NZS Capital, LLC, an investment management company, released its “NZS Growth Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The flagship strategy was up 16% (net) compared to 11% for the Morningstar Global Target Market Exposure (NR) index. An increasing consensus on rate cuts in 2024 created a positive backdrop for growth equities. The Magnificent Seven, who had outperformed the market for three quarters, fared similarly in the fourth quarter, benefiting active managers who avoided chasing momentum bets. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
NZS Capital featured stocks such as Chart Industries, Inc. (NYSE:GTLS) in the fourth quarter 2023 investor letter. Headquartered in Ball Ground, Georgia, Chart Industries, Inc. (NYSE:GTLS) manufactures engineered cryogenic equipment for the energy and industrial gas industries. On February 9, 2024, Chart Industries, Inc. (NYSE:GTLS) stock closed at $122.24 per share. One-month return of Chart Industries, Inc. (NYSE:GTLS) was -8.08%, and its shares lost 7.15% of their value over the last 52 weeks. Chart Industries, Inc. (NYSE:GTLS) has a market capitalization of $5.226 billion.
NZS Capital stated the following regarding Chart Industries, Inc. (NYSE:GTLS) in its fourth quarter 2023 investor letter:
“A few stocks dragged down performance. Nextera’s outlook became more challenging as higher rates pressured its return profile. Chart Industries, Inc. (NYSE:GTLS) fell with a reduced revenue outlook. While Chart maintained its 2024 profitability guidance, the company has yet to regain investor trust following its acquisition of Howden. We sold Nextera but made no changes to our Chart position as we see a high level of asymmetry in the name should it execute its plan.”
An extensive industrial gas facility with many storage tanks.
Chart Industries, Inc. (NYSE:GTLS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Chart Industries, Inc. (NYSE:GTLS) at the end of third quarter which was 37 in the previous quarter.
We discussed Chart Industries, Inc. (NYSE:GTLS) in another article and shared Baron Discovery Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.
