Here’s How Liberty Capital Generated Returns from Olympic Steel (ZEUS) Stock

Liberty Park Capital Management, LLC, a financial management company, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. Liberty Park Fund rose 14.60%, net of fees, in the second quarter compared to the Russell 2000 Index’s 5.18% return. Both the Liberty Park funds delivered excellent results in the quarter. The increase in the fund’s long positions contributed 15.28% on a weight-adjusted basis, while the increase in shorts detracted 0.96% on a weight-adjusted basis. Liberty Park Select Opportunities, LP’s value returned 19.46% net of fees in the second quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Liberty Park Capital highlighted stocks like Olympic Steel, Inc. (NASDAQ:ZEUS) in the second quarter 2023 investor letter. Based in Highland Hills, Ohio, Olympic Steel, Inc. (NASDAQ:ZEUS) processes and distributes metal products. On September 28, 2023, Olympic Steel, Inc. (NASDAQ:ZEUS) stock closed at $56.45 per share. One-month return of Olympic Steel, Inc. (NASDAQ:ZEUS) was 1.57%, and its shares gained 147.48% of their value over the last 52 weeks. Olympic Steel, Inc. (NASDAQ:ZEUS) has a market capitalization of $628.43 million.

Liberty Park Capital made the following comment about Olympic Steel, Inc. (NASDAQ:ZEUS) in its Q2 2023 investor letter:

“Olympic Steel, Inc. (NASDAQ:ZEUS) reported better-than-expected results as spreads remain elevated. Returns for Liberty Park Fund were generated from selling the stock at highs before earnings.”

Olympic Steel, Inc. (NASDAQ:ZEUS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held Olympic Steel, Inc. (NASDAQ:ZEUS) at the end of second quarter which was 11 in the previous quarter.

We discussed Olympic Steel, Inc. (NASDAQ:ZEUS) in another article and shared Liberty Park Capital’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.