a maximum of 45 days after the end of a calendar quarter, the results of our research prove that is not the case. To be on the safe side, we used a delay of 60 days in our backtests that involved the 13F filings of funds between 1999 and 2012 and we still managed to gain an annual alpha in the double digits. Moreover, since the official launch of our strategy in August 2012, our small-cap strategy has obtained returns of 118%, beating the S&P 500 Total Return Index by greater than 60 percentage points (see the details).

We can now turn our full attention to UTi Worldwide Inc. (NASDAQ:UTIW), which is a non-asset-based supply chain services and solutions company. To be more detailed, the company offers air and ocean freight forwarding, contract logistics, customs brokerage, distribution, inbound logistics, truckload brokerage and other supply chain management services. The shares of UTi Worldwide experienced a serious slump at the end of March, when the company posted its fourth quarter financial results for fiscal 2015, and have embarked on a steady downtrend since the end of June, supposedly fueled by a weakening global economy. The company’s recently-published financial results for the second fiscal quarter of 2016 put even more downward pressure on the stock. In the meantime, Claus Moller’s P2 Capital Partners represents the largest shareholder of UTi Worldwide among the hedge funds tracked by Insider Monkey, holding 11.27 million shares as of June 30.

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