Ace River 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 delivered -22.85% compared to a -3.3% and -5.1% return for the S&P 500 (SPX) and the Russell 2000 (RTY) respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ace River Capital highlighted stocks like MarineMax, Inc. (NYSE:HZO) in the third quarter 2023 investor letter. Based in Clearwater, Florida, MarineMax, Inc. (NYSE:HZO) is a boat and yacht retailer and services company. On October 23, 2023, MarineMax, Inc. (NYSE:HZO) stock closed at $29.86 per share. One-month return of MarineMax, Inc. (NYSE:HZO) was -5.60%, and its shares gained 2.23% of their value over the last 52 weeks. MarineMax, Inc. (NYSE:HZO) has a market capitalization of $654.248 million.
Ace River Capital made the following comment about MarineMax, Inc. (NYSE:HZO) in its Q3 2023 investor letter:
“MarineMax, Inc. (NYSE:HZO) operates a vertically integrated boat and yacht company with manufacturing, retail sales, financing, insurance, all the way down to maintenance and storage operations. The company has a strong portfolio of marinas and is in a great position to be able to roll up additional retailers, marinas, and storage facilities. I do wish the company would provide more information on its capital allocation strategy and how it thinks about the decisions to target retailers, real estate/marinas, or share repurchases. This would provide foresight for investors and keep management accountable for decisions. RCI Hospitality has a capital allocation strategy slide mentioned earlier in this letter, that is the type of thing I would love to see from MarineMax . I will attempt to bring this up to management. Until I can gather more information about the capital allocation strategy this will remain my lowest conviction holding but trading at just 3x cash with a strong position in the high margin/high cost segments of the boating industry I like the entry point.”
MarineMax, Inc. (NYSE:HZO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held MarineMax, Inc. (NYSE:HZO) at the end of second quarter which was 14 in the previous quarter.
We discussed MarineMax, Inc. (NYSE:HZO) in another article and shared Ace River Capital’s views on the company 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.
