Choice Equities, a hedge fund manager, released its second quarter investor letter recently. You can view it here. In the second quarter, the fund generated a -17.4% net loss leading to a -34.6% year-to-date performance. Interest rate hikes and market sentiments affected the fund’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
In the second quarter investor letter, Choice Equities discussed stocks like SiteOne Landscape Supply, Inc. (NYSE:SITE). Headquartered in Roswell, Georgia, SiteOne Landscape Supply, Inc. (NYSE:SITE) is a landscape supply distribution company. On August 26, 2022, SiteOne Landscape Supply, Inc. (NYSE:SITE) stock closed at $129.64 per share. One-month return of SiteOne Landscape Supply, Inc. (NYSE:SITE) was -6.95%, and its shares lost 35.25% of their value over the last 52 weeks. SiteOne Landscape Supply, Inc. (NYSE:SITE) has a market capitalization of $5.838 billion.
Here is what Choice Equities specifically said about SiteOne Landscape Supply, Inc. (NYSE:SITE):
“In some ways, quite a lot has changed since our first purchases of SiteOne Landscape Supply, Inc. (NYSE:SITE) some six years ago. Yet in others, particularly regarding the company’s competitive positioning, very little has. It was this durability in the company’s competitive position that was core to our original investment thesis at the time. Today, after years of growth through acquisitions, the company continues to enjoy a near monopoly-like position in the specialized distribution vertical of lawn care and maintenance supplies, with our latest checks suggesting the company is now 5x the size of its closest peer. Equally promisingly, the industry continues to remain quite fragmented with small independent players.
The stock is off nearly 60% from recent highs. The share price decline suggests a meaningfully impaired growth trajectory. Yet, even assuming a 25% haircut to this year’s likely EBITDA, shares still trade at the company’s cheapest valuation on offer since coming public in 2015. The long horizon market growth and consolidation opportunity remain, only now the company stands to benefit from having the best balance sheet it has had at any point since being public. We are delighted to be able to repurchase this business at attractive prices.”
SiteOne Landscape Supply, Inc. (NYSE:SITE) is not on the list of 30 Most Popular Stocks Among Hedge Funds. SiteOne Landscape Supply, Inc. (NYSE:SITE) was held by 17 hedge fund portfolios at the end of the second quarter compared to 23 in the previous quarter.
We discussed SiteOne Landscape Supply, Inc. (NYSE:SITE) in another article and shared Baron Funds’ views on the company. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.
Disclosure: None. This article is originally published at Insider Monkey.
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