Rhizome Partners, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund generated a 4.8% net loss compared to a 4.9% loss for the S&P 500 Index and a 10.8% loss for the National Association of Real Estate Investment Trusts (NAREIT). The hedging efforts of the fund generated a gain of 2.9% during the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Rhizome Partners highlighted stocks like Univar Solutions Inc. (NYSE:UNVR) in its Q3 2022 investor letter. Headquartered in Downers Grove, Illinois, Univar Solutions Inc. (NYSE:UNVR) is a specialty chemical products provider. On December 6, 2022, Univar Solutions Inc. (NYSE:UNVR) stock closed at $32.82 per share. One-month return of Univar Solutions Inc. (NYSE:UNVR) was 19.36% and its shares gained 16.30% of their value over the last 52 weeks. Univar Solutions Inc. (NYSE:UNVR) has a market capitalization of $5.458 billion.
Rhizome Partners made the following comment about Univar Solutions Inc. (NYSE:UNVR) in its Q3 2022 investor letter:
“Univar Solutions Inc. (NYSE:UNVR) reported a 30.2% increase in revenue and a 52.7% increase in adjusted EBITDA during the second quarter. The company provided positive earnings guidance for the third quarter 2022 and for the full year. For the year 2022, free cash flow guidance was in the range of $400 to $450 million. At quarter-end, the stock was trading at 8.4 to 9.5 times price-to-free-cash-flow multiple. Univar’s guidance also projects specialty chemical growth 2% higher than economic consensus as well as productivity improvements through organization. The company expects leverage to be between 2.0 and 2.5 times net debt to EBITDA and will return 20% to 30% of adjusted net income to shareholders. The company shrank its share count by 1.7% in six months and has the authorization to buy back 9.1% of the shares outstanding.”
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Univar Solutions Inc. (NYSE:UNVR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Univar Solutions Inc. (NYSE:UNVR) at the end of the third quarter, which was 33 in the previous quarter.
We discussed Univar Solutions Inc. (NYSE:UNVR) in another article and shared the list of best stocks under $50 according to hedge funds. In addition, please check out our hedge fund investor letters Q3 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.
