Bernzott Capital: “SP Plus (SP) Rallied +60% in 4Q”

Bernzott Capital Advisors, an investment management firm, published its fourth quarter 2020 investor letter – a copy of which can be downloaded here. A return of 24.41% was recorded by the fund in the fourth quarter of 2020, below its  R2000V and R2500V benchmarks that delivered a 33.36% and 28.51% return respectively in the same period. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.

Bernzott Capital Advisors, in their Q4 2020 investor letter, mentioned SP Plus Corporation (NASDAQ: SP) and emphasized their views on the company. SP Plus Corporation is a Chicago, Illinois-based transport company that currently has a $764.3 million market capitalization. Since the beginning of the year, SP delivered a 14.15% return, extending its 12-month gains to 63.41%. As of March 23, 2021, the stock closed at $32.91 per share.

Here is what Bernzott Capital Advisors has to say about SP Plus Corporation in their Q4 2020 investor letter:

“SP Plus (SP): Parking operator SP Plus’s stock price finished 2020 -32%, but rallied +60% in 4Q. The company experienced significant negative impact due to reduced commuter, event, and travel volumes. April was the seeming nadir and results continue to improve sequentially. Impressively, the company reported positive free cash flow despite the drop in earnings. Technology initiatives, such as contactless payments and remote monitoring, have boosted its already strong market position.”

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Our calculations show that SP Plus Corporation (NASDAQ: SP) does not belong in our list of the 30 Most Popular Stocks Among Hedge Funds. As of the end of the fourth quarter of 2020, SP Plus Corporation was in 14 hedge fund portfolios, compared to 13 funds in the third quarter. SP delivered a 14.15% return in the past 3 months.