Tourlite Capital Management, an investment management firm, released its second quarter 2023 investor letter, a copy of which can be downloaded here. Tourlite Fund, LP Founder Class gained -1.2% for Q2 2023 and -0.2% year to date. Since its inception in April 2022, the fund returned 4.9% compared to 0.3% and -7.1% for the S&P 500 and the Russell 2000, respectively. The portfolio is mainly concentrated on industrials, consumer, and technology sectors. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Tourlite Capital Management 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 September 25, 2023, APi Group Corporation (NYSE:APG) stock closed at $25.65 per share. One-month return of APi Group Corporation (NYSE:APG) was -8.26%, and its shares gained 89.72% of their value over the last 52 weeks. APi Group Corporation (NYSE:APG) has a market capitalization of $6.048 billion.
Tourlite Capital Management made the following comment about APi Group Corporation (NYSE:APG) in its Q2 2023 investor letter:
“APi Group Corporation (NYSE:APG) continues to trade at a compelling free cash flow yield. The acquisition of Chubb, previously mismanaged by Carrier Global, offers numerous opportunities for value enhancement. The current share price appears to underestimate: 1) the growing resilience of APi’s US safety segment, driven by recurring service revenue with higher margins; and 2) management’s capabilities in turning around Chubb’s operations. While there are execution risks associated with Chubb, there are several manageable initiatives such as addressing loss-making branches, real estate consolidation, and optimizing the salesforce, primarily focusing on the technicians to nontechnical staff ratio. These efforts should lead to near-term margin improvements.”
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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 discussed APi Group Corporation (NYSE:APG) in another article and shared Greystone 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.
