Investment management company Ave Maria recently released its “Ave Maria Growth Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The total return of the fund in the first quarter was 9.29% compared to a 7.50% return for the S&P 500 Index. You can check the top 5 holdings of the fund to know its best picks in 2023.
Ave Maria Growth Fund highlighted stocks like Verra Mobility Corporation (NASDAQ:VRRM) in the first quarter 2023 investor letter. Headquartered in Mesa, Arizona, Verra Mobility Corporation (NASDAQ:VRRM) is a smart mobility technology solutions provider. On June 7, 2023, Verra Mobility Corporation (NASDAQ:VRRM) stock closed at $18.78 per share. One-month return of Verra Mobility Corporation (NASDAQ:VRRM) was 7.87%, and its shares gained 15.57% of their value over the last 52 weeks. Verra Mobility Corporation (NASDAQ:VRRM) has a market capitalization of $2.824 billion.
Ave Maria Growth Fund made the following comment about Verra Mobility Corporation (NASDAQ:VRRM) in its Q1 2023 investor letter:
“Verra Mobility Corporation (NASDAQ:VRRM) earns most of its revenue from two business segments, both of which are nearly monopolies in their respective markets. The first segment is responsible for operating the tolling programs of rental car agencies and other vehicle fleet companies. This business has 100% market share among the three major rental agencies and achieves fantastic margins due to its scale over its fixed operating costs. The company’s second segment primarily operates speed cameras for local governments in the U.S. The contracts for these programs provide annuity-like cash flow, and the company’s ~70% market share makes it the only viable option for large scale deployments, such as the camera program in New York City. Verra Mobility’s durable cash flows, growth opportunities, and low valuation create the potential for the stock to compound at an above market growth rate for years to come.”
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Verra Mobility Corporation (NASDAQ:VRRM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Verra Mobility Corporation (NASDAQ:VRRM) at the end of first quarter 2023 which was 29 in the previous quarter.
We discussed Verra Mobility Corporation (NASDAQ:VRRM) in another article and shared Tourlite Capital Management’s views on the company. 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.
