Silver Ring Value Partners, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned -11.4% (net) in the last twelve months compared to a -8.6% return for the Russell 3000 Index and a -6.5% return for the MSCI World Index for the same period. It’s a challenging environment for the fund to find compelling investments that combine business quality and a margin of safety. You can check the top 5 holdings of the fund to know its best picks in 2023.
Silver Ring Value Partners highlighted stocks like O-I Glass, Inc. (NYSE:OI) in the first quarter 2023 investor letter. Headquartered in Perrysburg, Ohio, O-I Glass, Inc. (NYSE:OI) manufactures glass products for the food and beverage sectors. On June 7, 2023, O-I Glass, Inc. (NYSE:OI) stock closed at $22.37 per share. One-month return of O-I Glass, Inc. (NYSE:OI) was 6.78%, and its shares gained 26.74% of their value over the last 52 weeks. O-I Glass, Inc. (NYSE:OI) has a market capitalization of $3.473 billion.
Silver Ring Value Partners made the following comment about O-I Glass, Inc. (NYSE:OI) in its Q1 2023 investor letter:
“O-I Glass, Inc. (NYSE:OI): The company has been consistently exceeding expectations. Most recently, management raised EPS guidance for 2023 to a range of $3 to $3.50, up from previous guidance of $2.50+. What are some possible concerns by the market that account for a price which still values the company at 7x the low end of expected earnings for this year?
This year’s profits represent a cyclical peak. It is likely that the company is currently earning somewhat above normalized levels, however this is a business with modest cyclicality. For context, organic sales declined about 6% in 2009 and 3% in 2020. My estimate of normalized, mid-cycle EPS is $2.75, placing the stock at less than 9x normalized EPS and Free Cash Flow…” (Click here to read the full text)
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O-I Glass, Inc. (NYSE:OI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held O-I Glass, Inc. (NYSE:OI) at the end of first quarter 2023 which was 27 in the previous quarter.
We discussed O-I Glass, Inc. (NYSE:OI) in another article and shared the list of biggest packaging companies in the US. 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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