Alluvial Capital Management, an investment advisory firm, released its first-quarter 2024 investor letter. A copy of the same can be downloaded here. Alluvial Fund rose 6.3% in Q1, outperforming comparable indexes which were up between 4.3% and 5.2%. The overall increase was comprehensive, as multiple assets in the portfolio made significant contributions. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Alluvial Capital Management featured stocks like Garrett Motion Inc. (NASDAQ:GTX) in the first quarter 2024 investor letter. Headquartered in Rolle, Switzerland, Garrett Motion Inc. (NASDAQ:GTX) designs and manufactures turbocharger and electric-boosting technologies. On May 2, 2024, Garrett Motion Inc. (NASDAQ:GTX) stock closed at $9.76 per share. One-month return of Garrett Motion Inc. (NASDAQ:GTX) was -0.41%, and its shares gained 22.46% of their value over the last 52 weeks. Garrett Motion Inc. (NASDAQ:GTX) has a market capitalization of $2.206 billion.
Alluvial Capital Management stated the following regarding Garrett Motion Inc. (NASDAQ:GTX) in its first quarter 2024 investor letter:
“Garrett Motion Inc. (NASDAQ:GTX) delivered nice results in February. The company issued strong guidance for 2024 and best of all, indicated it would use nearly all its 2024 free cash flow to repurchase stock. The company wasted no time, buying back a whopping 10 million shares for $90 million on March 6. Garrett will continue to harvest the cash flows from its dominant turbochargers business, investing in creating products for electric vehicles and returning excess cash to shareholders. Investors seem to be waking up to the reality that while electric vehicles are a near-inevitability, it will be a long time still before internal combustion engines lose their relevance. By the time they do, Garrett Motion will have completed the transition to an electric vehicle equipment manufacturer and will have returned billions in capital to investors.”
A close up of an engine piston with a commercial turbocharger attached.
Garrett Motion Inc. (NASDAQ:GTX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Garrett Motion Inc. (NASDAQ:GTX) at the end of the fourth quarter which was 42 in the previous quarter.
We previously discussed Garrett Motion Inc. (NASDAQ:GTX) in another article, where we shared the list of high growth value stocks to invest in according to Seth Klarman. In addition, please check out our hedge fund investor letters Q1 2024 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.
