Liberty Park Capital Management, LLC, a financial management company, released its third quarter 2023 investor letter. A copy of the same can be downloaded here. Liberty Park Fund returned -2.29% net of fees, in the third quarter compared to a 5.10% decline in the Russell 2000 Index. On a weight-adjusted basis, the 6.70% decline in the fund’s long holdings deducted 6.22%, while the 7.27% decline in its short positions added 3.67% to its returns. Liberty ParkSelect Opportunities decreased by 11.57%, net of fees, in the third quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Liberty Park Capital highlighted stocks like Tecnoglass Inc. (NYSE:TGLS) in the third quarter 2023 investor letter. Headquartered in Miami, Florida, Tecnoglass Inc. (NYSE:TGLS) designs, manufactures, distributes, markets, and installs architectural glass, windows and associated aluminum products. On December 15, 2023, Tecnoglass Inc. (NYSE:TGLS) stock closed at $43.61 per share. One-month return of Tecnoglass Inc. (NYSE:TGLS) was 22.19%, and its shares gained 39.20% of their value over the last 52 weeks. Tecnoglass Inc. (NYSE:TGLS) has a market capitalization of $2.079 billion.
Liberty Park Capital made the following comment about Tecnoglass Inc. (NYSE:TGLS) in its Q3 2023 investor letter:
“Tecnoglass Inc. (NYSE:TGLS) is a vertically integrated manufacturer, supplier, and installer of architectural glass, framing systems, windows, and doors. The company’s automated manufacturing base in Colombia allows it to manufacture products at a much lower cost than domestic companies. Shipping expenses are a low-single digit percentage of revenues because Tecnoglass transports products to the United States in containers that would otherwise return empty (there is a significant trade imbalance between the US and Colombia).
The company has a reputation for quality. Its entry-level windows are made of tempered glass (compared to more fragile annealed glass of competitors) and its framing systems are coated with a resin-based coating that performs better (resistance to fade/scratches) than the powder coat coating of peers. The company initially took market share by pricing below competitors, but as its reputation for quality and dealer network has grown the company has been able to increase prices and currently prices at or near market rates…” (Click here to read the full text)
A construction crew building a modern, energy-efficient skyscraper with a curtain wall of aluminum.
Tecnoglass Inc. (NYSE:TGLS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Tecnoglass Inc. (NYSE:TGLS) at the end of third quarter which was 19 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.
