White Falcon Capital Management, an investment fund manager, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund was up 12.36% compared to the S&P 500 (CAD), the MSCI All Country (CAD), and the S&P TSX’s returns of 7.17%, 5.78%, and 4.56%, respectively. The strong performance of the portfolio was due to exposure to the technology and precious metals sectors. In addition, please check the fund’s top five holdings to know its best picks in 2023.
White Falcon Capital Management highlighted stocks like Diversey Holdings, Ltd. (NASDAQ:DSEY) in the first quarter 2023 investor letter. Headquartered in Fort Mill, South Carolina, Diversey Holdings, Ltd. (NASDAQ:DSEY) offers hygiene, infection prevention, and cleaning solutions. On April 24, 2023, Diversey Holdings, Ltd. (NASDAQ:DSEY) stock closed at $8.15 per share. One-month return of Diversey Holdings, Ltd. (NASDAQ:DSEY) was 0.62%, and its shares gained 6.82% of their value over the last 52 weeks. Diversey Holdings, Ltd. (NASDAQ:DSEY) has a market capitalization of $2.645 billion.
White Falcon Capital Management made the following comment about Diversey Holdings, Ltd. (NASDAQ:DSEY) in its Q1 2023 investor letter:
“The portfolio saw strong performance in the first quarter from technology and precious metals exposure. We also benefited from the takeover of Diversey Holdings, Ltd. (NASDAQ:DSEY) at a 90% premium to our cost base. We took the proceeds from Diversey and invested it across the portfolio.
Coming back to the portfolio, we were heartened to see Diversey Holdings acquired for a 95% premium to our cost base. We started accumulating Diversey in November 2022 and had an average cost base of $4.35 per share. We also wrote about Diversey Holdings in our Q4 2022 Partner update letter. As we argued in our research report, the stock should have been worth $9-12 per share in 3-4 years. The stock was acquired for $8.40 per share in February 2023 giving us a tremendous IRR on the position. In our short history, Diversey Holdings is the second portfolio company that has been acquired.”
Copyright: serezniy / 123RF Stock Photo
Diversey Holdings, Ltd. (NASDAQ:DSEY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Diversey Holdings, Ltd. (NASDAQ:DSEY) at the end of the fourth quarter which was 12 in the previous quarter.
We discussed Diversey Holdings, Ltd. (NASDAQ:DSEY) in another article and shared White Falcon Capital Management’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 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.
