Here’s Why White Brook Capital Exited Post Holdings Partnering Corporation (PSPC)

White Brook Capital Partners, an investment management firm, released its first-quarter investor letter. The same can be downloaded here. In the first quarter, the fund underperformed and was down 2.33% compared to the Midcap 400 Index’s 3.81% and the S&P 500 Index’s 7.49% returns. In January and February, the portfolio performed well, however, it suffered banking sector declines later. In addition, please check the fund’s top five holdings to know its best picks in 2023.

White Brook Capital highlighted stocks like Post Holdings Partnering Corporation (NYSE:PSPC) in the first quarter 2023 investor letter. Headquartered in Saint Louis, Missouri, Post Holdings Partnering Corporation (NYSE:PSPC) is a company which established to effect a merger, share exchange, asset acquisition, share purchase, reorganization, and similar partnering transactions with one or more businesses. On April 20, 2023, Post Holdings Partnering Corporation (NYSE:PSPC) stock closed at $10.14 per share. One-month return of Post Holdings Partnering Corporation (NYSE:PSPC) was 0.20%, and its shares gained 3.47% of their value over the last 52 weeks. Post Holdings Partnering Corporation (NYSE:PSPC) has a market capitalization of $448.34 million.

White Brook Capital made the following comment about Post Holdings Partnering Corporation (NYSE:PSPC) in its Q1 2023 investor letter:

“The Firm also exited its position in Post Holdings Partnering Corporation (NYSE:PSPC).  The Company was an unusual SPAC, and our investment had two potential outcomes, either we would be wrong and not lose much, or we’d be right and do exceptionally well. Management indicated that potential target prices remained unattractive and were unlikely to consummate a transaction during their latest earnings call. Rather than wait for liquidation, we exited the investment to have cash available for possible opportunities. The Fund was flat on the investment.”

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Post Holdings Partnering Corporation (NYSE:PSPC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 3 hedge fund portfolios held Post Holdings Partnering Corporation (NYSE:PSPC) at the end of the fourth quarter which was 3 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.