Greenhaven Road Capital, an investment management company, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the Fund returned 8% net, bringing YTD net returns to over 25%. The firm believes its portfolio is a little stronger with each passing day despite the challenges. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Greenhaven Road Capital highlighted stocks like APi Group Corporation (NYSE:APG) in the second quarter 2023 investor letter. Headquartered in New Brighton, Minnesota, APi Group Corporation (NYSE:APG) is a safety, specialty, and industrial services provider. On August 11, 2023, APi Group Corporation (NYSE:APG) stock closed at $28.02 per share. One-month return of APi Group Corporation (NYSE:APG) was -0.71%, and its shares gained 55.75% of their value over the last 52 weeks. APi Group Corporation (NYSE:APG) has a market capitalization of $6.591 billion.
Greenhaven Road Capital made the following comment about APi Group Corporation (NYSE:APG) in its second quarter 2023 investor letter:
“APi Group Corporation (NYSE:APG) – APi Group has a wonderful asset-light fire/life safety business whose services are required by law to be purchased by their customers. This business has grown at high single digits organically with incremental growth coming from tuck-in acquisitions. With very low customer churn for their non-discretionary services, APi revenues and earnings should grow with the passage of time. 2024 earnings should benefit from the resolution of supply chain issues and APi’s full digestion of its large acquisition of Chubb. There is also a strong argument for multiple expansion as similar asset-light, predictable, organically growing, cash-flow-generating companies trade for significantly higher multiples. Over time, I believe, the combination of revenue growth, expense normalization, and multiple expansion could yield a share price that is 50-100% higher than current levels. Time is our friend, and I believe we are one day closer to the market appreciating the quality and earnings power of this former SPAC.”
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APi Group Corporation (NYSE:APG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held APi Group Corporation (NYSE:APG) at the end of first quarter which was 31 in the previous quarter.
We discussed APi Group Corporation (NYSE:APG) in another article and shared Maran Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
