180 Degree Capital Corp., an investment management firm, recently released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund performed well in a challenging and bear market for microcap funds and was able to gain a +5.7% gross total return for the first quarter of 2023. The Russell Microcap Index returned a -2.9% for the same quarter. The gross total return of the fund since inception in 2017 was +243.6% compared to 31.8% return for the Index. The consumer discretionary, industrials, and information technology sectors were the positive contributors while the communication services sector detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.
180 Degree Capital Corp. highlighted stocks like Alta Equipment Group Inc. (NYSE:ALTG) in the first quarter 2023 investor letter. Headquartered in Livonia, Michigan, Alta Equipment Group Inc. (NYSE:ALTG) operates an equipment dealership platform. On June 5, 2023, Alta Equipment Group Inc. (NYSE:ALTG) stock closed at $14.16 per share. One-month return of Alta Equipment Group Inc. (NYSE:ALTG) was 5.45%, and its shares gained 28.43% of their value over the last 52 weeks. Alta Equipment Group Inc. (NYSE:ALTG) has a market capitalization of $458.332 million.
180 Degree Capital Corp. made the following comment about Alta Equipment Group Inc. (NYSE:ALTG) in its Q1 2023 investor letter:
“Alta Equipment Group Inc. (NYSE:ALTG): ALTG’s stock began 2023 with a substantial increase in value into its earnings report for Q4 2022, with the stock closing at an all-time high of $19.86 on March 8, 2023. 180 sold ~92% of its position in ALTG in Q1 2023 for an average sale price of $17.58 per share. While ALTG reported strong results along with positive guidance and commentary that it has not seen any weakness in demand, ALTG’s stock has since declined materially from its highs and from our average sale price. For the quarter, ALTG increased NAV by $0.18 per share, or $1.9 million. We will absolutely look to add to the stock on the weakness.”
Alta Equipment Group Inc. (NYSE:ALTG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Alta Equipment Group Inc. (NYSE:ALTG) at the end of first quarter 2023 which was 13 in the previous quarter.
We discussed Alta Equipment Group Inc. (NYSE:ALTG) in another article and shared Voss Capital’s views on the company. 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.
