Evermore Global Advisors recently released its Q2 2020 Investor Letter, a copy of which you can download here. The Evermore Global Value Fund posted a return of 10.35% for the quarter, underperforming its benchmarks, the MSCI All Country World Index ex USA (MSCI ACWI ex USA), the MSCI All Country World Index (MSCI ACWI), and the Morningstar World Small/Mid Stock Category Average. You should check out Evermore Global Advisors’ top 5 stock picks for investors to buy right now, which could be the biggest winners of the stock market crash.
In the said letter, Evermore Global Advisors’ highlighted a few stocks and Par Pacific Holdings Inc. (NYSE:PARR) is one of them. Par Pacific Holdings Inc. (NYSE:PARR) is an oil and gas exploration and production company. Year-to-date, Par Pacific Holdings Inc. (NYSE:PARR) stock lost 68.1% and on July 31st it had a closing price of $7.41. Here is what Evermore Global Advisors’ said:
“Par Pacific Holdings Inc. (Country: U.S.; Ticker: PARR US) – Although we have respect for the company’s management and its long-term strategy, during the quarter, the investment case for PARR became overwhelmed by two simultaneous factors. First, the stay-at-home directives resulting from the pandemic meaningfully dampened gasoline and jet fuel demand in Par’s markets, pressuring crack spreads and reducing fixed cost leveraging across the company’s refining network. Second, the gyrations in global oil markets created significant uncertainty as to Par’s ability to capture positive differentials across its crude slate. As a result, we decided to exit the position. We plan to reassess this investment when the dust settles, but in the meantime, we have redeployed the proceeds into more compelling situations.”
In Q1 2020, the number of bullish hedge fund positions on Par Pacific Holdings Inc. (NYSE:PARR) stock remained unchanged from the previous quarter (see the chart here). Our calculations showed that Par Pacific Holdings Inc. (NYSE:PARR) isn’t ranked among the 30 most popular stocks among hedge funds.
The top 10 stocks among hedge funds returned 185% since the end of 2014 and outperformed the S&P 500 Index ETFs by more than 109 percentage points. We know it sounds unbelievable. You have been dismissing our articles about top hedge fund stocks mostly because you were fed biased information by other media outlets about hedge funds’ poor performance. You could have doubled the size of your nest egg by investing in the top hedge fund stocks instead of dumb S&P 500 ETFs. Below you can watch our video about the top 5 hedge fund stocks right now. All of these stocks had positive returns in 2020.
Video: Top 5 Stocks Among Hedge Funds
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