Bernzott Capital Advisors, an investment management firm, published its “US Small Cap Value Fund” first-quarter 2023 investor letter, a copy of which can be downloaded here. In the first quarter, the fund was flat on a net basis (-0.06%) compared to R2000V’s decline of -0.7% and R2500V’s rise of +1.4%. Financials was the leading contributor towards the fund’s relative performance in the quarter with positive stock selection while Health Care and Information Technology detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Bernzott Capital Advisors US Small Cap Value Fund highlighted stocks like Air Transport Services Group, Inc. (NASDAQ:ATSG) in the first quarter 2023 investor letter. Headquartered in Wilmington, Ohio, Air Transport Services Group, Inc. (NASDAQ:ATSG) engages in aircraft leasing and air cargo transportation, and related services. On April 21, 2023, Air Transport Services Group, Inc. (NASDAQ:ATSG) stock closed at $20.50 per share. One-month return of Air Transport Services Group, Inc. (NASDAQ:ATSG) was -0.73%, and its shares lost 35.09% of their value over the last 52 weeks. Air Transport Services Group, Inc. (NASDAQ:ATSG) has a market capitalization of $1.476 billion.
Bernzott Capital Advisors US Small Cap Value made the following comment about Air Transport Services Group, Inc. (NASDAQ:ATSG) in its Q1 2023 investor letter:
“Air Transport Services Group, Inc. (NASDAQ:ATSG): The stock declined in response to modestly lowered anticipated 2023 flying hours combined with a stepped-up capital spending program in 2023 and 2024 which hurts free cash flow at the expense of long-term growth. The company is expanding its fleet of air freighters to meet long-term demand. Its strong balance sheet with relatively low leverage can support this growth. The decline left the stock trading below historical valuations.”
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Air Transport Services Group, Inc. (NASDAQ:ATSG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Air Transport Services Group, Inc. (NASDAQ:ATSG) at the end of the fourth quarter which was 20 in the previous quarter.
We discussed Air Transport Services Group, Inc. (NASDAQ:ATSG) in another article and shared the list of best airline stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
