Greenhaven Road Capital, an investment management company, released its third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the Fund returned 3% net, bringing YTD net returns to 30% net. The firm believes its portfolio is getting 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 third quarter 2023 investor letter. Headquartered in New Brighton, Minnesota, APi Group Corporation (NYSE:APG) is a safety, specialty, and industrial services provider. On October 30, 2023, APi Group Corporation (NYSE:APG) stock closed at $25.72 per share. One-month return of APi Group Corporation (NYSE:APG) was 1.24%, and its shares gained 55.88% of their value over the last 52 weeks. APi Group Corporation (NYSE:APG) has a market capitalization of $6.068 billion.
Greenhaven Road Capital made the following comment about APi Group Corporation (NYSE:APG) in its Q3 2023 investor letter:
“APi Group Corporation (NYSE:APG) – The investment thesis remains the same: APi Group has a wonderful asset-light fire/life safety business whose customers are legally required to purchase their type of services. This business has grown organically at mid- to high single digits 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, and 2024 earnings should benefit from the resolution of supply chain issues and the company’s full digestion of its large acquisition, Chubb. Our returns should come from a combination of improved earnings through organic growth, small acquisitions, and margin improvement. The real “juice,” if there is any, will come from multiple expansion, as there are several asset-light non-cyclical business trading at >2x APG’s multiple.”
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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, 38 hedge fund portfolios held APi Group Corporation (NYSE:APG) at the end of second quarter which was 41 in the previous quarter.
We previously discussed APi Group Corporation (NYSE:APG) in another article and shared Tourlite Capital Management’s views on the company. 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.
