Long Cast Advisers, LLC, a small-cap-focused investment manager, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The cumulative net return of the fund for Q1 2023 increased by 10%, and it returned a cumulative 166% since inception in November 2015 through the end of the first quarter of 2023. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Long Cast Advisers highlighted stocks like Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) in the first quarter 2023 investor letter. Headquartered in Atlanta, Georgia, Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) is an environmental and technology know-how company. On May 19, 2023, Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) stock closed at $10.87 per share. One-month return of Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) was 32.16%, and its shares gained 90.37% of their value over the last 52 weeks. Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) has a market capitalization of $145.867 million.
Long Cast Advisers made the following comment about Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) in its Q1 2023 investor letter:
“Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) increased over 200% in the quarter and was a significant contributor to 1Q23 returns. Other top contributors were DAIO, CCRD and ENVX. CCRN was the most significant detractor along with TBTC and SOTK.
I initially wrote about PESI in the 4Q19 letter. It pairs a fixed asset “scale” business – one of only three DOE contractors licensed to treat low level nuclear waste – with a services business comprised of engineers and folks-in-the-field with Tyvek suits and shovels. It is still run by the same CEO who was hired in 2017 to fix what was then a moribund business. He did, doubling sales from 4Q18’s $49M ttm to $99M ttm at 3Q20. EBITDA peaked at $7M ttm in 2Q20. Pre-COVID it was on track for $150M sales which would reasonably support $12M in EBITDA. COVID heavily disrupted both services and treatment, with a notable slowdown in DOE waste transfers, but as work resumes, there is a long and wide opportunity pathway to achieving those levels…” (Click here to read the full text)
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Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) at the end of the fourth quarter which was 4 in the previous quarter.
We discussed Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) in another article and shared the list of best waste management stocks to buy. 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.
