Upslope Capital Management, an investment management firm, released its fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. 2022 was a rewarding year for the firm, and the fund returned 6.5% net in 2022, compared to -13.3% return for the S&P Midcap 400 ETF (MDY) and -3.2% return for the HFRX Equity Hedge Index. In the fourth quarter, the fund returned 11.2% compared to a 10.7% return for the S&P Midcap 400 ETF (MDY) and a 1.7% return for the HFRX Equity Hedge Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Upslope Capital Management highlighted stocks like Casey’s General Stores, Inc. (NASDAQ:CASY) in the Q4 2022 investor letter. Headquartered in Ankeny, Iowa, Casey’s General Stores, Inc. (NASDAQ:CASY) is a convenience store. On January 23, 2023, Casey’s General Stores, Inc. (NASDAQ:CASY) stock closed at $227.72 per share. One-month return of Casey’s General Stores, Inc. (NASDAQ:CASY) was -1.23%, and its shares gained 23.09% of their value over the last 52 weeks. Casey’s General Stores, Inc. (NASDAQ:CASY) has a market capitalization of $8.485 billion.
Upslope Capital Management made the following comment about Casey’s General Stores, Inc. (NASDAQ:CASY) in its Q4 2022 investor letter:
“Focused exclusively on the Midwest/South, Casey’s General Stores, Inc. (NASDAQ:CASY)’s is the third largest independent convenience store operator in the U.S. The company has executed well and shares have outperformed a challenging market nicely since the position was initiated a year ago. It may seem strange to sell a position with this backdrop, but I did so for two reasons. First, it was purchased in the first place as a reasonably priced defensive during an orgy of speculation. In this context, CASY served its purpose. Second, given the developments of the past year and Upslope’s overall still-defensive portfolio, I think there are better uses of capital today – specifically cheaper, less-defensive longs. Some of these are highlighted in Exhibit 4 below.”
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Casey’s General Stores, Inc. (NASDAQ:CASY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Casey’s General Stores, Inc. (NASDAQ:CASY) at the end of the third quarter which was 23 in the previous quarter.
We discussed Casey’s General Stores, Inc. (NASDAQ:CASY) in another article and shared TimesSquare Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 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.
